New CFTC block trade proposals spark row over 67% threshold

Attack the block

Gary Gensler

There are lots of numbers in the US Commodity Futures Trading Commission’s (CFTC) March 15 proposals on block trades, but only one of them matters from the market’s point of view – the 67% threshold above which trades would be defined as blocks, qualifying for trading and reporting exemptions dealers argue are essential to preserve liquidity. The figure is already the subject of bitter complaints from the industry, which argues the number was picked to ensure a similar outcome to the CFTC’s ill-

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