CFTC’s clearing timeline prompts backloading 'meltdown'
Preparations for mandatory central clearing of over-the-counter derivatives hit a speed bump last week when it appeared the industry had misunderstood a crucial element of the timeline laid out by the Commodity Futures Trading Commission (CFTC).
Instead of being required to start clearing 90 days, 180 days or 270 days after the agency publishes its final clearing determination rule - expected next month - market participants feared they would also be required to back-load all trades executed
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