Wall Street hoping for Fed reprieve for derivatives desks

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US dealers including Goldman Sachs and Bank of New York Mellon are hoping for the Federal Reserve to provide a reprieve from rules requiring them to shut down some derivatives desks or to rehouse them in a separate affiliate.

The Office of the Comptroller of the Currency (OCC) has already granted a postponement of the July 16 deadline for most US banks, but seven of the 25 biggest US dealers are not regulated by the OCC and, with 63 days until the rule takes effect, lawyers at these institutions

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