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  • March 2, 2010

    New OTC swaps rules must apply to all: CFTC's Dunn

    (Reuters) - Congress should not create blanket exemptions from new rules designed to make trading of over-the-counter derivatives more transparent, a commissioner on the top U.S. futures regulator said on Tuesday.

    (Reporting by Roberta Rampton and Christopher Doering in Washington and Mark Weinraub in Chicago; Editing by Lisa Shumaker)

    Michael Dunn said the Commodity Futures Trading Commission should be given the authority to exempt end users, companies that rely on hedging to spread their financial risk, from requirements to trade and clear standardized derivatives on a case-by-case basis. But he recommended against a broader exemption now being considered by Senate committees.

    "Allowing such a large class of transactions to be exempt from clearing would mean that dealers would have more risk on their books. If these dealers fail, this risk could affect the entire financial system," Dunn said in remarks prepared for a National Futures Association regulatory seminar in Chicago.

    Read Full Article on Reuters.com

    Last Updated: February 25, 2011



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