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Cross-Border Swaps Reprieve Is Close

U.S. and EU said to be near agreement on short-term relief from Dodd-Frank for overseas derivatives deals.

By Silla Brush and Jim Brunsden, Bloomberg | Updated on February 06, 2014

U.S. and European Union (EU) officials are nearing a deal to grant EU swap-trading platforms a reprieve from Dodd-Frank Act rules set to take effect next week, according to two people with knowledge of the negotiations.

The agreement would free trading platforms in the EU from U.S. rules for swap-execution facilities, or Sefs, at least temporarily, according to the people, who spoke on condition of anonymity because the talks are private. The negotiations between the Commodity Futures Trading Commission (CFTC) and European authorities are still under way and the agreement could change before Feb. 15, when the rules requiring the use of platforms take effect, the people said.

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