International trading firms are having to come to terms with a myriad of regional reforms
The US and Europe are becoming increasingly out of sync over
their regulatory implementations, posing serious challenges to
trading firms’ operations.
Banks and other institutions are having to deal with the
daunting task of managing their global operations, which now
involves dealing with different mandates in different
Cooperation between the EU and the US with the 'Path
Forward’ has been severely harmed by the threat of
exterritoriality by the US Commodity Futures Trading Commission
The recent spate of no-action relief letters from the CFTC
has not helped to prevent the further fracturing of global
regulatory coordination however, and with different
implementation timetables, any form of equivalency between
jurisdictions is looking very hard to reach.
"The US professes it would like to stay on a common path
with the rest of the world, but the rest of the world moves at
a different pace and in different ways," said PJ Di Giammarino,
chief executive of regulatory think tank JWG.
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