O’Malia: If OTC market has split, blame regulators
If non-US firms are refusing to trade with US persons, it means “we have screwed up in the regulation somewhere,” says CFTC commissioner O’Malia. He hopes arrival of European rules will remove motive for market to fragment
If claims of a regional split in over-the-counter derivatives markets are borne out, the blame will lie with global regulators, according to Commodity Futures Trading Commission (CFTC) commissioner Scott O'Malia.
Speaking on the sidelines of the Futures Industry Association's annual meeting in Florida last week, O'Malia said he is yet to see conclusive proof that foreign counterparties are refusing to trade with US persons in order to avoid the mandatory clearing and execution rules now in force
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