For heads of desk, not developers: who's accountable when an AI tool gets a trade wrong, where fiduciary duty and compliance draw the line, and what regulators are thinking about AI in trading decisions. A practical grounding in the oversight questions desks need answered before AI scales further.

The EU AI Act creates a specific regulatory framework for AI, while the FCA has taken the position that AI falls within existing regulatory structures - a distinction that matters for how firms deploy AI across trading, investment, and operational workflows. Questions remain open: do AI-assisted or AI-generated trade decisions need to be disclosed or tagged? What controls must be in place before AI is used in regulated processes? And how do firms navigate two regimes taking different paths? In this interview, senior representatives from ESMA and the FCA set out their current thinking on AI in financial markets, the controls they expect to see, and how the regulatory landscape is likely to evolve.