U.S. and European regulators risk a permanent breakdown in financial markets if they can't end a dispute over transatlantic oversight of the $700 trillion swaps industry, a Commodity Futures Trading Commission (CFTC) member said.
J. Christopher Giancarlo, in his first speech since joining the CFTC in June, said the U.S. agency should retract some of its overseas policies to boost coordination with Europe and prevent a trade war that would imperil economic growth.
“We simply cannot allow uncoordinated regulatory reforms to permanently divide global swaps markets,” Giancarlo said in a speech prepared for delivery today at a Futures Industry Association conference in Geneva. “I call for this reset to avoid a trade war in financial markets akin to that which worsened the Great Depression.”
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