CFTC Said to Give Swaps Dealers 3-Month Clearing Time Delay
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The Commodity Futures Trading Commission granted JPMorgan Chase & Co., Barclays Plc and six other lenders a three-month delay to meet swaps-clearing rules, according to a person with knowledge of the decision.
The delay is intended to help banks comply with time limits that require them to accept trades in less than two minutes, said the person, who asked not to be identified because the discussions are private. Citigroup Inc., Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group Inc., Morgan Stanley and UBS AG also asked for and received the extension from the original Oct. 1 deadline, the person said.