Regulatory Consistency In The U.S. & Europe

In a joint statement last week, the Chairman of the Commodities and Futures Trading Commission, Gary Gensler and European Commissioner Michel Barnier reaffirmed their determination to co-operate closely in strengthening the global financial system. Based on the European Commission's proposal for regulatory reform of the over-the-counter derivatives market and the Dodd-Frank Wall Street Reform and Consumer Protection Act, Gensler expressed confidence that strong and consistent regulation will be brought to both the European and U.S. swaps markets.