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CFTC takes more time to decide in swaps data row

Jan 22 2013 Douwe Miedema, Reuters

The top U.S. derivatives regulator gave itself 45 more days to decide in a row between two rival financial groups fighting over potentially lucrative swaps reporting data. The Commodity Futures Trading Commission (CFTC) said it needed more time to consider "novel or complex issues" that have come up as a result of new rules it has drawn up to enforce the Dodd-Frank law that tightened financial regulations after the financial crisis. The fight, which has pitted Wall Street against Chicago's powerful commodity traders, is about swaps trading data that will need to be made available to regulators - and partially also to the wider public. Data reporting is a central tenet of new global rules to regulate the $650 trillion swaps industry, drawn up after the 2007-09 financial crisis brought to light systemic flaws in the market, including a lack of data. The Depository Trust & Clearing Corporation (DTCC), which performs back-office functions for banks, is blaming rival CME Group

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