The Europeans have not yet recognised the equivalence of US clearing houses
Tim Massad, the chairman of the Commodity
Futures Trading Commission, has backed the principles of dual
registration and co-operation between national regulators but
admitted cross-border harmonisation of the G20 reforms "will
Massad, who took over as head of the
world’s most powerful regulator in June, told a
CME Group conference "clearing house oversight will be an
ongoing area of focus," adding: "With respect to the
cross-border challenge, it is for this reason that I believe a
simple notion of deference—if the clearing house sits
on foreign soil, then we defer to foreign
regulation—is not sufficient.
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