Regulators in the US and Europe have established "important ground rules" that will ensure that no market is exposed to "undue extra-territorial reach" by regulators on either side of the Atlantic, Securities and Exchange Commission chairman Christopher Cox said yesterday.
His comments come as the City of London continues to worry about the prospect of "regulatory creep" from the US. The issue has emerged as a test of regulators' abilities to co-operate as cross-border exchange mergers pose a challenge to the way securities and derivatives markets are regulated globally.
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