US Banks Push For Overseas Exemption To Derivatives Rules

Law360, New York (February 8, 2012, 6:37 PM EST) -- U.S. banks on Wednesday urged lawmakers to exempt their overseas operations from new regulations governing the $600 trillion over-the-counter derivatives market, saying extraterritorial application of the rules could cripple their ability to compete with foreign rivals.

During a House subcommittee hearing Wednesday, banking leaders said they feared the U.S. Commodity Futures Trading Commission intended to enforce rules mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act to a broad range of overseas activity by both U.S. firms and their foreign-based units.

The law, which...
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