Industry welcomes footnote 513 no-action extension


Industry sources have welcomed the Commodity Futures Trading Commission's (CFTC) decision last week to give a nine-month extension of no-action relief to certain trades between non-US swap dealers and non-US persons, and to consult on a controversial clarification of its cross-border guidance made by the agency last November.

"I'm pleased they've pushed it out to September. I hope they see the merits of our arguments in the comment process, and whatever the resolution is, I hope we get advanced

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