For Release: March 16, 2000
INTERNATIONAL FUTURES REGULATORS MEETING
Boca Raton, Florida - Financial services regulators from Australia, Austria, Belgium, Brazil, Canada (Alberta, Ontario and Quebec), France, Germany, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, The Netherlands, the Peoples Republic of China, Singapore, Switzerland, Taiwan, Turkey, the United Kingdom and the United States met today to discuss the structural and regulatory changes occurring as the result of technology and global competition. The discussions reviewed current regulatory developments and areas where further harmonization of national regulation may be possible for derivatives markets and intermediaries. Topics included:
Regulatory developments in Asia, the European Union, Latin America and the United States;
Proposals for cooperation in determining the fitness of persons doing business across borders using electronic facilities;
Approaches to demutualization; and
Regulatory implications of cross-border electronic systems and exchange alliances.
In commenting on this meeting Commodity Futures Trading Commission Chairman William Rainer said:
We are meeting at a time of great change. Exchanges and brokers are rapidly developing cross-border alliances and new market structures using new technology that is challenging the old regulatory structures.
Meetings such as this are very helpful as they foster greater cross-border cooperation among regulators. They permit us to take the global perspective into account as we reevaluate our domestic regulatory structures. We hope our discussions will encourage regulators to adopt more common regulatory approaches that may eliminate barriers to the conduct of cross-border business. This may in turn increase opportunities for global markets and market participants while maintaining appropriate regulatory protections.