The requirements have sown confusion in the bond market as bankers, trading platforms and investors now face intense compliance demands ahead of an unforeseen month-end deadline.
The Financial Times reported this week that the new regulation may stave off broker dealers from trading in this space and taking on risks for fear of attracting an SEC enforcement action. Bond trade associations, including the Bond Dealers of America and the Securities Industry and Financial Markets Association, wrote to regulators to say amended rules will have a “significant, deleterious effect” on government and corporate bond markets, and pleaded for an explicit reprieve, or more time to comply, the FT reported.
The SEC's Friday letter is a response to such cries by industry. While compliance is still mandatory by the Tuesday deadline, the top markets watchdog said its delay of enforcement actions is meant to allow for the necessary industry "operational and systems changes" that may lead to compliance with the rule.Our Standards:Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
This is bullish. unusual_whales
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