Esma official slams CFTC margin rules

US rules driven by competitive rather than prudential concerns, Planta charges

European commission
EC does not recognise US rules on CCPs as equivalent to its own

A European regulator has questioned the motives of US authorities in adhering to a one-day gross margin requirement for domestic clearing houses.

Fabrizio Planta, team leader for post-trading at the European Securities and Markets Authority (Esma), claimed the US regime was driven by "competitive considerations, and not just by prudential considerations".

Planta's comments – made at a meeting of the Commodity Futures Trading Commission's (CFTC) Global Markets Advisory Committee (GMAC) on May 14

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