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June 21, 2013

Gensler Sticks to Swaps Plan

Commodity Futures Trading Commission Chairman Gary Gensler is holding fast to a plan to apply U.S. swaps rules to foreign-based banks in mid-July after a daylong meeting of international regulators failed to resolve differences, according to people familiar with the discussions.

Separately, Mr. Gensler is facing renewed criticism from a top European Union official. EU Internal Market Commissioner Michel Barnier called Mr. Gensler’s approach “flawed” and “self-defeating,” in a Bloomberg op-ed Thursday.

“‘Cooperation and mutual reliance, not confrontation, will protect investors and taxpayers far better than duplication and protectionism,’ Mr. Barnier said. He said that negotiations over the derivatives rules and other financial regulations should be included in U.S.-EU trade talks in July.

A spokesman for the CFTC declined to comment.

Mr. Gensler and Securities and Exchange Commission Chairman Mary Jo White met with senior European Union officials in Montreal Thursday, as part of a working group that meets regularly to discuss progress on new derivatives rules.”

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Read full Wall Street Journal article here

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