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CFTC Commissioner calls for cross-border reset 

September 25, 2014
Mike Kentz, IFR

Five years to the day after international regulators agreed on a sweeping framework for the reform of global financial markets following the 2008 crisis, US and EU regulators are still struggling to synchronise reform efforts for the over-the-counter derivatives market.

A recently-appointed US regulator, though, today blamed his predecessors for the spat and called for a reset in cross-border reform negotiations.

“I believe my agency, the CFTC, started the current rift in cross-Atlantic swaps cooperation with its July 2013 ‘Interpretive Guidance’,’” said Christopher Giancarlo, recently appointed Republican CFTC Commissioner, in today’s keynote speech at the Futures Industry Association’s Annual Conference in Burgenstock.

“[The Guidance] is ill-suited to its ostensible purpose of systemic risk reduction. It is, however, wreaking havoc and forcing US financial institutions to retreat from what were once global markets.”

Read more: IFR


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