Christopher Giancarlo, head of the US Commodity Futures Trading Commission, linked his new plan to defer to overseas regulators on derivatives oversight to the EU’s willingness to back down from expanding its authority over US clearinghouses.
“The prospect of my course being fully implemented will be greatly enhanced if the European Union, as well as our other non-US counterparts, pursue a common approach and harmed if they do not,” he told a Vienna conference* Thursday.
Giancarlo said that the US and Europe could achieve “true regulatory coordination.”
“It is time to seize that opportunity,” he added, “by putting in place the relevant laws, standards and policies to reciprocate our path of deference with a European recommitment to that most beneficial approach".
*Eurofi Financial Forum; Vienna, Austria; Sept. 6, 2018.
CFTC's Giancarlo ties overseas deference plan to EU retreat on US clearinghouse oversight
6 September 2018 10:15pm