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U.S. Drops Bid for 48-Hour Delay in Big Swap Trade Reporting

  • CFTC rule would have let firms keep trades secret for longer
  • Agency backs away amid complaints over less transparency
Updated on

U.S. regulators are backing away from a controversial plan to let banks and fund managers keep secret for two full days their biggest trades in the $559 trillion global swaps market after some financial firms complained it would hurt transparency.

The 48-hour delay -- proposed by the Commodity Futures Trading Commission in February as part of a sweeping revamp of disclosure regulations -- will likely be stripped out amid opposition from major market players, said three people familiar with the matter. The broader rules overhaul, which CFTC commissioners are likely to approve next week, would leave in place a 15-minute lag for when many so-called block trades have to be publicly reported.