A lobby group whose members include some of the most well-known names in finance has urged regulators in the US and European Union to agree a coordinated approach to new rules governing the swaps market to prevent severe disruption to cross-border over-the-counter derivatives trading.

The Committee on Capital Markets Regulation, a non-partisan group based in the US, made the call in a letter sent last week to Timothy Massad, chair of the Commodity Futures Trading Commission, and Michel Barnier, the European commissioner for internal market and services.