China's futures markets pose long-term competitive threat to US, CFTC's Giancarlo says

7 June 2018 6:52am
China’s opening of its futures markets to international participation this year is part of a strategy that poses a long-term competitive threat to the United States, said Christopher Giancarlo, head of the US Commodity Futures Trading Commission.

Washington should counter by fortifying the CFTC, whose superior effectiveness and integrity compared with Chinese regulators give the US “a national competitive advantage,” he told a Senate Appropriations subcommittee Tuesday. “We cannot be complacent about the historical primacy of our derivatives markets,” Giancarlo said.

In an interview afterward, he told MLex: “When there was trouble with the Chinese markets, what did China do? They made people disappear. That’s their style of regulation.”