WSJ article: is this the first step towards regionalizing the swap market

WSJ article: is this the first step towards regionalizing the swap market

Barclays and presumably many other non-US headquartered banks are pondering how to respond to the Fed’s proposal to have non-US banks put up US subsidiaries to house their US activities where today many EU banks trade using a single global entity as far as is possible for financial resource efficiency and other reasons.

Is this the first step towards a fully regionalized swap market where e.g. there would be a separate price for the same swap among US entities and among EU entities?

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