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“I think the really important thing to remember is the European Union is a collection of 28 countries, we already compromise very well, Member States have got to decide what is really important to them, and they have their red lines in terms of negotiations, but they have to let everything else that’s less important be compromised and be subject to a negotiated settlement at the end", said Swinburne at the Futures Industry Association’s Annual Conference in Boca Raton, Florida.
“I’m not sure that the US and other large countries are used to the concept of compromise. So when it comes to substituted compliance, compromise is really important. Just because you do it one way and have come to that solution doesn’t mean to say there aren’t equally good regulations. And therefore the trust element has to come into play, in trusting equally regulated areas and trusting that they are going to deliver.”
The remarks come one month after chief derivatives US regulator, the CFTC, announced an extension of an existing agreement in tandem with European regulators regarding harmonised implementation of over-the-counter swaps rules.
“The rules themselves are less important, what we need is the outcome to be measured", said Swinburne. “But that means everybody [needs] to be very pragmatic, it means people need to compromise, and accept that we don’t have to have exactly the same rules.”