European Securities and Markets Authority Chairman Steven Maijoor says derivatives rules need to be rolled out gradually, so implementation might extend into next year. He also notes a need for U.S. and European regulators to minimize cross-border issues but says there will still be differences. "We are trying to align as much as possible to avoid regulatory competition, regulatory gaps. ... This is still a difficult issue; there is some good progress, but there is still a gap," he said.

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