Swaps Industry Groups Sue Over CFTC's Cross-Border Rule

Law360, New York (December 4, 2013, 6:56 PM EST) -- Three trade industry groups on Wednesday filed suit in D.C. federal court against the U.S. Commodity Futures Trading Commission, accusing the agency of overstepping its bounds with the release of the so-called Cross-Border Rule governing the exchange of derivatives and swaps overseas.

The Securities Industry and Financial Markets Association, the International Swaps and Derivatives Association Inc. and the Institute of International Bankers filed a complaint in federal court over the agency’s rule, which was issued as “guidance,” allowing the agency to dodge important steps in the...
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