CFTC's 60-second rule will force rejections, FCMs warn
As clearing for over-the-counter derivatives takes off, clients may find an increasing number of their trades being rejected by the futures commission merchants (FCMs) that stand between them and a clearing house, dealers are warning – the result of a Commodity Futures Trading Commission (CFTC) rule that means FCMs have a maximum of 60 seconds to accept or reject a trade for clearing, they claim.
CFTC regulation 1.74 – Timing of acceptance of trades for clearing – was published in April last
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