Dealers waiting for answers in CFTC cross-border conundrum

Contingency plans to relocate US staff remain on ice

timothy-massad
Timothy Massad, CFTC

As the end of 2014 approached, one large hedge fund was wrestling with some seemingly odd questions: if one of its portfolio managers was executing an over-the-counter derivatives trade with a European bank, and the bank's London-based trader took a call relating to the transaction while travelling in the US, what regulatory framework would apply?

It was fretting because of a safe harbour that was due to expire at the end of last year. A no-action letter issued in November subsequently extended

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