SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO on the release of a CFTC white paper examining the cross-border application of swaps regulations:
“SIFMA welcomes CFTC Chairman Giancarlo’s review of the cross-border application of swaps regulations, which is a critical component of the Title VII framework. As we have previously expressed, SIFMA supports measured approaches to adjusting the existing cross-border framework in a manner which allows for domestically and globally consistent regulatory regimes, takes into account other jurisdictions’ enhanced regulation of their swaps markets relative to when the CFTC initially adopted its existing framework, and reverses market fragmentation by creating a level playing field for U.S. and non-U.S. firms. We look forward to working with the Commission to identify appropriate opportunities for such measured adjustments consistent with G20 commitments.”
