CFTC commissioners back cross-border swaps retreat

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By Ross Lancaster
23 Jul 2020

The US Commodity Futures Trading Commission (CFTC) was set to back a significant revision of its cross-border mandate on Thursday, pulling back from overseeing non-US swap transactions.

The CFTC has long drawn criticism for its implementation of Dodd-Frank regulation with respect to swaps market participants outside the US. As the regulation rolled out under chairman Gary Gensler, many regulators and market participants in other jurisdictions balked at the rule’s requirements for non-US banks to comply ...

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