U.S. and European regulators risk a permanent breakdown infinancial markets if they can't end a dispute over transatlanticoversight of the $700 trillion swaps industry, a Commodity FuturesTrading Commission (CFTC) member said.

J. Christopher Giancarlo, in his first speech since joining theCFTC in June, said the U.S. agency should retract some of itsoverseas policies to boost coordination with Europe and prevent atrade war that would imperil economic growth.

“We simply cannot allow uncoordinated regulatory reforms topermanently divide global swaps markets,” Giancarlo said in aspeech prepared for delivery today at a Futures IndustryAssociation conference in Geneva. “I call for this reset to avoid atrade war in financial markets akin to that which worsened theGreat Depression.”

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