Goldman Sachs, JP Morgan to set up booking hubs in Asia

Bank of America and Citi likely to be in the second wave of banks

JP Morgan and Goldman Sachs

Goldman Sachs and JP Morgan are making preparations to establish subsidiary hubs in Asia to book their Asian derivatives trades in response to incoming cross-border regulation from the US, with impending European Union swap rules likely to push fellow US firms Citi and Bank of America Merrill Lynch (Baml) into similar actions.

Section 716 of Dodd-Frank, also known as the swaps push-out rule, was finalised at the end of last year and requires US depository institutions that use the Federal Reserv

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