The European Commission and the CFTC moved closer to mutual recognition of rules, following a meeting held last week. The movement has been on two fronts:

• Trading platform recognition, which when finalised will simplifying cross jurisdiction trading. The aim is to have recognition  in place in time for MiFID II.
• An equivalence decision on the application of the uncleared margin rules(see here)  in order to avoid double regulation.

A speech made by Vice President  Valdis Dombrovskis of the European Commission can be found here. A press release from the CFTC can be found here. The agreement is described in more detail in this article on the Reuters web site, while an on the uncleared margin side of the agreement by Katten Muchin Rosenman LLP can be found here on the Lexology web site.