FSA’s Turner meets with US counterpart

LORD Turner, chairman of City watchdog the Financial Services Authority, and US counterpart Mary Schapiro met yesterday to discuss co-ordinated oversight of over-the-counter derivatives trading, high-frequency- trading and other regulatory initiatives.

Schapiro, chairman of the US Securities and Exchange Commission (SEC), and Turner were meeting as part of a cross-border dialogue set up in 2006. The pair restated their agencies commitment to working together to improve regulation and the oversight of securities markets, particularly over globally active regulated firms with a presence on both Wall Street and in the City.

Lord Turner said: “As regulators, we all now face issues that cross borders and require international co-ordination. It is important that we are able to find common ground in approaching these issues and this continuing dialogue with the SEC forms a key part of this process.”

Schapiro said the SEC and FSA were in the process of drafting vital new rules at a time of challenging problems following the recent financial crisis. The FSA is seeking to reform OTC derivatives markets to ensure greater transparency and create a harmonised approach globally.