Japan’s Financial Services Agency and its central bank called on the U.S. Commodity Futures Trading Commission to shelve regulations for swap dealer registration until a global consensus on the rules could be formed. The regulators were worried extra costs of compliance could negatively impact Japan’s domestic financial institutions. [The International Swaps and Derivatives Association this week laid down key principles global regulators should follow to establish consistency across new swaps rules. ISDA warned there still was not enough global cooperation in the formulation of global derivative rules among national regulators].
