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Derivatives losses of at least $2 billion at JPMorgan Chase & Co. show the need for extending Dodd-Frank Act swap regulations to overseas trades, said Gary Gensler, chairman of the U.S. Commodity Futures Trading Commission.

“We’ve had another stark reminder of how trades overseas can quickly reverberate with losses coming back to the United States,” Gensler said today in a speech at a Financial Industry Regulatory Authority conference in Washington. “The bank here in the U.S. is absorbing these losses” on trades conducted at JPMorgan in London, he said.

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