RiskTech Forum

CFTC Grants CME Additional Time To Report Derivatives Transaction Data

Posted: 19 November 2012  |  Source: FinCad


Financial regulator the Commodity Futures Trading Commission (CFTC) is providing U.S. exchange operator CME Group with additional time to comply with derivatives regulations and report data on its swaps transactions.

This concession was offered after CME Group pursued legal action against the CFTC in an attempt to block rules that were scheduled to become effective on November 13 and would require the exchange operator to report this swaps transaction data to a third party, according to Reuters.

The CME objects to these rules, and is currently pressuring the CFTC to let it use its own Swaps Data Repository to collect this information, the media outlet reports. The U.S. federal regulator has given the exchange operator until December 4 to fulfill the new requirements. Whether or not CME Group will be able to use its own data warehouse is unclear.

When reached, a spokesman for the exchange operator did not specify whether the less stringent deadline provided by the CFTC would cause CME Group to withdraw the lawsuit, according to the news source.

The lawsuit that was filed against the CFTC is only one of many legal challenges that has been brought against the 2010 Dodd-Frank Act.