North America's leading inter-dealer brokers announce today the launch of a new association to promote the quality and standards of the industry and a better understanding of the critical role played by wholesale brokers in the efficient functioning of financial markets.
The five founding members of the Wholesale Markets Brokers' Association Americas Inc. (WMBA Americas) are: BGC Partners; GFI Group; ICAP; Tradition; and Tullett Prebon.
The association seeks to work with Congress and key public policymakers on future regulation and oversight of over-the-counter (OTC) markets and their participants.
By working with regulators to make OTC markets more efficient, robust and transparent, the association sees a major opportunity to assist in the monitoring and consequent reduction of systemic risk in the country's capital markets.
"We look forward to representing the interests of the wholesale broker community in order to preserve and enhance the strengths of our markets," said Chris Ferreri, chairman of WMBA Americas. "Wherever appropriate, we will assist and work with regulatory bodies and other financial institutions to achieve this objective."
Mr. Ferreri noted the success of the WMBA in the U.K., and, in particular, its ability to interact and participate in discussions with regulators throughout Europe. He said the organization would serve as an excellent model on which to build the North American organization.
Mr. Ferreri pledged to work closely with the U.K. organization as well as other related associations to seek consistent global regulation and oversight of financial markets wherever possible.
The association is in the process of incorporating and is represented by Patton Boggs LLP in Washington, D.C.