Cross-border vortex: Dealers freeze plans to move staff

Bordering on chaos


As 2013 drew to a close, one European bank was carrying out a hurriedly drawn-up plan to protect its clients from the long arm of the Dodd-Frank Act. It was simple enough in principle. Trades with non-US customers that wanted to avoid cross-border swaps rules would no longer be able to involve the bank’s staff in New York, as a November 14 bombshell from the Commodity Futures Trading Commission (CFTC) had made clear. But, in practice, it meant getting that message across to thousands of customer

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