The U.S. Commodity Futures Trading Commission (CFTC) and the U.K. Financial Conduct Authority (FCA) on Thursday announced the signing a memorandum of understanding (MOU) that sets out the terms of their co-operation in supervising firms that operate in both countries.
The MOU establishes the regulators willingness to co-operate to ensure adequate cross-border oversight in order to provide customer protection, maintain confidence in financial markets and to reduce systemic risk, amid, “… the growing globalization of the world’s financial markets and the increase in cross-border operations and activities of regulated [firms],” the MOU says.
The MOU includes the 20 firms registered with in the U.S. as swap dealers, the CFTC notes, along with the other sorts of firms it regulates.