Swap dealers struggle with Isda protocol compliance
Failure to meet deadline for earlier protocol puts banks on the back foot for compliance with next round of rules
Banks are struggling to comply with an International Swaps and Derivatives Association protocol relating to the US Dodd-Frank Act, and fear they will not be able to meet its July 1 deadline.
The Isda protocol, dated March 22, relates to swap dealers and swap counterparties and their compliance with rules surrounding trade documentation and confirmation, portfolio reconciliation and compression, clearing requirement determination and end-user exemptions from clearing. The rules were originally
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