October 19, 2010
By Alan Bjerga and Asjylyn Loder
The top U.S. commodities regulator today approved a rule that will require traders to report over- the-counter swaps based on raw materials including oil and corn, a prelude to trading limits.
Derivatives deemed “economically equivalent” to commodity futures will be reported in a manner similar to current large- trader reports, according to the plan approved by the Commodity Futures Trading Commission in a 5-0 vote. The system will stay in place until centralized databases known as swap-data depositories are in place. Bruce Fekrat of the CFTC’s market- oversight division, said that could take two years…
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Last Updated: October 21, 2010