The Dodd-Frank Act gives the Commodity Futures Trading Commission authority to oversee the derivatives market, including overseas activities that have a "direct and significant" effect on U.S. business. Banks worldwide voiced concerns that a broad application would hurt the competitiveness of U.S. firms. Such rules could "eviscerate our ability to serve clients overseas and cede the global market to foreign competitors who would not be subject to these rules," said Don Thompson, managing director at JPMorgan Chase.

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