US, EU at standstill on clearinghouse oversight due to almost 'ludicrous' EU plan, Giancarlo says

26 July 2018 7:35am
US-EU talks on a post-Brexit European proposal for overseeing foreign clearinghouses are yielding minimal progress because the plan would subject American facilities to laws of both jurisdictions, said Christopher Giancarlo, head of the Commodity Futures Trading Commission.

“It almost seems ludicrous, but that’s what’s being proposed,” he told the House Agriculture Committee on Wednesday. “The notion that the world’s fifth largest (futures) market would dictate laws for the largest would seem a little outside their lane.”

He said the two jurisdictions have “fundamentally different laws, different approaches.”