Theoretically, a sufficiently powerful bomb detonated at an altitude of 249 miles would wipe out all electronics in the US, save the southernmost top of Florida and the easternmost states - as well as affecting Canada and Mexico.That altitude is roughly the orbit of the International Space Station and other low-Earth orbit satellites.
Giancarlo warned that the EU should proceed with 'care'.'To date, the US has not deemed a body of water - even as large as the Atlantic Ocean - as an impediment to effective CCP supervision and examination,' Giancarlo said.The map above shows EMP blast zones (red) of detonations at different altitudes (black numbers)An EMP is a burst of high-intensity radio waves emitted from nuclear explosions in the upper atmosphere that scrambles electronics, much like a sudden power surge can overload a power outlet. A nuclear bomb detonated high in the atmosphere could knock out the power grid across a huge swathe of the continental US.North Korea has specifically threatened an EMP attack on the US for the first time.The malware has prevented computers from being used all over the world in companies and government departments, with the NHS particularly badly hit.At one point nearly a fifth of NHS trusts were affected by the virus.Pictured above, European Chief Negotiator for Brexit Michael Barnier delivers an address in Dublin on Thursday The CFTC has a lot of experience in the supervision of clearing houses both in the United States and abroad, Giancarlo said.'We welcome the opportunity to discuss the CFTC's experience with officials in Europe.'He also said that given the closeness of the US and European derivatives markets, what Europe decided 'undoubtedly will inform the evolution of US regulatory policy for cross-border swaps clearing.'Giancarlo called for changes to the 'supplemental' leverage ratio, or SLR, that the world's top banks must comply with.
The SLR, designed by global regulators, is based on a 'flawed understanding' of how clearing works and harmed market liquidity, he said.
Some 75 per cent of euro-denominated interest rate derivatives are cleared in the UK - and tens of thousands of jobs depend on the $1trillion business.
Giancarlo told the annual conference of global derivatives industry body, ISDA, that he was respectful of the fact that 'this is an important regulatory policy decision that needs to be made with care by European officials'.
The issue is politically sensitive at a time when Britain and the EU embark on divorce talks, with legislative proposals on clearing due from Brussels next month.
In financial markets, clearing is the business of acting as an intermediary in a trade to reduce the risks from defaults by ensuring funds are delivered to the seller.
The United States has warned European Union officials that forcing a lucrative London business to Europe post-Brexit could result in an international financial trade war.