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GFMA Statement on Basel Committee Agreement

7 December 2017   |   News  |  Press Releases

HONG KONG, LONDON and WASHINGTON, DC, 7 December 2017 – Following the publication today of the Basel Committee on Banking Supervision's (BCBS) final package of Basel III proposals, Mark Austen, CEO of the Global Financial Markets Association (GFMA), said

GFMA, ISDA, IACPM and JFMC respond to the Basel Consultation on Internal Risk Models

28 November 2016   |   News  |  Capital Markets Efficiency and Resiliency

London – 22 June 2016 The Global Financial Markets Association (GFMA), along with the International Swaps and Derivatives Association, Inc. (ISDA), the International Association of Credit Portfolio Managers (IACPM) and the Japan Financial Markets Council

GFMA, IIF and ISDA Statement on the Fundamental Review of the Trading Book (FRTB) Framework issued today by the Basel Committee on Banking Supervision

7 July 2016   |   News  |  Capital Markets Efficiency and Resiliency

Press Release                                                                                       14 1 2016 GFMA, IIF and ISDA Statement on the Fundamental Review of the Trading Book (FRTB) Framework issued today by the Basel Committee on Banking Supervision

PwC Report Reviews State of Global Financial Market Liquidity

12 August 2015   |   News  |  Basel III

Release Date 12 August 2015 Contacts Krishna Rao, PwC +44 207 804 3765, krishna.chilmakurthi.rao@uk.pwc.com Katrina Cavalli, GFMA +1 (212) 313 1181, kcavalli@gfma.org Rebecca Hansford, AFME +44 (0)20 743 9367, rebeccca.hansford@afme.eu  Vijay Chander, ASIFMA +852 2531 6521,

GFMA Statement on the Net Stable Funding Ratio Final Rule

31 October 2014   |   News  |  Capital Markets Efficiency and Resiliency

Release Date: October 31, 2014 Contact: Carol Danko, 202.962.7390, cdanko@sifma.org      GFMA statement on the Net Stable Funding Ratio Final Rule                 Washington, DC, October 31, 2014- GFMA today issued the following statement from Kenneth E. Bentsen, Jr., GFMA CEO and SIFMA president and CEO on the final rule for the Net Stable Funding Ratio ("NSFR") issued by the Basel Committee on Banking Supervision: "GFMA appreciates the Basel Committee's work on the Net Stable Funding Ratio.  We support the goals underlying the NSFR, including limiting over reliance on short-term wholesale funding, encouraging better assessment of funding risks across all on- and off balance sheet items, and promoting funding stability.  If the NSFR is not calibrated properly, the rule could impact liquidity in a way that would reduce the ability to manage risk, increase volatility, and reduce returns for investors. We look forward to reviewing today's final rule in greater detail and understanding its impact on GFMA's member firms and the global economy‎."   The announcement was made by the Basel Committee on Banking Supervision today.    -30-   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. - See more at www.gfma.org.       

GFMA Statement on the Revised Leverage Ratio Issued by the Basel Committee on Banking Supervision in June 2013

23 September 2013   |   News  |  Capital Markets Efficiency and Resiliency

Release Date: September 23, 2013 Contact: Katrina Cavalli, +1 (212) 313-1181, kcavalli@gfma.org James White, +44 (0)20 7743 9367, james.white@gfma.org GFMA statement on the revised leverage ratio issued by the Basel Committee on Banking Supervision in June 2013 “GFMA shares the Basel committee’s goal of ensuring the safety and soundness of the global financial system, which is critical to enhancing investor and consumer confidence. GFMA supports both properly calibrated capital requirements and a leverage ratio, both of which are a vital component of a resilient financial system. “We believe, however, that the revised proposal issued by the Basel Committee on Banking Supervision would have negative unintended consequences that work at cross purposes to other important financial reforms. The proposed capital requirement comes on top of the Basel III risk weighted capital requirements, the liquidity coverage ratio and other measures designed to reduce risks in the system. This proposal does not work with these other measures and most instances works against them, or at least at cross purposes. Such a result is plainly at odds with the critical need for banking organizations to hold adequate levels of safe, highly liquid assets to manage unexpected customer demands and funding uncertainties. “A disincentive to hold low risk assets is likely to cause a decline in liquidity in government securities and cash markets, diminish access to repurchase agreement (“repo”) funding and other securities financing, and negatively impact central bank monetary policy operations. In addition to impacting individuals and businesses, the government could also find it harder to borrow money. As liquidity dries up, investors will also find it harder to access a variety of investment products, restricting their ability to meet their financial goals. “Additionally, the one-size-fits-all approach to calculating the leverage ratio may encourage banks to hold riskier assets that generate higher returns – this is fundamentally at odds with prudent risk management practices that aim to keep the financial system safe. Banks would be required to hold much more capital for their least risky assets, which will hamper their ability to lend to families who are looking to buy a home and businesses that want to expand and hire. “In its comment letter, GFMA recommends modifications to the proposed rule to better address the Basel Committee’s overall objective. The suggested changes would also provide a more accurate reflection of bank exposures and return the leverage ratio to its original intended purpose as a backstop to risk-based capital requirements. “GFMA urges the Basel Committee to adopt changes to the proposed framework to insure that banks can continue to nurture economic growth through monetary policies and provide the capital, credit and liquidity which families, businesses, investors and the government need to drive economic growth and job creation.” The letter is available at the following link: http://www.gfma.org/correspondence/item.aspx?id=536 -30- 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. For more information, visit http://www.gfma.org  

GFMA Comment on G-SIFI Resolution paper from US FDIC and Bank of England

14 January 2013   |   News  |  Capital Markets Efficiency and Resiliency

Release Date 10 December 2012  Contact          Andrew DeSouza, +1 (202) 962 7390, adesouza@gfma.org                         James White, +44 (0)20 7743 9367, james.white@gfma.org                        Rebecca Terner, +852 2537 3246, rterner@asifma.org     GFMA comment on G SIFI Resolution paper from US FDIC and Bank of

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