European and US policy makers have outlined how they plan to unify the regulation of each other’s securities and derivatives markets amid concerns time is running out for authorities to reach agreement.

The European Commission’s vice president for financial stability, financial services and capital markets union, Valdis Dombrovskis, and the US Commodity Futures Trading Commission chairman Christopher Giancarlo told a press conference in Washington DC today that they have agreed “a common approach” to creating regulatory equivalence between the two jurisdictions.