The number of trades rejected for clearing could jump this week, futures commission merchants (FCMs) have warned, as the second phase of US swap clearing rules takes effect, drawing in hundreds of new firms. FCMs are required to accept or reject trades within 60 seconds of receiving them. Their performance following the first clearing deadline, on March 11, is already being scrutinised by the Commodity Futures Trading Commission (CFTC).
Clients are also watching closely. If a trade is rejected –
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