Banks Get Softer Tone From CFTC on Overseas Swaps Rule
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After years of battling to limit the overseas reach of U.S. swaps rules, Wall Street is beginning to hear a more flexible approach from one of its top regulators.
Timothy Massad, who took over as chairman of Commodity Futures Trading Commission in June, told traders today that it’s unreasonable to expect identical derivatives regulations around the world. While the agency is striving to ensure coordination with authorities in Europe and Asia, “there will inevitably be differences,” he said.