Market survives record-keeping deadline for swaps

05/1/2013 | Wall Street Journal, The

Wednesday was the deadline for banks to begin adhering to expanded record-keeping rules pertaining to swaps. Many said the regulation would cause chaos, but the market largely took the change in stride. Most companies that frequently trade swaps have updated their information, dealers say, and firms that trade occasionally will update their records before transactions. Katherine Darras, general counsel for the Americas at ISDA, says there was a "frenetic amount of activity in the last few days" as companies scrambled to update their records.

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