FIA President and CEO Walt Lukken made the following remarks at the 13th Lujiazui Forum International Symposium on the Rule of Law in the Financial Sector in Shanghai, China:
Welcome to FIA’s annual Boca International Derivatives Industry Conference. I hope our video intro brought back some fond memories of being in the warmth of south Florida in the company of friends and colleagues.
On behalf of FIA's membership, we wish you all the success as you begin your work as the 46th President of the United States. Policies affecting financial markets are sure to feature prominently in your agenda, particularly in light of the recent volatility in securities markets.
FIA advocates for market-led, voluntary clearing of gilt repo transactions in response to the Bank of England Discussion Paper on enhancing the resilience of the gilt repo market.
FIA's response to the BoE on CCP resilience advocates against financial incentives for porting and recommends enhancements to margin models in UK EMIR.
This document, first issued in February 2012, has been prepared by members of the FIA Law and Compliance Division and contains questions and answers addressing the basics of (i) segregation, collateral management and investments, (ii) minimum financial and other requirements for futures commission merchants and joint FCM/broker-dealers, and (iii) derivatives clearing organization guarantee funds.
FIA, along with nine other trade associations, seek delay to EMIR 3.0 7(d) reporting until the corresponding regulatory technical standards and implementing technical standards are applicable.
FIA has submitted a response to the Australian Securities & Investments Commission's Consultation Paper 386 on proposed amendments to the ASIC market integrity rules for trading systems and automated trading.
FIA recommends involving the China Securities Regulatory Commission alongside other authorities when determining the scope of qualified financial transactions, and ensuring equal legal protection for similar products regardless of where they are traded, cleared or settled. FIA also proposes adding a new article providing clear recognition and protection for financial market infrastructure operators.
In responding to proposed rule changes from TMX, FIA expresses support for the larger project underway to revise TMX's Approved Persons framework and voices concerns about the burden associated with the most recent proposed rule changes.
FIA has responded to the European Banking Authority’s consultation on third party risk management for non-ICT services. In the response, FIA highlights issues for consideration by the EBA for the guidelines to more proportionately enhance third party oversight in the EU financial sector landscape.
