Top executives of the two largest U.S. derivatives exchanges say regulators must take further steps to align Dodd-Frank Act rules with those of foreign counterparts to avoid oversight splits that could harm markets. The Commodity Futures Trading Commission and overseas agencies have a few months to improve coordination before differences hurt business, IntercontinentalExchange Inc. (ICE) Chairman and Chief Executive Officer Jeffrey Sprecher said in remarks for a House Agriculture Committee hearing where he will testify alongside CME Group (CME) Inc. Executive Chairman Terry Duffy. “Global financial reform efforts are not being harmonized and substantial differences remain between regulatory regimes,” Sprecher said in comments prepared for today’s hearing in Washington. “It is crucial to understand that if countries erect these barriers, we markets and market participants will be damaged.” More on Bloomberg here.
