ICBC Standard Bank approved as US swap dealer

ICBC Standard Bank PLC has become the first Chinese bank to operate as a U.S.-registered swap dealer, its latest international expansion effort, according to The Wall Street Journal. The bank said Friday that it had received approval from the Commodity Futures Trading Commission to be a “provisionally registered swap dealer,” a role that would allow the bank to offer over-the-counter derivatives to U.S. clients. ICBC Standard, which is 60% owned by the Industrial and Commercial Bank of China Ltd., will be the latest to join the 106 financial institutions that were designated by the CFTC as swap dealers as of May 10.