Barnier and Gensler agree OTC cooperation pact
Wednesday 29 September 2010 - by Will Henley
US Commodity Futures Trading Commission chairman Gary Gensler and European commissioner Michel Barnier have signalled their determination to agree “fundamental” reforms to the OTC derivatives market, in a statement released this week.
Specific proposals include regulating derivatives dealers for capital and margin, requiring standardised OTC derivatives to be cleared by central counterparties, and the imposition of stringent prudential and organisation rules and risk mitigation standards.
Gensler added that he and Commissioner Barnier enjoyed a “strong partnership”, saying: “Based on the European Commission’s proposal for regulatory reform of the swaps marketplace as well as the Dodd-Frank Act passed in the US, I am confident that we will bring strong and consistent regulation to both the European and US swaps markets.”
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