Reuters: Regulatory News: Countdown for swaps rules to start on Aug 13:CFTC

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Countdown for swaps rules to start on Aug 13:CFTC Jul 31st 2012, 22:41 By Alexandra Alper WASHINGTON, July 31 | Tue Jul 31, 2012 6:41pm EDT WASHINGTON, July 31 (Reuters) - The U.S. derivatives regulator said on Tuesday it planned to publish the definition of the term "swap" in the federal register on Aug. 13, a move that will start the clock for market players to comply with a host of new derivatives rules. The rules that will be triggered by the definition's publication are mandated by the 2010 Dodd Frank Act, which aims to boost transparency and limit risk in the $650 trillion over-the-counter global swaps market. "The Commission has learned that the rule further defining the term "swap" is scheduled to be published in the Federal Register on August 13, 2012," the Commodity Futures Trading Commission said in a court filing. The publication will also trigger a 60 day countdown for compliance with a new position limits rule. That rule, which was also included in the 2010 Dodd-Frank financial oversight law and was finalized in October, curbs the number of contracts any trader can hold in certain commodities like gold and oil. Financial industry groups have sued to stop the rules from taking effect, saying the curbs would irreparably harm the marketplace. They have criticized the agency for imposing a "draconian aggregation standard" on firms. Link this Share this Digg this Email Reprints

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