The European Central Bank (ECB) has warned in a letter to the Commodity Futures Trading Commission (CFTC) that it might have to stop trading over-the-counter derivatives with US counterparties if it – and other eurozone central banks – are not granted exemptions from clearing, execution and reporting elements of the Dodd-Frank Act. The ECB also wants to be exempt from proposed rules on margining for uncleared trades.
The threat will come as no surprise to US swap dealers, who have been warning f
- Turkish central bank carries out emergency rate hike as currency falls
- Podcast: San Fran Fed’s Daly on gender inequality in central banks
- US House passes deregulation bill with bipartisan support
- Dudley calls for ‘aggressive action’ on benchmark reforms
- Swift starts work on pan-European real-time payment connectivity pilot