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Agricultural News

Foreign Regulators Caution: Cooperation Essential to Market Stability

Fri, 14 Dec 2012 10:14:57 CST

Foreign Regulators Caution: Cooperation Essential to Market Stability
Rep. K. Michael Conaway, Chairman of the House Agriculture Committee's Subcommittee on General Farm Commodities and Risk Management, held a public hearing to examine the challenges facing the United States and international regulators as they attempt to balance various derivatives reforms across a global marketplace. Appearing for the first time before a Congressional committee, regulators from the European Union and Japan cautioned that U.S. markets were at risk if due care was not taken to complement regulatory structures across foreign jurisdictions.

"I appreciate the time of all our witnesses, but especially those who flew thousands of miles to discuss this timely and important topic. If we do not get our Dodd-Frank rules right, American end-users, who use swaps to manage everyday business risks, may have fewer counterparties to deal with. Fewer counterparties will mean less competition and less liquidity in the market, which will lead to higher costs and a higher concentration of risk in the United States. With our economy facing an uncertain future, we can ill-afford to implement reforms without a good faith attempt to cooperate with the international community. As we heard here today, failure to do so could have enormous consequences for global derivatives markets," said Chairman K. Michael Conaway (R-TX).

"The consequences of poor sequencing of rules and implementation dates by the CFTC, and poor coordination both with other domestic regulators and foreign regulators as well, are real and damaging to U.S. companies. As we saw earlier this year domestic banks can and will lose business to foreign competitors if Title VII rules are not implemented properly and in a timely fashion, and that will in turn harm the end-user companies they serve and that we on this committee care so very much about," said Rep. David Scott (D-GA).

Click on the witnesses' names below to view their written testimony.

Witness List:

Panel I
The Honorable Bart Chilton, Commissioner, U.S. Commodity Futures Trading Commission; Washington, D.C.

The Honorable Jell E. Sommers, Commissioner, U.S. Commodity Futures Trading Commission; Washington, D.C.

Panel II
Mr. Masimich Kono, Vice Commissioner for International Affairs, Financial Services Agency of Japan; Chairman, International Organization of Securities Commissions (IOSCO); Tokyo, Japan

Mr. Patrick Pearson, Head of Unit, Market Infrastructure Unit, DG Internal Market and Services, European Commission; Brussels, Belgium



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