CFTC Commissioner Mark Wetjen has signaled that the CFTC may extend the July effective date for its cross-border derivatives rules. Speaking at a Futures Industry Association conference on March 12, 2013, Wetjen said the European Securities and Markets Authority's announcement that they would delay their implementation timeline into 2014 creates problems for the CFTC's own schedule. According to Wetjen, the CFTC is already more than two years past the deadline for new cross-border derivatives rules set by Congress. Nonetheless, the CFTC would have little choice but to extend its schedule once again to keep pace with European regulators.
that, given the competition and risk considerations, "it's going to make that decision about whether to extend it maybe a little more tricky than we would like, but it almost seems inevitable that we're probably going to have to consider extending it."