Dodd-Frank Swap Rules Delayed Six Months for Overseas Trades
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The largest Wall Street banks and foreign-based financial companies won a six-month delay in some swap regulations for overseas trades, even as they must begin registering with U.S. regulators by year-end.
The Commodity Futures Trading Commission, the main U.S. derivatives regulator, voted 4-1 to leave the registration deadline in place while providing a delay until July 12 for capital and other requirements for overseas operations of JPMorgan Chase & Co., Goldman Sachs Group Inc. and other banks, the agency said in a statement yesterday. The CFTC also reduced the number of overseas offices immediately registering.