HSBC deregisters Asian arm as a swap dealer due to lack of US person trades

Unlikely that any Japan or Australia banks will follow suit


HSBC has deregistered its Asian business as a swap dealer with the Commodity Futures Trading Commission (CFTC) due to business with US persons falling "well below" Dodd-Frank's $8 billion de minimis requirement to register with US regulators.

HSBC deregistered its Hong Kong-based entity, Hongkong and Shanghai Banking Corporation (HBAP) on December 3, 2013, ahead of the CFTC's December 21 deadline for the introduction of cross-border reporting requirements that would have proved onerous from a

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