Risk USA: Foreign banks cannot escape swap dealer status, warns CFTC's Barnett
The "day will come" when CFTC tries to ensure compliance by foreign banks that have not registered as swap dealers
The Commodity Futures Trading Commission (CFTC) will seek out foreign banks that have not registered as swap dealers and force them to comply with the Dodd-Frank Act, according to one of its top staffers.
Delivering the keynote address at the Risk USA conference in New York this morning, Gary Barnett, director of the division of swap dealer and intermediary oversight at the CFTC, said that while the regulator is currently focused on compliance at registered firms, it will at some point seek to
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