SEC Votes to Propose Cross-Border Rules for Swaps

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.

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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.