Banks worry over extraterritorial impact of Dodd-Frank

Reaching too far?

iceberg

Sticks and stones may break bones, but words are never supposed to harm. Tell that to US banks, which claim to have been dealt a heavy blow by margin and capital proposals for non-cleared swaps, published by a group of US prudential regulators on April 12. The proposed rules make it clear the requirements will apply to the non-US swaps operations of US banks – an extraterritorial application of the Dodd-Frank Act that US firms say will put them at a huge competitive disadvantage in foreign juris

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