The Commodity Futures Trading Commission's acting chairman is calling on the agency's staff to work with its foreign partners to develop a single approach for regulating the swaps market. Mark Wetjen said the derivatives market was a global business and global regulators had to employ a harmonized framework to regulate the market effectively. "To be effective, therefore, the approach to regulating these markets must always be cognizant of this reality, and appropriately harmonized across legal jurisdictions. The paramount objectives of derivatives regulations must be to support a global market structure that promotes open, transparent, and liquid markets and sound risk-management practices at the firms operating within those markets," said Wetjen who was speaking in Florida at an annual conference organized by the Futures Industry Association. Under the CFTC's substituted compliance policy, foreign firms would be allowed to follow their local rules if they are in line with the
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