Tim Geithner, US Treasury secretary, warned overseas markets against undercutting American financial regulations, urging them to avoid following the “tragic” example that the UK set in light-touch oversight.
In outspoken remarks that outlined the US position on a range of international regulatory issues, Mr Geithner called for a global deal on derivatives and endorsed forcing the largest banks to hold more equity capital. But such a surcharge need not be “excessive”.
Mr Geithner said it was essential for Asia to fall into line in imposing tough restrictions on derivatives trading. Officials said there was concern that Singapore and Hong Kong could try to lure business with softer rules.
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