Dodd-Frank extraterritoriality will hurt US banks – Risk.net poll
More than two-thirds of respondents think the long arm of Dodd-Frank will put US banks at a competitive disadvantage
The extraterritorial application of US derivatives rules will make it tougher for US banks to compete in international markets, say a majority of respondents to an online poll conducted by Risk.net. Sixty-seven per cent of respondents thought that non-US counterparties would rather trade with foreign dealers instead of US banks.
The poll follows comments made by Barry Zubrow, chief risk officer of JP Morgan, who told the US House Financial Services Committee yesterday that the rules will kill US
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