CFTC, Europe Strike Last-Minute Deal On Derivatives Rules

Law360, New York (July 11, 2013, 1:04 PM EDT) -- The U.S. Commodity Futures Trading Commission on Thursday struck an eleventh-hour deal with European regulators on a new derivatives trading regime for U.S. banks overseas, paving the way for controversial Dodd-Frank Act measures to go into effect.

The agreement between the CFTC and European Commission, dubbed a "path forward," comes on the eve of a Friday rulemaking deadline. The cross-border rules are designed to increase transparency and reduce risk in the $633 trillion derivatives market, a prime culprit in the 2008 financial crisis, when soured trades...
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