CFTC teams up with FCA to support cross-border swap dealers

Regulators have signed a memorandum of understanding to support companies based in the UK and US.

The US Commodity Futures Trading Commission (CFTC) has entered into an agreement with UK’s Financial Conduct Authority (FCA) in an attempt to improve support for cross-border regulated companies.

CFTC chairman, Timothy Massad and the FCA’s chief executive, Andrew Bailey, both signed a memorandum of understanding this week.

The agreement will see “cooperation and the exchange of information in the supervision and oversight of certain regulated firms” that operate in the US and the UK.

The signed document states that firms covered include swap dealers physically located in both countries and companies authorised by the FCA that are compliant with EMIR regulation.