“Under new leadership, the US Commodity Futures Trading Commission is easing tensions with European regulators and mollifying industry worries in a marked change from its recent past.”
“Since taking over the CFTC at the beginning of this year, acting chairman Mark Wetjen has taken advantage of his temporary time at the helm to lessen some of the waves made by his predecessor, Gary Gensler.”
“In the latest example of Mr Wetjen’s softer approach, the CFTC and European regulators agreed on Wednesday on cross-border swaps rules that exempt European trading platforms from US rules until equivalent European measures come into force.”
“The deal marked a significant step in improving relations, which had been strained during Mr Gensler’s five-year term. Mr Gensler was praised by Wall Street critics for implementing sweeping reforms to the swaps market by bringing more transparency and accountability.”
Read full Financial Times article here.