CMC Attends IIB Event with Asst. Treasury Secretary Lago

Earlier this week, CMC attended an event hosted by the Institute of International Bankers (IIB) featuring the US Treasury’s Assistant Secretary of International Markets and Development, Marisa Lago.  Ms. Lago spoke on a variety of topics, including derivatives, within the realm of global financial regulation.  She said that international coordination on derivatives regulation is very important to ensure that no jurisdiction regulates these instruments in a lax manner.  The US government and regulators, she said, are well on schedule for completing all their derivatives related rules by the end of 2012.

Ms. Lago informed attendees that the Financial Stability Board (FSB) has taken up Treasury Secretary Geithner’s proposal for international standards on margin requirements on uncleared derivatives transactions.  This is a recent agenda to the G20 agenda.  She also said that Secretary Geithner has made a Legal Identity Identifier (LII) proposal to the FSB to uniquely identify each individual derivatives transaction for recordkeeping, reporting and auditing purposes.  Ms. Lago claimed that this proposal has private sector support and is being discussed by the FSB.

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