SunGard's Daniel Parker examines the power shift caused by recent landmark rulings by the CFTC.
As additional final rules are promulgated
throughout the globe, an emerging trend for financial market
regulators is to transfer, allocate and defer significant
implementation discretion to financial market utilities and
other relevant transaction infrastructures.
For instance, on May 16, 2013, in a landmark
ruling decided in a public forum, the U.S. Commodities Futures
Trading Commission (CFTC) voted, by a margin of 3-2, to
implement, among other rules, the final "made available to
trade" (MAT) rule.
The MAT rule fundamentally changes the swaps
market by instituting the method and manner by which specific
products required to be executed and cleared are
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