A number of foreign government officials signed a letter drafted by Japan’s FSA and delivered to the U.S. Secretary of Treasury regarding cross border OTC derivatives reform. The letter highlighted evidence of fragmentation in the financial markets due to the lack of regulatory coordination.
It appears the consensus among the foreign officials is local regulations should not be extended beyond national borders. As well, one sole national regulator should not presume they can set the agenda for a global industry
Perhaps the U.S should consult other global regulators first? What a novel idea…..