CFTC May Push Back Swaps Rules For Foreign Banks

Law360, New York (June 14, 2012, 6:31 PM EDT) -- Foreign banks may get a yearlong reprieve from complying with new derivatives trading rules, the head of the U.S. Commodity Futures Trading Commission said Thursday.

In a speech before the Institute of International Bankers, CFTC Chairman Gary Gensler said the agency was developing guidance that would give foreign banks doing business with the U.S. up to one year to comply with transparency and other new trading requirements for the approximately $650 trillion over-the-counter derivatives market.

“During that time, the CFTC would be moving to complete the...
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