European Union (EU) and U.S. regulators are nearing a deal on oversight of the US$553 trillion global derivatives markets that would prevent an increase in EU capital requirements from hitting banks this year.
Jonathan Hill, the EU's financial-services chief, said that an agreement is expected shortly and that progress has been made in negotiations with the U.S. Commodity Futures Trading Commission (CFTC) on supervision of clearinghouses such as those operated by CME Group Inc. and LCH.Clearnet Group Ltd. that are at the center of the market.
"I think the parameters of how we can resolve this look clearer than they were," Hill said in an interview in his Brussels office last week. "I think that both we and the CFTC hope that we will be able to resolve this soon," he said.
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