The World Federation of Exchanges – a global industry organization for exchanges and clearinghouses – issued a report claiming that “a lack of coherence in the implementation of internationally agreed policy at the national level” is causing market fragmentation and extra costs (without corresponding benefits) in certain jurisdictions. The report noted inconsistencies in the time of roll-out of agreed international requirements also has caused additional “systems implementation challenges.” The WFE urged more mutual recognition based on international standards and regulatory deference.