Risk.net The burden of US extraterritoriality rules may be easing Three years ago, the then-chairman of the US Commodity Futures Trading Commission, Christopher Giancarlo, embarked on a tour of Asia, during which he apologised for the over-zealous extraterritoriality rules the agency had been responsible for over the years, and promised to do something about them. This stance drove a sharp drop in the basis between LCH and the Japan Securities Clearing Corporation, as the market realised US clients might now be allowed to choose on which platform they clear swaps. The JSCC is not fully registered with the CFTC, whilst the LCH is.