Finance ministers warn US on extraterritoriality

The US approach to the cross-border application of over-the-counter derivatives rules is "not sustainable", according to a letter sent to US Treasury secretary Jack Lew yesterday by eight finance ministers and the European Commission.

Implementation of reforms agreed by the Group of 20 (G-20) nations has moved faster in the US than in other jurisdictions and in July last year the Commodity Futures Trading Commission (CFTC) proposed that its transaction-level rules on clearing, execution and repo