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CFTC's Gensler Warns of Overseas Risks in Derivatives

By Jessica Holzer Commodity Futures Trading Commission Chairman Gary Gensler said Thursday new derivatives rules must extend across U.S. borders to prevent risks from hurting the U.S. economy. Mr. Gensler, in prepared remarks at an international bankers' luncheon in New York, argued the risk of financial companies' overseas branches and affiliates "inevitably flows back to the United States" during a default or crisis. The CFTC is working on a draft rule to apply new derivatives rules to all deals involving a U.S. firm, even if the trade is done by a foreign subsidiary or an offshore branch. The draft rule is opposed by major banks, but Mr. Gensler has seized on J.P. Morgan Chase and Co.'s (JPM) recent $2 billion-plus trading blunder, which stemmed from wrong-way bets out of its London office, to argue that the new regulatory regime for derivatives must reach overseas. "Recent events at J.P. Morgan Chase are a stark reminder of how swaps traded overseas can quickly reverberate with losses coming back into the United States," he said. Write to Jessica Holzer at jessica.holzer@dowjones.com

Stock News for Jp Morgan Chase (JPM)
DateTimeHeadline
10/01/201412:40:18J.P. Morgan Expects $869 Million Credit for Mortgage Actions
10/01/201412:30:31J.P. Morgan Expects $869 Million in Credit for Consumer Mortgage...
09/29/201423:00:21Bank Branches in U.S. Dip to Lowest Since 2005
09/29/201422:52:12Bank Branches in U.S. Decline to Lowest Level Since 2005 -- Update
09/29/201418:01:11Bank Branches in U.S. Decline to Lowest Level Since 2005
09/26/201412:20:11LONDON MARKETS: Bank Stocks Lift FTSE 100; Sports Direct Drops
09/16/201409:44:34U.S. Hot Stocks: Hot Stocks to Watch
09/12/201415:23:39Weather Channel In Talks With Banks on Strategic Options -Bloomberg
09/11/201419:00:08Treasury Monitoring Swaps Loopholes at U.S. Banks
09/03/201401:31:51J.P. Morgan in Talks to Sell Oil-Supply Agreement
09/03/201401:30:21FBI Finds No Evidence J.P. Morgan Breach Hit Other Big U.S. Banks
09/01/201409:40:56US Court Dismisses Aluminum Antitrust Cases
09/01/201407:04:50US Court Dismisses Antitrust Cases Against Aluminum Traders
08/28/201414:25:10J.P. Morgan Working With Law Enforcement on Cyber Attack -- 3rd...
08/28/201414:17:23J.P. Morgan Working With Law Enforcement on Cyber Attack -- 2nd...
08/28/201414:07:17J.P. Morgan Working With Law Enforcement on Cyber Attack -- Update
08/28/201414:04:53FBI Probes Possible Hacking Incident at J.P. Morgan -- 3rd Update
08/27/201417:46:19FBI Probes Possible Hacking Incident at J.P. Morgan -- 2nd Update
08/27/201417:45:00FBI Probes Possible Hacking Incident at J.P. Morgan
08/27/201417:44:58FBI Probes Possible Computer Hacking Incident at J.P. Morgan...

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