Financial markets watchdogs on both sides of the Atlantic should immediately start drafting rules for closer regulatory co-operation and include industry to avoid a “regulatory love-in” that could stall progress towards creation of a transatlantic securities market, an influential securities industry group said on Tuesday.
The call comes ahead of a visit to Washington at the end of next month by Angela Merkel, German chancellor, who is expected to push a plan to harmonise regulations – including those for financial services.
The plan has started to gain some traction among US policymakers, as it has coincided with a string of recent high-level reports highlighting perceived threats to the competitiveness of the US capital markets.
They include overlapping regulations and regulatory barriers to cross-border securities trading.
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