The European Commission has asked the Commodity Futures Trading Commission to extend a temporary exemption, set to expire July 12, from U.S. swaps rules for foreign banks. The delay would permit international discussion of the rules, EU officials say. They warn in a letter to the CFTC that failure to postpone the deadline would create "huge legal and operational uncertainty." The European Commission wants the exemption to continue until "international principles on cross-border swap rules have been agreed by [Group of 20] leaders and implemented in our respective jurisdictions."

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