Commodity traders cheer CFTC record-keeping fix

Regulator softens Dodd-Frank rule that energy and grain traders saw as burdensome

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Grain traders complained that CFTC rule 1.35 was onerous

End-users of commodity derivatives have applauded a December 18 move by the US Commodity Futures Trading Commission (CFTC) to ease a three-year-old rule that had forced them to retain copious records of pre-trade communications leading to futures, swaps and cash-market transactions.

“We’re very pleased with it,” says Lance Kotschwar, senior compliance attorney at Gavilon, a Nebraska-based agricultural commodities trader. “It’s a great change and we’re very happy that chairman [Timothy] Massad li