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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
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02/24/201521:11:21J.P. Morgan to Reduce Up to $100 Billion in Certain Deposits...
02/24/201518:30:13Correction to Story on J.P. Morgan's Auto Loan Pricing
02/24/201516:56:15J.P. Morgan in Talks With Justice Department Over Auto Loan Pricing
02/24/201511:38:55J.P. Morgan to Charge Institutional Customers for Some Deposits...
02/24/201511:01:07J.P. Morgan to Reduce Branch Count by 300 By End of Next Year
02/24/201510:22:34J.P. Morgan to Charge Institutional Customers for Some Deposits...
02/24/201509:21:40J.P. Morgan Expects to Reduce Up to $100 Billion in Certain Deposits
02/23/201521:57:34Big Banks Face Scrutiny Over Pricing of Metals

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