U.S. commission allows some foreign rules for cross-border swaps

Fri Dec 20, 2013 5:25pm EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

WASHINGTON Dec 20 (Reuters) - The U.S. derivatives regulator allowed foreign banks on Friday to rely on swap trading rules from home-country regulators in a limited number of cases, saying it could look at further issues later.

The Commodity Futures Trading Commission approved the so-called "comparability determinations" for Australia, Canada, the European Union, Hong Kong, Japan and Switzerland.

Three Commissioners voted in favor of the decision, and the one Republican, Scott O'Malia, voted against.

Two sources close to the European Union told Reuters earlier the CFTC's decision would put the United States on a collision course with other regulators.