The folks at TradeWeb spotted this useful briefing PDF on the latest view on how US CFTC rules affect offshore organisations. you can see the link at the bottom of the TradeWeb page here: http://www.derivalert.org/blog/bid/85676/PwC-Publishes-Guide-to-CFTC-Cross-Border-Swaps-Guidance Or download the PDF direct here: PWC Extra-Territoriality