Trading Commissioner Calls For Harmonized Cross-Border Rules

Handshake Featured
What's Next In Payments®
7:00 AM EST July 17th, 2014

Commissioner of the U.S. Commodity Futures Trading Commission, Scott O’Malia, stated in a speech earlier this week that U.S. and European regulators must unite immediately to harmonize international derivatives trading rules before market fragmentation and low liquidity become lasting fixtures of the swaps and futures markets.

As reported by Platts, O’Malia spoke at a meeting including financial lawyers groups at the Federal Reserve Bank of New York, and said that the European Commission and the CFTC must declare that the U.S. regulatory regime is equivalent under the European Market Infrastructure Regulation.

According to O’Malia, it is essential that international regulators continue to work together to sync swap data reporting, exchange trading and [central counterparties] clearing before market fragmentation and contraction of liquidity hardens and becomes permanent.

Furthermore, the commissioner explained that he hoped the CFTC and EC could agree on accepting U.S. rules as comparable before the December 15 deadline.

“As I have stated before, it is my firm belief that the key to effective and efficient cross-border regulation of the swaps market is through an outcomes-based approach where regulators would defer to the other jurisdiction when it is justified by the quality of their respective regulation and enforcement regimes,” O’Malia said.

“What’s Hot” is aggregated content. claims no responsibility for the accuracy of the content published by the original source.

Also by This Author
What's Hot
Sprint Faces CFPB Lawsuit Over “Cramming” Fees
Retail Associations Take Their Concerns To Capitol Hill
Almost Half Of Americans Have Been Sent Breach Notifications
Mobile Commerce
PayPal Exec Jumps To Facebook, But There’s More Going On Here
View All Articles ››
You May Also Like
Alternative Financial Services
Mozido Acquires CorFire
B2B Payments
Is An End-To-End Travel Experience Finally Here?
B2B Payments
Taking The “Holistic Approach” To Payments Innovation
Alternative Financial Services
Investment Tracker | December 11 – 17
View All Articles ››