Exchange executives and leaders in the derivatives industry testified Tuesday before the House Agriculture Committee, saying that proposed cross-border rules from the Commodity Futures Trading Commission and the Securities and Exchange Commission must be coordinated with overseas agencies. "Global financial reform efforts are not being harmonized and substantial differences remain between regulatory regimes," said IntercontinentalExchange CEO Jeffrey Sprecher. "It is crucial to understand that if countries erect barriers, markets and market participants will be damaged."

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