Barnier Presses Gensler to Postpone SEF Registration Requirements
In a letter (dated 30 September 2013) to CFTC Chairman Gary Gensler, EU Internal Market Commissioner Michel Barnier proposed more than a five-month delay in registration requirements for European swap-execution facilities (SEFs). The CFTC requires swap-platforms to register by 2 October 2013. Gensler has remained firm on the deadline but the agency has granted three partial delays on 27 September 2013 (see this blog for more details).
An extension to 14 March 2013 would allow the U.S. and Europe to reach a broader agreement as to how to apply their respective rules to cross-border trades. “In the absence of such relief, we risk fragmentation of liquidity pools due to the inability of non-U.S. venues to comply with the U.S. regime, both legally and operationally” Barnier said in the letter.Contact Us