US and EU regulators have reached a last-minute accord on policing derivatives in a breakthrough that allows participants in the $633tn market more flexibility to trade where they want without facing possible sanctions from Washington.
The agreement resolves a year of fraught talks, which pitted the US against European finance ministers and opened a difficult rift within the Commodity Futures Trading Commission.
The package of agreed measures puts the EU and the US on a path to recognise each other’s rules as essentially the same, so that they can rely on the relevant domestic authorities to apply and enforce them.
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