Cross-border investing just got easier, at least for market pros.
The New York Stock Exchange's regulation unit, together with the National Association of Securities Dealers and the U.K. Securities & Investments Institute, recently inked a three-year deal to create a common qualifications test for people interested in becoming capital markets professionals.
People who pass the new Global Capital Markets Qualification exam will qualify to register to do business in equity and debt capital markets as well as syndicate and investment banking — in the U.S. and the U.K.
According to NYSE Regulation, the new exam will replace the common Series 7 exam, but people holding the Series 7 qualification will not need to requalify.
"Given the historic ties between our two nations, this agreement is a logical place to begin the task of creating more transportability of qualifications standards for securities professionals worldwide," Richard G. Ketchum, chief regulatory officer at the Big Board, said in a news release. "Since capital markets have long led the way in globalization, it only makes sense to have a common testing standard that provides increased flexibility while maintaining high standards of knowledge in our respective marketplaces."