Gary Gensler, chairman of the Commodity Futures Trading Commission, says in an article for Banque de France's new financial-stability review that "it is critical" that U.S. rules governing over-the-counter derivatives apply overseas. "I believe it is critical that Dodd‑Frank reform applies to transactions entered into by branches of US institutions offshore, between guaranteed affiliates offshore, and for hedge funds that are incorporated offshore but operate in the United States," Gensler wrote.

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