The Global Financial Markets Association (GFMA) is the voice for global capital markets. We bring together three of the world’s leading financial trade associations, AFME, ASIFMA and SIFMA, and represent the common interests of the world’s leading financial and capital market participants to speak for the industry on the most important global market issues.
GFMA’s Board of Directors has identified five main areas of focus for 2019-20. GFMA will continue its work in other capital markets and operations areas, but will work in particular to be a leading association on these five areas:
Market fragmentation, in which market liquidity is broken up as a consequence of regulatory or supervisory requirements, hinders efficiency and raises costs at which financial services and products can be delivered across jurisdictions. GFMA has been and will continue to active feed into the Japanese G20 Presidency’s work on market fragmentation, as well as contribute to the review being led by the International Organization of Securities Commissions (IOSCO).
Sustainable finance is emerging as a top priority for financial institutions. GFMA will work to provide a voice for the sell-side to global and regional deliberations that seek to establish efficient frameworks for sustainable finance.
Operational resilience is concerned with how industry participants design plans to ensure the right people, processes and communication channels are identified in advance in the event of a disruption. GFMA, in collaboration with its regional affiliates (AFME, ASIFMA and SIFMA), is working towards the development of best practices on this topic.
Opportunities and Risks from New Technology
As global financial institutions leverage emerging technologies throughout their business processes, GFMA will closely follow developments to consider implications for the industry and policymakers. GFMA and PWC published a report, Technology and Innovation in Global Capital Markets, which examines the key trends which are expected to impact the industry over the next five years and provides a vision for the future and identifies the implications for the industry and for future policy making.
Transition to New Reference Rates
As official sector working groups work towards the transition to new reference rates, GFMA and its three regional associations will complement their work by building awareness of the working groups’ efforts and identifying potential challenges firms will face. GFMA will seek guidance from the official sector steering groups, Basel Committee, FSB and others how to mitigate regulatory risks from the interaction of the transition to new reference rates with ongoing implementation of regulatory and supervisory standards.
We look forward to continued engagement with regulators, industry and the broader financial community to maintain and strengthen the global capital markets, in the interest of efficient and sustained economic growth for all regions.
Chief Regulatory Officer, Deutsche Bank AG
Vice Chair, GFMA
Senior Managing Director, Head of Wholesale and Global Markets, Nomura Holdings
Vice Chair, GFMA
General Counsel & Managing Director, Bank of America Merrill Lynch
Kenneth E. Bentsen, Jr.
President and CEO, SIFMA