U.S. senator backs CFTC on cross-border swaps rules

04/25/2013 | Reuters

The Commodity Futures Trading Commission shouldn't listen to criticism characterizing its stance on cross-border swaps regulation as aggressive, according to U.S. Sen. Carl Levin. "American families and businesses deserve strong protections against the risks posed by derivatives trading, including from cross-border swaps," Levin wrote in a letter to the CFTC. The EU, the U.K. and Japan have urged the CFTC to rely more on foreign regulators, rather than impose its rules on foreign banks.

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