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LONDON, Feb 12 (Reuters) - The European Commission and the U.S. Commodity Futures Trading Commission said on Wednesday they have ironed out differences in their new rules to curb risks in trading swaps.
World leaders called for the rules to shine a light on the $700 trillion market for credit default swaps and interest swaps found at the heart of the 2007-09 financial crisis.
Implementation in the EU and United States, however, has raised the prospect of overlaps which banks and businesses say would bump up compliance costs and encourage them to trade elsewhere in the world.
"The two commissions have provided confirmation this week that a global race-to-the-top in derivatives regulation is possible," said CFTC acting chairman Mark Wetjen.
EU financial services chief Michel Barnier said it was an important but far from final step on the road towards global convergence in rules.