Europe Seeks CFTC Delay in Imposing Swaps Rules on Banks
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The European Union is urging the U.S. to allow time for international talks before it imposes swaps rules on EU lenders, saying that the current timetable would lead to the banks facing extra costs.
The European Commission wrote to Gary Gensler, chairman of the U.S. Commodity Futures Trading Commission, urging him to extend a temporary exemption for overseas banks, which is scheduled to expire on July 12, according to a copy of the letter obtained by Bloomberg News.