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Barnier Pushing for Progress on Global Derivatives Regulations

Roberta Holland | July 2, 2014

The European Union's internal markets commissioner this week announced plans to push forward with the implementation of global derivatives regulations.

Internal markets and services commissioner Michel Barnier said it is time for regulators to implement the international standards set forth by the G20 and figure out how to provide deference to one another's rules. Toward that goal, Barnier said he will ask the European Commission to adopt so-called equivalence decisions, which will give central counterparties (CCPs) from five countries outside the bloc the ability to clear EU derivatives trades. The five jurisdictions Barnier is recommending are Japan, Singapore, Australia, Hong Kong, and India.

Barnier said his proposal will include “full deference” to the rules and supervisory regimes of the countries involved.

“This is the right way and the...

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