Trade reporting rules prove a headache for energy firms
A last-minute no-action relief letter from the US Commodity Futures Trading Commission in April gave energy firms a few extra months to prepare for Dodd-Frank reporting requirements, but participants say a huge number of challenges still need to be addressed. By David Wigan
A familiar pattern is starting to emerge with the rules to implement the US Dodd-Frank Act that are authored by the Commodity Futures Trading Commission (CFTC). The rules get finalised, the implementation date draws closer, and then – perhaps a day before certain rules are due to come into effect, perhaps even later – the agency issues a no-action letter or exemptive order that provides market participants more time to comply.
It’s a pattern that has pleased and frustrated the derivatives
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