Reuters: Regulatory News: UPDATE 1-U.S. swaps pushout rule to kick in July 2013

Reuters: Regulatory News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-U.S. swaps pushout rule to kick in July 2013 Mar 30th 2012, 19:33 Fri Mar 30, 2012 3:33pm EDT WASHINGTON, March 30 (Reuters) - U.S. banking regulators said on Friday that the controversial rule requiring banks to spin off some of their swap trading into affiliates will not take effect until July 16, 2013. The rule was mandated by the 2010 Dodd Frank Wall Street reform and seeks to prevent banks that receive government backstops like deposit insurance from taking big risks on swaps. The measure was tucked into the Dodd-Frank law by then-Senator Blanche Lincoln and was widely opposed by the financial industry and even some fellow Democrats. The so-called Lincoln provision requires banks to spin off certain kinds of swap trading into affiliated entities, including uncleared credit-default swaps and energy and metal swaps, among others. The rule was already slated to go into effect in 2013, but confusing language in the law led some market participants to fear the provision would kick in this year.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions