The Global Financial Markets Association (GFMA
), the Institute of International Finance (IIF) and the International Swaps and Derivatives Association (ISDA) have issued the following statement on the Fundamental Review of the Trading Book (FRTB) framework issued today by the Basel Committee on Banking Supervision (BCBS): GFMA
, IIF and ISDA share the Basel Committees goal of ensuring the safety and soundness of the global financial system, which is critical to enhancing investor and consumer confidence, and economic growth.
DTCC, SWIFT, ANNA and ISO had previously been recommended by a broad group of industry trade associations lead by GFMA
and will work together to adapt this industry solution for the global regulatory community under the governance framework and operating model being proposed for the global Legal Entity Identifier program by the FSB.
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
AFME participates in a global alliance with the Securities Industry and Financial Markets Association (SIFMA) in the US, and the Asia Securities Industry and Financial Markets Association through the GFMA
(Global Financial Markets Association).