US banks look at ways around upcoming derivatives rules

12/3/2012 | Reuters

Wall Street banks are explaining to their foreign clients that they can sidestep upcoming new US rules governing over-the-counter derivatives by routing trades through their overseas divisions, sources said. "What banks are looking at is: can they put their business with non-U.S counterparties through a London entity, and will the regulators in the UK accept all the business coming through those entities?" said ASIFMA CEO Mark Austen.

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