FSA and SEC to debate market rules

Hector Sants, chief executive of the FSA, and Mary Schapiro, chairman of the SEC, agreed to identify a common, coherent set of data to collect from hedge fund advisers and managers to help the two watchdogs identify risks to their objectives and mandates.

Mr Sants said: "The global crisis has underlined how intertwined financial markets and institutions are, and regulators around the world have to work together to ensure appropriate oversight.

"We are all working alongside the Financial Stability Board and other international regulatory committees to drive forward global financial reforms."

Ms Schapiro added: "As the regulators of two of the world's major market centres, the SEC and the FSA have a strong interest in collaborating with respect to OTC markets and hedge funds, credit rating agencies and other market participants with cross-border operations.

"Only through strong co-operation can we achieve coherent oversight of global actors and limit opportunities for playing the regulatory seams. I look forward to continuing this successful dialogue between the SEC and FSA."