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Release Date: 12 October 2011
Contact: James White, +44 (0)20 7743 9367, jwhite@gfma.org
Contact: Andrew DeSouza, +1 (202) 962 7390, adesouza@gfma.org
GFMA Global FX Division appoints Managing Director for North America
Mandy Lam has joined GFMA’s1 Global FX Division2 as managing director, North America. Mandy joins from CLS Bank, where she was senior vice-president and head of Regulatory Affairs. She will be based in New York, reporting to Global FX managing director, James Kemp and locally to SIFMA Executive Vice President, Randy Snook.
The GFMA Global FX Division, headquartered at AFME in London, was formed in June 2010 to support efforts to promote an efficient global FX market, monitor regulatory developments that could affect the foreign exchange markets and assist the industry in building out the infrastructure of the future.
It has already taken a proactive role in ensuring the industry meets enhanced transparency requirements being driven by the G20, coordinating the selection of an industry partner to develop a foreign exchange trade repository and taking a leading role in industry discussions with multiple global regulators in relation to clearing, execution and reporting consultations.
Mandy was most recently responsible at CLS for liaising with the regulatory community of central banks in connection with their oversight responsibilities over a global systemically important payment system. She also had key roles in risk management and, as Associate General Counsel, in the legal department. Prior to joining CLS, she was a lawyer at Sullivan & Cromwell in New York working on financing, securities issuance, M&A and regulatory matters.
James Kemp, managing director of the GFMA Global FX Division, commented:
“We are delighted that Mandy has joined the Global FX Division – her experience of financial market regulation, combined with her understanding of the foreign exchange market will enhance the Division’s ability to respond proactively to global regulatory demands, as well as assist in helping the industry build out the relationships needed to ensure a well functioning, global FX market that continues to be efficient, liquid and accessible to all participants. This is critical for international trade and investing.”
1. The Global Financial Markets Association (GFMA) joins together some of the world’s largest financial trade associations to develop strategies for global policy issues in the financial markets, and promote coordinated advocacy efforts. The member trade associations count the world’s largest financial markets participants as their members. GFMA currently has three members: the Association for Financial Markets in Europe (AFME), the Asia Securities Industry & Financial Markets Association (ASIFMA), and, in North America, the Securities Industry and Financial Markets Association (SIFMA).For more information, visit http://www.gfma.org
2. The Global Foreign Exchange (FX) Division was formed in co-operation with the Association for Financial Markets in Europe (AFME), the Securities Industry and Financial Markets Association (SIFMA) and the Asia Securities Industry and Financial Markets Association (ASIFMA). Its members comprise 22 global FX market participants, collectively representing more than 90% of the FX market
