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Tuesday, September 10, 2013

ABA Urges CFTC to Address Overseas Swaps Restrictions

In a letter to regulators, ABA urged the CFTC to take immediate action to address issues in its recent interpretations on cross-border swaps that would disadvantage U.S. banks with overseas branches.
These interpretations will not increase transparency or reduce systemic risk, but they will undermine the ability of U.S. banks to transact covered activity via overseas branches with their non-U.S. customers…and force U.S. banks to move jobs and capital overseas…
In the letter, ABA recommended that the CFTC provide for an appropriate phase-in period for mandatory clearing of swaps transactions in foreign jurisdictions working in good faith to implement comparable clearing requirements. In addition, ABA recommended that the CFTC withdraw its restriction that requires employees involved in an overseas swap to be located in an overseas branch.

Read the letter.

ABA sent a separate letter on the issue to Treasury Secretary Jacob Lew.

Read the letter.

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