Foreword Introduction: the opportunity Policy and regulation Aligning US and UK approaches Investment and capital 昀氀ows Sector focus Looking ahead Introduction: the opportunity US and UK 昀椀nancial and professional services: growing together The US-UK partnership runs broad and deep. We have much in common: shared values, language and cultural ties as well as a strong cooperation on defence and security, mixed market economies and comparable regulatory approaches. This solid foundation creates ample commercial opportunity for 昀椀nancial and professional services (FPS) 昀椀rms in both countries. It also makes sense for two highly sophisticated 昀椀nancial services jurisdictions, to collaborate to manage risks and capture opportunities. The City of London Corporation is “As a 昀椀rm with 200 years of history in London – with the city once establishing an o昀케ce in the US for the counting J. Pierpont Morgan himself among its residents – and with 昀椀rst time. This re昀氀ects our commitment to our global headquarters in New York, J.P. Morgan is a truly transatlantic deepen collaboration with a key ally and 昀椀rm. The US-UK economic relationship is one of the strongest in trading partner. the world, underpinned by a shared mindset across 昀椀nancial and Now is the time to work together to reduce professional services sectors, and the power of London’s ecosystem friction and increase trade through two remains pivotal to our international business model. We welcome the opening of the City of London’s o昀케ces in the United States, which interconnected levers: policy and investment. will be a boost to the dynamic policy work that takes place across the Atlantic by policy-makers and practitioners every day.” Vis Raghavan, CEO of EMEA and Co-Head of Global Investment Banking, J.P. Morgan 4