October 2015

Reforming OTC derivatives markets: CFTC and EU Regulation

Published in 2013 by Deloitte this report compares the European regulations on OTC derivatives in EMIR, CRD, MiFID and MAD to the CFTC’s guidance on applying cross-border rules.

In September 2009 global leaders committed to reforming over-the-counter (OTC) derivatives markets with the key objectives of reducing systemic risk, improving transparency, supporting financial stability and combatting market abuse. But the implementation of concrete rules at a global level threw up challenges as the constraints of domestic law, differences in market structure and timing hampered the ability for rules to work globally across the spectrum of market participants.

The purpose of this paper is to examine whether a difference in approach leads to a difference in outcomes, if over-arching regulatory objectives are met. To consider this we have taken the approaches in the two largest derivatives markets: the EU and the US.

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