Sandy Delays Swap-Collateral Rules Until Nov. 13, CFTC Says
CME Group Inc. (CME), Intercontinental Exchange Inc. and LCH.Clearnet Group Ltd. clearinghouses for swaps will have a five-day delay to implement Dodd-Frank Act collateral protection rules because of disruptions from superstorm Sandy.
Brokers are focused on disaster recovery efforts and have been unable to test their systems to comply with the new rules intended to provide safeguards for customer funds, the U.S. Commodity Futures Trading Commission said in a letter dated yesterday. The rules were scheduled to take effect Nov. 8 and have been delayed until Nov. 13.
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