Sandy Delays Swap-Collateral Rules Until Nov. 13, CFTC Says

By Silla Brush

November 01, 2012

Companies Mentioned

CME

CME Group Inc/IL
- $77.28 USD
- 0.89
- 1.15%

Market data is delayed at least 15 minutes.

CME Group Inc. (CME), Intercontinental Exchange Inc. and LCH.Clearnet Group Ltd. clearinghouses for swaps will have a five-day delay to implement Dodd-Frank Act collateral protection rules because of disruptions from superstorm Sandy.

Brokers are focused on disaster recovery efforts and have been unable to test their systems to comply with the new rules intended to provide safeguards for customer funds, the U.S. Commodity Futures Trading Commission said in a letter dated yesterday. The rules were scheduled to take effect Nov. 8 and have been delayed until Nov. 13.

To contact the reporter on this story: Silla Brush in Washington at sbrush@bloomberg.net

To contact the editor responsible for this story: Maura Reynolds at mreynolds34@bloomberg.net