The Commodity Futures Trading Commission, or CFTC, has drafted a proposed exemptive order to delay certain swaps rules for major overseas swaps players, including the foreign units of some U.S. banks, Reuters news agency reported Wednesday on its website, citing three unnamed sources.
The order would delay certain "entity level" swaps rules for foreign banks, including one that will require them to hold a certain amount of capital to back their trades, the report quoted the sources as saying.
The delay, which is expected to last at least a year, would extend to the foreign operations of major U.S.-based swap players such as JPMorgan Chase & Co. (JPM) and Goldman Sachs Group Inc. (GS), the report said, citing the sources.
The CFTC has tentatively scheduled a vote on the measure for June 21, the report added.
A CFTC spokesman declined comment, the report said.
Full Story: http://www.reuters.com/article/2012/06/13/us-cftc-swaps-crossborder-idUSBRE85C1QF20120613