SIFMA Statement on CFTC Cross Border Application White Paper

Washington, DC, October 1, 2018 –  SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO on the release of a CFTC white paper examining the cross-border application of swaps regulations:

“SIFMA welcomes CFTC Chairman Giancarlo’s review of the cross-border application of swaps regulations, which is a critical component of the Title VII framework.  As we have previously expressed, SIFMA supports measured approaches to adjusting the existing cross-border framework in a manner which allows for domestically and globally consistent regulatory regimes, takes into account other jurisdictions’ enhanced regulation of their swaps markets relative to when the CFTC initially adopted its existing framework, and reverses market fragmentation by creating a level playing field for U.S. and non-U.S. firms.  We look forward to working with the Commission to identify appropriate opportunities for such measured adjustments consistent with G20 commitments.”

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s nearly 1 million employees, we advocate on legislation, regulation and business policy, affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.