The EU and US Are Playing a Dangerous Game

Bickering between regulators rarely helps anything, but power plays involving CCPs are even less helpful.

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Few things tax the market’s patience more than squabbling among regulators—especially when it comes to reforms they put in place barely a few years ago. Back in the halcyon days of 2015, the inability of the European Commission (EC) and the US Commodity Futures Trading Commission (CFTC) to come together resulted in exasperation from market participants, who were set to get the short end of the stick if said regulators couldn’t agree on recognizing one another’s rulebooks before a hard deadline.

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