Basel III

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Correspondence

Joint Response Submitted on the BCBS Consultative Document - Identification and management of step-in risk

May 2017  |  Correspondence  |  Press Releases

GFMA, along with the Institute of International Finance (IIF), the International Banking Federation (IBFed), the CRE Finance Council (CREFC) and the Commercial Real Estate Finance Council Europe (CREFC Europe) provide this joint response letter on the Basel Committee on Banking Supervision (BCBS) Consultative Document "Identification and management of step-in risk".

GFMA Submits Comments to GHOS regarding Finalising International Risk-Based Capital Requirements

November 2016  |  Correspondence  |  Press Releases

GFMA provides comments to the Chair of the Group of Governors and Heads of Supervision (GHOS) in support of appropriately calibrated global minimum standards. GFMA endorses the Committee’s objective in revising the risk-based capital framework to achieve an appropriate balance between its risk sensitivity, simplicity and comparability and welcomes the GHOS commitment that these revisions should not, in aggregate, lead to a significant increase in overall capital levels. 


GFMA, IIF, IBFed, and ISDA Submit Comments to the BCBS Regarding their Consultative Document on the IRRBB

August 2016  |  Correspondence  |  Press Releases

GFMA, the Institute of International Finance (IIF), International Banking Federation (IBFed), and the International Swaps and Derivatives Association (ISDA) provides a joint response on behalf of the industry IRRBB Working Group on the Basel Committee on Banking Supervision (BCBS) Consultative Document on Interest Rate Risk in the Banking Book (IRRBB)


GFMA Submits Letter to Multiple Regulators along with a Report on the Interaction, Coherence, and Overall Calibration of Post Crisis Basel Reforms

August 2016  |  Correspondence  |  Press Releases

GFMA provides letter to multiple regulators accompanying a copy of a report commissioned from Oliver Wyman, which analyzes the interaction, coherence, and overall calibration of post crisis regulatory reform measures agreed upon, or under active consideration, by the Basel Committee on Banking Supervision (BCBS).  The full report is available here.

Also, see: GFMA Press Release


Joint Association Comments to the BCBS on their Consultative Document: Reducing Variation in Credit Risk-weighted Assets – Constraints on the Use of Internal Model Approaches

June 2016  |  Correspondence  |  Press Releases

GFMA, the International Swaps and Derivatives Association (ISDA), the International Association of Credit Portfolio Managers (IACPM) and the Japan Financial Markets Council (JFMC), provide comments to Basel Committee on Banking Supervision (BCBS) to respond to the Basel Committee’s Consultative Document “Reducing variation in credit risk-weighted assets – constraints on the use of internal model approaches”.

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News

GFMA Statement on Basel Committee Agreement

7 December 2017   |   News  |  Capital Markets Efficiency and Resiliency

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, ISDA, IACPM and JFMC respond to the Basel Consultation on Internal Risk Models

28 November 2016   |   News  |  Capital Markets Efficiency and Resiliency

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

PwC Report Reviews State of Global Financial Market Liquidity

12 August 2015   |   News  |  Capital Markets Efficiency and Resiliency

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,

GFMA Statement on the Net Stable Funding Ratio Final Rule

31 October 2014   |   News  |  Capital Markets Efficiency and Resiliency

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.       

GFMA Statement on the Revised Leverage Ratio Issued by the Basel Committee on Banking Supervision in June 2013

23 September 2013   |   News  |  Capital Markets Efficiency and Resiliency

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: https://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 https://www.gfma.org  

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