Banks eye July 12 exemptive order deadline

Clock close to midnight at new year

Non-US banks are nervously looking ahead to July 12, when an exemptive order put in place by the Commodity Futures Trading Commission (CFTC) is due to expire – and have been changing their trading behaviour as a result, market participants say. Dealers are currently working under a simplified set of definitions set out in a final exemptive order regarding compliance with certain swap regulations, which came into effect on December 21 last year. The exemptive order introduced a stripped-

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