US dealers breathe easier as global uncleared margin rules take shape

The extraterritorial scope of US margin rules would have left US banks’ overseas swaps business in tatters, but an international working group looks set to deliver a reprieve by endorsing similar rules

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Bank regulation does not throw up many stories of death-defying escape. There are no swashbuckling rescues, no dealers-in-distress shackled to train tracks, no situations in which the hero escap