“We have a global market with fragmented jurisdictions, and at times non-coordinated regulations. As a result the market is seeing some potentially very distortive rules that could penalize institutions based on where they exist.”

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“We have a global market with fragmented jurisdictions, and at times non-coordinated regulations. As a result the market is seeing some potentially very distortive rules that could penalize institutions based on where they exist.”

—James J. Hill, managing director at Morgan Stanley in New York, on the contentious issue of extraterritoriality.

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