GFMA submitted a letter to leaders at the SEC, UK Treasury and European Commission to work together on the MiFID II Unbundling Requirement.

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, 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 FX Division Submits Comments to the BCBS on its Consultative Document “Leverage ratio treatment of client cleared derivatives”

GFMA Chief Executive Simon Lewis writes to the editors of the Financial Times calling for G20 finance ministers and financial heads of all nations to formally endorse the robust application of the international principle of comity – where the home regulator defers to the host regulator where the latter’s rules are consistent with the G20 recommendations and best practices.

GFMA provides comments to the International Organization of Securities Commissions (IOSCO) on the consultation report entitled "Global Developments in SecuritisationRegulation" (the Consultation Report), and the corresponding proposed policy recommendations.