“A three-year battle over the international reach of U.S. rules is coming to a head this week as regulators attempt to complete final guidelines for their oversight of overseas derivatives trades by JPMorgan Chase & Co. (JPM), Goldman Sachs Group Inc. (GS) and other banks.

“The Commodity Futures Trading Commission called a July 12 meeting to vote on the guidelines, even as commissioners are at odds over how far to expand the regulator’s overseas reach. The proposed guidelines have also created a rift with foreign regulators, who say their rules are sufficient for regulating derivatives trades in their jurisdictions.

“The U.S. agency is debating phasing in the guidance through the end of the year, according to two people with knowledge of the deliberations.

“’Having told us to get our act together — which we are now clearly doing — is the U.S. suggesting that they cannot trust our systems and that only their rules can apply?’ Nadia Calvino, the European Commission’s deputy-director general for internal market and services, said in a speech last week in Brussels.”

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