Trade associations from the United States and the European Union, including SIFMA, the Financial Services Roundtable and the Institute of International Bankers, issued a joint statement voicing their “strong support” for a Transatlantic Trade and Investment Partnership (“TTIP”) that would include financial services regulatory coordination. The statement comes in advance of the ninth round of negotiations to be held in New York City beginning on April 20, 2015.
According to the trade associations, a TTIP will provide an “incredible opportunity” to strengthen ties between the United States and the European Union. To maximize this benefit, the trade associations stated, the TTIP must include “both a framework for financial services regulatory cooperation as well as solutions to market access issues.”
Lofchie Comment: The TTIP process provides an opportunity to clean the slate and bring a fresh set of negotiators to the swaps cross-border disputes between the CFTC and global regulators.