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Banks push for delay to introduction of derivatives rules 

August 22, 2014
Michelle Price, Reuters

The international banking industry has asked regulators for more time to implement derivatives rules that could add $800 billion (482 billion pounds) to the global financial industry's cost of doing business, people familiar with the matter said.

The International Swaps and Derivatives Association (ISDA), which represents the over-the-counter derivatives market, has written to the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO), the global regulatory banking and securities bodies, requesting a delay to rules that aim to make trading derivatives safer, the people added.

"Amongst other points, the main submission is that the market will not be able to meet an implementation date of December 2015 and therefore suggests that the implementation date be delayed," one banker who had knowledge of the letter told Reuters.

Read more: Reuters

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