Globally aligning derivatives rules dominates U.S. confirmation hearingWASHINGTON (Reuters) - Concerns about coordinating U.S. derivatives regulation with that of other countries dominated a Senate committee’s hearing on Thursday to consider two nominees for seats on the Commodity Futures Trading Commission. Members of both parties asked the nominees, Chris Brummer, a Georgetown University law professor, and Brian Quintenz, an investment firm founder who once worked for a Republican Representative, about cooperation with other countries during the Agriculture Committee hearing.  The committee will vote on the nominations in a separate business meeting. If approved, the nominations then go to the full Senate. The CFTC oversees the U.S. derivatives market and recently gave swap dealers an extra month to comply with a new cross-border rule on collateral for uncleared swaps, after Asia’s market froze from uncertainty about the changes. The European Commission announced this summer it was delaying its implementation of similar rules. Both Brummer and Quintenz spoke of the need to build strong relationships with other countries. But Brummer emphasized the U.S. role in leading rulemaking. “Overall, I think that it’s hard...to lead if you don’t lead by example. I think if you want to have a cross-border regulatory environment that is high quality then the United States should commit to the highest standards and find those who are like-minded,” he said. Meanwhile, Quintenz worried firms could exploit timing gaps between different countries’ rules implementation for financial gain, calling it “regulatory arbitrage.” “Someone does have to go first but I don’t believe that’s the full analysis,” he said. “I believe the full analysis is: after you go first how long will it be until all the jurisdictions move and what is the size of the regulatory arbitrage you’re creating? And once other jurisdictions move  will there be regulatory arbitrage going forward?” Republican Senator Thom Tillis said that in the current situation “it’s almost like we’re being penalized for good behavior.” “We’re on time. Some of the other key players are not...Our banking industry is suffering as we move forward with regulations that make us globally make us un-competitive,” he said. Separately, at a speech on Thursday, CFTC Chairman Timothy Massad said he had been assured by European counterparts that their delay in implementing their swaps margin rule would be short and he hoped it would be in place by March 1. He added the CFTC will explore actions it could take if the delay stretches on longer. politicsNews
globally aligning derivatives rules dominates confirmation hearingwashington reuters concerns coordinating derivatives regulation countries dominated senate committee hearing thursday consider two nominees seats commodity futures trading commission members parties asked nominees chris drummer georgetown university law professor brian quintet investment firm founder worked republican representative cooperation countries agriculture committee hearing the committee vote nominations separate business meeting if approved nominations go full senate the cfc oversees derivatives market recently gave swap dealers extra month comply new rule collateral unclear swaps asia market froze uncertainty changes the european commission announced summer delaying implementation similar rules both drummer quintet spoke need build strong relationships countries but drummer emphasized role leading rulemaking overall i think hard lead lead example i think want regulatory environment high quality united states commit highest standards find said meanwhile quintet worried firms could exploit timing gaps different countries rules implementation financial gain calling regulatory someone go first i believe full analysis said i believe full analysis go first long jurisdictions move size regulatory arbitrary creating and jurisdictions move regulatory arbitrary going forward republican senator thom willis said current situation almost like penalized good we time some key players our banking industry suffering move forward regulations make us globally make us said separately speech thursday cfc chairman timothy assad said assured european counterparts delay implementing swaps margin rule would short hoped would place march he added cfc explore actions could take delay stretches longer politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Globally aligning derivatives rules dominates U.S. confirmation hearingWASHINGTON (Reuters) - Concerns about coordinating U.S. derivatives regulation with that of other countries dominated a Senate committee’s hearing on Thursday to consider two nominees for seats on the Commodity Futures Trading Commission. Members of both parties asked the nominees, Chris Brummer, a Georgetown University law professor, and Brian Quintenz, an investment firm founder who once worked for a Republican Representative, about cooperation with other countries during the Agriculture Committee hearing.  The committee will vote on the nominations in a separate business meeting. If approved, the nominations then go to the full Senate. The CFTC oversees the U.S. derivatives market and recently gave swap dealers an extra month to comply with a new cross-border rule on collateral for uncleared swaps, after Asia’s market froze from uncertainty about the changes. The European Commission announced this summer it was delaying its implementation of similar rules. Both Brummer and Quintenz spoke of the need to build strong relationships with other countries. But Brummer emphasized the U.S. role in leading rulemaking. “Overall, I think that it’s hard...to lead if you don’t lead by example. I think if you want to have a cross-border regulatory environment that is high quality then the United States should commit to the highest standards and find those who are like-minded,” he said. Meanwhile, Quintenz worried firms could exploit timing gaps between different countries’ rules implementation for financial gain, calling it “regulatory arbitrage.” “Someone does have to go first but I don’t believe that’s the full analysis,” he said. “I believe the full analysis is: after you go first how long will it be until all the jurisdictions move and what is the size of the regulatory arbitrage you’re creating? And once other jurisdictions move  will there be regulatory arbitrage going forward?” Republican Senator Thom Tillis said that in the current situation “it’s almost like we’re being penalized for good behavior.” “We’re on time. Some of the other key players are not...Our banking industry is suffering as we move forward with regulations that make us globally make us un-competitive,” he said. Separately, at a speech on Thursday, CFTC Chairman Timothy Massad said he had been assured by European counterparts that their delay in implementing their swaps margin rule would be short and he hoped it would be in place by March 1. He added the CFTC will explore actions it could take if the delay stretches on longer. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: globally aligning derivatives rules dominates confirmation hearingwashington reuters concerns coordinating derivatives regulation countries dominated senate committee hearing thursday consider two nominees seats commodity futures trading commission members parties asked nominees chris drummer georgetown university law professor brian quintet investment firm founder worked republican representative cooperation countries agriculture committee hearing the committee vote nominations separate business meeting if approved nominations go full senate the cfc oversees derivatives market recently gave swap dealers extra month comply new rule collateral unclear swaps asia market froze uncertainty changes the european commission announced summer delaying implementation similar rules both drummer quintet spoke need build strong relationships countries but drummer emphasized role leading rulemaking overall i think hard lead lead example i think want regulatory environment high quality united states commit highest standards find said meanwhile quintet worried firms could exploit timing gaps different countries rules implementation financial gain calling regulatory someone go first i believe full analysis said i believe full analysis go first long jurisdictions move size regulatory arbitrary creating and jurisdictions move regulatory arbitrary going forward republican senator thom willis said current situation almost like penalized good we time some key players our banking industry suffering move forward regulations make us globally make us said separately speech thursday cfc chairman timothy assad said assured european counterparts delay implementing swaps margin rule would short hoped would place march he added cfc explore actions could take delay stretches longer politicsnews