U.S. Treasury Secretary Jack Lew is facing increasing pressure from foreign financial officials, including EU Internal Market Commissioner Michel Barnier, to rein in the cross-border reach of swaps rules. "We are concerned that, without clear direction from global policymakers and regulators, derivatives markets will recede into localised and less efficient structures, impairing the ability of business across the globe to manage risk," nine officials wrote in a letter to Lew.

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