Extraterritoriality and the rebalancing of the global economy
US and European banks dominate Asian financial markets, but this will not always be the case – which may affect the cross-border implementation of rules
The derivatives sector in Asia has been vocal over the past 18 months about the extraterritorial aspect of the respective US and European approaches to increasing oversight of the over-the-counter derivatives market, but for Ashley Alder, chair of Hong Kong's Securities and Futures Commission (SFC), such concern could well be the tip of a regulatory iceberg.
Speaking at a press briefing at the SFC's Hong Kong offices in October, Alder pointed to Basel III implementation, resolution regimes and
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