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Brokers Say CFTC’s International Rules Harm U.S. Firms

Executives at brokers criticize the agencys interpretation of new rules for its global counterparts.

By Matthew Leising, Bloomberg | Updated on November 14, 2012

The main U.S. swaps regulator risks harming American firms with the way it’s telling international counterparts to interpret rules to oversee the $648 trillion swaps market, according to executives at brokers from ICAP Plc to Tradition North America Inc.

The Commodity Futures Trading Commission is weighing final guidance on the cross-border reach of trading, capital, collateral and other swaps rules under the Dodd-Frank Act. The commission held a meeting in Washington last week with the U.S. Securities and Exchange Commission, which shares oversight of some swaps markets, where European regulators said the U.S. approach wouldn’t work.

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