Two Overseas Banks Defy Dodd-Frank Rule (WSJ)

Nordea, DBS say they won’t register with U.S. regulators to trade swaps with U.S. banks.

Two overseas banks, one in Sweden and the other in Singapore, say they will not register with U.S. regulators as required by a proposed rule stemming from Dodd-Frank, the Wall Street Journal reports. Foreign banks have been unhappy about the rule, which requires them to register if they trade a certain amount of swaps with U.S. banks.

The two banks are DBS in Singapore and Nordea Bank in Sweden.

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