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CFTC Wins Dismissal of Three Counts in DTCC Swaps Suit (1) 

March 18, 2014
Andrew Zajac, Bloomberg

The U.S. Commodity Futures Trading Commission won the dismissal of three of the five counts in a lawsuit by the Depository Trust & Clearing Corp. over data reporting requirements.

The ruling today by a federal judge in Washington allows DTCC to pursue the two remaining counts, including one the commission didn’t challenge.

The DTCC alleged that CME Group Inc. (CME:US)’s regulatory approval to have information about swaps routed to its own database is anticompetitive and lessens transparency. The DTCC accused the CFTC of unfairly favoring Chicago-based CME, owner of the world’s largest futures exchange, in violation of the Dodd-Frank Act.

U.S. District Judge Amy Berman Jackson said the CFTC didn’t take final action on two of three issues raised by DTCC, so there’s no legal basis to challenge them.

Read more: Bloomberg


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