Release Date: 12 November 2014
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GFMA Comment on FCA, CFTC and FINMA announcements
London, UK, 12 November 2014 ‐ Commenting on today's announcement by the FCA, the CFTC and FINMA of fines for a number of banks and of an industry-wide remediation programme, James Kemp, Managing Director, Global FX at the Global Financial Markets Association (GFMA), said:
"Today's announcements from global regulators mark a significant moment for the FX industry. In highlighting major failures of control and conduct, the FCA and other regulators clearly identify key areas where standards have not been met. While investigations are still ongoing, the settlements and the proposed remediation programme provide a blueprint for the industry to move forward and to implement changes to restore confidence in the FX market.
"A great deal of work has already been done to strengthen the internal process and procedures within banks, alongside increased training and education. We and our members are contributing to the UK's Fair and Effective Market Review, which is addressing conduct and standards amongst other issues in the London-based financial markets. The industry also supports the work of the various global FX Committees on codes of conduct which we believe will drive appropriate behaviour across all market participants. We have engaged constructively with the work of the Financial Stability Board to improve benchmarks in the FX industry.
"The FX industry will continue to engage with regulators and supervisors to ensure the FX market, which underpins global trade, investment and the world's financial system, works for the benefit of all its participants."
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.