Commodity Futures Trading Commission Chairman Gary Gensler said J.P. Morgan Chase’s (JPM) loss was a “stark reminder” of why new derivatives rules need to include international trades.
Gensler called the J.P. Morgan loss a “stark reminder of how trades overseas can quickly reverberate with losses coming back into the United States,” in remarks prepared for a speech later Monday before the Financial Industry Regulatory Authority in Washington.
Gensler said that the commission will propose that all deals backed by U.S. firms should be included in the new Dodd-Frank regulatory regime, even if they take place offshore.
