SEC rule hikes cost of trading US CDS for non-US firms
CDS trades between non-US counterparties will be captured under Dodd-Frank
New rules adopted by the US Securities and Exchange Commission (SEC) earlier today (February 10) will make it more expensive for non-US counterparties to trade US single-name credit default swaps (CDS), while making it more difficult for foreign dealers to circumvent US regulations.
The SEC voted unanimously to approve final rules requiring security-based swap transactions "arranged, negotiated or executed" by staff in the US on behalf of non-US persons to be subjected to the agency's rules
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