National investment banking lobby groups in the UK, France, Italy and Sweden are setting up a joint association in a bid to better argue their case and increase influence with European law-makers and regulators.
The European Forum of Securities Associations is being set up by the London Investment Banking Association (liba), the French Association of Investment Firms, the Italian Association of Financial Intermediaries and the Swedish Securities Dealers Association.
The establishment of the forum comes ahead of the implementation of the EU's Markets in Financial Instruments Directive (MIFID), which aims to create a single financial services market across Europe.
According to a Financial Times report the association will communicate with European policy-makers on issues surrrounding regulation and market infrastructure in the region's rapidly consolidating financial sector.
Jonathan Taylor, director general of Liba told FT reporters the idea to create a forum had come out of co-operation between different associations on issues such as Mifid and efforts to open up the European market for clearing and settling securities trades.