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CFTC clamps down on "untenable" reporting rules 

March 26, 2015

Mike Kentz, IFR

The Dodd-Frank goal of a complete picture of swaps activity appears to be light years away. Chief regulator, the CFTC, is clamping down on industry compliance with newly established swaps reporting rules, just as market participants publicly complain to Congressional authorities that rules are too harsh.

Discord in the derivatives regulation is not new but the rhetoric surrounding troublesome Dodd-Frank reporting rules had been generally positive until recently, when the CFTC began handing down enforcement orders and warnings to those firms that failed to comply.

“The CFTC cannot carry out its vital mission of protecting market participants and ensuring market integrity without correct and complete reporting by registrants, including designated contract markets,” said Aitan Goelman, CFTC director of enforcement, in a written statement relating to the agency’s US$3m fine for the InterContinental Exchange earlier this month.

Read more: IFR

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