U.S. spat looms with foreign regulators over swap rules

The United States is on a collision course with regulators abroad as it plans to force foreign banks to comply with a host of new rules for risky derivatives, two sources close to the European Union said on Friday. With only one more day to go, the Commodity Futures Trading Commission must also hammer out Memoranda of Understanding, documents that say how it cooperates with foreign regulators, one of the sources said. The sources said the issue was with all six jurisdictions that deal with the CFTC, not just Europe. Politicians across the world agreed to clamp down on Wall Street after the 2007-09 credit meltdown, but different countries have since worked on rules that are not always identical and that have different time frames.


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