SIFMA today issued the following statement from Tim Ryan, president and CEO on the CFTC, announcing they will delay cross-border enforcement of certain derivatives rules until July 2013.
“The CFTC took a necessary and important step today by providing further relief of cross-border application of certain derivatives rules. While we continue to review and may comment further, it is important that the CFTC continue to provide relief to avoid confusion in the market, like that market participants experienced on and around October 12th. It is important that the Commission provide relief to allow for better coordination with regulators in other jurisdictions to avoid unnecessary fragmentation, duplication and conflict among rules for derivatives markets.”