ISDA, the Securities Industry and Financial Markets Association and the Institute of International Bankers have filed a joint legal challenge to the Commodity Futures Trading Commission's cross-border rule. As stated in the complaint, the CFTC unlawfully circumvented important procedural safeguards mandated by Congress. The agency also failed to conduct any cost-benefit analysis; conducted a flawed rule-making process; and imposed a series of rules that are contrary to the spirit and the letter of international cooperation and that might harm global markets, according to the complaint. Read the joint association news release, the backgrounder and the complaint that was filed with the court.

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