Firms Oppose CFTC Swap Rules

Firms, includingBarclays CapitalandDominion Resources, have requested the U.S. futures regulator to revise new rules meant to increase transparency in the swaps market,Reutersreports. TheCommodity Futures Trading Commission(CFTC) proposed swap trades to be reported as soon as technologically practicable and swap data repositories to hold standardized block trades and large notional swaps only for 15 minutes after they are executed before being released and made public.

The companies believe the rules to be detrimental to both buyers and sellers, who may need to protect the swap trade information long enough to offset their position with a hedge in the futures market. Dominion requested the CFTC to allow an exclusion from the public disclosure of data between two end users or an end user and a regulated entity tied to swaps that do not perform a price discovery function.

Click here for the story fromReuters.