EU and US reach last-minute derivatives deal

European Commissioner Michel Barnier and United States Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler announced on the 10 July 2013 a Path Forward regarding their joint understandings on a package of measures for how to approach cross-border derivatives.

The Path Forward responded to the G20 commitment to lower risk and promote transparency in the over-the-counter (OTC) derivatives markets, which were are at the heart of the financial crisis.

• Primary Source

European Commission: RAPID: MEMO/13/682: The European Commission and the CFTC reach a Common Path Forward on Derivatives http://europa.eu/rapid/press-release_MEMO-13-682_en.pdf

ESO: Background information: Commission adopts technical standards for the Regulation on OTC derivatives, central counterparties and trade repositories http://www.europeansources.info/record/press-release-commission-adopts-technical-standards-for-the-regulation-on-otc-derivatives-central-counterparties-and-trade-repositories/

European Commission: DG Internal Market and Services: The EU Single Market: Financial Markets Infrastructure: Derivatives http://ec.europa.eu/internal_market/financial-markets/derivatives/

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