Market Fragmentation: Promote cross-border regulatory coordination and consistency

Policymakers and regulators responded expeditiously to the global financial crisis, acting to implement a series of regulatory reforms meant to improve the resiliency of the financial system.

Now that many of these reforms are fully implemented, it is prudent to review their impact and interaction to ensure they are achieving their stated goals without unduly harming economic growth.



GFMA Response to FSB Consultation on Evaluation of TBTF Reforms

June 2019  |  Correspondence  |  Regulatory Correspondence

GFMA submitted a response letter to the FSB in regarding its consultation on evaluation of too-big-to-fail (TBTF) reforms for banks. The response outlined key achievements in addressing TBTF, the areas that warrant further analysis and the other questions that should be asked in order to complete the evaluation.

GFMA, ISDA and IIF Letter to BCBS on Revised CVA Framework

May 2019  |  Correspondence  |  Regulatory Correspondence

GFMA, ISDA and the IIF sent a joint letter to the Basel Committee outlining concerns on the impact of the revised Credit Valuation Adjustment (CVA) Framework. The letter notes that industry QIS indicated that the framework will result in substantial increases in capital requirements.

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).

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New Financial Releases Global Capital Markets Growth Index

10 January 2019   |   News  |  Financial Market Infrastructure

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 Releases Principles for Achieving Consistent Regulatory Regimes and Supervisory Practices

17 April 2018   |   News  |  Market Fragmentation: Promote cross-border regulatory coordination and consistency

HONG KONG, LONDON and WASHINGTON, 17 April 2018 – The Global Financial Markets Association (GFMA), which represents the common interests of the world’s leading financial and capital market participants, released “Principles for Achieving Consistent Regulatory Regimes

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, Katrina Cavalli, GFMA +1 (212) 313 1181, Rebecca Hansford, AFME +44 (0)20 743 9367,  Vijay Chander, ASIFMA +852 2531 6521,

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