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.
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.