14 December 2005

CESR and US CFTC Chairmen attend Global Markets Roundtable

The Chairmen of the Committee of European Securities Regulators (CESR) and of the US Commodity Futures Trading Commission (CFTC) met in Washington, on December 13 as the CFTC held a Global Markets roundtable on cross-border derivatives issues involving the U.S. and Europe.

The Roundtable Agenda included a discussion of various issues faced by firms doing business across the Atlantic.

Anthony Belchambers, Chief Executive of the U.K. Futures and Options Association (FOA), presented a report on regulatory convergence of the trans-Atlantic markets, published on 9 September. The study underscores the need for establishing a much more coherent and cost-efficient regulatory framework for wholesale transatlantic business in financial services. The report is complementary to the CESR/CFTC work program.

The next meeting will be held no later than April 2006.

CESR press release
Volume I - The Industry Case for Priority Regulatory Act
Volume II - Comparative Legal & Regulatory Analysis (compiled by Clifford Chance)

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