US and European Financial Services Trade Associations Statement on TTIP
Targeted News Service |
The undersigned financial services trade associations, based in the US and
"The EU-US Summit being held this week offers the opportunity for policymakers to further strengthen the longstanding ties of friendship and trust between the two jurisdictions and to deepen their coordination on economic issues to significant mutual advantage. As part of this, there is the opportunity to enhance their financial regulatory coordination process. This is fundamental to our intertwined economies and financial markets. Importantly, a financial services regulatory framework between the US and EU would facilitate and guide efforts to promote consistent and coordinated high-quality regulatory standards in global markets, providing significant benefits to clients. The opposite approach - divergent and conflicting regulation - risks damaging global growth, job creation, and investment and may hinder the important advances in the effectiveness and strengthening of the new regulatory environment.
"As both jurisdictions robustly implement the G-20 Pittsburgh Summit mandates, we believe that policymakers should strengthen coordination through inclusion of financial services in TTIP. As such, it is only logical that there be a mechanism for consistency and coordination in the implementation of such regulatory reforms, as is being discussed for other economic sectors.
"This week's Summit is a critical opportunity to strengthen the transatlantic relationship, build trust, enhance coordination, reduce conflict and confusion, and improve the efficiency of regulations across jurisdictions for the benefit of regulators and the regulated alike."
The statement was issued by:
AFME (
The Assocation francaise des marches financiers (AMAFI) is the representative body for professionals working in the securities industry and financial markets in
The Asociacion de Mercados Financieros - AMF (
ASSOSIM (Associazione Italiana Intermediari Mobiliari) is the
The Bundesverband der Wertpapierfirmen e.V. (bwf) was created in
Launched in 1960, the
FIA's mission is to be the thought leader, advocate and educate connecting the centrally cleared derivatives industry. FIA seeks to promote best practices and standardization in the cleared derivatives markets, provide policymakers with an informed perspective on the derivatives markets, and advocate for the interests of its members, its markets and its customers. FIA strives to protect open and competitive markets, protect the public interest through adherence to high standards of professional conduct and financial integrity, and promote public trust and confidence in the cleared markets. FIA formed an affiliation last year with FIA Europe and FIA Asia under a new structure - FIA Global.
FIA Europe's mission is to be the thought leader, advocate and educator connecting the centrally cleared derivatives industry. FIA Europe last year formed an affiliation with FIA under a new structure - FIA Global. Under this arrangement, FIA, FIA Europe and FIA Asia have strengthened their influence on cross-border issues, substantially increasing the coordination and information flow between regions and providing a powerful global voice to express the views of their members. The organisations preserve their ability to deal with legislative, regulatory and market issues in their respective time-zones and continue to operate with their own leadership and staff, separate boards of directors and distinct memberships.
Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. Roundtable member companies provide fuel for America's economic engine, accounting directly for
Currently representing 22 brokerage houses, the Chamber of Brokerage Houses was created on 28 of
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