BNY Mellon, Goldman Sachs facing July swaps push-out deadline

Firms are among seven banks that will be subject to section 716 of the Dodd-Frank Act unless Federal Reserve gives relief


US dealers including Goldman Sachs and Bank of New York Mellon are hoping for the Federal Reserve to provide a reprieve from rules requiring them to shut down some derivatives desks or to rehouse them in a separate affiliate. The Office of the Comptroller of the Currency (OCC) has already granted a postponement of the July 16 deadline for most US banks, but seven of the 25 biggest US dealers are not regulated by the OCC and - with 63 days until the rule takes effect - lawyers at these

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