Reuters: Regulatory News: US SEC votes 5-0 to propose cross-border rules for swaps

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US SEC votes 5-0 to propose cross-border rules for swaps May 1st 2013, 15:03 WASHINGTON | Wed May 1, 2013 11:03am EDT WASHINGTON May 1 (Reuters) - U.S. securities regulators on Wednesday unanimously agreed to propose new rules for the over-the-counter derivatives business of foreign banks, saying they hoped the plan could provide a roadmap to resolve a brewing international conflict over how to regulate the $640 trillion market. The Securities and Exchange Commission's 1,000-page draft could help soothe tensions between European regulators and the U.S. Commodity Futures Trading Commission over disagreements about how far-reaching U.S. derivatives rules should be.

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