The Second Circuit affirmed the dismissal of plaintiffs’ securities fraud claims because the securities-based swap agreements at issue referenced foreign shares and would thus lead to an impermissible extraterritorial application of the United States securities laws. Parkcentral Global Hub Ltd. v. Porsche Auto. Holdings SE, No. 11-397-cv (2d Cir. Aug. 15, 2014). In so holding, the Second Circuit rejected plaintiffs’ argument that, because the swap at issue was transacted within the United States, U.S. securities laws would apply. Absent a clear expression of Congressional intent otherwise, courts will assume that Congress intended for Section 10(b) to apply only to swap agreements that reference U.S.-traded securities.