CFTC: limit application of US rules for cross-border swaps

Author: John Crabb | Published: 4 Oct 2018

Commodity Futures Trading Commission (CFTC) chairman Christopher Giancarlo has admitted it’s important to recognise that swaps regulation frameworks don’t have to be identical but at least comparable.

Speaking at the Securities Industry and Financial Markets Association (SIFMA) Annual Meeting earlier this week in Washington, DC, he discussed a white paper the regulator has released that outlines a number of proposals to amend the rules that dictate cross-border swaps reform. The document is an attempt to remedy certain issues and inconsistencies with the current framework, including removing certain stipulations that impose US regulations abroad.

"Most of the world's key swaps trading jurisdictions have adopted the core Pittsburgh reforms, for the most part, they are not identical, but they are comparable," he said, adding that the key swaps trading jurisdictions - the US, the EU through London, Singapore, Honk Kong, Sydney, Tokyo and Geneva - share a number of foundational...