Senators urge CFTC to delay cross-border swaps rules

06/26/2013 | Bloomberg · Wall Street Journal, The

Six Democratic senators -- New York's Charles Schumer and Kirsten Gillibrand, Delaware's Tom Carper, North Carolina's Kay Hagan, North Dakota's Heidi Heitkamp and Colorado's Michael Bennet -- have told Commodity Futures Trading Commission Chairman Gary Gensler that more time is needed before the cross-border swaps rules are put into force July 12. Forging ahead without coordinating with regulation overseas, they say, will add undue risk to the derivatives market. SIFMA President Kenneth Bentsen Jr. said the association will continue its discussions with the CFTC "because we have this fast approaching deadline and we have no idea of where the chairman's going."

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