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U.S. regulators may give banks more time for swap rules

Dec 17 2012 Douwe Miedema, Reuters

Top U.S. regulators on Thursday said they hoped to give the $650 trillion derivatives industry more time as they work out how the new regulations on swap contracts will apply overseas. Many foreign banks, as well as U.S. banks, face a Dec. 31 deadline by which they need to comply with many of the new rules from the top U.S. derivatives regulator for swaps, financial instruments used now mostly for speculation. The way in which the CFTC is imposing its rules on foreign banks has drawn fierce criticism from regulators in Europe and in Asia, who say they are already working on similar rules, sparking fears that foreign banks would stop trading with their U.S. counterparts. But two commissioners at the Commodity Futures Trading Commission (CFTC) on Thursday told a Congressional hearing they were working on an order to grant the banks another delay. "It is both my hope, and commissioner (Bart) Chilton's hope that we have something that is clear and clarifies all

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