Banks urge co-ordinated Asian reaction to CFTC swaps rule
Banks call for Asian regulators to unite against US supervisory overreach
Banks based in Asia are calling on regional regulators to adopt a co-ordinated response to far-reaching proposals from the US Commodity Futures Trading Commission (CFTC) that would see Asia-based swap dealers having to register in the US to continue trading with US entities.
"Why, as a regional Asian bank, with hardly any US operations, do I want to be subject to CFTC rules, with all [the] regulatory and reporting and settlement issues that's going to entail? It's ridiculous," says the senior
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