Upcoming U.S. regulations have prompted Italy's UniCredit to avoid trading over-the-counter derivatives with U.S. financial institutions. The bank is concerned that the rules will come with increased burden and cost. Other banks also say they won't register with the Commodity Futures Trading Commission as swaps dealers. "Registration as a U.S. swap dealer is unpalatable to many in Asia, and this modifies their behavior, so they stop trading with U.S. banks, which harms liquidity," ISDA Chairman Stephen O'Connor said.

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