US dealers face trading lockout from small Japanese banks

Lack of substituted compliance for Japan's small bank margin rules causing concern

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Fears of an end to direct trading with US banks

US banks fear they will be unable to trade with small Japanese banks from March 1 due to a lack of substituted compliance for Japan's non-cleared margin rules for smaller institutions.

"We hope they [US regulators] will recognise the regulation for the smaller banks as well, otherwise it is a very strange situation where stricter rules will apply to them than [will apply to] the big banks," says Mai Shin, a vice-president at Goldman Sachs in Tokyo. "From March 1, US dealers will be shut out

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