Europe’s top regulator on Friday urged more standardisation in the “over-the-counter” derivatives markets and increased use of central clearing, mirroring similar moves by US authorities to clean up after the worst of the financial crisis.

The move, in a report on the use of derivatives, is one of the clearest signs yet that authorities on both sides of the Atlantic appear set to co-ordinate their policy response to reshaping the vast OTC derivatives markets, parts of which have been blamed for exacerbating the crisis.