The CFTC will set a two-minute time limit for swap dealers to accept or reject trades. The new time limit goes into effect on Oct. 1.
Then, 90 days after the rules are published, the limit will be tightened to one minute.
The new rule comes from an email sent by Ananda Radhakrishnan, CFTC’s director of the division of clearing and risk. Radhakrishnan’s letter asked clearinghouse owners, for example CME Group and Intercontinental Exchange Inc., to inform their bank clearing members of the new rule.
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