Market participants scrambled to comply by the beginning of this month with the Commodity Futures Trading Commission's rules on external business conduct, adhering to an ISDA protocol established for the purpose. Now, market participants are faced with a July 1 deadline for another ISDA protocol, which addresses compliance with Dodd-Frank Act rules on trade documentation and confirmation, portfolio reconciliation and compression, clearing-requirement determination and end-user exemptions from clearing. "ISDA is ... working with our members to keep the regulators updated on our progress and challenges with regard to the July 1 deadline," CEO Robert Pickel said.

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