NEWS UPDATE
REGULATION
SEC and CFTC sign MoU as watchdogs look to end‘ regulatory turf wars’
In conjunction, the agencies have created a new initiative aimed at clarifying a regulatory framework for crypto, reducing frictions for dually registered trading venues, modernising clearing, and streamlining trade data reporting.
The Securities and Exchange Commission( SEC) and the Commodity Futures Trading Commission( CFTC) have entered into a Memorandum of Understanding( MoU) as the regulators seek to enhance coordination and collaboration between the entities.
Innovation is at the fore of the decision, according to the watchdogs, with a focus on fostering development with“ the minimum effective dose of regulation to enhance US competitiveness in finance”.
In conjunction with the MoU, the agencies have also created a new initiative – the Joint Harmonisation Initiative – aimed at promoting regulatory clarity in areas of common regulatory interest.
Specifically, the aims include providing a fit-for-purpose regulatory framework for crypto, reducing frictions for dually registered trading venues, modernising clearing, and streamlining trade data reporting.
In an official announcement, Paul Atkins, chair of the SEC, highlighted that the move is set to end decades of“ regulatory turf wars, duplicative agency registrations, and different sets of regulations between the SEC and CFTC” which have effectively“ stifled innovation and pushed market participants to other jurisdictions”.
He added:“ This updated Memorandum of Understanding will serve as a roadmap for a new era of harmonisation between the agencies […] By aligning regulatory definitions, coordinating oversight, and facilitating seamless, secure data sharing between agencies, we will ensure our rules and regulations deliver the clarity market participants deserve.”
Michael Selig, CFTC chair, echoed this sentiment, iterating that the US financial markets are the envy of the world, adding:“ By working together, we’ ll eliminate duplicative, burdensome rules and close gaps in regulation for the benefit of all Americans and usher in a‘ golden age’ of American finance.”
For many across the industry this MoU has indeed been a long time coming, with participants having battled decades of time-consuming, and often duplicative, requirements from both regulators.
BUY-SIDE
BNP Paribas and AXA Investment Managers trading teams unify
BNP Paribas entered into a definitive agreement to acquire AXA Investment Managers in a € 5.1 billion deal in August 2024.
BNP Paribas and AXA Investment Managers have combined their two trading teams within BNP
Paribas Dealing Services. The move marks a further development of BNP Paribas’ acquisition of the firm in July 2025, in a deal valued at € 5.1 billion.
The firms have now completed all main legal mergers, spanning AXA IM, BNP Paribas Real Estate Investment Management( BNPP REIM) and BNP Paribas Asset Management( BNPP AM), to form a single entity – BNP Paribas Asset Management.
As part of the move, several members of AXA IM’ s trading team have officially joined BNP Paribas Asset Management.
As part of the acquisition, the firm signed a longterm partnership with the AXA Group to manage a large part of its assets, and will allow BNP Paribas Group to form a European asset management platform encompassing more than € 1.5 trillion in assets under management.
Issue 87 // thetradenews. com // 11