European Officials Wary Of Proposed US Rules On Int'l Swaps

Law360, New York (October 18, 2012, 5:09 PM EDT) -- The U.S. Commodity Futures Trading Commission should reconsider extending its oversight over the global derivatives market through new cross-border swaps rules because unexpected consequences of the new regulations could harm the global economy, top European officials told the CFTC on Wednesday, according to media reports.

Four top European finance officials reportedly said that the commission’s July proposals to extend its swaps oversight to foreign firms could drive global financial institutions out of the U.S. market should the new regulation be too burdensome, according to a letter...
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