New York Times – American and British financial regulators agreed Wednesday to explore ways to coordinate reporting and regulatory requirements for key market participants, including hedge funds. By working together, the regulators hope to avoid a situation in which hedge funds would jump between New York and London to avoid regulatory scrutiny.

“As the regulators of two of the world’s major market centers, the S.E.C. and the F.S.A. have a strong interest in collaborating,” Mary L. Schapiro, the S.E.C.’s chairwoman, said in a statement. “Only though strong cooperation can we achieve coherent oversight of global actors and limit opportunities for playing the regulatory seams.”

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Reuters – Bank of America CEO Kenneth Lewis is facing a $35 billion headache this morning after financial regulators informed the bank that was the figure it need to find now to pass the so-called stress test for viable financial institutions, the Wall Street Journal and New York Times report.

BoA already has received $45 billion in capital from the federal government, some of it to cover the disastrous purchase of Merrill Lynch.

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