EU's Barnier calls for relief from US swaps rules

09/30/2013 | Bloomberg

EU Internal Market Commissioner Michel Barnier says the US needs to pause impending regulation of derivatives that affects overseas entities. Commodity Futures Trading Commission rules taking effect Wednesday require derivatives platforms based anywhere to register and abide by US regulations if they trade with a US counterparty. "In the absence of such relief, we risk a fragmentation of liquidity pools due to the inability of non-US venues to comply with the US regime, both legally and operationally," Barnier wrote in a letter to CFTC Chairman Gary Gensler.

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