Giancarlo bows out with regulatory deference

Move comes amid row between US and European policymakers over cross-border CCP regulation

Christopher Giancarlo has submitted three cross-border swaps rules to the European Commission

The chairman of the Commodity Futures Trading Commission (CFTC) has made a last-ditch effort to stamp his mark on cross-border clearing house supervision with new rules calling for greater regulatory deference for non-systemic third-country firms.

In what looks set to be the last rulemaking of his tenure, Christopher Giancarlo has submitted three cross-border swaps rules to the Commission, including proposals for two new categories of non-US clearing house – or designated clearing organisations