Central Banking

Former SEC chair urges US to accept use of NGAs for overseas swaps

Policy-makers urged to allow dealers to insulate overseas swaps activity from Dodd-Frank

SEC headquarters

Politicians and regulators in the US should learn to live with the fact that US banks are funnelling a large portion of their overseas swaps business through non-guaranteed affiliates (NGAs), according to two former senior regulators. Potential responses to the strategy – which insulates the affiliates and their non-US customers from the Dodd-Frank Act – could set the US on a collision course with foreign officials, they argue.

"If two parties outside the US wish to enter into a trading

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