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Speaking at a closed-door meeting of policy makers and financial industry executives in Vienna Thursday, Commodity Futures Trading Commission Chairman J. Christopher Giancarlo said the EU proposal would lead to “overlapping and confounding cross-border regulation, with its high regulatory cost and constraints on economic growth.” [...]
In his Thursday speech, Giancarlo urged European authorities to limit their involvement with U.S. companies. And he pledged to do the same.
"I come here today to put forward to you – European policy makers and regulators – a plain choice," said Giancarlo. "My proposal seeks to recognize the power and authority of EU authorities to regulate and supervise the European market with limited involvement from the CFTC. It welcomes an EU approach that will do the same to US firms and markets. This is one approach."
Giancarlo said another option, which he hoped Europe wouldn’t take, is to "to continue down the path of expanding direct European regulation and supervision over third country firms.
The choice of approach is yours to make."
Giancarlo Apology
The comments come two days after Giancarlo apologized for what he says was past overreach by his agency in in dealing with international derivatives oversight.
During a Sept. 4 speech in London, he also called for more deference to regulations governing swaps trading in other countries, and said the CFTC should respect rules adopted abroad as long as they are comparable. The U.S. agency maintains “exclusive” right to make rules for its markets, Giancarlo added. [...]