FT: US derivatives regulator warns EU over clearing plans

The top US derivatives regulator has issued a stark warning to the European Union against changes to the way it oversees foreign clearing houses, warning that a unilateral move by the bloc would be “a violation of trust and cooperation.”

Chris Giancarlo, chair of the Commodity Futures Trading Commission, on Tuesday urged policymakers in Brussels not to force clearing of euro-denominated derivatives into the EU without prior discussion with the US. The two jurisdictions collectively represent the bulk of the world’s derivatives trading. He said any independent move by Europe would break a hard-won agreement between it and the US over recognition of each other’s clearing rules in 2016, which took more than three years to conclude.

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