Financial Services special counsel Gary DeWaal commented in two publications on the major accord reached between US and EU regulators on February 9, regarding the $550 trillion global derivatives market. While the negotiating process was slow going, it is expected to help remove barriers such as high costs to the cross-border use of clearinghouses. In Profits& Loss, Gary notes the compromise between regulating bodies, stating, "This splits the baby in the middle. For customers of US CCPs, it effectively defers to the US model and for clearing members with proprietary positions, it imposes the European model. I think that this is largely what people expected to happen, although it is interesting to note that for the proprietary trading of agricultural products only the US model trumps." Looking to the future, Gary told Law360, "Hopefully, this will be a harbinger of further cooperation down the line." ("EU, US Regulators Agree Common CCP Rules" and "Long Slog To EU-CFTC Clearing Deal May Color Future Talks," February 10, 2016)