Massad's comment, Mercuria's deal and the return of volatility are positives
Gloom has descended on the market this year as regulation
has started to bite in Europe, the US and European regulators
have fallen out over cross-border rules, banks have pulled back
from commodities trading and the markets have stayed flat.
This week was a little different however.
Commodity and Futures Trading Commission chair Tim Massad
bared his teeth for the first time when he called on Europe to
break the impasse that has emerged between his jurisdiction and
the European Commission.
He said: "Europe has not yet recognized our clearing houses
as equivalent. I believe they should because our clearing
houses meet international standards. They believe we should
change our regulatory approach to clearing houses that are
located in Europe but are also registered with the US."
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