The Office of the Comptroller of the Currency sent letters to several major banks giving them two years to implement "orderly" changes that separate their swaps trading operations from bank entities that benefit from federal guarantees and other forms of support. “The OCC has found that the potential impact of granting a 24-month transition period is less adverse than the potential impact of denying the transition period or providing a significantly shorter transition period,” Martin Pfinsgraff, acting senior deputy comptroller supervising large banks, said in the letters.

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