Most of the differences between the U.S. Commodity Futures Trading Commission and the European Union over rules for swaps clearinghouses can be resolved, commission chairman Timothy Massad said on Thursday as he urged the European Union to recognize its rules for swaps clearinghouses and said the $710 trillion global swaps market would be fragmented if a deal is not reached. ''In some cases we have to insist our rules apply because they apply to protecting our customers. The rules are tied to our bankruptcy laws. ...A lot of countries say trading on our exchange has to be cleared here. We say it doesn't have to be cleared in the U.S. as long as the trade is cleared on a clearinghouse that is registered with us,'' said Massad, who was speaking at an event organized by the Financial Services Roundtable in Washington. When asked about reports that the EU would be extending the December 15 deadline for the two sides to reach a deal, Massad said: ''I think it's very important. There
↧