CFTC's Quintenz urges retaliation after EU Parliament clearinghouse vote

22 June 2018 8:36am
A US Commodity Futures Trading Commission member called for rejection of any derivatives-rule relief sought by EU authorities in retaliation for a European Parliament vote last week that he said could harm US clearinghouses.

Commissioner Brian Quintenz, a Republican, said Thursday that the parliament’s amendments to legislation opposed by CFTC members continue to ignore a 2016 US-EU agreement that the two jurisdictions’ clearinghouse rules are to be considered equivalent.

“Until European authorities commit to honoring their current agreement with the US and reaffirm an appropriate deference-based approach to (clearinghouse) oversight, I do not believe the CFTC should make additional accommodations to EU authorities,” he told an Institute of International Bankers luncheon.