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US regulator renews call for EU to drop clearinghouse oversight plan

U.S. Commodity Futures Trading Commission Chairman J. Christopher Giancarlo has increased pressure on the EU to drop plans to boost oversight of foreign clearinghouses after the U.K. leaves the bloc, saying the proposal would result in "overlapping and confounding cross-border regulation, with its high regulatory cost and constraints on economic growth," Bloomberg News reported Sept. 6.

Speaking to policymakers and financial industry executives in Vienna, Giancarlo called on European authorities to restrain their involvement with U.S. companies while pledging to do the same.

The U.S. government and key lawmakers are backing the CFTC's push for the EU scrap the plan, Bloomberg said. U.S.-based CME Group Inc. could be among foreign clearinghouses susceptible to tightened scrutiny if the plan were to push through.