Release date: 12 June 2014
Contact: David Waller +44 0207 743 9504,
Liz Pierce, +1 (212) 313-1173,  

GFMA Comment on the ‘Fair and Effective Financial Markets Review’

LONDON, 12 June 2014 — In response to the announcement by the UK Government of a ‘Fair and Effective Financial Market Review’, James Kemp, Managing Director of the Global Financial Markets Association commented:

“GFMA’s Global Foreign Exchange Division (“GFXD”), which represents many of the international dealers in the $5trn a day market, welcomes these proposals from the Chancellor of the Exchequer outlining key areas of focus for the industry.

Our members support measures designed to preserve and enhance confidence in the FX market, which underpins global trade and investing and serves the interests of end users such as institutional investors, companies and governments.”


1. The Global Foreign Exchange (FX) Division was formed as part of the Global Financial Markets Association (GFMA) and its members comprise 23 global FX market participants, collectively representing more than 90% of the FX market (Source: Euromoney 2014). See more at

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