Massad said granular harmonisation should be set at international level
Chairman of US Commodity Futures Trading Commission (CFTC), has
upped pressure on the European Commission over US clearing
house equivalence saying the need for more granular
harmonisation should be determined at the international
Speaking at the OTC
Derivatives Conference on Tuesday, Massad said: "There is a
better way to consider whether we need international standards
on margining that are more granular than the PFMIs [Principles
for Financial Market Infrastructures]. That is the current
CPMI-IOSCO process that is already underway."
Massad added that given
the complexities of margin methodologies regulators should not
be overly focused on "particular aspects of margining" but
instead "overall outcomes."
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