Representatives from the UK and US finance ministries have initiated a collaborative effort to enhance cooperation in emerging financial market sectors.

The newly established Transatlantic Taskforce for Markets of the Future will explore digital assets, capital markets, and other cutting-edge activities as both nations adapt to regulatory and technological transformations. This initiative was announced after a meeting at Downing Street where government officials engaged in discussions with industry experts. The gathering highlighted the enduring financial relationship between London and New York, recognized as two pivotal global finance hubs.

Examining digital assets and capital markets

The task force is tasked with submitting recommendations within 180 days. Its work will be facilitated through the UK-US Financial Regulatory Working Group, incorporating insights from regulators and market participants in both regions. According to officials, the initiative will focus on short-term and medium-term collaborative strategies for digital assets as legal and regulatory frameworks continue to develop. Additionally, the task force will assess long-term collaboration, including opportunities to support innovation in wholesale digital markets.

In parallel with digital assets, the taskforce will investigate methods to strengthen connections between UK and US capital markets. This involves finding ways to facilitate cross-border fundraising and decreasing obstacles for businesses operating on both sides of the Atlantic. The group will be co-chaired by HM Treasury and the US Treasury, including representatives from regulators overseeing capital markets and digital assets.

Industry experts are anticipated to play a crucial role in contributing to this process, ensuring that recommendations accurately represent market realities and align with the interests of businesses, investors, and financial institutions.