Large Traders Granted Temporary Reporting Relief, CFTC Staff Letter Says

In a March 20 no-action letter, the Commodity Futures Trading Commission (CFTC) Division of Market Oversight granted market participants a “temporary and conditional” reprieve from full compliance with the agency’s large trader reporting system for physical commodity swaps and swaptions.

In a release, the staff said its no-action stance is intended to provide the industry—and the CFTC—with enough time “to transition to fully compliant reporting by July 2, 2012.”

It added that relief is available only to market participants that are making a “good faith effort to comply” with the new regulations.

“In addition,” the staff directed, “parties relying on ...