CFTC casts margin net to catch US banks’ affiliates
Agency redefines ‘guarantee’, but lawyers caution it may not stick
Foreign affiliates of US banks that dropped parental guarantees to avoid trading requirements of the Dodd-Frank Act would still be caught by new cross-border margin rules proposed on June 29 – one of a series of potentially divisive provisions in the draft rules. Lawyers are already challenging the ability of US regulators to regulate so-called non-guaranteed affiliates.
The Commodity Futures Trading Commission (CFTC) voted unanimously in favour of the rules, which subject non-cleared swaps to
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