The London Investment Banking Association (“LIBA”) and the Securities Industry and Financial Markets Association (“SIFMA”) today announced their intention to bring together their London-based operations into a single independent European organisation.
This new, strengthened, and independent association will work under the leadership of Jonathan Taylor, LIBA’s Director General. It is expected to be a unified, influential voice in issues affecting the international, European, and UK capital markets and will coordinate closely on global market and regulatory issues with SIFMA’s Asian and US operations.
Rationale for merger
• Over recent years LIBA and SIFMA-Europe have increasingly worked closely together. LIBA’s primary expertise in successful policy and advocacy work complements SIFMA-Europe’s product-focused knowledge and activities. The merger is the next logical step toward a fully-integrated, efficient and cost-effective European operation.
• As market and regulatory developments increasingly take place on an international stage, a global-facing organisation is the optimum structure to serve best members’ interests.
Benefits of the merger
• Members’ interests will be more effectively represented in interaction with national and regional European policy makers, drawing more systematically on SIFMA-Europe’s industry-wide market and product knowledge.
• Interaction with global policy makers will be more timely and coordinated in the face of increased global initiatives from regulators and policy makers.
• An integrated operation that will result in greater focus and cost savings.
• LIBA will retain all of its existing services and will possess a greater capacity to improve UK-focused member services.
The new European entity will be linked with a new body, the Global Financial Markets Association (“GFMA”), which will address global strategy. Tim Ryan, ceo of SIFMA US, will be the ceo of the GFMA.
