Derivatives regulators from throughout the world met in Paris this week and discussed cross-border issues that may arise as they work to implement new over-the-counter derivatives rules, but did not reach any formal agreement, according to a joint statement from global regulators Friday.
In a meeting at the headquarters of the European Securities and Markets Authority in Paris, regulators from Canada, the European Union, Hong Kong, Japan, Singapore and the US discussed "cross-border issues related to the implementation of new legislation and rules to govern the OTC derivatives markets in their respective jurisdictions," according to the statement.
At the end of the meeting, regulators "agreed to continue bilateral regulatory dialogues and to meet as a group again in early 2012."
US Commodity Futures Trading Commission Chairman Gary Gensler and Securities and Exchange Commission Chairwoman Mary Schapiro were among the nine global regulators to attend the meeting.
The CFTC and SEC are in the process of finalizing dozens of new rules to implement the derivatives regulatory regime mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
