Gary Barnett, director of the Commodity Futures Trading Commission Division of Swap Dealer and Intermediary Oversight, says foreign banks will eventually have to register as swaps dealers and abide by the Dodd-Frank Act. While the CFTC is focusing on compliance, "will a time come when we look around and see that people are not registered, even though they have sufficiently impacted U.S. commerce? ... That day will come," Barnett said.

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