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US airline wins Dodd-Frank real-time reporting delay

CFTC no-action letter giving Southwest Airlines and its dealers extra time to report hedging trades in long-dated oil may lead to broader relief for other hedgers in illiquid markets

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CFTC, Washington, DC
    • Alexander Osipovich
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A no-action letter issued by the US Commodity Futures Trading Commission (CFTC) to Texas-based Southwest Airlines on November 6 may herald a broader shift in the CFTC's policy of requiring commodity derivatives end-users to report their swap trades in real time.

The letter effectively exempts Southwest from the requirement that all swap trades must be reported within a matter of hours to swap data repositories (SDRs) – giant warehouses of data designed to give regulators an insight into the

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