Q&A: Sylvie Matherat on extraterritoriality and central clearing

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Extraterritoriality is a clumsy word that can be summed up in simple terms: applying your laws to people outside your country. That might seem indefensible, but Gary Gensler, chairman of the Commodity Futures Trading Commission (CFTC), makes a good fist of it in the financial stability review published by the Banque de France on April 22. In one of 23 contributed articles on the topic of over-the-counter derivatives, Gensler argues that exposure racked up by the teeming foreign outposts of US