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July 15, 2013

U.S. Regulators Approve Stricter Trading Rules Overseas

“Federal regulators reached a last-minute compromise on Friday to expand their oversight far beyond American shores, overcoming internal squabbles and Wall Street lobbying to rein in some of the overseas trading that imploded during the financial crisis.
The Commodity Futures Trading Commission voted 3 to 1 to adopt its so-called cross-border guidance, a deal struck just hours before a self-imposed deadline was set to expire. Gary Gensler, the agency’s chairman and a fierce critic of Wall Street risk-taking, spearheaded the decision to approve the guidance, which dictates how to apply United States regulations to American banks doing business in London and beyond.
Yet the agency’s battle, both internally and with Wall Street, will drag on for months.”
“Dennis M. Kelleher, president and chief executive of Better Markets, a nonprofit advocacy group, called it, ‘the lobbyist full employment act.’
While he praised Mr. Gensler for securing a deal, he added that ‘this mixed bag of some very good, some not-so-good and some to-be-determined provisions will mean that Wall Street’s war on regulation of high-risk cross-border derivatives dealing will not end today.’”
Read full New York Times article here
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