CFTC Commissioner Sharon Y. Bowen outlined ways in which global regulators could harmonize the regulation of market data, enforcement and clearing. In a speech delivered at the 2017 Eurofi High-Level Seminar, Commissioner Bowen urged global regulators to:
"remove the regulatory barriers to data sharing across jurisdictions for the purpose of effective market oversight" in order to prevent the next financial crisis;
globally share information about "potential bad actors that are moving from market to market harming customers, lessening efficiency and bringing otherwise functional markets into disrepute"; and
address the "unfortunate outcome" of applying a capital charge to segregated funds used to secure cleared products that are "reducing the appeal and viability of clearing."
Commissioner Bowen stated that:
"[w]e should not punish markets and customers for the unpredictable decisions of a beleaguered electorate. Regulatory fragmentation does not help anyone; systemic risk has no platform or party. When a customer loses his life savings, it does not matter if he is a Republican or Democrat."
CFTC Commissioner Sharon Y. Bowen urged financial regulators to adopt "broadly aligned" regulations and financial standards "strong enough to ward off undue systemic risk and flexible enough to allow for growth."
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