How do we get the world's largest economies on the same page moving forward with regulation? CFTC Commissioner Jill Sommers outlines some of the progress and challenges the U.S. has had and Thomson Reuters CEO Tom Glocer touts Canada as a template for a great country in which to do business in.
Where are we in. When you -- -- -- regulators are also in. Place that we are right now kind Pratt. Regulations border. Market that we don't have that experience. Craft regulations that we hope will -- to test time. As I'm sure -- you know that the G-20. Communique coming out of Pittsburgh in 2000. -- commitment from those countries that standardized. OTC derivatives contracts should be traded on exchanges or electronic trading platforms where appropriate. Cleared through central counter parties. By the end of 2000 well at the very latest. So. The regulators. Across the globe have enormous challenges in how we do that and how we coordinate with each other. To make sure that what we hear each doing this not. Flint or create loopholes. From CTC perspective in the last fifteen months we've held. I think twenty public meetings. We issued. Over sixty different proposals. Rules. And you know different. Requests for comment from the public and we today finalized. Acting nineteen. Rules and we have a lock it up. I think. The US has been. Pretty far out in front of most regulators in proposing all these regulations. We have. Found it quite challenging to get to a place where are finalizing these regulations so I think their other jurisdictions that are catching. But it it can create differences. In and competitiveness for global institutions it were all implementing these rules at different times. If he would mind. On the challenges. That killed at Oakland port and particularly -- that industry. That. Firm but it's quite. Different jurisdictions at different times and what do. It is an institution. As well let's get you know how international. And national regulation the. Cather really does. It very sensible. Mid Atlantic position on a whole range of issues regulatory. And business. And I don't think it is you know an accident. That candidate came through the first wave of global contagion is well positioned for the second. And you can see it in the interplay between. Principles based regulation who were mentioned as well. And the US obsession. With attempting to go to salute ground truth. In rule making whether it's the 2300. Pages frame. War literally thousands of pages implementing brags that -- -- Yeah.