CFTC mishandled swaps rules, Sommers says

02/11/2013 | Risk.net (subscription required)

The timetable for the Commodity Futures Trading Commission's swaps rules created unneeded issues because the derivatives market wasn't given time to adapt, CFTC member Jill Sommers says. "We have spent the past six months basically writing no-action letters and listening to market participants tell us they're not ready," says Sommers, who will leave the CFTC in March.

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