Finance watchdogs on Friday laid out joint rules for the $630 trillion derivatives industry that was at the core of the 2007-09 credit meltdown, in a report to the G20 most powerful economies of the world. The high-level agreement comes ahead of a G20 summit next week in St Petersburg, Russia, where world leaders will discuss progress they have made to tighten the rules for banks and prevent a repeat of the devastating crisis. While much progress toward the global reform agenda had been made, other points still needed to be sorted out, regulators from around the world said in a statement. "The resolution of the unresolved issues is important," the group of supervisory agencies said in a report that was disseminated by the U.S. Commodity Futures Trading Commission, the country's top derivatives regulator. Diverging views on how to rein in the banks that dominate derivatives trading caused a trans-Atlantic rift last year between Gary Gensler, head of the CFTC, and politicians and regulators
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