Fed Grants Foreign Banks Leeway in Dodd-Frank Swap Pushout Rule
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Foreign-based banks won leeway in Dodd-Frank Act requirements to separate swaps trading from their U.S. branches under a Federal Reserve policy released yesterday.
The central bank said in an interim final rule that the banks will be eligible to apply for a transition period of 24 months in rules taking effect July 16. The Institute of International Bankers, a lobbying group representing Credit Suisse Group AG and Deutsche Bank AG among others, urged the Fed to grant foreign banks the same phase-in process U.S. banks like JPMorgan Chase & Co. received earlier this year