Banks worry over extraterritorial impact of Dodd-Frank
The extraterritorial application of US derivatives regulation looks set to put US banks at a significant competitive disadvantage to their foreign counterparts. Meanwhile, banks have been grappling with section 716 – the swaps push-out provision. By Matt Cameron
Sticks and stones may break bones, but words are never supposed to harm. Tell that to US banks, which claim to have been dealt a heavy blow by margin and capital proposals for non-cleared swaps, published by a group of US prudential regulators on April 12. The proposed rules make it clear the requirements will apply to the non-US swaps operations of US banks – an extraterritorial application of
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