Nasdaq CEO Adena Friedman and CME Group's Terry Duffy emphasized the need for regulatory clarity in a recent collaboration between their agencies. Friedman described the partnership as a "seminal moment" for the industry, highlighting its potential impact. Duffy, however, stressed that while harmonization is beneficial, the primary concern is establishing clear and consistent rules for market participants. He noted that the lack of clarity, particularly around self-certification processes, hampers product innovation and needs to be addressed before new products can be launched.