Isda chairman: US banks could be hamstrung by Dodd-Frank

Isda chairman warns House Committee on Agriculture that extraterritorial application of swaps proposals could make US banks less competitive

Warning sign against cloud backdrop

The extraterritorial application of US prudential regulators' margin proposals for uncleared swaps could put US firms at a significant competitive disadvantage to their foreign counterparts, Stephen O'Connor, the newly elected chairman of the International Swaps and Derivatives Association, warned a US House Committee on Agriculture hearing on global derivatives reform in Washington, DC today.

"By subjecting the non-US activities of non-US swap dealers of American banks to the margin

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