London, April 2 -- Britain's Financial Conduct Authority, along with Bank of England (BoE) is setting up a new taskforce with the goal of creating "a streamlined and harmonised framework for transaction reporting".

The FCA and the BoE are inviting expressions of interest from market participants to join the taskforce, Reuters reported.

Currently, transaction rules are governed mainly by regulatory laws, including the UK MiFIR (Markets in Financial Instruments Regulation), UK EMIR (European Market Infrastructure Regulation) and UK SFTR (Securities Financing Transactions Regulation).

In order to achieve the goal, both the BoE and FCA have established a long-term harmonisation approach aimed at reducing unnecessary duplication, ensuring t...