EU Brexit Plan for Swaps Draws Fresh Warning From U.S. Regulator
- CFTC chief rips proposal to expand oversight of clearinghouses
- EU bill would allow continued oversight of U.K. firms
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The U.S.’s top derivatives regulator is ratcheting up pressure on the European Union to scrap its plan to tighten oversight of foreign clearinghouses, telling senior officials from the bloc that the proposal could damage financial markets and stunt economic growth.
Speaking at a closed-door meeting of policy makers and financial industry executives in Vienna Thursday, Commodity Futures Trading Commission Chairman J. Christopher Giancarlo said the EU proposal would lead to “overlapping and confounding cross-border regulation, with its high regulatory cost and constraints on economic growth.”