US margin rules 'punish lenders', warns CFTC's Giancarlo

Lower threshold in US proposals would catch more medium-sized banks

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CFTC headquarters

The Commodity Futures Trading Commission (CFTC) has unanimously approved proposed rules on margining for non-cleared swaps, despite one commissioner's concerns that the rules will apply to more US entities than would be the case under the equivalent international standards.

In a 4-0 vote held yesterday at the commission headquarters in Washington, DC, the CFTC released proposals that would eventually catch entities that have non-cleared swap portfolios with a gross notional exposure of more than

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