European swaps traders threaten to abandon U.S. banks

08/12/2013 | Reuters

Asset managers and hedge funds in Europe are threatening to shift their swaps trading from U.S. banks to European rivals to escape the Commodity Futures Trading Commission's costly cross-border derivatives rules. Beginning Oct. 9, swaps must be cleared through a central counterparty if a European client deals with an overseas branch of a U.S. bank.

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