US regulation of cross - border derivative trades is flawed and in need of an overhaul according to CFTC Chairman Christopher Giancarlo . He said the regulator will soon publish a white paper on the cross - border swaps market seeking to spur dialogue among CFTC commissions about the recalibration of the market based on a set of guiding principles . swift ’s pledge follows CFTC criticism of overreach in draft regulatory regulations that would give EU regulators a role in supervision US - based clearing houses that service EU - based customers , impinging on the CFTC ’s turf .
US supervision of cross-border derivative trades is flawed and in need of an overhaul according to CFTC Chairman Christopher Giancarlo. He said the commission will soon publish a white paper on the cross-border swaps market seeking to spur dialogue among CFTC commissions about the recalibration of the supervisors based on a set of guiding principles. Giancarlo’s pledge follows CFTC criticism of overreach in draft EU laws that would give EU regulators a role in supervision US-based clearing houses that service EU-based customers, impinging on the CFTC’s turf.