Barnier expects more tough EU-US talks on financial rules

FXstreet.com (Barcelona) - European Commissioner for Internal Market and Services Michel Barnier said today at a conference in Washington that the EU and the US “still face difficult discussions” on establishing cross-border clearing standards. He added that the Federal Reserve's foreign bank rule, according to which branches of foreign banks are required to transfer some of their swaps trading into separate affiliates, is also a concern.

These declarations come after the US and the European Union managed last week to strike a deal on swap rules. Some issues remained unresolved however, such as whether discussions on financial regulations should be part of the negotiations on the free trade agreement.