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Hedge funds discussed by FSA and SEC

The USA's Securities and Exchange Commission (SEC) and the UK's FSA have met up to discuss hedge funds and greater trans-Atlantic cooperation.

Christopher Cox, chairman of the SEC, met with FSA chairman Callum McCarthy to discuss the aspects of increased capital flow between the two countries.

"Our increasingly global markets demand increased cooperation among national regulators in order to promote high standards and strong investor protection," said Mr Cox.

"I am particularly pleased with the progress we've made in exploring critical issues with the FSA, given the growing interconnection and interdependence of our capital markets."

Although the meeting had been planned for some time, it ended up coinciding with the NYSE/Euronext merger, which has raised questions of how to regulate the world's first global exchange.

Officials claim that the meeting has helped make progress in reducing duplication in reporting requirements and an agreement to collaborate in related areas of regulatory concern.

Crisis management was another area both have agreed to work closer on and other topics raised included simplification of investor disclosure, plus the use of technology in enhancing transparency and hedge funds.