CFTC’s clearing timeline prompts backloading "meltdown"
A re-reading of the CFTC's phase-in rules for central clearing is prompting alarm among buy- and sell-side firms
Preparations for mandatory central clearing of over-the-counter derivatives hit a speed bump this week when it appeared the industry had misunderstood a crucial element of the timeline laid out by the Commodity Futures Trading Commission (CFTC).
Instead of being required to start clearing 90 days, 180 days or 270 days after the agency publishes its final clearing determination rule - expected next month - market participants feared they would also be required to back-load all trades executed
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