David Wright, secretary general of the International Organisation of Securities Commissions (IOSCO), said slow progress in reaching transatlantic agreement on derivatives rules could see Asian countries like China and Indonesia going their own way. "We can honestly say there is a growing frustration, particularly among our Asian Pacific friends about what's happening", Wright said. He reiterated his call for a global enforcer that can resolve disputes between countries over market rules.
IOSCO, although grouping all top regulators such as the US Securities and Exchange Commission, Japan's Financial Services Agency and Germany's BaFin, does not have the power to impose the market guidance it draws up or resolve disputes. Few believe the United States would accept binding requirements from a global securities body. Wright, however, said it would be in the United States' own commercial interests as markets worldwide move to the US model of market-based financing while banks focus on building up their capital buffers.
Full article
© Reuters
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article