Senators stand behind CFTC Chairman in efforts to uphold equivalency agreement with the EC

By Brad Rosen, J.D.CFTC Chairman J. Christopher Giancarlo has received the full support from U.S. Senate Committee on Agriculture, Nutrition, and Forestry Chairman Pat Roberts (R-Kan) and Ranking Member Debbie Stabenow (D-Mich) for his stated commitment to honor mutually recognized equivalency agreements regarding cross-border clearinghouses as set forth in a letter sent by the senators. Less than two years ago, and prior to the United Kingdom’s 2016 referendum to leave the European Union (commonly referred to as “Brexit”), the CFTC and the European Commission (EC) reached a unanimous and bipartisan agreement on cross-border clearinghouse oversight. This equivalence agreement, the product of over three years of intense discussions between the CFTC and the EU authorities, resulted in strong oversight while still providing firms with the flexibility that is needed in the global derivatives marketplace. Post-Brexit, the EC proposed a major overhaul of its…

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