MFA reported on a recent op-ed by Michel Barnier, European Commissioner for Internal Market and Services, in which he observes that the next challenge to global financial regulators is to use the reforms enacted since the financial crisis as the foundation for a single, global framework. Commissioner Barnier uses derivatives as an example of how this relationship could work, and insists that the EU and the U.S. must take the lead in protecting the global economy. Lofchie Comment : Commissioner Barnier's remarks are clearly intended to be a statement of disagreement with the positions advanced

CFTC Commissioner Bart Chilton discussed the current market for swaps and the trading of futures comparing it to the 1985 Michael J. Fox movie Back to the Future. In regard to the regulation of swaps, Commissioner Chilton asserted that it is necessary to get "the rest of those 400 [Dodd-Frank] rules in place to preserve what those future boys . . . back in 1848 had originally envisioned." Lofchie Comment: It is always tempting to make appeals to a past golden age and to compare it with our present problems, imagining that everything would be OK if we could somehow free ourselves of modern

The Alternative Investment Management Association's released the second quarterly report for 2013, outlining the latest regulatory developments for implementing Alternative Investment Fund Managers Directive, including key issues for non-EU managers and firm preparedness. In addition, the Report addresses implementation of the final FATCA regulations. See: AIMA Journal, Q 2013.

The Futures and Options Association and Futures Industry Association announced an agreement in principal to combine their two organizations under one global structure and a brand to be called FIA Global. The initiative for the affiliation stems from the increasingly global nature of derivatives regulation. As global regulators implement the G-20 derivatives reforms, it becomes increasingly clear that both regulators and market participants need new mechanisms to address the cross-border impact of these reforms. The proposed affiliation will achieve the following goals: Enable the associations

Senate Finance Committee Chairman Max Baucus (D-MT) stated Wednesday that he is in full support of the Senate's confirmation of Mike Froman to be U.S. Trade Representative. Chairman Baucus said the U.S. is in need of a strong trade representative during the TPP, TPA, and TAA negotiations. In his statement, Chairman Baucus indicated his confidence that Froman is "the right man for the job at just the right time." He further explained that the trade deals, which are currently being negotiated by the United States, have enormous potential for the U.S. economy and will lay the groundwork for a