Concluding a two-day Round Table on cross-border derivatives issues, the Committee of European Securities Regulators (CESR) and the US Commodity Futures Trading Commission (CFTC) launched the ‘Transatlantic Cooperation Initiative’.
The purpose of the CESR-CFTC dialogue is to institute regular communication to facilitate, among others:
Cross-border transactions by exchanges and firms through promotion of practical, operational arrangements to ease access to each others markets and to avoid unnecessary obstacles or duplicative supervisory requirements;
Early identification, discussion and resolution of regulatory and business issues arising from CESR’s and the CFTC’s regulatory agenda, consistent with applicable law.
The increased transatlantic dialogue between CESR and the CFTC is taking place against the backdrop of multiple EU initiatives establishing a single market, including the new MiFID which will replace the existing Investment Services Directive.
Notably is the expansion of the definition of financial instruments to include commodity derivatives. In the US context, the CFTC is also revisiting its cross border arrangements to ensure they are sufficiently robust and flexible to meet today’s market needs.
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© CESR - Committee of European Securities Regulators
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