Skip to comments.Derivatives dispute harming EU-US free trade talks
Posted on 10/30/2013 7:48:37 PM PDT by Olog-hai
Ambitious plans for an EU-U.S. free-trade agreement may be put in jeopardy by Washingtons failure to finalize a deal coordinating rules in the $630 trillion derivatives market, the EUs financial markets chief has warned.
The U.S. Commodity Futures Trading Commission agreed in July this year on a common position with the European Commission and other global regulators that aimed to iron out differences in how they police derivatives trading worldwide.
But in the months since that agreement was struck in principle, the parties have failed to sign off on the details of the arrangement. The CFTC, under pressure to adhere to Dodd-Frank legislation, has pushed ahead with enforcing its own tough rules without waiting to coordinate.
(Excerpt) Read more at in.reuters.com ...
Yes, this is true. US institutions adhere to Dodd Frank, and EU institutions adhere to EMIR, European market infrastructure regulation. This has complicated compliance to great extent.