Mr Geithner noted that the parliament’s economic and monetary affairs committee voted last month not to extend EMIR to exchange-traded derivatives.

But he said: "As the EU Council works to finalise its version of [EMIR], I urge you to help ensure that standardised derivatives contracts, including exchange-traded derivatives, such as futures, and derivatives traded on electronic trading platforms, are subject to mandatory central clearing in line with our G20 commitments".

The US Treasury is apparently concerned about the potential for a loophole emerging in EMIR that could see fewer OTC derivatives put through clearing houses than originally intended by the G20 reforms.

“In addition, it is important that our regulations are aligned on clearing of derivatives, and in particular, that CCPs should provide open and fair access to qualified participants, and CCPs should provide for non-discriminatory clearing of swaps executed on unaffiliated exchanges and electronic trading platforms”, Mr Geithner wrote.

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