GFMA represents the common interests of the world’s leading financial and capital market participants, to provide a collective voice on matters that support global capital markets. GFMA advocates on policies to address risks that have no borders, regional market developments that impact global capital markets, and policies that promote efficient cross-border capital flows, benefiting broader global economic growth.
Global Affiliates
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Global
GFMA
The GFMA brings together three of the world’s leading capital markets trade associations to provide a forum for the largest globally active financial and capital market participants to develop standards to improve the coherence and interaction of cross-border financial regulation. We aim to improve the functioning of global capital markets to support global economic growth and to support lending and to serve clients in those jurisdictions they want to do business.
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Europe
AFME
AFME is the voice of all Europe’s wholesale financial markets, providing expertise across a broad range of regulatory and capital markets issues. We represent the leading global and European banks and other significant capital market players. We advocate for deep and integrated European capital markets which serve the needs of companies and investors, supporting economic growth and benefiting society. We aim to act as a bridge between market participants and policy makers across Europe, drawing on our strong and long-standing relationships, our technical knowledge and fact-based work.
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Asia
ASIFMA
ASIFMA is an independent, regional trade association comprising a diverse range of over 100 leading financial institutions from both the buy and sell side, including banks, asset managers, professional services firms and market infrastructure service providers. Together, we harness the shared interests of the financial industry to promote the development of liquid, deep and broad capital markets in Asia. ASIFMA advocates stable, competitive and efficient Asian capital markets that are necessary to support the region’s economic growth.
Core Policy Issues
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Benchmark Reform
Reliable benchmarks and reference rates are critical to the smooth functioning of global financial markets. GFMA aims to build awareness as the markets transition to new risk-free rates.
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Commodities
GFMA’s Commodities Working Group (CWG) focuses on regulatory issues specific to banks operating in the financial and physical commodities markets. CWG’s work centers around the creation of a more level regulatory playing field for the commodity markets: implementation of MiFID2 commodity-specific measures, including the new position limits/reporting regime; embedding new transparency requirements in the European wholesale gas and power markets; and monitoring issues such as IOSCO’s Principles for Oil Price Reporting Agencies.
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Cybersecurity & Operational Resilience
Cybersecurity is an inherently cross-border issue that is critical to modern capital markets. GFMA has worked with its members and policymakers to promote cybersecurity practices that support the policy objectives of both regulators and firms in an efficient manner.
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Economic Growth
Capital markets and international investment are critical drivers of economic growth worldwide. Policies that promote investment and regulatory cooperation improve market efficiency and liquidity, which in turn finances broader growth. GFMA supports measures that support capital markets, particularly in areas such as tax, securitization, trade and sustainable finance.
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Financial Data
Capital market participants use financial data, including personal data, in their normal course of business as it has grown increasingly central to providing efficient services to clients. Firms and policymakers have a mutual interest in ensuring the proper handling of such data to ensure its security without being overly restrictive of data flows and usage.
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Financial Market Infrastructure
Financial market infrastructures such as central counterparties and trade repositories and the practices that support them are central to the efficient functioning of capital markets by promoting transparency, fostering efficient access to clearing and preventing market fragmentation. GFMA supports supervisory standards that support market efficiency and financial stability while preserving end-user choice.
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Foreign Exchange
The Global FX Division of GFMA has 25 members, accounting for the majority of the global FX inter-dealer market. Key priorities include serving as the voice of the industry – promoting confidence in the FX market and its practices and enhancement of standards; working for members and market participants – continued focus on ensuring a well-functioning, efficient and cost-effective global FX market for all end users, acting as a central forum for discussion, supporting members on implementation of new regulations, enhancing consistency and compliance; regulator engagement – building relationships with international regulators, promoting the role of FX markets in a well-functioning economy, ensuring regulation is appropriate, providing a flow of information regarding international regulation and its impact on the FX markets – drafting and coordinating central responses, pushing for consistency and harmonisation and looking to the future – leading key industry initiatives for the benefit of all market participants with a goal of increasing efficiency and reducing costs, identifying areas where new technology may provide opportunities for market development.
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Market Efficiency & Resiliency
Regulators from around the world came together through the Basel Committee on Banking Supervision to adopt common international standards for prudential requirements to be applied to systemically important banks. GFMA support consistent standards that ensure financial stability while preserving a level playing field for all firms.
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Market Fragmentation
Policymakers and regulators responded expeditiously to the global financial crisis, acting to implement a series of regulatory reforms meant to improve the resiliency of the financial system. Now that many of these reforms are fully implemented, it is prudent to review their impact and interaction to ensure they are achieving their stated goals without unduly harming economic growth.
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Technology & Innovation
Global investment banks are embracing opportunities to enhance the current operating environment, enabling firms to build out systems to meet global regulatory requirements, evolving client expectations and serving clients in jurisdictions they want to do business. In order to take advantage of the opportunities in this developing environment, banks are prioritizing investment in technology and innovation. We look forward to working with policymakers and regulators, who have a key role to play here by promoting innovation and supporting the adoption of new technologies, whilst ensuring that future regulatory frameworks maintain a level playing field and promote integrity of capital markets and financial stability.
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Sustainable Finance
The need to finance a path to a sustainable future has never felt more urgent. As a result, ESG standards are increasingly shaping the way investors choose to engage with companies and thus how companies do business around the world. GFMA works across its members to unlock the power of capital markets to finance the transition to a sustainable future.