Asian dealers 'disappointed' by CFTC clarification of footnote 513

cftc-hq

Asian dealers are "disappointed" that last week's clarification from the Commodity Futures Trading Commission (CFTC) closes the door to foreign branches in the US escaping the transaction-level requirements of Dodd-Frank even where swaps are only originated in the US but booked and executed overseas. When footnote 513 was inserted into cross-border guidance issued by the CFTC in July, it threatened to extend the scope of US regulation over foreign bank branches by stating that a "US branch of