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Potential for Trade War in Swaps

CFTC member anticipates trade war in financial markets if U.S. and Europe can't better coordinate cross-border swaps regs.

By Silla Brush, Bloomberg | Updated on September 24, 2014

U.S. and European regulators risk a permanent breakdown in financial markets if they can’t end a dispute over transatlantic oversight of the $700 trillion swaps industry, a Commodity Futures Trading Commission (CFTC) member said.

J. Christopher Giancarlo, in his first speech since joining the CFTC in June, said the U.S. agency should retract some of its overseas policies to boost coordination with Europe and prevent a trade war that would imperil economic growth.

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