CFTC and European Commission agreed over clearing rules in February
The US Commodity Futures Trading
Commission (CFTC) is set to add a new clause for European
clearing houses that will make it easier for them to comply
with US rules, the latest development in an ongoing effort to
make trade easier between the regions.
In a speech to the Institute of
International Bankers Annual Washington Conference on Monday,
chairman of the CFTC, Timothy Massad said: "The CFTC will soon
consider a "substituted compliance" determination that will
permit European central counterparties (CCPs) to comply with
many of our rules by adhering to the corresponding European
Market Infrastructure Regulation (Emir) requirements. We would
also streamline the process for registration. This will further
harmonise our regimes."
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