Chair – Timothy Keehan (American Bankers Association)
The Financial Markets Working Group’s principal task is to engage with the International Organisation of Securities Commissions (IOSCO), an important global regulatory standard setter in the securities field, as it seeks to establish a more structured dialogue with the financial community.
The Working Group aims to be an IOSCO banking sector partner of choice through constructive input to the work of the IOSCO Technical Committee, by drawing on IBFed members’ expertise in global markets. The issues to be addressed include cross border regulation, the oversight of the shadow banking system, OTC derivatives reforms, the development of a global LEI system, and general consumer understanding of financial products and services. In doing so, the Financial Markets Working Group’s objective is to encourage economic growth by advocating efficiency and liquidity in the global financial markets, to support the banking and financial services industry’s efforts to serve the customers’ needs for financial products and services, to promote the continued development of financial transaction technologies and innovation, and to support maintaining public trust and confidence in the strength, regulation, and resiliency of the global financial markets.
The Working Group also facilitates the involvement of IBFed members in its activities so as to provide the banking sector view in key elements of the work of IOSCO, whether individually or together with other international bodies such as the Financial Stability Board and the Bank for International Settlements.