U.S. CFTC seeks more comment for swaps margin rule
WASHINGTON, July 6 |
WASHINGTON, July 6 (Reuters) - The U.S. swaps regulator announced on Friday it would give the industry another chance to comment on a rule dictating how much money needs to back uncleared swaps, in light of the release of a new international paper on the reform.
The Commodity Futures Trading Commission will give the public until Sept. 14 to comment on the rule, which lays out how much margin is needed to back swaps that have not been routed through independent clearinghouses.
The CFTC originally proposed the rule in April 2011, and comments closed in July last year.
The agency said it was opening the proposal back up for discussion because the Bank for International Settlements and the International Organization of Securities Commissions are jointly releasing on Friday a new "consultative paper" on margin requirements for uncleared swaps.
It will allow the agency to "hear further from market participants in light of work being done to internationally harmonize an approach to margin," CFTC Chairman Gary Gensler said in a statement.
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