By the end of 2014, banks had moved 95% of their swap trades offshore, to more lenient jurisdictions, in another hack to escape Dodd-Frank regulation. The Commodities Futures Trading Commission tried to close this loophole in 2016. It ruled that swaps couldn’t be sent abroad to evade Dodd-Frank, and that both guaranteed and nonguaranteed swaps would be covered by the parent company.
Jurisdiction hopping
