From the Group of Twenty to the Group of Two: the Need for Harmonizing Derivatives Regulation between the United States and the European Union

Following the approval of the Dodd–Frank Wall Street Reform and Consumer Protection Act (Dodd–Frank) in July of 2010, U.S. Commodity Futures Trading Commission (CFTC) Commissioner Bart Chilton wrote, “Now that the U.S. has approved the largest financial regulatory reform ever undertaken, it’s time for other nations to join in to ensure more efficient, effective market systems. Here is what we know: free markets without sufficient sideboards led to the global economic collapse.” Chilton began his position at the CFTC in 2007, making him a firsthand witness to the financial crisis and the subsequent rulemaking that ultimately resulted in Dodd–Frank. Throughout his time at the Commission, Chilton consistently championed the need for cooperation among different nations’ regulatory agencies. The legislation itself stresses this need for international regulatory cooperation, with § 752 of Dodd–Frank specifically addressing international harmonization of derivatives reform: “In order to promote effective and consistent global regulation of contracts of sale of a commodity for future delivery and options