Volumes of swaps trades between US and Asian firms recover

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Swaps trade volumes between Asian firms and US firms have recovered since the US Commodity Futures Trading Commission's (CFTC) no-action relief letter earlier in October, although this remains dependent on the shape of the regulator's final cross-border rules, according to market participants. On October 12, the CFTC softened its stance from the proposed cross-border swap activity guidelines issued in July that granted temporary exemption from counting swap deals conducted before December 31