Trade groups representing the financial services industry have asked Commodity Futures Trading Commission Chairman Gary Gensler to postpone the application of the agency's rules on cross-border derivatives trades, but the commission chief has shown no signs of backing off. In a letter sent to Gensler last week, the groups said the CFTC should extend the deadline on the exemptive order it issued in December for another six months. The order had postponed the application of swaps rules until July 12. The letter was dated June 6 and was signed by the American Bankers Association, the Securities industry and Financial Markets Association, and the Futures Industry Association. It was released on Friday. The groups said the extension would allow banks to consider the implications of the SEC's swaps rules. A failure to postpone the deadline would increase uncertainty for international banks and harm the efforts of international regulators to create a regime of compliance with comparable
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