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Date de publication: 2 oct. 2012
Auteur: Y B
Noter cette article :

La Commodity Futures Trading Commission a publié la déclaration de Gary Gensler au Séminaire de la Banque d'Angleterre à Londres.

Le discours a pour titre "Remarks before the Financial Markets Law Committee Seminar at the Bank of England".

Les thèmes abordés dans ce discours sont :

  • Les progrès observés à travers le monde suite à la réforme du marché des swaps ;
  • L'exigence de compensation
  • La transparence
  • Les marges
  • L'application
  • La coordination sur le cas Barclays et le LIBOR.

Introduction :

Good afternoon, Lord Hoffman, I appreciate that kind introduction. I would like to thank the Financial Markets Law Committee for the invitation to speak today.

You’ve asked how the legal and regulatory regimes of countries around the globe can best coordinate and how they should interface, in particular when financial institutions operate outside of their home country’s borders.

I’m going to do my best to answer your question most directly at the end of my remarks. But if you’ll first allow me the opportunity to address your question in the context of financial reform and the ongoing matters regarding the London Interbank Offered Rate (LIBOR).

It wasn’t long ago that the financial meltdown in the United States spread around the globe. Both the financial system and the financial regulatory system failed in 2008.

It’s important to remember the human cost of the financial crisis. In our country eight million jobs were lost, millions of families lost their homes, and thousands of businesses folded. Across Europe, with your ongoing debt crisis, an even greater number of families are struggling.

The over-the-counter derivatives or swaps market, which was basically not regulated in the United States, Europe or Japan, helped to contribute to the crisis.

In 2009, President Obama and the G-20 leaders meeting in Pittsburgh came together with a new consensus that swaps should now be brought into the light through transparency and oversight.

Over the last three years, each of the major market jurisdictions has been coordinating on implementing these critical financial reforms to make the swaps market safer for the public.

The Commodity Futures Trading Commission (CFTC) has consistently engaged with our international counterparts through bilateral and multilateral discussions to promote robust and consistent swaps market reform.

We’ve worked with numerous authorities here in Europe, in particular the Financial Services Authority (FSA) in London, the European Securities and Markets Authority (ESMA) in Paris, and the European Commission in Brussels. We’re also working with international standard setting bodies to develop and implement international standards for the swaps market. While we’re bound to have some differences, I believe we’ve made significant progress on aligning our approach to over-the-counter derivatives reform.

Foremost in answer to your question, with regard to financial market oversight, it’s preferred if we can align with the same laws and rules. This is what we’ve attempted to do these last three years with this significant cross-border consultation.

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