EU Swaps Platforms in Limbo Amid U.S. Shutdown

European Union’s attempts to win exemptions from U.S. rules thwarted by CFTC closure on deadline day.

European Union attempts to win exemptions from U.S. rules for swaps trading platforms that take effect today have been hampered by the partial shutdown of the American government.

Michel Barnier, the EU’s financial services chief, was unable to broker a deal with the U.S. Commodity Futures Trading Commission ahead of a budget standoff that’s left many government offices shuttered.

Big Players

The risk arising from the U.S. rules is that “some European platforms may not wish to trade with American counterparties,” Danesh said. “It’s a big deal.”

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