U.S. Trade Representative Michael Froman said negotiations with the European Union on derivatives regulation are taking place outside the context of talks on a transatlantic free-trade agreement.
EU financial-services chief Michel Barnier said on Sept. 13 that the U.S. needs to ease the burden its new rules will place on European firms. Froman told reporters in Brussels today that the negotiations involve the European Commission, the U.S. Commodity Futures Trading Commission and the International Organization of Securities Commissions.
Froman said the U.S.-EU trade talks would include financial services in the context of market access. He declined to give examples of specific issues that would be in play, and said that issues like the derivatives rules would be handled “in parallel and on the side of the negotiations” via two-party and global discussions.
“There’s a good example where there’s been a lot of interaction directly between the CFTC, the commission, Iosco and other authorities, and those issues are getting worked out in that context,” Froman said when asked if derivatives would play a role in upcoming free-trade talks.