CFTC to clamp down on delays in swap clearing

Agency readies STP push; Isda calls for phased approach and 10-minute limit

CFTC headquarters

Hours-long delays in sending derivatives transactions from trading platforms to clearing houses will have to be slashed under new proposals being drawn up by the US Commodity Futures Trading Commission, Risk has learned.

The delays result from the continued use of affirmation services, in which counterparties confirm the details of a transaction before it is cleared by a central counterparty (CCP) – an unnecessary step for trades executed via platforms, regulators believe.

"The chairman has

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