Groups challenge CFTC's cross-border swaps rules

SIFMA, the International Swaps and Derivatives Association and the Institute of International Bankers have filed a lawsuit against the Commodity Futures Trading Commission over the regulator's cross-border trading guidelines. "What's happened here is that a single commissioner acting with his staff has issued guidance which really amounts to a rule and the practical effect of that is that the action is outside the bounds of what the Congress has directed," said former Sen. Judd Gregg, CEO of SIFMA. Read the news release from the associations. Read the background information on the suit.

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