CFTC says forwards are not swaps

摘要

Commodities regulator the CFTC defined “swap” on 10 July in line with market expectations. Derivatives rules tied to the definition take effect in around 60 days. The rule comes almost two years after the Dodd-Frank Act came into law (AGM, 19 July 2010, p2). Publication of the rule in the Federal Register will mean that, by the autumn, firms will have to comply with speculative position limits for futures and swaps, report their transac- tions and possibly register as swap deal- ers. Swaps market reform “will come to life”, CFTC chairman Gary Gensler says.