U.S.-EU swaps deal acknowledges some rules are nearly identical

Gary Gensler, chairman of the Commodity Futures Trading Commission, has reached an agreement with European officials regarding derivatives rules just in time to avoid a potentially severe disruption in global derivatives markets. The agreement puts the EU and the U.S. on a path to recognize each others' rules as essentially the same, making it unnecessary for market participants to comply with both sets of rules. The CFTC is poised to approve the agreement today.

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