CFTC Quietly Bails Out Capital One

Read more on this subject: Government Debt & Financing
News Story Source: https://www.zerohedge.com by Tyler Durden
CFTC PROVIDING RELIEF TO LARGE U.S. BANK ACTIVE IN OIL, GAS

There was little additional information to go with the report, aside from the CFTC saying it would temporarily exempt a U.S. bank from a requirement to register as a "Major Swap Participant" even though its growing energy swaps exposure would technically require it to do so by the end of the next quarter, and since the bank was not named, traders' attention quickly shifted to whatever the next crisis du jour, or rather du minute was.

However, late last week, Reuters reported citing two sources, that the bank in question was Virginia-based Capital One, best known for questionable retail lending and cheesy credit card commercials starting Samuel L Jackson.

So what exactly happened? According to a spokesman for the CFTC, the commodities regulator issued a waiver to protect the bank and its energy clients from "undue disruption," given the unprecedented
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