Singapore facing substituted compliance ruling following J. Aron swap dealer registration

Move by Goldman’s commodities subsidiary could trigger CFTC ruling


J. Aron, the commodities house and a subsidiary of Goldman Sachs, is to register its Singapore unit as a swap dealer under Dodd-Frank later this month according to market sources – something that may mean Singapore requires a substituted compliance ruling from US regulators.

The US commodities trader has already registered its New York business as a swap dealer with the Commodity Futures Trading Commission (CFTC) and is now seeking registration for its Singapore entity. Goldman Sachs has a total

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