Stephen O'Connor, chairman of ISDA, said financial services firms face a couple of major challenges in regard to regulations governing the over-the-counter derivatives market. "With regard to extraterritoriality, there are today large and growing concerns regarding the applicability of the Dodd-Frank Act outside the U.S.," O'Connor said at an ISDA conference. "These concerns have been raised both by U.S. and non-U.S. entities. There is a great deal of uncertainty among market participants about whether and how to implement a new regulatory framework that might duplicate or conflict with that of their parent country." Read the full text of O'Connor's remarks.