DERIVATIVES: CFTC makes “significant progress” on cross-border rules

DERIVATIVES: CFTC makes “significant progress” on cross-border rules

The CFTC is close to unveiling its approach to cross-border regulation of the over-the-counter derivatives market. Commissioner Mark Wetjen has signalled the agency may be ready to allow US firms operating in foreign jurisdictions to comply with local regulations instead of the US Dodd-Frank Act.

“We have made significant progress in recent weeks towards a workable cross-border framework,” Wetjen told the audience at the International Derivatives Expo in a keynote speech on Tuesday.

“I believe the CFTC should adopt interim guidance in the coming weeks and seek additional comment under an interim approach that provides legal certainty in the medium- and short-term.”

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