U.S. CFTC proposes swap trading platform rules
WASHINGTON May 15 (Reuters) - The U.S. Commodity Futures Trading Commission on Wednesday unveiled final rules for swap trading platforms that would allow phone-brokered deals to continue and lowered the number of quote requests, two key concessions to the industry.
The rules set a minimum of three quotes in so-called "request-for-quote" trading systems. During a year-long phase-in period, the minimum would be just two. Both are below the minimum of five quotes the CFTC initially proposed.
The CFTC also said market participants could continue to use "any means of interstate commerce" - including the telephone - to broker swap deals, something that voice brokers such as ICAP Plc and GFI Group Inc had been lobbying for.
The commission's five members - three Democrats and two Republicans - are expected to vote on the rules in a public hearing starting on Thursday at 10 a.m. local time.