Foreword Introduction: the opportunity Policy and regulation Aligning US and UK approaches Investment and capital 昀氀ows Sector focus Looking ahead Aligning US and UK approaches US and UK 昀椀nancial and professional services: growing together There is a prime opportunity to signal alignment in our policy and regulatory approaches, help build wider coalitions and shape international norms. From supply chains to governance, 昀椀nancial services to trade, the world is going through a period of fragmentation. This is a particular risk for open and outward-looking economies like the US and UK. Fragmented markets reduce growth and are inherently less stable. Together the US and UK can work against fragmentation, especially in 昀椀nancial markets. There is a prime opportunity to signal alignment in our policy and regulatory approaches and shape international norms. This will also enable us to anticipate and address market concerns, taking action on high impact areas including safe digital assets, economic crime, free 昀氀ows of trusted data, climate disclosure frameworks and transition 昀椀nance strategies. We have the mechanisms in place to do this, including the recently signed Atlantic Declaration which provides a clear roadmap for cooperation. The US-UK Data Bridge allows trusted data to 昀氀ow freely between our countries. Plans for a US-UK Trade Partnership Forum commit us to dialogue on key issues. And the US-UK “State Street has a long history investing in technology Financial Regulatory Working Group and US-UK Financial Innovation and innovations that contribute to the international Partnership bring our governments and major regulators together. 昀椀nancial system. Industry engagement in these various mechanisms will be critical to their success. It is here that the British American Finance Alliance (BAFA) convening both US and UK trade associations can play a key Collaborations between the UK and the US, both role in coordinating cross-sector input. on governmental and business levels, have been Jurisdictions around the world are looking for a clear direction of instrumental to the development and stability of the travel when developing future-昀椀t regulatory frameworks, and the US 昀椀nancial industry globally. With the ever-increasing and UK’s importance to international 昀椀nance means that decisions complexity, volume and importance of data, cross-border made together will have an impact well beyond their respective borders. US-UK policy leadership could help to build wider coalitions cooperation in this area will further aid prosperity in the with other like-minded partners, enabling innovation, catalysing new UK and the US.” commercial opportunities and supporting the sector’s global growth. Global challenges need global responses, and the US and UK are Cuan Coulter, Head of UK and Ireland, State Street Bank & Trust leading the way. 6