PARIS – In the early phases of the financial crisis, it was fashionable to argue that the United States’ system of regulation needed a fundamental structural overhaul. Differences of opinion between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) had obstructed effective oversight of investment banks and derivatives trading (only the US believes that it makes sense to regulate securities and derivatives separately).
巴黎—在金融危机的早期阶段，一个流行的观点是美国监管系统需要从根本上进行结构修正。证券交易委员会（SEC）和商品期货交易委员会（CFTC）态度的不同阻碍了对投资银行和衍生品交易的有效监督（只有美国相信分开监管证券和衍生品是有意义的）。