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Press release: Wholesale markets banks and BCG develop first global principles for climate finance taxonomies – a key enabler for transition finance success

The Global Financial Markets Association (GFMA) and Boston Consulting Group (BCG) published a global report outlining the market-wide and sector-specific recommendations necessary to accelerate investment in climate finance. 

Highlights from our event in London on 27 June 2019, which showcased how the evolution of the FX market is creating opportunities for a rewarding career. The programme covered the transformation of the FX market over the last five to ten years, as well as highlighting mid to long term industry trends and how they are driving new opportunities for FX careers in areas such as sales, trading, operations, legal, analytics, technology and project management.

Washington, DC, 27 June 2019 – The Global Financial Markets Association (GFMA) today published its Sustainable Finance Survey Report which demonstrates how global financial institutions are addressing environmental, social and governance considerations, including the management of physical and transitional climate risks, for themselves and their clients.

To aid in the socialization of the development of overnight, nearly risk-free rates (RFRs), and the transition processes from Interbank Offered Rates (IBORs) impacting globally-active financial institutions, the Global Financial Markets Association (GFMA) today released the following documents outlining the various parts and players.

Washington, D.C., 20 March 2019 -  The Global Financial Markets Association (GFMA) and PwC have today published a new report on current trends in technology and innovation and their impact on the investment bank of the future. The report, entitled ‘Technology and Innovation in Global Capital Markets,’ examines the key trends which are expected to impact the industry over the next five years, providing a vision for the future and identifying the implications for the industry and for future policy making.

Washington, D.C., 10 January 2019 – New Financial, commissioned by the Global Financial Markets Association (GFMA), has today published a new major industry report, “The New Financial Global Capital Markets Growth Index.” The purpose of the report is to provide an in-depth review and comparison of national and regional capital markets across the globe in terms of market size, depth, and access to pools of capital.

Washington, D.C., October 25, 2018 -- In response to a survey of chief information security officers from financial institutions that indicated nearly 40% of their time was spent on compliance and reconciling competing, duplicative, redundant, and inefficient cybersecurity supervisory examinations, the Financial Services Sector Coordinating Council (FSSCC) led a group of financial trade associations today in unveiling a new  Cybersecurity Profile. The new document provides a framework that integrates widely used standards and supervisory expectations to help guide financial institutions in developing and maintaining cybersecurity risk management programs and is the result of two years’ work and collaboration among financial institutions, trade groups, and government agencies.  It was spearheaded by FSSCC, the American Bankers Association; Bank Policy Institute and its technology policy subdivision BITS; Futures Industry Association; Global Financial Markets Association and its member associations of the Association for Financial Markets in Europe, the Asia Securities Industry & Financial Markets Association, and the Securities Industry and Financial Markets Association; the Institute of International Bankers, the Institute of International Finance, and FIA.

“The Cybersecurity Profile represents the industry’s commitment to working together to preserve the safety and soundness of the financial system by mitigating and protecting its institutions, their customers and the broader economy from increasing cybersecurity risks,” said Chris Freeney, President of BITS and Executive Committee Member and Policy Committee Co-Chair of the FSSCC.  “The Cybersecurity Profile is a first of its kind document that will help the industry harmonize its approach to cybersecurity risk management.”

“There is no greater threat to financial stability than a large-scale cyber event, and robust public private partnerships are the most effective way to manage cyber threats,” said Tom Wagner, Managing Director at SIFMA and Vice Chair of the FSSCC.  “The financial services industry is constantly working to improve cyber defenses, resiliency and recovery through massive monetary investment in technology and personnel, regular training, best practices development, and industry tests. The Cybersecurity Profile is the latest example of our commitment to keeping our industry and our clients safe.”

“The industry took up the challenge to find a cybersecurity roadmap that works for both community banks and global banks,” said Denyette DePierro, vice president and senior counsel in ABA’s Center for Payments and Cybersecurity. “It’s an exciting moment and a new, innovative approach to regulation that could be applied to other areas of supervision and oversight.”

The Profile offers a common, credible approach to cybersecurity and assessment and is complementary to the NIST cybersecurity framework. Specifically, the Profile seeks to provide financial institutions and the third-party providers more consistent and efficient processing of examination material by firms and regulators. It also helps regulators and firms to prioritize resources and focus on cyber threats of greatest concern. And it seeks to establish a common set of industry best practices.

The Profile uses a questionnaire to identify the risk and complexity of a company and match the company with an appropriate, customized, and focused cybersecurity assessment. With its tailoring, the Profile enables front-line defenders to optimize their time on security activity, rather than compliance.  For example, as compared against another widely used diagnostic, a community bank could reduce the number of questions it might answer by as much as 73%.

Indeed, the Profile is intended for use by any type of financial institution or third-party provider to a financial institution. The industry designed the Profile to be a framework that scales across institutions of varying complexity, interconnectedness, and criticality, and it incorporates regulatory expectations and best practices from across the sector and around the globe. 

For more information please click  here.
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Also see: The Financial Services Sector Coordinating Council (FSSCC) for Critical Infrastructure Protection and Homeland Security  Financial Services Sector Cybersecurity Profile here.

Media Contacts:

About the American Bankers Association. The American Bankers Association is the voice of the nation’s $17 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits and extend nearly $10 trillion in loans. Learn more at  aba.com.

About the Bank Policy Institute: The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks and their customers. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ almost 2 million Americans, make nearly half of the nation’s small business loans, and are an engine for financial innovation and economic growth. Learn more about  www.bpi.com. 

About the Global Financial Markets Association. The Global Financial Markets Association (GFMA) represents the common interests of the world's leading financial and capital market participants, and speaks for the industry on the most important global market issues. GFMA's mission is to provide a forum for global systemically important banks to develop policies and strategies on issues of global concern within the regulatory environment.

The Global Financial Markets Association (GFMA) brings together three of the world’s leading financial trade associations to address the increasingly important global regulatory agenda and to promote coordinated advocacy efforts. The Association for Financial Markets in Europe (AFME) in London, Brussels and Frankfurt, the Asia Securities Industry & Financial Markets Association (ASIFMA) in Hong Kong and the Securities Industry and Financial Markets Association (SIFMA) in New York and Washington are, respectively, the European, Asian and North American members of GFMA.

About Institute of International Bankers. The Institute of International Bankers is the only national association devoted exclusively to representing and advancing the interests of internationally headquartered banking organizations operating in the United States. The IIB’s membership consists of approximately 90 banking and financial institutions from over 35 countries. In the aggregate, IIB members’ U.S. operations have approximately $5 trillion in U.S. banking and non-banking assets, and provide approximately 25 percent of all commercial and industrial bank loans made in this country. Collectively, the U.S. branches and other operations of IIB member institutions enhance the depth and liquidity of the U.S. financial markets and are an important source of liquidity in those markets, including for domestic borrowers.

About the Institute of International Finance. The Institute of International Finance is the global association of the financial industry, with close to 450 members from more than 70 countries. Its mission is to support the financial industry in the prudent management of risks; to develop sound industry practices; and to advocate for regulatory, financial and economic policies that are in the broad interests of its members and foster global financial stability and sustainable economic growth. IIF members include commercial and investment banks, asset managers, insurance companies, sovereign wealth funds, hedge funds, central banks and development banks.

About FIA. FIA is the leading global trade organization for the futures, options and centrally cleared derivatives markets, with offices in Brussels, London, Singapore and Washington, D.C. FIA’s membership includes clearing firms, exchanges, clearinghouses, trading firms and commodities specialists from more than 48 countries as well as technology vendors, lawyers and other professionals serving the industry. FIA’s mission is to support open, transparent and competitive markets, protect and enhance the integrity of the financial system, and promote high standards of professional conduct. As the principal members of derivatives clearinghouses worldwide, FIA’s member firms play a critical role in the reduction of systemic risk in global financial markets.

HONG KONG, LONDON and WASHINGTON, 17 April 2018 – The Global Financial Markets Association (GFMA), which represents the common interests of the world’s leading financial and capital market participants, released “Principles for Achieving Consistent Regulatory Regimes

HONG KONG, LONDON and WASHINGTON, 16 April 2018 – The Global Financial Markets Association (GFMA), which represents the common interests of the world’s leading financial and capital market participants, released “Guiding Principles for Market Transparency.” 

Global Trade Organization Aims to Facilitate Global Regulatory and Industry Coordination on Cybersecurity HONG KONG, LONDON and WASHINGTON, 3 APRIL 2018 – The Global Financial Markets Association (GFMA) today published

Global Trade Organization Aims to Facilitate Global Regulatory and Industry Coordination on Cybersecurity HONG KONG, LONDON and WASHINGTON, 11 December 2017 – The Global Financial Markets Association (GFMA) today published a set of principles to guide the development of a commonly accepted f

Thursday 7 December  The Global Green Finance Council (GGFC) has today published the first version of its reference guide to global and regional policy initiatives on green finance.   The “Global and European Green

HONG KONG, LONDON and WASHINGTON, DC, 7 December 2017 – Following the publication today of the Basel Committee on Banking Supervision's (BCBS) final package of Basel III proposals, Mark Austen, CEO of the Global Financial Markets Association (GFMA), said

GFMA Global FX Division welcomes Global Code of Conduct for FX market    London, UK, 26 May 2016 Commenting on the launch of the Foreign Exchange Working Group's Global Code of Conduct for the FX market, James

http://www.fxweek.com/regulation/compliance/3298476/focusing-on-the-future-of-conduct

London – 22 June 2016 The Global Financial Markets Association (GFMA), along with the International Swaps and Derivatives Association, Inc. (ISDA), the International Association of Credit Portfolio Managers (IACPM) and the Japan Financial Markets Council

GFMA Global FX Division reinforces its global footprint with new member, Scotiabank, and key appointments 10 October 2016 The GFMA’s Global FX Division is pleased to announce the addition

https://newsletters.briefs.bloomberg.com/document/G4uH8aQHzTf-Cdx7XWiLdg--_9yz1v5msuf2zfe30qv/guest-commentary

Oliver Wyman Report Highlights Risks to Markets from Basel Reforms Recommends Further Impact Analysis  GFMA Urges Basel to Undertake Period for Observation and Adjustments to Rules  Washington, 10 August 2016 – The Global Financial Markets Association (GFMA) today released

Release Date 7 July 2016    GFMA, IIF, ISDA, JFMC and TCH respond to the Basel Consultation on Leverage Ratio London – 7 July 2016 The Global Financial Markets Association

Press Release                                                                                       14 1 2016 GFMA, IIF and ISDA Statement on the Fundamental Review of the Trading Book (FRTB) Framework issued today by the Basel Committee on Banking Supervision

EBF, GFMA and ISDA Agree Common Principles to Promote Effective Global Policy on Cybersecurity, Data and Technology

25 3 2016

http://www.gfma.org/uploadedFiles/News/Speeches/2015/gfma-lei-strongin-remarks.pdf

Release Date 12 August 2015 Contacts Krishna Rao, PwC +44 207 804 3765, krishna.chilmakurthi.rao@uk.pwc.com Katrina Cavalli, GFMA +1 (212) 313 1181, kcavalli@gfma.org Rebecca Hansford, AFME +44 (0)20 743 9367, rebeccca.hansford@afme.eu  Vijay Chander, ASIFMA +852 2531 6521,

Release Date 16 June 2015 Contacts Katrina Cavalli +1 212.313.1181, kcavalli@sifma.org Anna Schoeffler +44 0207 743 9367, anna.schoeffler@afme.eu Victoria Cumings has been appointed Managing Director, Americas, for the Global FX Division of the Global Financial Markets Association

Release Date: 11 May 2015 Contacts: David Waller +44 0207 743 9504, david.waller@afme.eu; Anna Schoeffler +44 0207 743 9367, anna.schoeffler@afme.eu   - See more at: http://www.gfma.org/initiatives/foreign-exchange-(fx)/gfma-comment-on-fca,-cftc-and-finma-announcements/#sthash.tC7GSL3a.dpuf London, UK, 11 May 2015 - Commenting on the BIS Economic Consultative Committee statement on FX market best practices today, James Kemp, Managing Director, Global FX at the Global Financial Markets Association (GFMA), which represents 24 banks in the FX market, said: “There is clearly a very strong industry desire for coordinated alignment of the regional codes of conduct, encompassing all market participants. Driving this through the Basel Committee will help reduce duplication and create a common reference point for the industry on a global basis. This is an opportunity for market participants to work with regulators and supervisors to demonstrate that they can put the right controls and guidance in place. As demonstrated by various initiatives already underway the GFMA’s FX Division is highly supportive of this initiative.” -ENDS- The Global Financial Markets Association (GFMA) brings together three of the world's leading financial trade associations to address the increasingly important global regulatory agenda and to promote coordinated advocacy efforts. The Association for Financial Markets in Europe (AFME) in London and Brussels, the Asia Securities Industry & Financial Markets Association (ASIFMA) in Hong Kong and the Securities Industry and Financial Markets Association (SIFMA) in New York and Washington are, respectively, the European, Asian, and North American members of GFMA.

Release Date: 30 March 2015 Contacts: David Waller +44 0207 743 9504, david.waller@afme.eu; Anna Schoeffler +44 0207 743 9367, anna.schoeffler@afme.eu; Liz Pearce +1 (212) 313-1173, lpearce@sifma.org     GFMA comment on release of a "Global Preamble: Codes of best market practice and shared global principles" for FX markets London, UK, 30 March 2015 ‐ Commenting on the release today of a "Global Preamble: Codes of best market practice and shared global principles" by the eight foreign exchange market committees of the major financial markets, James Kemp, Managing Director, Global FX at the Global Financial Markets Association (GFMA), said: “The publication of a single set of high level conduct principles for the foreign exchange market is a key step in harmonising global conduct standards for the industry and is fully supported by the GFMA's Global FX Division. "Sitting above the existing regional codes, these principles will ensure practices across the global FX market are consistent and coherent for the benefit of all market participants, and we believe will support further regional code alignment. "The principles also provide more welcome guidance to dealers and market participants on key issues such as confidential information and communication, and build on the FSB work around the execution of orders in daily benchmark fixing sessions." # The Global Financial Markets Association (GFMA) brings together three of the world's leading financial trade associations to address the increasingly important global regulatory agenda and to promote coordinated advocacy efforts. The Association for Financial Markets in Europe (AFME) in London and Brussels, the Asia Securities Industry & Financial Markets Association (ASIFMA) in Hong Kong and the Securities Industry and Financial Markets Association (SIFMA) in New York and Washington are, respectively, the European, Asian, and North American members of GFMA.

Contacts: David Waller +44 0207 743 9504, david.waller@afme.eu; Anna Schoeffler +44 0207 743 9367, anna.schoeffler@afme.eu    London, UK, 30 September 2014 ‐ The Global Foreign Exchange Division (GFXD) of the Global Financial Markets Association (GFMA) welcomes publication of the Financial Stability Board (FSB) Foreign Exchange Benchmarks report. James Kemp, Managing Director of the Global FX Division of the GFMA, commented: “GFMA’s Foreign Exchange Division, which represents many of the international dealers in the $5trn a day FX industry, welcomes the final FSB report, outlining these key areas for industry focus. As the report highlights, there may well be challenges and costs in implementing the changes, but enhancing confidence in the market is crucial and the industry will adapt to embrace these recommendations.” # The Global Financial Markets Association (GFMA) brings together three of the world's leading financial trade associations to address the increasingly important global regulatory agenda and to promote coordinated advocacy efforts. The Association for Financial Markets in Europe (AFME) in London and Brussels, the Asia Securities Industry & Financial Markets Association (ASIFMA) in Hong Kong and the Securities Industry and Financial Markets Association (SIFMA) in New York and Washington are, respectively, the European, Asian, and North American members of GFMA.

http://www.thebanker.com/Markets/Derivatives-Structured-Products/Finding-a-better-approach-to-global-regulatory-coordination

GFMA comment on FCA, CFTC and FINMA Announcements

Release Date: 30 June 2014 Contact: Carol Danko, 202.962.7390, cdanko@sifma.org   GFMA statement on the FSB's establishment of the Global LEI Foundation Washington, DC, June 30, 2014- GFMA today issued the following statement from Kenneth E. Bentsen, Jr., GFMA CEO and SIFMA president and CEO on the establishment of the Global Legal Entity Identifier Foundation (GLEIF) by the Financial Stability Board Plenary: "GFMA welcomes the establishment of the Global LEI Foundation and the appointment of the first LEI Board of Directors by the Financial Stability Board (FSB). These are essential foundational elements for the development of the global LEI System, and will help catalyze the further expansion of the use of the LEI around the globe. "Having a uniform, global legal entity identifier standard will help regulators, supervisors, researchers and firms to better measure and monitor systemic risk, more effectively measure and manage counterparty exposure, and improve operational efficiencies. Overall, this standard will help support the shared objective of a more stable financial system."  The announcement was made by the FSB on June 30, 2014 and further statements from the GLEIF can be found here and here. -30- The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of securities firms, banks and asset managers. SIFMA's mission is to support a strong financial industry, investor opportunity, capital formation, job creation and economic growth, while building trust and confidence in the financial markets. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.   

Release Date: October 31, 2014 Contact: Carol Danko, 202.962.7390, cdanko@sifma.org      GFMA statement on the Net Stable Funding Ratio Final Rule                 Washington, DC, October 31, 2014- GFMA today issued the following statement from Kenneth E. Bentsen, Jr., GFMA CEO and SIFMA president and CEO on the final rule for the Net Stable Funding Ratio ("NSFR") issued by the Basel Committee on Banking Supervision: "GFMA appreciates the Basel Committee's work on the Net Stable Funding Ratio.  We support the goals underlying the NSFR, including limiting over reliance on short-term wholesale funding, encouraging better assessment of funding risks across all on- and off balance sheet items, and promoting funding stability.  If the NSFR is not calibrated properly, the rule could impact liquidity in a way that would reduce the ability to manage risk, increase volatility, and reduce returns for investors. We look forward to reviewing today's final rule in greater detail and understanding its impact on GFMA's member firms and the global economy‎."   The announcement was made by the Basel Committee on Banking Supervision today.    -30-   The Global Financial Markets Association (GFMA) brings together three of the world's leading financial trade associations to address the increasingly important global regulatory agenda and to promote coordinated advocacy efforts. The Association for Financial Markets in Europe (AFME) in London and Brussels, the Asia Securities Industry & Financial Markets Association (ASIFMA) in Hong Kong and the Securities Industry and Financial Markets Association (SIFMA) in New York and Washington are, respectively, the European, Asian, and North American members of GFMA. - See more at www.gfma.org.       

Release Date: 13 August 2014 Contacts: David Waller +44 0207 743 9504, david.waller@afme.eu; Anna Schoeffler +44 0207 743 9367, anna.schoeffler@afme.eu             GFMA response to the FSB Consultation Paper on Foreign Exchange Benchmarks London, UK, 13 August 2014 - The Global Foreign Exchange Division (GFXD) of the Global Financial Markets Association (GFMA) welcomes the opportunity to comment on the Consultative Document issued by the Financial Stability Board (FSB) on Foreign Exchange Benchmarks. James Kemp, Managing Director of the Global FX Division of the GFMA, commented: "Effective and efficient exchange of currencies underpins the world's financial system. We agree with and support many of the recommendations set forth in the Consultative Document and believe they can produce a number of benefits for all FX market participants, which includes dealers, institutional investors, companies and governments." GFMA's full response to the consultation is available here: www.gfma.org/fx ENDS The Global Financial Markets Association (GFMA) brings together three of the world's leading financial trade associations to address the increasingly important global regulatory agenda and to promote coordinated advocacy efforts. The Association for Financial Markets in Europe (AFME) in London and Brussels, the Asia Securities Industry & Financial Markets Association (ASIFMA) in Hong Kong and the Securities Industry and Financial Markets Association (SIFMA) in New York and Washington are, respectively, the European, Asian, and North American members of GFMA. 

In a letter to the editor of the Financial Times, Kenneth E. Bentsen, Jr., - President and CEO of SIFMA and CEO of {SIFMA’s global affiliate} GFMA - encourages the Financial Stability Board (FSB) to urge regulators and policy makers across the globe to prioritize the use of LEIs as part of their toolkit for promoting financial stability.

http://www.regulationasia.com/article/improving-regulatory-coordination-and-cooperation-21st-century-approach

Release date: 15 July 2014 Contact: David Waller +44 0207 743 9504, david.waller@afme.eu GFMA comment on the FSB consultation paper on foreign exchange benchmarks London, UK, 15 July 2014 – In response to the publishing of a consultation paper by the Financial Stability Board’s FXBG (Foreign Exchange Benchmark Group), James Kemp, Managing Director of the Global FX Division of the Global Financial Markets Association (GFMA), commented: “GFMA’s Global Foreign Exchange Division, which represents many of the international dealers in the $5trn a day market, welcomes this consultation paper, which will assist the FSB in the preparation of its final recommendations to the Brisbane G20 Leaders Summit in November. The draft recommendations outlined are likely to have an impact on all participants offering or making use of FX benchmarks as part of their FX trading activity, including dealers, institutional investors, companies and governments. We will continue to work with regulators and supervisors to support measures designed to preserve and enhance confidence in the FX market, given its role in underpinning global trade and investing.” ENDS The Global Financial Markets Association (GFMA) brings together three of the world's leading financial trade associations to address the increasingly important global regulatory agenda and to promote coordinated advocacy efforts. The Association for Financial Markets in Europe (AFME) in London and Brussels, the Asia Securities Industry & Financial Markets Association (ASIFMA) in Hong Kong and the Securities Industry and Financial Markets Association (SIFMA) in New York and Washington are, respectively, the European, Asian, and North American members of GFMA. - See more at: http://www.gfma.org/initiatives/legal-entity-identifier-(lei)/gfma-statement-on-the-fsb-s-establishment-of-the-global-lei-foundation/#sthash.AX0pumCY.dpuf

Release date: 14 May 2014 Contact: David Waller +44 0207 743 9504, david.waller@afme.eu Liz Pierce, +1 (212) 313-1173, lpierce@sifma.org   GFMA Elects New Chair and CEO LONDON, 14 May 2014 -- The Global Financial Markets Association (GFMA), which represents the common interests of the world's leading financial and capital market participants, today announced a leadership transition as the terms of the current Chair and CEO expire. The appointments were approved yesterday at GFMA's Board of Directors meeting in London. Effective immediately, Samir Assaf, Chief Executive of Global Banking and Markets, HSBC, takes over as Chair of GFMA from Blythe Masters, Head of Global Commodities at JPMorgan Chase. Additionally, Kenneth E. Bentsen, Jr., President and CEO of the U.S-based Securities Industry and Financial Markets Association (SIFMA), takes over as CEO of GFMA from Simon Lewis, who is Chief Executive at the Association for Financial Markets in Europe (AFME). Both Simon and Blythe have been in their posts for two years. Mr. Bentsen will continue to lead SIFMA. Samir Assaf will serve as Chair for a term of two years, and Ken Bentsen will serve as CEO for a term of three years. GFMA brings together three of the world's largest financial trade associations to address the increasingly important global regulatory agenda and to promote coordinated advocacy efforts: the Association for Financial Markets in Europe (AFME), the Asia Securities Industry & Financial Markets Association (ASIFMA) and, in the United States, the Securities Industry and Financial Markets Association (SIFMA). In the coming months, GFMA will focus on important issues related to Basel capital and liquidity standards, cross-border regulation, the global legal entity identifier (LEI) initiative and cross-border resolution, among others. More information on GFMA's priorities can be found here: http://gfma.org/initiatives/. Samir Assaf, GFMA's new Chair, commented: "Many of the new regulations being implemented across the world are necessary for the stability of the financial system, but they also represent a great challenge to the financial industry. GFMA provides a global and unified voice for the industry, seeking to promote consistency of regulation across borders and to support the flow of capital to industries, economies and societies where it is needed. GFMA can help craft effective regulatory reform that maintains market efficiency and integrity while helping the financial industry drive economic growth and opportunity. I'd like to thank Blythe and Simon for their leadership over the past two years and their substantial impact on the global agenda." Kenneth E. Bentsen, Jr., GFMA's new CEO, commented: "Blythe and Simon have made tremendous progress in establishing the GFMA as a substantive voice before global and regional regulators. Financial regulation on the global stage continues to be a top priority for the industry, and I look forward to working with Samir in his new role as Chair. GFMA and its member organizations remain committed to working with regulators and policymakers to ensure they have constructive industry insight needed to adopt responsible regulation that is consistent and coordinated across jurisdictions." Samir Assaf is Chief Executive of Global Banking and Markets, a Group Managing Director and member of the Group Management Board at HSBC, roles he assumed on 1 January 2011. He was appointed Head of Global Markets in January 2008 and a Group General Manager in May 2008. Mr Assaf joined HSBC in 2000 when the bank acquired CCF, where he was Head of Markets. Previously he was at Groupe Total, where he was Head of Treasury. Kenneth E. Bentsen, Jr., is President and CEO of SIFMA. Previously, Mr. Bentsen served as President, and earlier as the Executive Vice President of Public Policy and Advocacy for SIFMA, responsible for SIFMA's legal, regulatory, and legislative affairs and advocacy initiatives. Prior to joining SIFMA, Mr. Bentsen was president of the Equipment Leasing and Finance Association (ELFA). From 1995 to 2003, Mr. Bentsen served as a Member of the United States House of Representatives from Texas. Mr. Bentsen previously worked as an investment banker in New York and Texas. More information on GFMA is at www.gfma.org ‐ENDSContact David Waller +44 0207 743 9504, david.waller@afme.eu Liz Pierce +1 (212) 313‐1173, lpierce@gfma.org Notes: 1. The Global Financial Markets Association (GFMA) brings together three of the world's leading financial trade associations to address the increasingly important global regulatory agenda and to promote coordinated advocacy efforts. The Association for Financial Markets in Europe (AFME) in London and Brussels, the Asia Securities Industry & Financial Markets Association (ASIFMA) in Hong Kong and the Securities Industry and Financial Markets Association (SIFMA) in New York and Washington are, respectively, the European, Asian and North American members of GFMA. For more information, visit http://www.gfma.org.

http://www.bloomberg.com/video/91729555/

http://www.gfma.org/uploadedFiles/Events/GFMABenchmarksBentsenOpeningRemarks022813.pdf

Release date: 11 October 2013 London, 11 October 2013 - GFMA released the following statement after the Regulatory Oversight Committee (ROC) of the Global Legal Entity Identifier System (GLEIS) endorsed three utilities as pre- Local Operating Units (pre-LOUs) with the authorization to issue pre-legal entity identifiers (pre-LEIs). The three pre-LOUs include the CICI Utility, as well as WM Datenservice and INSEE (issuing only to French entities). These pre-LOUs will issue pre-LEIs that will serve as common legal entity identifiers and will transition to the global system when it is completed.  "The establishment of a global legal entity identifier system will dramatically improve systemic risk management in the financial industry. GFMA strongly supports the ROC's endorsement of these utilities to issue "mutually acceptable" pre-LEIs. The use of these pre-LEIs is a critical step forward for the GLEIS as it will enable the industry and regulators to start realizing the benefits of common identifiers now while work on the global system is completed. "Currently, there is no global standard for identifying parties to a financial transaction. Without a standard way to identify entities engaged in financial transactions, it is more challenging to measure the total exposure of one organization to another. The LEI initiative will dramatically improve systemic risk management by providing regulators and firms with more complete and accurate data on exposures in the financial system." -ENDS- The Global Financial Markets Association (GFMA) brings together three of the world's leading financial trade associations to address the increasingly important global regulatory agenda and to promote coordinated advocacy efforts. The Association for Financial Markets in Europe (AFME) in London and Brussels, the Asia Securities Industry & Financial Markets Association (ASIFMA) in Hong Kong and the Securities Industry and Financial Markets Association (SIFMA) in New York and Washington are, respectively, the European, Asian and North American members of GFMA. For more information, visit http://www.gfma.org.

Release Date: September 23, 2013 Contact: Katrina Cavalli, +1 (212) 313-1181, kcavalli@gfma.org James White, +44 (0)20 7743 9367, james.white@gfma.org GFMA statement on the revised leverage ratio issued by the Basel Committee on Banking Supervision in June 2013 “GFMA shares the Basel committee’s goal of ensuring the safety and soundness of the global financial system, which is critical to enhancing investor and consumer confidence. GFMA supports both properly calibrated capital requirements and a leverage ratio, both of which are a vital component of a resilient financial system. “We believe, however, that the revised proposal issued by the Basel Committee on Banking Supervision would have negative unintended consequences that work at cross purposes to other important financial reforms. The proposed capital requirement comes on top of the Basel III risk weighted capital requirements, the liquidity coverage ratio and other measures designed to reduce risks in the system. This proposal does not work with these other measures and most instances works against them, or at least at cross purposes. Such a result is plainly at odds with the critical need for banking organizations to hold adequate levels of safe, highly liquid assets to manage unexpected customer demands and funding uncertainties. “A disincentive to hold low risk assets is likely to cause a decline in liquidity in government securities and cash markets, diminish access to repurchase agreement (“repo”) funding and other securities financing, and negatively impact central bank monetary policy operations. In addition to impacting individuals and businesses, the government could also find it harder to borrow money. As liquidity dries up, investors will also find it harder to access a variety of investment products, restricting their ability to meet their financial goals. “Additionally, the one-size-fits-all approach to calculating the leverage ratio may encourage banks to hold riskier assets that generate higher returns – this is fundamentally at odds with prudent risk management practices that aim to keep the financial system safe. Banks would be required to hold much more capital for their least risky assets, which will hamper their ability to lend to families who are looking to buy a home and businesses that want to expand and hire. “In its comment letter, GFMA recommends modifications to the proposed rule to better address the Basel Committee’s overall objective. The suggested changes would also provide a more accurate reflection of bank exposures and return the leverage ratio to its original intended purpose as a backstop to risk-based capital requirements. “GFMA urges the Basel Committee to adopt changes to the proposed framework to insure that banks can continue to nurture economic growth through monetary policies and provide the capital, credit and liquidity which families, businesses, investors and the government need to drive economic growth and job creation.” The letter is available at the following link: http://www.gfma.org/correspondence/item.aspx?id=536 -30- The Global Financial Markets Association (GFMA) brings together three of the world's leading financial trade associations to address the increasingly important global regulatory agenda and to promote coordinated advocacy efforts. The Association for Financial Markets in Europe (AFME) in London and Brussels, the Asia Securities Industry & Financial Markets Association (ASIFMA) in Hong Kong and the Securities Industry and Financial Markets Association (SIFMA) in New York and Washington are, respectively, the European, Asian, and North American members of GFMA. For more information, visit http://www.gfma.org  

Release Date: 29 July 2013 Contact James White +44 (0)20 7743 9367 Andrew DeSouza +1 (202) 962-7390 GFMA Global FX Division appoints Managing Director for Europe London, U.K. - Andrew Harvey has been appointed Managing Director, Europe for the Global FX Division¹ of the Global Financial Markets Association (GFMA)2. In this role he reports to James Kemp, Managing Director of the Global Division.  He joins the Global FX Division from Morgan Stanley, where he spent seven years, first as EMEA Head of Foreign Exchange Operations, then as Global Head of FXEM Derivatives Operations and, more recently, as Chief Operating Officer of Derivatives Operations. He previously spent nine years working in the FX operations of Goldman Sachs. The Global FX Division, is based at the Association for Financial Markets in Europe (AFME)3 in London. It was formed in June 2010 to promote efficient global foreign exchange markets by monitoring the regulatory developments that could affect such markets and by assisting the industry in establishing an infrastructure capable of supporting the future development and growth of these markets. It has already taken active steps, working with international regulators, to seek an internationally convergent set of regulations for the global FX markets. This work has included efforts to ensure appropriate risk mitigation techniques for the FX markets as well as the implementation of a foreign exchange trade repository. Andrew will be responsible for engaging with senior policymakers on a number of European projects that impact the FX market such as EMIR, MiFID and the financial transaction tax. He will also co-ordinate the global coverage of G20 trade reporting requirements for the FX market, including the US, Canadian, Hong  Kong, Singapore, Australia and European jurisdictions. James Kemp, managing director of the GFMA Global FX Division, commented: “I am delighted that Andrew has joined the Global FX Division team. Global regulatory reform coupled with implementation challenges means that Andrew’s experience and knowledge of the foreign exchange markets will be invaluable as GFMA seeks to ensure that, in the context of this unprecedented market reform, the FX market continues to be efficient, liquid and accessible to all participants. “His experience will increase the Division’s ability to respond to regulatory demands, including ongoing dossiers such as MiFID, EMIR and the financial transaction tax.”   -ENDS- Notes: 1. The Global Foreign Exchange (FX) Division was formed as part of the Global Financial Markets Association (GFMA) and its members comprise 22 global FX market participants, collectively representing more than 90% of the FX market (Source: Euromoney 2012). 2. The Global Financial Markets Association (GFMA) brings together three of the world’s leading financial trade associations to address the increasingly important global regulatory agenda and to promote coordinated advocacy efforts. The Association for Financial Markets in Europe (AFME) in London and Brussels, the Asia Securities Industry & Financial Markets Association (ASIFMA) in Hong Kong and the Securities Industry and Financial Markets Association (SIFMA) in New York and Washington are, respectively, the European, Asian, and North American members of GFMA. For more information, visit http://www.gfma.org . 3. The Association for Financial Markets in Europe (AFME) promotes fair, orderly, and efficient European wholesale capital markets and provides leadership in advancing the interests of all market participants. AFME represents a broad array of European and global participants in the wholesale financial markets. Its members comprise pan-EU and global banks as well as key regional banks, brokers, law firms, investors and other financial market participants. For more information, visit www.afme.eu.

Release Date: 18 July 2013 Contact:  James White, +44 (0)20 7743 9367, james.white@gfma.org  Liz Pierce, +1 212 313 1173, lpierce@sifma.org   GFMA Comments on IOSCO's Principles for Financial Benchmarks London, 18 July 2013-The Global Financial Markets Association (GFMA) today released the following statement from Simon Lewis, chief executive, in response to the International Organization of Securities Commissions' (IOSCO) final Principles for Financial Benchmarks: "GFMA strongly supports an international, principles-based framework for the development and issuance of financial benchmarks.  IOSCO's Principles represent an important step forward in improving benchmark practices and promoting the integrity of financial benchmarks that will enhance investor confidence in these indices. "The financial industry has both a responsibility and a strong commercial interest in ensuring the integrity of the benchmarks in use. In September 2012, GFMA published its principles  for financial benchmarks to provide support and input into regulatory dialogue on benchmark integrity. We are encouraged to see alignment between the IOSCO Principles and GFMA's Best Practices. IOSCO's emphasis on sound governance, a transparent benchmarking process and a robust control environment represent the right path forward for enhancing financial benchmarks. "Further, we believe IOSCO has appropriately tailored its Principles to cover the broad scope of benchmarks across major asset classes while also avoiding a "one size fits all" approach. We agree with IOSCO that the specific application of the Principles should be tailored to the nature of individual benchmarks, with the greatest regulatory oversight reserved for widely-used benchmarks with systemic significance."Moving forward, we encourage public officials and all market participants to minimize departures from the internationally agreed IOSCO framework. Adhering to this framework will ensure uniform standards are observed, while streamlining compliance requirements for the industry. The financial industry must proactively work to strengthen benchmarking practices and improve investor confidence in these indices."    -30-  Notes: 1.  The Global Financial Markets Association (GFMA) brings together three of the world's leading financial trade associations to address the increasingly important global regulatory agenda and to promote coordinated advocacy efforts. The Association for Financial Markets in Europe (AFME) in London and Brussels, the Asia Securities Industry & Financial Markets Association (ASIFMA) in Hong Kong and the Securities Industry and Financial Markets Association (SIFMA) in New York and Washington are, respectively, the European, Asian, and North American members of GFMA. For more information, visit http://www.gfma.org

http://www.accountancyage.com/aa/news/2262696/tobin-tax-breaches-g20-agreements-say-markets-associations

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10004288/Financial-transaction-tax-contravenes-G20-agreements-warn-global-markets-bodies.html

http://www.cityam.com/article/trade-bodies-warn-over-transaction-tax

http://www.tax-news.com/news/EU_FTT_Under_Fire_From_International_Trade_Associations____60494.html#

Markets Warn G20 of EU Trading Tax Risk

Release Date 10 December 2012  Contact          Andrew DeSouza, +1 (202) 962 7390, adesouza@gfma.org                         James White, +44 (0)20 7743 9367, james.white@gfma.org                        Rebecca Terner, +852 2537 3246, rterner@asifma.org     GFMA comment on G SIFI Resolution paper from US FDIC and Bank of

Release Date January 20, 2012 Contact           Liz Pierce, +1 (212) 313 1173, lpierce@gfma.org                         James White, +44 (0)20 7743 9367, james.white@gfma.org                         Rebecca Terner, +852 2537 3246, rterner@asifma.org    GFMA Posts Provisional Legal Entity Identifiers     LONDON, HONG KONG

Contact James White +44 (0)20 7743 9367 Andrew de Souza +1 202 962 7390 The US Treasury decision to exempt foreign exchange forwards and swaps transactions from the clearing and exchange trading requirements of the Dodd Frank Act is a

Release Date 10 September 2012 Contact James White +44 (0)20 7743 9367Andrew DeSouza +1 (202) 962 7390 Commenting on the final report of the International Organisation of Securities Commissions (IOSCO) on Principles for Oil Price Reporting Agencies which was published

Hong Kong – David Ngai has joined as managing director for Asia Pacific of the Global FX Division¹ of the Global Financial Markets Association (GFMA).2   Based in the offices of the Asia Securities Industry & Financial Markets Association (ASIFMA)3 in

Release Date 21 August 2012Contact   Liz Pierce, 212 313 1173, lpierce@gfma.org GFMA Commends CICI Utility Launch  New York, NY, 21 August 2012 – GFMA today released the following statement from David Strongin, representing GFMA, in response to today’s launch

GFMA Commends CFTC’s LEI Designation

Release Date June 13, 2012Contact Liz Pierce, 212.313.1173, lpierce@gfma.org  GFMA Statement on the FSB’s Recommended Global LEI Framework   New York, NY, June X, 2012–GFMA today released the following statement in response to the Financial Stability Board’s (FSB) recommendation to the

http://www.efinancialnews.com/story/2012-04-20/trade-bodies-raise-third-country-fears?mod=sectionheadlines-home-TT

http://www.sifma.org/uploadedfiles/news/speeches/2012/sifmageneralcounselhammermanremarksleiseminar031412.pdf

http://www.ft.com/cms/s/63c7c222-6c73-11e1-bd0c-00144feab49a,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F63c7c222-6c73-11e1-bd0c-00144feab49a.html&_i_referer=#ixzz1pAuVVK8G

http://www.sifma.org/news/blog.aspx?id=8589937899&blogid=8589936046

/uploadedFiles/News/The Asian Banker - Legal entity identifiers' broad impact in Asia.pdf

http://www.securitiestechnologymonitor.com/news/sifma-ryan-snook-dodd-frank-computing-system-changes-28174-1.html

Release Date December 19, 2011Contact Andrew DeSouza, 201.962.7390, adesouza@gfma.org  A Financial Transaction Tax (FTT) levied across the European Union would seriously impact the foreign exchange market, increasing transaction costs by up to 18 times, according to Oliver Wyman research commissioned

http://www.gfma.org/uploadedfiles/news/speeches/2011/2011sybosconferenceleiimplementationandbicevolutionpriceremarks.pdf

Release Date February 1, 2011 Contact Andrew DeSouza, 202.962.7390, adesouza@sifma.org Washington, DC, February 1, 2011—SIFMA, along with The Clearing House, Enterprise Data Management Council, the Financial Services Roundtable, the Futures Industry Association, International Swaps and Derivatives Association, the Investment Company

Release Date July 11, 2011 Contact Liz Pierce, 212.313.1173, lpierce@sifma.org   NEW YORK, LONDON and HONG KONG, July 11, 2011— A coalition of financial services firms and trade associations (the “Trade Associations” i ), in coordination with the Global Financial

SIFMA's Tom Price Discusses the Industry's Recommendation for a Global Legal Entity Identifier (LEI) Solution at SIBOS 2011 Release Date September 21, 2011Contact Liz Pierce, 212.313.1173, lpierce@sifma.org   SIFMA's Tom Price Discusses the Industry's Recommendation for a Global Legal Entity Identifier (LEI) Solution

GFMA Statement on CFTC Swaps Reporting Rules Release Date December 20, 2011 Contact Andrew DeSouza, 202.962.7390, adesouza@sifma.org GFMA Statement on CFTC Swaps Reporting Rules Washington, DC, December 20, 2011–SIFMA today released the following statement from Tom Price, managing director at

http://development.gfma.org/Initiatives/Foreign-Exchange-%28FX%29/FX-Week-Video/

Release Date November 4, 2011Contact Liz Pierce, 212 313 1173, lpierce@gfma.org     GFMA Comments on the Financial Stability Board’s Policy Measures to Address Systemically Important Financial Institutions  New York, NY, November 4, 2011 – The Global Financial Markets Association (GFMA) today

Release Date August 26, 2011Contact Katrina Cavalli, 212.313.1181, kcavalli@sifma.org   GFMA Comments on Basel Committee’s Capital Surcharge Proposal   New York, NY, August 26, 2011 – The Global Financial Markets Association (GFMA) today announced it has submitted comments to the Basel

http://smartblogs.com/finance/2012/01/26/a-conversation-with-new-gfma-ceo-simon-lewis/

http://online.wsj.com/video/afme-fx-head-talks-regulation/9B035A49-FE92-4FA1-9461-6B83CB5C3D12.html

The International Organization for Standardization (ISO) endorsed the industry’s recommendation for new ISO standard “ISO 17442” to be used as the standard for a global legal entity identifier (LEI) solution

Release Date May 3, 2011Contact Liz Pierce, 212 313 1173, lpierce@sifma.org  New York, NY, May 3, 2011—A coalition of financial services trade associations (the “Trade Associations”)  today released a comprehensive set of requirements for establishing a legal entity identifier (LEI)

Release Date June 3, 2010  Contact   SIFMA ASIFMA Andrew DeSouza, (202) 962 7390, adesouza@sifma.org  AFME Rob McIvor, +44 (0)22 7743 9312, rob.mcivor@afme.eu  June 3, 2010 The Global Financial Markets Association (GFMA) issued the following statement today on global financial