Financial Market Infrastructure

Financial market infrastructures such as central counterparties and trade repositories and the practices that support them are central to the efficient functioning of capital markets by promoting transparency, fostering efficient access to clearing and preventing market fragmentation.

GFMA supports supervisory standards that support market efficiency and financial stability while preserving end-user choice.

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Correspondence

GFMA, IIF and ISDA Submit Response to BCBS on Leverage Ratio Treatment of Client Cleared Derivatives

January 2019  |  Correspondence  |  Regulatory Correspondence

GFMA, the International Swaps and Derivatives Association (ISDA) the Institute of International Finance (IIF) submitted a join response to the Basel Committee on Banking Supervision’s consultation on the leverage ratio treatment of client cleared derivatives. The industry believes that in the context of a bank exposure created by a client cleared derivative transaction, the leverage ratio framework should recognize the exposure-reducing effect of initial margin, particularly as it is not used to increase the bank’s leverage.

GFMA, FIA and IIF Response to FSB Derivatives Assessment Team Report

September 2018  |  Correspondence  |  Press Releases

GFMA, FIA, and the Institute of International Finance (IIF), respond to the FSB consultative report of the Derivatives Assessment Team (DAT) on “Incentives to centrally clear over-the-counter (OTC) derivatives” (DAT Report).

Brexit: Implications for the Global Financial System

June 2017  |  Correspondence  |  White Papers and Reports

GFMA, which represents the common interests of the world’s leading financial and capital market participants, believes that Brexit is an issue that has unique and global spillovers, not just isolated to the UK and EU. Brexit is an event of such magnitude that it will affect almost all dimensions of the global economy, including financial services, in some way.

The GFMA White Paper, ‘Brexit: Implications for the Global Financial System’ focuses on issues that our global members have identified as most important to their cross-border businesses and the international investment and economic growth they support.

GFMA, IIAC, IIF and ISDA Submit Comments to LEI ROC in Response to Consultation Paper on Including Data on Branches in the Global LEI System

November 2015  |  Correspondence  |  Press Releases

Global Financial Markets Association (GFMA), Investment Industry Association of Canada (IIAC), The Institute of International Finance (IIF) and International Swaps and Derivatives Association, Inc. (ISDA) provide response to the Legal Entity Identifier Regulatory Oversight Committee’s (ROC) “Consultation Document: Including data on branches in the Global LEI System.” Overall, the associations support the ROC’s proposal to incorporate an identification approach for branches into the Global LEI System (GLEIS) as there is a need for such an identifier.  The associations strongly agree there is a need for a global, standardized approach for the regulatory reporting of branches and branch activity and believe the LEI system provides a good operational structure for this purpose.  While the associations support new guidance for a branch identifier, they have several concerns with the approach proposed by the ROC and make recommendations for addressing those concerns in the letter. 

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Resources

GFMA One-Pager on LEI Requirements in the SFTR

October 2019  |  Policy Resource  |  Financial Market Infrastructure

The Securities Financing Transaction Regulation (SFTR) entered into force on 11 April 2019, with a phased-in compliance period. Compliance with the regulation requires that reporting firms provide their own LEIs as well as the LEIs of their counterparties. This document explains the requirement and the firms impacted.

GFMA/ISDA FAQs on Obtaining an LEI

October 2019  |  Policy Resource  |  Financial Market Infrastructure

This document provides answers to commonly asked questions regarding the LEI. Several regulators around the world require or are anticipated to require LEIs for transaction reporting and for other uses where clear identification of market participants is needed. Obtaining an LEI is a straightforward and efficient process.

GFMA March 2019 LEI Webinar FAQs

May 2019  |  Policy Resource  |  Financial Market Infrastructure

These FAQs have been prepared based on a GFMA LEI Webinar at which members of ESMA participated. The answers have not been reviewed or confirmed by representatives of ESMA and are not official legal or regulatory guidance. Firms should rely on independent legal and regulatory sources to plan their LEI programs, including compliance with the requirements of MiFID II and EMIR.

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News

New Financial Releases Global Capital Markets Growth Index

10 January 2019   |   News  |  Economic Growth

Washington, D.C., 10 January 2019 – New Financial, commissioned by the Global Financial Markets Association (GFMA), has today published a new major industry report, “The New Financial Global Capital Markets Growth Index.” The purpose of the report is to provide an in-depth review and comparison of national and regional capital markets across the globe in terms of market size, depth, and access to pools of capital.

GFMA Statement on the FSB's Establishment of the Global LEI Foundation

11 November 2014   |   News  |  Financial Market Infrastructure

Release Date: 30 June 2014 Contact: Carol Danko, 202.962.7390, cdanko@sifma.org   GFMA statement on the FSB's establishment of the Global LEI Foundation Washington, DC, June 30, 2014- GFMA today issued the following statement from Kenneth E. Bentsen, Jr., GFMA CEO and SIFMA president and CEO on the establishment of the Global Legal Entity Identifier Foundation (GLEIF) by the Financial Stability Board Plenary: "GFMA welcomes the establishment of the Global LEI Foundation and the appointment of the first LEI Board of Directors by the Financial Stability Board (FSB). These are essential foundational elements for the development of the global LEI System, and will help catalyze the further expansion of the use of the LEI around the globe. "Having a uniform, global legal entity identifier standard will help regulators, supervisors, researchers and firms to better measure and monitor systemic risk, more effectively measure and manage counterparty exposure, and improve operational efficiencies. Overall, this standard will help support the shared objective of a more stable financial system."  The announcement was made by the FSB on June 30, 2014 and further statements from the GLEIF can be found here and here. -30- The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of securities firms, banks and asset managers. SIFMA's mission is to support a strong financial industry, investor opportunity, capital formation, job creation and economic growth, while building trust and confidence in the financial markets. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.   

FT: Regulators Must Mandate Use of the Global LEI System

13 August 2014   |   News  |  Financial Market Infrastructure

In a letter to the editor of the Financial Times, Kenneth E. Bentsen, Jr., - President and CEO of SIFMA and CEO of {SIFMA’s global affiliate} GFMA - encourages the Financial Stability Board (FSB) to urge regulators and policy makers across the globe to prioritize the use of LEIs as part of their toolkit for promoting financial stability.

GFMA Statement on the Endorsement of Pre-LEI Utilities

11 October 2013   |   News  |  Financial Market Infrastructure

Release date: 11 October 2013 London, 11 October 2013 - GFMA released the following statement after the Regulatory Oversight Committee (ROC) of the Global Legal Entity Identifier System (GLEIS) endorsed three utilities as pre- Local Operating Units (pre-LOUs) with the authorization to issue pre-legal entity identifiers (pre-LEIs). The three pre-LOUs include the CICI Utility, as well as WM Datenservice and INSEE (issuing only to French entities). These pre-LOUs will issue pre-LEIs that will serve as common legal entity identifiers and will transition to the global system when it is completed.  "The establishment of a global legal entity identifier system will dramatically improve systemic risk management in the financial industry. GFMA strongly supports the ROC's endorsement of these utilities to issue "mutually acceptable" pre-LEIs. The use of these pre-LEIs is a critical step forward for the GLEIS as it will enable the industry and regulators to start realizing the benefits of common identifiers now while work on the global system is completed. "Currently, there is no global standard for identifying parties to a financial transaction. Without a standard way to identify entities engaged in financial transactions, it is more challenging to measure the total exposure of one organization to another. The LEI initiative will dramatically improve systemic risk management by providing regulators and firms with more complete and accurate data on exposures in the financial system." -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. For more information, visit https://www.gfma.org.

GFMA Posts Provisional Legal Entity Identifiers

10 December 2012   |   News  |  Financial Market Infrastructure

Release Date January 20, 2012 Contact           Liz Pierce, +1 (212) 313 1173, lpierce@gfma.org                         James White, +44 (0)20 7743 9367, james.white@gfma.org                         Rebecca Terner, +852 2537 3246, rterner@asifma.org    GFMA Posts Provisional Legal Entity Identifiers     LONDON, HONG KONG

GFMA Commends CICI Utility Launch

21 August 2012   |   News  |  Financial Market Infrastructure

Release Date 21 August 2012Contact   Liz Pierce, 212 313 1173, lpierce@gfma.org GFMA Commends CICI Utility Launch  New York, NY, 21 August 2012 – GFMA today released the following statement from David Strongin, representing GFMA, in response to today’s launch

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