WASHINGTON: The US futures regulator, in the rollout on Friday of its first new rules under the sweeping financial reform law, proposed to limit the control of banks and other firms in the clearinghouses that will soon manage most trade in risky swaps.
The Commodity Futures Trading Commission’s (CFTC) proposal is an early test of how hard the agency intends to crack down on the previously unregulated market for swaps, the speculative investments blamed for accelerating the 2008/09 financial crisis.
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