An interesting read on the state of market reform, from Scott O'Malia, ex-CFTC Commissioner

Just published on the ISDA website here and attached below, a cogent summary of the issues of national rules for a global market. Scott points out the over-reach and inconsistency in the implementation of Dodd Frank to meet the G20 rules. He also makes a simple point to resolve the recognition stand-off between ESMA and the CFTC, to immediately grant equivalence to any CCP meeting the IOSCO Principles for Financial Market Infrastructures, rather than battle out the last dollar in the gross-versus-net debate.