In a win for the Commodity Futures Trading Commission, a federal judge in Washington, D.C., on Tuesday mostly upheld the agency’s rules on cross-border swaps.
In a 95-page ruling, U.S. District Judge Paul Friedman rejected arguments by banking industry trade groups that the CFTC exceeded its authority by imposing new regulations, known as the Title VII Rules, on participants in the global swaps market. Friedman also signed off on the so-called cross-border guidance—a controversial July 2013 document in which the CFTC gave the Title VII Rules extraterritorial effect.
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