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Proposal involves non-deliverable forwards, which aren't covered by the Treasury exemption for FX forwards and swaps.
In the bankruptcy of a large bank, new protocols would eliminate swaps' exemption from the stay on creditors' collections efforts.
CFTC member anticipates trade war in financial markets if U.S. and Europe can't better coordinate cross-border swaps regs.
Wall Street challenge to agency's jurisdiction of overseas swaps markets largely thrown out in U.S. district court.
As banks take steps to prevent overseas swaps trades from falling under U.S. jurisdiction, U.S. agencies keep a watchful eye on them.