An international agreement is needed on margin requirements for derivative trades that dont pass through clearinghouses, said Gary Gensler, chairman of the U.S. Commodity Futures Trading Commission.

This is a critical piece of work, and a key issue, Gensler told reporters at a briefing in Brussels. Without it, it will be harder for banks to have their regulators comfortable as to how they operate in other markets.

Global regulators are drafting rules for derivatives markets after largely unregulated transactions helped fuel the 2008 credit crisis. The CFTC and the Securities and Exchange Commission are leading U.S. efforts required under the Dodd-Frank Act, signed into law in 2010.

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