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• W2277085806 abstract "I INTRODUCTION Following the approval of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) in July of 2010, U.S. Commodity Futures Trading Commission (CFTC) Commissioner Bart Chilton wrote, Now that the U.S. has approved the largest financial regulatory reform ever undertaken, it's time for other nations to join in to ensure more efficient, effective market systems. Here is what we know: free markets without sufficient sideboards led to the global economic collapse. (1) Chilton began his position at the CFTC in 2007, making him a firsthand witness to the financial crisis and the subsequent rulemaking that ultimately resulted in Dodd-Frank. (2) Throughout his time at the Commission, Chilton consistently championed the need for cooperation among different nations' regulatory agencies. (3) The legislation itself stresses this need for international regulatory cooperation, with [section] 752 of Dodd-Frank specifically addressing international harmonization of derivatives reform: order to promote effective and consistent global regulation of contracts of sale of a commodity for future delivery and options on such contracts, the Commodity Futures Trading Commission shall consult and coordinate with foreign regulatory authorities on the establishment of consistent international standards. (4) Moreover, the U.S. push for regulatory cooperation in the financial realm did not stop with this legislation. In fact, President Obama issued Executive Order 13,609 in 2012, specifically directing agencies to focus on international regulatory cooperation in order to minimize unnecessary differences in regulatory requirements. (5) This executive order acts as an additional legitimizing authority on the ability of agencies to cooperate with their foreign counterparts and highlights the top priority given to achieving global regulatory harmonization in the financial sector. (6) This calling for greater cooperation among regulators has become increasingly common in the past twenty years, (7) with the financial crisis of 2008 only escalating the momentum of international regulatory cooperation. In 2002, Professor Kal Raustiala highlighted the growing need for communication between regulators, writing that [interdependence among states--the linkages between national economies and societies--has never been higher. (8) The crisis, therefore, merely amplified awareness of this financial interconnectedness. In a recent report on international financial reforms, the U.S. Government Accountability Office (GAO) stressed the consequences of a linked global economy: Cross-border interconnections in the financial markets and other factors helped spread disruptions in the global financial system during the 2007-2009 financial crisis and increased systemic risk at the national and international levels. For example, the rise in the complexity and globalization of over-the-counter (OTC) derivatives contributed to economic growth but created interconnections that helped spread disruptions quickly across markets and borders during the crisis. (9) As specifically identified in this GAO report, derivatives played a central role in the financial crisis and were consequently a central focus of national regulatory bodies in the aftermath. Because of their global nature, however, it quickly became clear that successful regulation of these financial products and prevention of future systemic risk required improved, extensive international cooperation. Already existing international organizations, such as the Group of Twenty (G20) and the International Swaps and Derivatives Association (ISDA), took immediate action to respond to the crisis. The most notable response came from the G20, which has as its objective the coordination of policy among its members. (10) The standards- and principles-based regulations set forth by these organizations, however, require state implementation by specific governmental agencies, and it is in this implementation process that the need for regulatory cooperation is critical for a successful global regulatory regime of derivatives. …" @default.
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• W2277085806 date "2015-09-22" @default.
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• W2277085806 title "From the Group of Twenty to the Group of Two: The Need for Harmonizing Derivatives Regulation Between the United States and the European Union" @default.
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