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“The CFTC should pursue multilateralism, not unilateralism for swaps reforms that are designed to mitigate systemic risk,” he said. Giancarlo said the aim was to spur dialogue among CFTC commissioners before a final decision was taken. He said he was meeting with regulators in the EU and Japan later in the week. The next version of CFTC cross-border rules would focus better on addressing systemic risks from foreign firms to the U.S. financial system, leaving supervision of trading practices and market structures like clearing houses to their home supervisor, he said.

Scott O’Malia, black and gold skull and crossbones cufflinks a former CFTC commissioner and now chief executive of global derivatives industry body ISDA, said he welcomed the thoughtful, risk-based approach, Giancarlo’s pledge follows CFTC criticism of overreach in a draft EU law that would give EU regulators a role in supervising U.S.-based clearing houses that service customers in the bloc, encroaching on the CFTC’s turf, Giancarlo has said it should be amended to avoid harm to U.S, businesses, saying the EU should defer to the CFTC when it comes to supervising American clearing houses..

“I have been pretty firm with our friends in Brussels, the notion that there would be two sets of hands on the steering wheel is not something that we would support,” Giancarlo said on Tuesday. Giancarlo said an approach based on deference when it comes to margin, trading venues, clearing houses or other areas was essential to ensuring a strong and stable derivatives market that supports economic growth within and outside the United States. The call for a “deference”-based approach between regulators from different countries will be welcomed by Britain in its bid to maintain London as Europe’s biggest center for clearing euro-denominated derivatives after leaving the EU next March.

Financial industry officials in the City are seeking to enlist global support to persuade the EU to “enhance” or broaden its system of financial market access in time for Brexit, But France has said large chunks of euro clearing should move to the euro zone after Brexit so that EU regulators can supervise the activity properly, Britain says this is not necessary as it will still be complying with the same international financial rules as those enforced in the bloc, Asked if the black and gold skull and crossbones cufflinks CFTC would implement the new approach unilaterally, Giancarlo said the agency would be “very cognizant” of what foreign regulators do before deciding whether to defer to them, He declined to give any timeline..

NEW YORK (Reuters) - Oil prices were little changed on Tuesday, as energy infrastructure on the U.S. Gulf Coast braced for a hurricane, but gains were capped as a stronger dollar and report of rising stockpiles at the Cushing, Oklahoma hub weighed. U.S. West Texas Intermediate (WTI) crude futures rose 7 cents to settle at $69.87 a barrel after earlier hitting a session high of $71.40. U.S. markets were closed on Monday for Labor Day. Brent crude, which traded on Monday, was ended 2 cents firmer to settle at $78.17 a barrel, down from a session high of $79.72.

Both benchmarks jumped earlier in the session as more oil producers pulled employees out of Tropical Storm Gordon’s path and shut-in 9 percent of U.S, Gulf of Mexico oil and gas production on Tuesday, But the storm, expected to make a nighttime landfall as a category 1 hurricane, shifted eastward, reducing black and gold skull and crossbones cufflinks its threat to major production areas and most Gulf Coast refineries, Vessel traffic along the U.S, Gulf Coast was also under restrictions ahead of Gordon, The Gulf of Mexico is home to 17 percent of U.S, crude oil production and 5 percent of natural gas output daily, according to the U.S, Energy Information Administration, On land, the Gulf Coast serves as a major U.S, refining hub..

Prices moved lower, however, as market participants saw the market as overbought. “Initial reaction this morning appeared exaggerated as disruption to Gulf of Mexico production infrastructure isn’t likely to extract a major amount of crude from the market,” Jim Ritterbusch, president of Ritterbusch and Associates, said in a note. “The larger impact of the storm is apt to fall on Gulf coast refinery activity that could be affected by power outages.”. Weighing on oil prices, Cushing, Oklahoma, crude inventories rose nearly 754,000 barrels from Aug. 24 to Friday, traders said, citing a report from market intelligence firm Genscape.

A rising U.S, dollar index also pushed crude futures lower, A stronger dollar makes greenback-denominated oil more expensive for holders of other currencies, Global oil markets have tightened over the last month, pushing up Brent prices by more than 10 percent since the middle of August, Investors anticipate less supply from Iran as U.S, sanctions on Tehran begin to bite, Harry Tchilinguirian, oil strategist at BNP Paribas, warned of “supply issues” into 2019, “Crude oil export losses from Iran due to U.S, sanctions, production decline black and gold skull and crossbones cufflinks in Venezuela and episodic outages in Libya are unlikely to be offset entirely by corresponding rises in OPEC+ production,” Tchilinguirian said..

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