CFTC braced for litigation over swap reporting showdown
Rule 1001 would route trades cleared at CME exclusively into its swap data repository. The Depository Trust & Clearing Corporation claims the rule is a ruse to skirt Commodity Futures Trading Commission rules and monetise swap data. Now the lawyers are being called in. Peter Madigan reports
Murder, blackmail, heart-wrenching custody battles – these are the subjects of the best courtroom dramas. Swap data reporting appears an unlikely addition to this list, but the way CME Group plans to run its new repository business has given rise to a fierce war of words with its rival, the Depository Trust & Clearing Corporation (DTCC) – and it may take a judge to separate them.
The US Commodity Futures Trading Commission (CFTC) is caught in the middle – it wrote the rules governing swap data
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