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Hong Kong, US regulators agree to boost supervision

[HONG KONG] Hong Kong securities regulator and United States Commodity Futures Trading Commission (CFTC) have agreed to boost cross-border supervision, the two bodies said in a statement on Wednesday.

Such agreements aim at make it easier for firms engaged in cross-border trading to comply with the myriad of rules governing markets that were brought in after the 2008 financial crisis.

The agreement covers regulated markets, trading platforms, central counterparties among others, the statement said, adding that it does not create any legally binding obligations or supersede domestic law. "No domestic secrecy or blocking laws or regulations should prevent an authority from providing assistance to the other authority," the statement added.