CFTC Signs MOU with Korea to Enhance Supervision of Cross-Border Clearing Organizations

CFTC Chairman Timothy Massad signed a Memorandum of Understanding ("MOU") with Chairman Yim Jong-Yong of the Korean Financial Services Commission and Governor Zhin Woong-Seob of the Korean Financial Supervisory Service concerning cooperation and the exchange of information in the supervision and oversight of clearing organizations that operate on a cross-border basis both in the U.S. and in the Republic of Korea. Through the MOU, the three regulatory agencies expressed their willingness to cooperate in the interest of fulfilling their respective regulatory mandates.