CFTC: largest 6% of CDS and rates trades to get block exemptions

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Swaps with a value greater than 67% of the range of notional sizes traded in specific product categories will qualify for reporting exemptions under dramatically revamped block-trading rules proposed yesterday by the Commodity Futures Trading Commission (CFTC). The draft text is the CFTC's second bite at the cherry – last December, it admitted the original proposals "got it wrong".

The agency's intent is to split the over-the-counter universe into five asset classes – interest rates, credit

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