European Union attempts to win exemptions from U.S. rules for swaps trading platforms that take effect today have been hampered by the partial shutdown of the American government.
Michel Barnier, the EU's financial services chief, was unable to broker a deal with the U.S. Commodity Futures Trading Commission ahead of a budget standoff that's left many government offices shuttered.
"I remain confident in our common capacity to find a definitive agreement," Barnier said in an interview today. What is required is "to confirm and clarify," a broader deal reached by the Commission and CFTC in July.
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