Lack of cross-border clarity could be threat to US, says CFTC’s Wetjen

Key CFTC ruling on scope of Dodd-Frank will arrive "very, very close" to July 12 expiry of current exemptive relief, Wetjen warns - and may not be finalised before that date


The US financial system could be harmed if the Commodity Futures Trading Commission (CFTC) fails to issue fresh guidance on the cross-border scope of its Dodd-Frank Act rules within the next three weeks, according to one of the agency's own commissioners, Mark Wetjen, who was speaking at the International Derivatives Expo in London yesterday.

Last July, the CFTC proposed that Dodd-Frank transaction-level rules should apply to all trades between dealers and entities defined as US persons – as

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