US proposals to revamp global derivatives markets threaten to create systemic risks and dampen trading, Asian financial regulators have warned their US peers.
The comments, which echo concerns in Europe, mark the first time Asian regulators have openly expressed concerns about planned reforms, reflecting worries that banks outside the US could get swept up by the Dodd-Frank rules.
A key element of the plans requires that OTC derivatives be traded on electronic trading platforms and that dealers of such ‘swaps’ be regulated.
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