In a historic partnership, the New York Department of Financial Services (DFS) and the Bank of England (BOE) are launching the Transatlantic Regulatory Exchange (TRE), an initiative to strengthen collaboration on financial regulation. Announced today by DFS Superintendent Adrienne A. Harris, the exchange will begin in February with senior staff swaps focused on emerging payments and digital assets.
The TRE program aims to foster the sharing of expertise and strategies between two of the world’s leading financial hubs, New York and London. Participants will spend six months to a year at the partner institution, returning to their home agencies with advanced insights into regulating fast-evolving sectors like virtual currencies and distributed ledger technology.
“We’re thrilled to partner with the Bank of England in this kind of exchange for the very first time,” Harris said, emphasizing the importance of regulatory alignment in an increasingly borderless financial system. “Connecting the two global financial capitals of New York and London is critical for regulatory harmonization.”
Sarah Breeden, Deputy Governor for Financial Stability at the Bank of England, echoed the sentiment, stating, “By sharing our knowledge and learning from one another, we can better ensure that regulation supports global financial stability and safe innovation in payments and financial markets.”
The exchange has drawn praise from industry leaders. Kathy Wylde, President and CEO of the Partnership for New York City, called the initiative groundbreaking, reinforcing New York and London’s status as twin engines of global finance. Similarly, Miles Celic, CEO of TheCityUK, highlighted the program’s potential to deepen collaboration between the two financial centers.
The TRE program underscores a commitment to fostering responsible innovation while protecting consumers and ensuring financial stability on a global scale.
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