CFTC's Sommers says swaps-trading rules might need to be changed

04/6/2011 | Bloomberg

Jill Sommers, a member of the Commodity Futures Trading Commission, called a proposed rule defining swaps-execution facilities "overly restrictive" and said the agency might have to propose different rules. Regulators "should adopt a model that provides the maximum amount of flexibility as to the method of trading for swaps, whether cleared, uncleared, liquid or bespoke," Sommers said. More-flexible CFTC regulations could help banks preserve trading revenue, insiders said.

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