EU and US seek regulatory harmony

摘要

Regulators in Europe and the US still face many challenges in their quest to stitch together derivatives rules in their respective jurisdictions. US and EU regulators face three key issues — margin requirements for uncleared swaps, differences in margin calculation for futures and the regulatory regime for monitoring clearing houses. Major differences between US and European rules could encourage regulatory arbitrage, whereby oil firms move their business to a country with the most advantageous set of financial regulations. US commodities regulator the CFTC’s chairman Timothy Massad and EU financial services commissioner Jonathan Hill say they have had “constructive and progressive” discussions this month. The two have agreed to continue dialogue to finalise an agreement by this summer.