GFMA Global FX Division appoints Managing Director for Asia Pacific
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 Hong Kong, David reports globally to Global FX Division managing director James Kemp and locally to ASIFMA chief executive officer Mark Austen. David was previously with the Macquarie Group of Companies, where he served as managing director and group head of compliance for China and Hong Kong.
The Global FX Division, headquartered at the Association for Financial Markets in Europe (AFME)4 in London, 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 proactive steps, working with international regulators, to seek an internationally convergent set of regulations for the global FX markets. This work has included efforts to implement the enhanced transparency requirements being driven by the G20, with respect to which the Global FX Division has taken a leading role in industry discussions with multiple global regulators in relation to clearing, execution and reporting consultations and coordinating the selection of an industry partner to develop a foreign exchange trade repository.
Having worked many years as a risk management professional, David is experienced in managing compliance and regulatory issues for a spectrum of businesses, including equities, fixed income, currency, commodities, and investment, private, retail, and commercial banking. David has also held various regional management positions in international investment banks and Hong Kong financial conglomerates, including roles as regional head of compliance for JPMorgan Cazenove and general manager and group head of legal and compliance for Dah Sing Financial Holdings. His time as a regulator in the Enforcement Division at the Hong Kong Securities and Futures Commission has provided him with an extensive network of relationships among regulators in the region.
James Kemp, managing director of the GFMA Global FX Division, commented:
“We are delighted that David has joined the Global FX Division. With growth in Asia Pacific expected to continue, ensuring that the FX market continues to be efficient, liquid and accessible to all participants is critical for international trade and investment.
“This appointment gives the division a permanent presence in the key financial regions, North America, Europe and Asia, as we seek to ensure global convergence of new regulation.
“David’s experience in the region combined with his understanding of the regulatory environment will enhance the division’s ability to respond proactively to regulatory demands.”
- 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).
- 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 .
- The Asia Securities Industry & Financial Markets Association (ASIFMA) is an independent association that promotes the development of liquid, efficient and transparent capital markets in Asia and facilitates their orderly integration into the global financial system. ASIFMA priorities are driven by over 40 member companies involved in Asian capital markets, including global and regional banks, securities dealers, brokers, asset managers, credit rating agencies, law firms, trading and analytic platforms, and clearance and settlement providers. For more information, visit http://www.asifma.org
- 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