CFTC Piles More Swaps Rules Atop Dodd-Frank Heap

Law360, New York (February 23, 2012, 3:25 PM EST) -- The U.S. Commodity Futures Trading Commission on Thursday adopted exhaustive new record-keeping and business conduct standards for participants in the $700 trillion over-the-counter derivatives market.

Mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the rules will require swap dealers and major swap participants to record and maintain myriad information, from phone conversations and emails to transaction documents and meeting minutes, in databases regulators could use to reconstruct the events that led to individual trades.

Besides record keeping, the rules also mandate that firms...
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