The financial services industry must “aggressively push ahead” if it is to meet deadlines set out by the G20 to transform the world’s market infrastructure, a global regulator has said today. The update comes amid concern that the risk of regulatory arbitrage is growing as national jurisdictions fall out of sync.

The Financial Stability Board, which is responsible for transposing the G20 post-crisis reform agenda into workable rules and guidelines, issued a quarterly update this morning in which it outlined industry progress and highlighting areas of concern.