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U.S. lawmakers chide CFTC over cross-border rules

Dec 21 2012 Douwe Miedema, Reuters

A group of U.S. Congress members across the political divide urged the country's top derivatives regulator to decide quickly how its rules apply abroad, or risk disrupting derivatives markets. The Commodity Futures Trading Commission (CFTC) has only a few days left to finalize its international approach, after drawing flak from foreign regulators about the blunt way it imposed its rules on banks abroad. "We are very concerned that a lack of coordination between both foreign and domestic regulators could soon lead to a disruption of the derivatives markets," the 14 members of the House of Representatives said in a letter on Thursday. Countries across the world are writing rules for swaps for the first time to mend systemic flaws brought to light by the 2008 financial crisis. The rules are bringing trading onto regulated platforms and making more trading data public. The CFTC has entered a bumpy last stretch of its part of the process, and - on top of the cross-border

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