Washington, DC – FIA President and CEO Walt Lukken today made the following statement on the Cross-Border White Paper released today by CFTC Chairman Giancarlo:
“I applaud CFTC Chairman Chris Giancarlo’s effort to rethink the manner in which cross-border regulations are applied to the derivatives markets. The derivatives industry is global in nature, so it is imperative that international regulators come together to design a coherent regulatory framework that recognizes this fact. The deference model utilized by the futures markets has worked extraordinarily well over the thirty years of its existence, even during times of crisis. FIA agrees that a similar recognition model would benefit the broader swaps industry without jeopardizing the safety and soundness of our marketplace. FIA looks forward to providing input on the upcoming rulemakings that will implement these proposed approaches.