The letter from Michel Barnier, the EU commissioner responsible for financial services, addresses growing industry unease and transatlantic tension over the US launch of regulated electronic exchanges for swaps. In his letter to Gary Gensler, chairman of the CFTC, Mr Barnier said the requirements for non-US platforms threatened to work against the US-EU deal struck this summer, which sought to mark out regulatory turf in policing derivatives markets. To avoid market disruption, Mr Barnier is calling for the registration requirements for overseas operators to be delayed while the precise EU-US regime is agreed.
The new regulations go into force on October 2. Mr Gensler has opposed a blanket delay. Even if he were willing, time is short – both because of the deadline and also because of the budget impasse in Congress that threatens to close large sections of the federal government this week.
Full article (FT subscription required)
© Financial Times
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article