Washington, DC—FIA today joined Managed Funds Association, U.S. Chamber of Commerce, Securities Industry and Financial Markets Association, American Bankers Association, American Cotton Shippers Association, Bank Policy Institute, Cboe Global Markets, Inc., CME Group, Commodity Markets Council, Financial Services Forum, Institute of International Finance, International Swaps and Derivatives Association, Investment Company Institute, Nasdaq, Alternative Investment Management Association and World Federation of Exchanges in a letter to Treasury Secretary Steven Mnuchin, Federal Reserve Chairman Jerome Powell, CFTC Chair Heath Tarbert and SEC Chair Jay Clayton urging that they work to keep the financial markets open during the Coronavirus (COVID-19) outbreak.
“The U.S. financial markets are critical infrastructure to our nation and they continue to function as designed despite the volatility caused by the coronavirus. Keeping all U.S. financial markets open is essential to the well-being of the general economy and vital to maintaining and bolstering investor confidence, particularly once the economy recovers from the effects of this pandemic,” said the group in a joint statement.
Added FIA President and CEO Walt Lukken:
“Public exchanges benefit from regulated and transparent marketplaces, which gives confidence to the public that the prices discovered on these markets are fair. Companies across the spectrum of the economy use these markets for raising capital, managing risk and discovering prices. These public prices allow millions of consumers and businesses to make rational choices about purchasing, selling, manufacturing and investing throughout the economy. This ensures capital gets to the projects that need it most.”
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