International finance ministers pressure U.S. regulators on derivatives reforms

Finance ministers from around the globe wrote Treasury Secretary Jacob Lew to express concern over the “lack of progress in developing workable cross-border rules” as part of the ongoing effort to reform the over-the-counter derivatives market. The letter — signed by the finance ministers of France, Germany, Italy, Japan and others — indicated that a lack of regulatory coordination is already resulting in market fragmentation. Read on for the details.