The U.S. agency in charge of regulating the $650 trillion derivatives market is to meet Friday to make an 11th hour effort to resolve uncertainty over how market participants should comply with rules that would govern cross-border trades. The 2010 Dodd-Frank Act gave the Commodity Futures Trading Commission the task of regulating most of the swaps market after the failure of Lehman Brothers and the near collapse of AIG Financial Products. The CFTC's cross-border plan would force foreign banks to follow U.S. rules if they trade swaps with a "U.S. person" and the transaction volume exceeds $8 billion a year. In December, the CFTC announced that it would give foreign banks until July 12 to comply with its cross-border rules. The agency said the time-limited relief would give the institutions more certainty and allow them to slowly transition into the new era of swaps regulation. But with the deadline expiring on Friday, there is little public indication on whether the agency
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