Barnier Presses Gensler for Five-Month Delay

EU financial services chief wants CFTC to postpone SEF registration requirements until U.S. and Europe reach consensus on regulation of cross-border trades.

U.S. derivatives regulators should grant a more than five-month delay in registration requirements for European swap-trading platforms to avoid disruptions in the $633 trillion global market, said Michel Barnier, the European Union’s financial services chief.

The U.S. Commodity Futures Trading Commission (CFTC), which is requiring swap-execution facilities (SEFs) to register by Oct. 2, should grant an extension to March 14 so the U.S. and Europe can reach a broader agreement on how to apply their respective rules to cross-border trades, Barnier said in a letter to Gensler dated today.

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