Relaxing regulators

13 February 2014 By Daniel Indiviglio

The CFTC is delaying cross-border derivatives rules, a relief for the industry. But other rulemaking deadlines loom. With 90 pct of interest-rate swaps now centrally cleared, regulators have made great strides. They should finish the job, but allowing some leeway now makes sense.

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The U.S. Commodity Futures Trading Commission said on Feb. 12 that it would ease cross-border swap trading rules. The old framework required overseas dealers to adhere to American rules when working with U.S. counterparties. Instead, European-regulated trading platforms will not be required to register with American regulators. U.S. banks trading on overseas platforms can also sidestep certain American rules.

New reporting requirements for swap trading took effect for the European Union on Feb. 12. The European Market Infrastructure Regulation requires local and multinational firms to report both over-the-counter swaps and listed derivative trades with an EU-recognized trade repository.

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