OTC break-up may reverse - but only if rules mesh too

Nailing down mercury

duncan-wood

As a practical matter, compliance can mean very different things, depending on which side of the regulatory divide someone sits. A good example is the clarification issued by staff at the Commodity Futures Trading Commission (CFTC) last November, in which they advised the US branches of non-US banks that if just one of their traders or salespeople was involved in a transaction with an overseas client, the trade would be subject to CFTC rules. The staff may have thought, “Terrific. To comply, all

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