The day before Dodd-Frank Act-mandated regulations enforcing the reporting of swap trades by firms that are neither swap dealers nor financial entities came into effect, the Commodity Futures Trading Commission granted companies several more months to prepare for the rules. "The CFTC gave people what they wanted, but it's unfortunate that they waited until the last minute," says Michael Prokop of The Alliance Risk Group. "It's a shame they couldn't have done that without driving everybody crazy and putting everyone's systems under stress."

Related Summaries