U.S. and European trade associations for the derivatives industry announced plans for closer co-operation with one another.

The US-based Futures Industry Association and the UK-based Futures and Options Association announced that they are entering into a new arrangement for co-operation which will allow the two organizations to work more closely together.

The new framework is expected to facilitate communication between the FIA and FOA, avoid duplication of efforts, establish a single industry voice in Europe and promote a unified US/EU view on issues that impact global intermediaries, 23 of whom are members of both associations.

The associations will combine a couple of committees, the chairman of each group will participate in one another’s board meetings, the CEOs will take part in each others’
annual planning sessions, and they will host a joint annual conference and trade fair.

“We wanted to create a framework for closer co-operation on issues of joint interest,
allowing our members to speak with a single voice across jurisdictions,” said FIA chairman Richard Berliand, managing director, futures & options at JP Morgan, in a news release.

“The two associations have long shared common objectives and common membership.
Combining the resources and talents of the two groups will better serve our members in
both the US and Europe,” said Steve Sparke, chairman of the FOA.