Earlier this week leaders of the U.S. Commodity Futures Trading Commission (CFTC) and U.K. Financial Services Authority (FSA) met and signed a new Memorandum of Understanding (MOU) to enhance cooperation and the exchange of information relating to the supervision of cross-border clearing organizations.
According to both regulatory organizations, the MOU is an important step in ensuring the sound oversight of clearing houses providing services in both the United States and the United Kingdom and will help promote market integrity and appropriate customer protection in the global derivatives markets.
The MOU was signed by CFTC Chairman Gary Gensler and FSA Chief Executive Hector Sants on at a meeting in Washington on Monday September 14 and took effect immediately.
