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Regulators in London and New York have introduced a secondment programme for staff with a background in emerging payments technology and digital assets.
On Monday (January 13), the New York Department of Financial Services (DFS) announced the launch of the Transatlantic Regulatory Exchange (TRE) with the Bank of England (BoE).
The TRE is an international secondment programme that allows the DFS and other regulators to exchange staff, enabling greater sharing of resources, knowledge and regulatory approaches.
The first TRE secondment will commence in February 2025, and will see the DFS and the BoE exchange senior staff with expertise in emerging payments and digital assets.
At the DFS, the secondment position was advertised to internal candidates with demonstrated expertise in digital payments, distributed ledger technology (DLT), virtual currency or digital assets.
Secondments will be a minimum of six months in duration and will be extendable by up to one year, by mutual agreement of both regulators.
The secondees are expected to return to their home regulator where they can apply their insights, knowledge and experience to work on regulation of emerging financial services and technologies.
Adrienne Harris, superintendent of the DFS, said the exchange will lead to stronger regulatory frameworks, increased consumer protection and greater innovation in both jurisdictions.
“In a world where financial services are not defined by geography, connecting the two global financial capitals of New York and London is critical for regulatory harmonisation,” she said.
Sarah Breeden, deputy governor for financial stability at the BoE, also said the two regulators will benefit from closer engagement.
“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,” she said.
