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New York Lawmakers See 'Competitive Disadvantages' in Derivatives Rules

A bipartisan, bicameral group of New York lawmakers on Tuesday urged regulators not to implement a new rule governing financial derivatives for fear it would harm U.S. competitiveness abroad.

In a letter, lawmakers asked regulators to reconsider proposed regulations that would set new margin requirements for derivatives trades between non-U.S. subsidiaries of U.S. financial institutions and non-U.S. counterparties.