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Turner and Shapiro eye ‘common ground’

Tuesday 16 November 2010 - by Will Henley

The US and UK must find "common ground" if they are to prevent another "flash crash" and successfully monitor high-frequency trading and OTC derivatives, the country's top regulators have said.

Securities and Exchange Commission Chairman Mary Schapiro, meeting with the head of the UK Financial Services Authority in Washington on Monday, noted that both the FSA and SEC are working to draft "vital new rules" for their domestic markets.

Schapiro said: "Meetings like this with our UK counterparts at the highest levels give the Commission a better understanding of how similar market concerns are viewed in London.

"Given the international nature of the recent financial crisis, this exchange of views can only improve the regulatory solutions we develop to these challenging problems."

FSA chairman Adair Turner, who attended the meeting with Financial Reporting Council chief executive Stephen Haddrill, added: "As regulators, we all now face issues that cross borders and require international coordination.


"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."

Shapiro added that she and Turner discussed credit rating agencies and cross-border enforcement information-sharing.

Haddrill discussed with Shapiro the oversight of audit firms providing cross-border services, reform of rules governing issuer disclosure, and investor access to corporate proxies, she said.


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