CFTC to consider two implementation rules on September 8
WASHINGTON (Reuters) - The U.S. futures regulator said on Thursday it will vote next week on a pair of proposals outlining when the market would must comply with new steps to bring more oversight to the multi-trillion-dollar swaps market.
The U.S. Commodity Futures Trading Commission said the agency would consider on September 8 a proposal outlining how documentation and margining requirements would be phased in once those rules are completed. A second plan would detail a similar timeline for mandatory clearing and trading implementation rules.
"These proposed rules are designed to smooth the transition from an unregulated market structure to a safer market structure," Gary Gensler, head of the CFTC, said last week.
Scott O'Malia and Jill Sommers, the two Republican commissioners at the CFTC, have said the agency is moving too fast, and needs first to outline the timing of when the rules will be finalized and then implemented.
The CFTC has struggled to keep pace with the rulemaking timetable laid out in Dodd-Frank as the agency writes a regulatory framework for the previously opaque $600 trillion over-the-counter derivatives market.
The regulator so far has finalized 11 rules, but most of the high-profile and controversial rules remain. Officials at the CFTC have told Reuters the long-awaited position-limits plan is slated for a vote on September 22.
(Editing by David Gregorio)
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