London — Brexit, tougher data privacy protection and a crackdown on foreign clearing houses risk fragmenting markets, bumping up costs and undermining efforts to avert another financial crisis, global regulators said on Tuesday.

The International Organisation of Securities Commissions (Iosco), which groups market regulators from the US, Japan, China, the EU and 30 other jurisdictions, said in a report that regulators are already working together more closely to avoid rules from disrupting cross-border trade.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now