Iosco, Asifma urge early global co-operation on future rules

Joining forces early on would improve regulatory cohesion between countries, but post-crisis pressure on national rule-makers to legislate poses problems

David Wright, Iosco: laws become inelastic

National supervisors should communicate with peers in other countries early on in their rule-making to prevent the kind of cross-border discrepancies that have plagued derivatives clearing, according to regulatory and industry representatives.

"What we need to do in the future is co-operate much more before we pick up a pen to write the rules. We should agree definitions, scope and timing, because once a law is implemented it can become the most inelastic good in the market, and no-one wants to