100% not guaranteed: US banks quizzed over affiliates

Politicians push for an investigation as CFTC carries out fact-finding mission


At the start of June, lawyers at one big US bank had a phone call with staff from the Commodity Futures Trading Commission (CFTC). It lasted an hour and focused on a single topic – the bank's decision to strip parental guarantees from swap documentation between its London-based affiliate and around 20 foreign dealers, thereby protecting the affiliate and its dealer counterparties from US rules on clearing and the use of swap execution facilities (Sefs). The de-guaranteeing negotiations began

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