OCC denies swaps push-out protection to non-US banks
Foreign banks have until July to push out derivatives activities after OCC guidance repeats Dodd-Frank drafting mistake
Non-US banks that book some of their swaps in US branches still face the prospect of pushing those activities into a separate legal entity by July 16 this year, despite a notice issued yesterday by the Office of the Comptroller of the Currency (OCC) that confirms US banks will be able to request safe harbour for up to three years after that date.
The uneven treatment mirrors a drafting error in Section 716 of the Dodd-Frank Act – better known as the swaps push-out – that provides exemptions only
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Markets
Standard Chartered taps Newman to head rates and FX trading
UBS veteran becomes latest fixed income trading exec to leave Swiss bank
FSB exec says reduction of NBFI leverage not a target
Isda AGM: Martin Moloney says the body isn’t seeking wholesale cut in leverage across markets
APG upbeat on sustainability derivatives despite setbacks
Isda AGM: Dutch pension fund manager’s chief executive believes instruments have room to grow
Isda proposes oversight group for CDS process
New governance committee the “first step” in credit determinations revamp
Banks seek to advance predictive pricing models
AI and machine learning-based tools could give FX desks the power to forecast currency movements
After tariff rout, hedge funds revive euro rate steepeners
Dutch pension overhaul drives bets on euro rates curve steepening
Hedge funds burned as Hong Kong dollar bets implode
Carry trades and call spreads unwound after Trump tariffs pushed spot to edge of currency peg
What drove the Taiwan dollar surge?
Foreign speculators, carry unwinds and central bank inaction fuelled the 10% move, not just life insurers, say traders
