US dealers face trading lockout from small Japanese banks

Lack of substituted compliance for Japan's small bank margin rules causing concern

Fears of an end to direct trading with US banks

US banks fear they will be unable to trade with small Japanese banks from March 1 due to a lack of substituted compliance for Japan's non-cleared margin rules for smaller institutions.

"We hope they [US regulators] will recognise the regulation for the smaller banks as well, otherwise it is a very strange situation where stricter rules will apply to them than [will apply to] the big banks," says Mai Shin, a vice-president at Goldman Sachs in Tokyo. "From March 1, US dealers will be shut out

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