Release Date: 15 July 2014
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GFMA Comment on the FSB Consultation Paper on Foreign Exchange Benchmarks
London, UK, 15 July 2014 – In response to the publishing of a consultation paper by the Financial Stability Board’s FXBG (Foreign Exchange Benchmark Group), James Kemp, Managing Director of the Global FX Division of the Global Financial Markets Association (GFMA), commented:
“GFMA’s Global Foreign Exchange Division, which represents many of the international dealers in the $5trn a day market, welcomes this consultation paper, which will assist the FSB in the preparation of its final recommendations to the Brisbane G20 Leaders Summit in November.
The draft recommendations outlined are likely to have an impact on all participants offering or making use of FX benchmarks as part of their FX trading activity, including dealers, institutional investors, companies and governments. We will continue to work with regulators and supervisors to support measures designed to preserve and enhance confidence in the FX market, given its role in underpinning global trade and investing.”
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.