EU law's impact on US clearinghouses in London still up in the air, CFTC's Quintenz says

21 March 2019 6:35pm
A new EU law’s impact on US clearinghouses after Brexit remains uncertain and subject to negotiation in years ahead, even after a joint transatlantic statement conveying an expectation of deference between the two sides, a US derivatives regulator said.

“It’s going to take a long time before we get some clarity on this subject,” Brian Quintenz, a US Commodity Futures Trading Commission member, said in an interview at an industry conference* last week. “We need to stand firm while recognizing that Europe deserves a chance to respond to this pretty unique circumstance.”

Quintenz, a Republican, expressed hope that the EU comes to recognize the CFTC’s authority over US-based clearinghouses in London.