Since the passage of the Dodd-Frank Act, U.S. regulators have struggled with how to apply new rules, in particular swaps regulations, in the context of a global marketplace.
The debate has been a contentious one among regulators and those they oversee. Even a unanimous vote Friday by the CFTC, on interpretive guidance regarding the cross-border application of swaps provisions, is no indication of solidarity on the matter. Last minute haggling among commissioners reportedly delayed what was to be a public vote on Thursday, leading instead to a private vote the following day.
