Benchmarks Reform and Transition to Risk-Free Rates

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.

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. 

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: 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