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U.S. Said Near Deal With EU on Reprieve for Swap-Trade Rules (1) 

February 7, 2014
Silla Brush and Jim Brunsden, Bloomberg

U.S. and European Union 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 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.

The international reach of CFTC rules has been among the most contentious issues between the Washington-based regulator and financial firms that operate around the world. Wall Street lobbying groups that represent banks including Goldman Sachs Group Inc. (GS:US) and JPMorgan Chase & Co. (JPM:US) sued in December, seeking to limit the agency’s ability to impose rules outside the U.S.

Read more: Bloomberg

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