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Dodd-Frank alert: CFTC, SEC propose swap reporting, customer protection rules

Nov 22 2010 Stuart Gittleman, Compliance Complete recommended

The Commodity Futures Trading Commission and the Securities and Exchange Commission on Friday proposed several measures under the Dodd-Frank Wall Street Reform and Consumer Protection Act on overseeing the swaps and derivatives markets. CFTC proposals The CFTC voted to request public comment on the following four proposals: Protecting the collateral of counterparties to uncleared swaps by giving end-users a choice of having any initial margin they post with a swap dealer kept in a segregated account and with a third party custodian, and making necessary housekeeping changes regarding the Bankruptcy Code. Implementing real-time post-trade public reporting for standardized and customized swaps to enhance price discovery and liquidity while ensuring anonymity and protecting block trades and trades over $250m in notional size. Standardized blocks would be delayed 15 minutes, and the proposal asks whether a similar delay is appropriate for interest rate, currency and other financial

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