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CME gets more time in U.S. compliance spat with regulator

Nov 14 2012 Douwe Miedema, Reuters

U.S. exchange operator CME Group has been granted more time to report trading data by the Commodity Futures Trading Commission after it sued the regulator in a spat over compliance that has split the derivatives industry. The CME is suing the markets watchdog, seeking to prevent the enforcement of rules that require it to report swaps transaction data to a third party and which were due to go into effect on Tuesday. The CME wants to rely on its own data warehouse, or Swaps Data Repository, instead, and is seeking permission from the CFTC to operate one. The CFTC has now granted the CME until Dec. 4 to comply with the rules but it remains unclear whether this extension means it is likely to gain permission for its own data warehouse. The CME's lawsuit is one of growing number of challenges to the 2010 Dodd-Frank law that is designed to avoid a repeat of the global financial crisis. One of the law's aims is to shed greater light on the commercially lucrative derivatives industry. A

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