US record-keeping rule hits commodity derivatives end-users
CFTC rule change forces firms to retain piles of pre-trade communications
Many messages are sent back and forth before a company executes a derivatives trade. The company's traders might send each other instant messages to discuss prices and market conditions. Phone calls might be made, and emails written, to counterparties in the physical markets. Someone might even jot down his or her thoughts on a sticky note.
All those communications are now being targeted by a sweeping new record-keeping rule from the US Commodity Futures Trading Commission (CFTC). Implemented in
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