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US regulators to monitor London over-the-counter swaps

"Part of London’s lucrative over-the-counter swaps market is set to come under direct US regulatory oversight as dealers in the UK capital wrestle with meeting tighter rules for overseas swaps dealers accessing US markets.

"ICAP, the world’s largest interdealer broker, will next month begin trading US dollar-denominated swaps from its London home on a new US-regulated electronic marketplace.