FIA welcomes the signing of the Memorandum of Understanding (MoU) between the EU and UK on regulatory cooperation in financial services.
"Cleared derivatives markets are truly global and know no boundaries, so FIA is pleased to see this MoU as a tangible sign of the commitment between the EU and UK to work together and usher in a renewed era of cooperation," said FIA President and CEO Walt Lukken.
"Cross border regulatory cooperation builds trust and trust is foundational to open and accessible markets that allow customers to effectively manage risk. All market participants and regulators share the same values of supporting transparency, market integrity and protecting customers."
"While no jurisdiction approaches financial regulation in precisely the same way, FIA is hopeful the MoU will allow for a productive exchange of views on policy developments and cooperative oversight for the benefit of cross-border trading and clearing."
Through the MOU both sides have committed to a regular twice-yearly meeting to discuss voluntary regulatory cooperation on financial services issues. Both sides will share information, work together towards meeting joint challenges and coordinate positions on issues ahead of G7, G20 and other international meetings.