CFTC cross-border guidelines give US banks in Singapore swap trade booking quandary

Singapore dollar trade potentially hit by US person rule

singapore dollars

US banks will have to carefully manage the levels of swap trades booked through Singapore branches to avoid triggering Dodd-Frank requirements for themselves and their counterparties following the cross-border guidelines and exemptive order issued by the Commodity Futures Trading Commission (CFTC) last week.

Because Singapore was not included in the longer-dated cross-border Dodd-Frank compliance exemption order, transaction-level requirements would be applied to trades booked with the US

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