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May 3, 2013

Another CFTC lawsuit

Reuters noted that DTCC filed suit against CFTC over SDR reporting as previously threatened following CFTCs approval March 6th of CME's rule 1001 which was seen as a victory for CME.   (See also the statement from General Counsel Larry Thompson on this matter can be found here, along with the soft copy of the filing. and FT coverage here (subs.).) Together with Bloomberg's lawsuit regarding differential treatment of swapfutures and the SECs ET rules announcement, which is seen as accommodating many of the concerns still outstanding on CFTC ET rules, perhaps a market / regulator consensus is forming around a change of path for CFTC.   Continuing along current path seems to imply continued difficulty and delay.  Changing path implies a considerable climb-down on some aspects of open rule-making (e.g. ET), and some significant adjustment of previous approvals (e.g. on reporting) and even on futures regulations as applied to swapfutures. It will be interesting to see how CFTC responds over the next couple of months given exemptive relief on ET rules expires July and overdue SEF rule making and criticism of reporting data usefulness to CFTC from Commissioner O'Malia.


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