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New Rules Costly

OCC puts cost to banking industry of new swaps rules between $2.9 billion and $6.4 billion annually.

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U.S. banks would need $644 billion in collateral to offset risks in swaps traded among themselves, according to an analysis of rules re-proposed by regulators.

The Office of the Comptroller of the Currency (OCC) released an estimate yesterday laying out costs for companies including JPMorgan Chase & Co., Bank of America Corp., and Citigroup Inc. to support trades that won’t be guaranteed by clearinghouses.

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