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July 12, 2012

WSJ: Big Dealers Sweat as Swaps Face Reckoning

” In a potential setback for large financial firms, regulators are expected to vote Tuesday on a rule requiring banks with more than $10 billion in assets to trade swaps through a central clearinghouse, according to a person familiar with the rule.

The vote will be accompanied by a separate ruling on the precise definition of swaps, the financial contracts at the heart of the 2008 credit crisis. That definition will set in motion a series of other rules affecting trillions of dollars of financial contracts.

The voting at the Commodity Futures Trading Commission “starts the scramble to the finish line,” said Joel Telpner, a lawyer at Jones Day who specializes in derivatives. “It’s the trigger for moving forward with the next phase” of the Dodd-Frank financial overhaul passed by Congress in 2010. “


Read Scott Patterson’s full Wall Street Journal article here.

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