Department of Treasury and the European Commission, in advance of the G-20 meeting, on the problems that extraterritorial legislation poses for markets, clients and regulators. While groups welcome the ongoing discussions among U.S. and EU finance officials and relevant regulators to coordinate their respective regulatory reforms, a strong concern continues to be the emphasis on equivalency. In addition, the groups advise that standards of comparability should be outcomes based, and not used as a tool to export regulations from one jurisdiction to another. GFMA provides comments to the Commodity Futures Trading Commission (CFTC) on real-time public reporting of swap transaction data, RIN 3038-AD08 – 17 CFR Part 43. In the proposed rulemaking, the CFTC asks for specific data and analysis to support the block trades proposal. At this time, it is difficult to provide such statistical analysis given that there are no central bodies responsible for collecting sufficiently granular detail – an issue that swap data repositories (SDRs) are in part intended to address.

We serve corporates, institutional investors and governments from trading floors in almost 80 countries. The strength of our underwriting, sales and trading and distribution capabilities span asset classes (Commodities, Equities, Rates, Spread Products) and currencies, providing us with an unmatched ability to meet the needs of our clients. Try our interactive tool to explore global markets and browse content specific to your target markets. S&P Global, provides the data that powers the globally recognized Dow Jones Sustainability Indices, S&P 500 ESG Index, and others in the S&P ESG Index Series. Each year, S&P Global conducts the Corporate Sustainability Assessment, an ESG analysis of over 7,300 companies.

GFMA, the European BankingFederation (EBF), and International Swaps and Derivatives Association (ISDA)publish a paper, “International Cybersecurity, Data and Technology Principles,”that offers the groups’ thoughts on foundational principles for the formationof effective policy on cybersecurity, data and technology. GFMA and the Institute of International Finance (IIF) provide comments to Basel Committee on Banking Supervision (BCBS) on the Standardised Measurement Approach (SMA) for operational risk Consultative Document. GFMA, the Institute of International Finance (IIF), and the International Swaps and Derivatives Association (ISDA), provide comments to Bank for international Settlements (BIS) on the second phase of the development of the revised Pillar 3. The Global Foreign Exchange Division (GFXD) of GFMA and The International Swaps and Derivatives Association (ISDA) provide comments to the FSB on its consultation on GovernanceArrangements for the Unique Transaction Identifier (UTI). GFMA, the Clearing House, and IIF provide comments responding to FSB’s consultation on resolutionfunding strategies. GFMA has released its Financial Data Handling Principles for Banks and Non-Banks as a voluntary set of principles drawn from international best practices. NIST Cybersecurity Framework and the European Union’s General Data Protection Regulation (GDPR).

GFMA and its members believe that the integrity of benchmarks is important for market functioning and ensuring confidence in the price setting mechanisms. In November 2012, GFMA published its Principles for Financial Benchmarks to provide support and input into the regulatory dialogue on benchmarks. GFMA advocates the need for a clear and transparent regulatory framework, including consistent regulatory treatment with those undertaking similar price reporting or price formation activities. GFMA provides comments to the Basel Committee on Bank Supervision (BCBS) on the recognition of short positions in the calculation of capital deductions required for investments in unconsolidated financial institutions, as required under Basel III. GFMA believes that the current Basel III wording will unintentionally restrict banks’ ability to provide liquidity and carry out market making activities, and therefore ask the BCBS to reconsider the requirement. Prior to the supplemental comments, the trade associations submitted a comment letter to the BCBS on April 11 in response to the BCBS’s Revised NSFR. The groups continue to continue to strongly support the comments raised in the prior letter, including the equities-related comments.

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Our goal is to help you better understand your customer, market, and competition in order to help drive your business growth. On the GMI publisher page, click the “refine your search” button to search for specific keywords or titles. Over the last 8 years, GMI has emerged as a stand-out quality research partner for global companies, regional players, organizations, NPO as well as government agencies. To help you better understand this research provider and their unique expertise, here are some answers to frequently asked questions about GMI. Gain unparalleled access to in-depth analysis and thought-leading strategy and economics. Our on-the-ground teams across Asia-Pacific, Europe and the Americas deliver the latest, most definitive insights to enable informed decision-making as markets move.

Investors will be exposed to diversification and understand the international share market. Having a diversified portfolio gives the investor a source of stability even when the market is volatile. Therefore, it is a great option to spread your investment worldwide to ensure a low correlation between your assets, market volatility, and world indices. Sectors such as IT depend heavily on US corporate spending or US investments, therefore explaining the relation between the global share market and Indian indices. Another example can be that of Indian oil companies depending on the global Brent Crude prices and the worldwide impact. This ensures that any heavy impact on indices is not exposed because of small stocks.

GFMA Affiliate Briefing Note – MiFID and Foreign Exchange

• It generally means that a huge loss in NASDAQ may lead to further losses in other markets.
• This study evaluates the impact of the proposed EU Financial Transaction Tax on European FX markets.
• GFMA believes that many of the current legislative and regulatory reforms will have a significant impact upon the operation of the global FX market and feels it is vital that the potential consequences are fully understood and that new regulation improves efficiency and reduces risk, not vice versa.
• The letter notes that industry QIS indicated that the framework will result in substantial increases in capital requirements.

The groups remain concerned that the current proposals will not meet the Committee’s stated objective of comparability, resulting instead in capital requirements that are neither comparable among calculation methods nor proportionate to risks. GFMA, the Institute of International Finance (IIF), and the International Swaps and Derivatives Association (ISDA) provided comments to the Basel Committee for Banking Supervision (BCBS) on the Basel Committee’s consultation on standards for the future Pillar 3 disclosure regime. GFMACommodities Working Group (CWG) provided this paper on positionlimits/reporting regimes to HM Treasury prior to a meeting with it. GFMA and the Institute of International Finance (IIF) provide comments to the International Organization ICO Today Magazine ofSecurities Commissions (IOSCO) in response to the IOSCO paper and consultation issued in August entitled Examination of Liquidity of the SecondaryCorporate Bond Markets. GFMA and the International Swaps and Derivatives Association, Inc. (ISDA) provide joint comments in response to the Financial Stability Board (FSB) with industry input related to the FSB Thematic Peer Review (Peer Review) on Implementation of the Legal Entity Identifier (LEI). GFXD submitted a response to South Africa’s Financial Sector Conduct Authority and Prudential Authority on margin requirements for non-centrally cleared OTC derivative transactions.

On 28th September 2011 European Commission President José Manuel Barroso unveiled the EU Commission’s proposal for an EU wide Financial Transaction Tax (FTT) which would take effect from 1st January 2014. The tax would be levied on all securities and derivative transactions executed within the EU. For Foreign Exchange (FX) instruments spot has been exempted from taxation, however cash (defined as FX forwards and swaps) and derivatives (defined as options) have been included. Global Systemically Important Financial Institutions, or G-SIFIs, havebecome an area of focus for international policymakers. The G20 is driving the development of a newregulatory framework at a political level and has tasked various agencies withcreating more detailed approaches. Theconcern of policymakers is that G-SIFIs are too-big-to-fail, potentially forcingtaxpayers to bear the costs of any failures. GFMA provides comments to the Agency for the Cooperation of Energy Regulators (ACER) regarding the REMIT Registration Format Public Consultation Paper (CP).

The groups believe the FTT would have unprecedented extraterritorial impacts, contrary to G20 principles, and would harm economic growth. This GFMA letter sets out a summary of U.S. financialregulatory measures that have recently been proposed or are in theimplementation process, which may have an extraterritorial impact on non-USmarkets – particularly Asian markets. Thesemeasures are generally mandated by the Dodd-Frank Wall Street Reform andConsumer Protection Act (Dodd-Frank Act), enacted in 2010 by the U.S. The industry is strongly supportive of a federated Global LEI System, and the benefits to financial stability that it would provide. For this goal to be met, the ROC must make important decisions to both Mutually Accept pre-LEIs, as well as develop robust standards for pre-LOUs, immediately.

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