Despite extension, banks still fretting over CFTC's business conduct rules

Down to the wire


At an open meeting of the US Commodity Futures Trading Commission (CFTC) on January 11, commissioner Jill Sommers was in fighting mood. In her opening remarks, she criticised the agency’s Volcker rule proposal and its final language on swap dealer registration and collateral segregation, which were due to be voted on that day.

But she saved her harshest words for a rule that has been far less controversial – the new external business conduct regime for swap dealers. Rules designed to introduce

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