US tax code section 871m is making changes in the swaps markets

In the world of tax reform and financial markets, 871m is an important one to keep track of. This change to the US Internal Revenue Code aims to stop an arbitrage by non-US entities trading derivatives and avoiding US withholding taxes. While the initial goal was to enforce tax payments, it is having an unintended consequence of leveling the playing field for US and international banks in Total Return Swaps (TRS) trading.
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