US parries EU jab on CCP oversight
CFTC’s Pan questions Esma’s “very complex” test; EC’s Pearson calls it “more intelligent” than US’s
Tensions have flared between European and US supervisors on the subject of cross-border clearing house oversight after acerbic comments from one of Europe’s top officials left his US counterparts livid.
The two sides were again pushing diametrically opposed ideas on the supervision of each other’s clearing houses, as the US bangs the drum of ‘regulatory deference’ and Europe burrows ever more feverishly into regulation in a charged response to Brexit.
Eric Pan, director of the office of
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