Some progress has been made over the past year towards resolving these cross-border issues. One example is the ‘Path Forward’, a joint statement which was agreed upon by the European Commission and the CFTC in July 2013. This statement is a necessary foundation for further cooperation. However, some cross-border matters are still unresolved and urgently need to be addressed.
Major differences between the US and EU regulations can be found, for instance, in the methods used to compute the initial margin coverage of CCPs. And they can also be found in the scope of reporting requirements to trade repositories. Let us take a brief look at these two examples.