EU’s Barnier Said to Urge Rethink of U.S. Swaps Rules

EU financial services chief seeks changes in draft rules on swaps.

Michel Barnier, the European Union financial services chief, urged U.S. Treasury Secretary Jacob J. Lew to seek changes to draft rules on swaps and the treatment of EU bank units, saying they may undermine efforts to clinch a trade pact, said two people familiar with the talks.

Barnier told Lew that EU and U.S. moves to begin negotiations on a free-trade deal made revising the measures more urgent, according to the people who asked not to be cited by name because the discussions are private. Lew and Barnier, meeting in Brussels yesterday, agreed to further discussions on the measures, the people said.

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