European and U.S. officials are meeting privately in Washington this week to discuss ways to coordinate rules governing swaps traded by Goldman Sachs Group Inc., JPMorgan Chase & Co. and other firms, according to two people with knowledge of the matter.
The two-day session, in advance of a Nov. 7 public meeting on the issue, is hosted by the staff of the Commodity Futures Trading Commission and Securities and Exchange Commission, according to the people, who spoke on condition of anonymity because the meeting is closed to the public. The private meeting began today at CFTC headquarters and was slated to include representatives from the European Commission and European Securities and Markets Authority, according to one of the people.
Differences between European, U.S. and Asian swaps rules have made compliance difficult for the financial industry and threatened an end-of-the-year deadline for completing overhaul regulations, the Financial Stability Board said in a report on Oct. 31.
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