Cross-border OTC reforms: No path forward
Without working European rules, a system of equivalence testing will fall flat
When the European Commission and the US Commodity Futures Trading Commission (CFTC) unveiled their July 11 agreement on cross-border regulation of over-the-counter derivatives – A path forward – it seemed precisely what the market needed.
After a year of increasingly tense wrangling about regulatory boundaries, a path was undoubtedly a good thing. And forward seemed the right direction. While it might be pleasant in other contexts to take a path to one side or the other – and while going
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