A collection of U.S. and European trade associations are getting together to work toward improved transatlantic trading.

The Securities Industry Association and American Bankers Association from the U.S. are teaming up with the EU’s Futures and Options Association and the British Bankers Association to improve the transatlantic business in equities and equity derivatives dealings.

The purpose of this project, scheduled for completion by June, is to identify unnecessary regulatory inefficiencies, conflict, duplication, complexity or cost and put forward a “business case” to establish a more cost-efficient framework of regulation for doing transatlantic business.

The FOA hired a law firm last June to compare EU and U.S. licensing and business conduct rules relevant to transatlantic financial services business, particularly in equities and equity derivatives. At present the regulatory frameworks in the US and the EU are largely geographically based and need to change to take into account the increasingly global nature of providing financial services and products to meet customer demands, they say.

“It was always our wish that this initiative would become a genuine pan-EU/US transatlantic project, so we are delighted at being able to partner with two of the U.S.’s leading industry associations in undertaking this work,” said Anthony Belchambers, chief executive of the FOA. “It is our firm view that, if the investment and trading needs of customers and counterparties are to be delivered efficiently and cost-effectively, it is essential that the program for ‘better regulation’ of transatlantic business is commenced as soon as possible and with the participation of the financial services industry and end users as well as regulatory authorities on both sides of the Atlantic.”