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Articles tagged by GFMA

GFMA Names Jury as Chair, Adds Scotiabank to Board The GFMA’s Global FX Division (GFXD) has named Claudia Jury, managing director and co-head, currencies and emerging markets at JP Morgan as its new chair, and Nigel Khakoo, head of G10 FX at Nomura as vice chair. The trade group also announced it added Scotiabank as a new board member, bringing its total membership to 25 FX market participants. The GFXD says its aim is to promote efficiency, international harmonisation of regulation and high standards of conduct in the global FX market.
MiFID II: Brace Yourselves, This is Only the Beginning Although it required a heavy lift from the financial services industry, the Mifid II implementation deadline came and went with minimum disruption. However, as Galen Stops points out, the real change is still yet to come. So here’s the good news for the FX industry: the January 3 Markets in Financial Instruments Directive (Mifid) II implementation deadline passed without any significant market disruption at the start of this month.   “January 3rd went relatively smoothly, our members generally reported a largely uneventful launch although the industry is continuing to work through a number of minor issues, which is what you would expect at this point in time,” says James Kemp, managing director, Global FX Division, Global Financial Markets Association (GFMA). 
MiFID II: Like a Swan Gliding Through Water The continued implementation of Mifid II will be generally characterised by lots of hard work in the background and not much immediate action in the foreground, argues Galen Stops. We all know the metaphor of the swan gliding seemingly serenly through the water, while in fact its feet are paddling away furiously underneath and out of sight. Well that swan is a pretty accurate representation of what the January 3 go- live date of MiFID II was like for many market participants, by all accounts. A huge amount of work had gone in behind the scenes to make sure that firms were compliant so that, when it arrived, the big day passed largely uneventfully.