US threat to banks based in havens

International financial services groups should be ex­cluded from the US market if they are based in countries that are havens from regulation, according to the head of a US congressional committee... Barney Frank, chairman of the House financial services committee, said he was concerned the new US push to regulate banks and brokers more rigorously could put it at a competitive disadvantage if other countries did not follow suit...

FT: US threat to banks based in havens