The International Organization of Securities Commissions [IOSC], which groups market regulartors from the United States, Japan, China, the European Union and 30 other jurisdictions, said in a report that regulators were already working together more closely to avoid rules from disrupting cross-border trade.
[...]
IOSCO looked at how willing countries are to "defer" to each other on rules after trust among regulators was damaged by the [Panic '08] ...It took the United States and the EU four years of politicized negotiation to accept a subset of their respective derivatives rules.
[...]
The [EU] bloc rejected a proposal from Britain's financial sector for "mutual recognition" or broad deference, saying it wants to maintain regulatory autonomy after Brexit. It has imposed tougher requirements on foreign derivatives clearing houses, a step aimed at clearers in London after Brexit, but which triggered concerns at the U.S. Commodity Futures Trading Commission (CFTC).

London is the centre for share trading in Europe, even for many non-UK shares, leaving EU asset managers facing a split pool of liquidity and less competitive prices.

After a spat with Britain's Financial Conduct Authority (FCA), the European Securities and Markets Authority (ESMA) last week partly reversed its "share trading obligation" (STO) so that EU investors could still trade the 14 shares in London.

"Despite this adjustment ... the STO will fragment markets and, being a supporter of open markets, I regret that result very much," ESMA Chair Steven Maijoor told a Federation of European Exchanges conference in Dublin. The STO, however, is due to Britain deciding to leave the bloc and the risk of a no-deal Brexit, Maijoor said. Britain has said that it will not disclose its approach to securities trading until it is clear there is no deal.

archived
North Korea of Europe &tc.

Diversity is the key to economic and political evolution.