US Derivatives Reforms Won’t be Ready by the End of 2011
Derivatives rules are set to be delayed by six months in an effort to quell legal uncertainty around financial reform that some worry could roil markets.
Gary Gensler, chairman of the Commodity Futures Trading Commission, said officials would miss a July 16 deadline to finalise rules stemming from the sweeping Dodd-Frank financial reforms passed last year.
The CFTC voted to back Mr Gensler in delaying those automatic rules and providing legal exemptions to derivatives transactions. The exemptions last until the rules are completed, at the latest by December 31.
The rule-writing is behind schedule but some new rules are due to come into force automatically in July while part of the previous legal framework is due to expire.
Read the details at FT.com
