Highlights from our event in London on 27 June 2019, which showcased how the evolution of the FX market is creating opportunities for a rewarding career. The programme covered the transformation of the FX market over the last five to ten years, as well as highlighting mid to long term industry trends and how they are driving new opportunities for FX careers in areas such as sales, trading, operations, legal, analytics, technology and project management. The Trade Associations support the IOSCO-CPSS position that “a system of legal entity identifiers (LEIs”) would be an essential tool for the aggregation of OTC derivatives”. 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 Global Foreign Exchange Division (GFXD) welcomes the opportunity to comment on the Hong Kong Monetary Authority (HKMA) consultation regarding the Hong Kong Trade Repository (HKTR). The Global FX Division of the Global Financial Markets Association (GFMA) provides comments to the Monetary Authority of Singapore (MAS) on the MAS Consultation Paper on Proposed Regulations of over-the-counter (OTC) derivatives. 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. GFMA provides comments to the Secretariat of the Basel Committee on Banking Supervision (BCBS) on their consultative document regarding monitoring indicators for intraday liquidity management. GFMA supports the BCBS’s ongoing efforts to promote enhanced intraday liquidity risk management practices and supervisory tools originally outlined in Principal 8 of the BCBS’s Principles for Sound Liquidity Risk Management and Supervision (September 2008). The Global Foreign Exchange Division of GFMA provides comment on the consultative document on margin requirements for non-centrally-cleared derivatives issued by the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) joint Working Group on Margin Requirements (WGMR). GFMA provides comments to the European Commission (EC) on the EC Stakeholder Consultation on the implementation of a data and transaction reporting framework for wholesale energy markets.
The Basic Of Business
GFMA supports the work of both ESMA and the EBA in developing a framework of principles for benchmarks used extensively in financial markets. Undertaking reform on such a significant scale also risks making changes that are broader in scope than may be necessary or which are focused purely on domestic concerns or issues whilst ignoring the impacts on wider, international financial markets. This can lead to regulation that is inappropriately extraterritorial in effect and elements of regulation that diverge significantly between major financial centres. GFMA provides comments to the Financial Stability Board (FSB) and the Basel Committee on Bank Supervision (BCBS) on the implementation of prudential standards. The post‐crisis international regulatory framework represents a major step forward from that which existed prior to the financial crisis.
Top 5 Challenges for the Automotive Industry in 2024 and Beyond
GFMA offers recommendations as part of an ongoing dialogue with Ofgem and with ACER throughout the process of implementation of REMIT. Members of the Commodities Working Group of the GFMA provide comments to the International Organization of Securities Commission’s (IOSCO) Consultation Paper on the Functioning and Oversight of Oil Price Reporting Agencies. Members are keen to maintain an active dialogue with IOSCO throughout the process of consultation, and would therefore like to offer some constructive comments in the hope it will serve as part of that ongoing dialogue. While the groups would be happy to engage further with ICO Today Magazine the TBG on a recalibration of the existing standard rules approach, or indeed on the design of a new simple standard rules approach, the focus of this response is on standardization of model calibration for benchmarking purposes. GFMA, the British Bankers’ Association, the European Banking Federation, ISITC Europe, International Swaps and Derivatives Association, Inc., and the Investment Industry Association of Canada provide comments to the Financial Services Board Chairman Mark Carney. The Associations submit comments on the need for the ROC to make important decisions at the their upcoming (11-12 June) meeting on the Mutual Acceptance for pre-LEI identifiers, as well as the development of standards for pre-Local Operating Units (LOUs).
The event covered the transformation of the FX market and highlighted the mid-to long-term industry trends and how they are driving new opportunities for FX careers in areas such as sales, trading, operations, analytics, technology, and digital currencies. Identify the size of a market opportunity with our global database of market size, segmentation, share and forecast data. Over 500 researchers and specialists gather and double-check every statistic we publish. Gain access to valuable and comparable market data for over 190+ countries, territories, and regions with our Market Insights. Get deep insights into important figures, e.g., revenue metrics, key performance indicators, and much more. With future restrictions penalizing the sale of new cars running only on petrol or diesel, the race is on worldwide for EV manufacturers to lower the greenhouse gas emissions their models release into the atmosphere. Thus, it comes as no surprise that the size of the global market for electric vehicles is tipped to grow substantially over the coming years.
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