ECB and World Bank call for exemptions from US derivatives rules
World Bank believes imposition of national regulations on multilateral development institutions is unprecedented intrusion on the internal operations of international organisations
The World Bank and the European Central Bank (ECB) have called on the US Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to exempt multilateral development banks (MDBs), public international organisations and national central banks from US derivatives regulations – freeing the institutions from central clearing and swap margining requirements.
The ECB and the World Bank submitted separate comment letters to the CFTC on May 5 and April 5, respectively
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