The UK’s Financial Conduct Authority (FCA) and the US Commodities Futures Trading Commission (CFTC) have agreed to collaborate on financial technologies and support firms wishing to expand in international markets through each other’s platforms.
Under the terms of the deal, the first international one to be signed by the CFTC and the first with a US regulator by the UK, the two authorities will share information regarding market trends and development. They will also facilitate referrals of fintech companies, and share information and insight derived from each authority’s “sandbox” (data storage).
“The FCA’s Project Innovate [fintech platform] is the gold standard for thoughtful regulatory engagement with emerging technological innovation,” said CFTC chair J. Christopher Giancarlo.
“We believe that by collaborating with the best-in-class FCA FinTech team, the CFTC can contribute to the growing awareness of the critical role of regulators in 21st-century digital markets.”
The authorities said they would host an event in London to demonstrate how firms can engage with both regulators.
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