The Commodity Futures Trading Commission won't delay enforcementof a June 10 deadline for swaps-market participants from hedgefunds to small banks to start having their trades backed byclearinghouses, said Chairman Gary Gensler.
|“They will be expected to clear come Monday,” Gensler toldreporters today at a Sandler O'Neill & Partners LP conferencein New York.
|Swap-buyers represented by the Investment Company Institute,Securities Industry and Financial Markets Association, andInvestment Adviser Association have requested a delay in enforcingthe Dodd-Frank Act rule because of incomplete protections forcollateral. The regulation is the second phase of clearing underthe law intended to reduce risk in the swaps market.
|Smaller banks subject to the deadline also have said they aren'tready to meet the requirement and have requested a delay.
|Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.
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