“Important substantive differences” between derivatives regulation in the U.S. and other jurisdictions may put the U.S. at a competitive disadvantage, said Jill Sommers, a member of the U.S. Commodity Futures Trading Commission. Testifying at a congressional hearing, Sommers supported her assertion by pointing to the fact that Europe is months behind in its rules and has signaled that pension funds may be exempt from clearing requirements for over-the-counter derivatives transactions, and that the European Union was considering a more streamlined standard for new trading platforms.
