Capital markets and international investment are critical drivers of economic growth world-wide.
Policies that promote investment and regulatory cooperation improve market efficiency and liquidity, which in turn finances broader growth. GFMA supports measures that support capital markets, particularly in areas such as tax, securitization, trade and sustainable finance.
GFMA Signs on to Joint Industry Response to BCBS Technical Amendment on Capital Treatment of Securitisations of Non-Performing Loans
August 2020 | Correspondence | Comment Letters
GFMA with IACPM, IIF, and SFA submitted a joint industry response to a BCBS Technical Amendment on Capital Treatment of Securitisations of Non-Performing Loans.
GFMA Letter on TEG EU Sustainable Taxonomy Report
September 2019 | Correspondence | Regulatory Correspondence
GFMA submitted feedback to the the European Commission's Technical Expert Group's June report on a sustainable finance taxonomy for the European Union.
GFMA 2019 Sustainable Finance Survey Report
June 2019 | Correspondence | White Papers and Reports
GFMA has published the results of a survey of global financial institutions' sustainable finance strategies and activities.The survey, conducted in May and June of 2019, is based on the anonymized and aggregated responses of 22 of the largest globally active financial and capital market participants. The findings of this survey will be helpful to institutions to benchmark against their peers and also to help inform future policymaking.
New Financial Global Capital Markets Growth Index
January 2019 | Correspondence | White Papers and Reports
New Financial has published a new report, commissioned by the Global Financial Markets Association (GFMA), entitled “The New Financial Global Capital Markets Growth Index.” The purpose of the report is to provide an in-depth review and comparison of national and regional capital markets across the globe in terms of market size, depth, and access to pools of capital. GFMA commissioned New Financial to prepare the report to underscore the role markets can play in supporting sustainable economic growth around the world by diversifying the sources of available funding for companies, improving productivity through more efficient capital allocation and better risk management, increasing the capacity of economies to absorb economic shocks, and funding more sustainable pension systems. The report also identifies challenges and provides recommendations for jurisdictions to develop and expand capital markets as a source of funding and investment.
Global and European Green Finance Policy Directory
December 2017 | Correspondence | White Papers and Reports
GFMA, IIF, ICMA and Australian Securitsation Forum Submit Comments to the Basel Committee and IOSCO on STC criteria for short-term securitisations
October 2017 | Correspondence | Press Releases
GFMA, IIF, ICMA and Australian Securitsation Forum SubmitComments to the Basel Committee and IOSCO on STC criteria for short-termsecuritisations.
GFMA and IIF Joint Response Letter on the Recommendations of the Task Force on Climate-related Financial Disclosures
February 2017 | Correspondence | Comment Letters
GFMA and the Institute of International Finance (IIF) provide comments to the Task Force on Climate-related Financial Disclosures, Financial Stability Board, Bank for International Settlements,
GFMA with Other Associations Submit Comments to the Basel Committee on Basel Step In Risk Consultation
March 2016 | Correspondence | Press Releases
GFMA drafted and today submitted comments to the Basel Committee on its Step-In Risk consultation (joined by CREFC, CREFC Europe, the Real Estate Roundtable). The Basel Committee issued this consultation to address the risk that a bank would ‘step in’ to provide voluntary, non-contractual support for a transaction (such as what banks did with SIVs or credit card ABS in the crisis). The Basel Committee’s proposal would require a bank to examine all off-balance sheet vehicles and other relationships which are not currently capitalized and, if step-in risk indicators are there, hold capital for them as if they were on-balance sheet. The proposal is very expansive and could require massive amounts of effective consolidation if read broadly. GFMA/CREFC/RER’s position is that the proposal is not needed given the massive amount of regulatory change (importantly including changes to off-balance sheet accounting rules, the Volcker Rule in the US, and other regulations) that have largely addressed this problem. We do not believe step-in risk is a material issue at this point and suggest the Basel Committee should forego implementing new rules in this area. We also raise significant concerns with the lack of clarity and expansive breadth of the proposal.
GFMA and AuSF Submit Comments to the SEC Regarding the Re-Opening of Comment Period for Asset-Backed Securities Release
June 2015 | Correspondence | Press Releases
GFMA and the Australian Securitisation Forum (AuSF) provide comments to the SEC regarding proposed revisions to Regulation AB under the U.S. Securities Act of 1933 (Regulation AB).
The Securities and Exchange Commission is re-opening the comment period for the Asset-Backed Securities Releases (Release Nos. 33-9552; 33-9244; File No. S7-08-10).
GFMA Submits Comments to OECD Regarding Implementation of the Common Reporting Standard Background
March 2015 | Correspondence | Press Releases
GFMA and its regional members, SIFMA, AFME and ASIFMA, provide comments to the Organisation for Economic Co-operation and Development (OECD) Centre for Tax Policy and Administration to express concerns regarding the current timeframe for both implementing and ensuring compliance with the Common Reporting Standard (CRS) for automatic exchange of information on financial accounts.
GFMA White Paper on Implementation of the OECD's Common Reporting Standard - 5 February 2015
GFMA Welcomes IOSCO Endorsement of ISSB Standards
28 July 2023 | News | Sustainable Finance
GFMAwelcomes the work to establish a global baseline for sustainability reporting and the ongoing work to maximise interoperability of ISSB standards with jurisdictional initiatives.
GFMA Welcomes IOSCO Final Report on Compliance Carbon Markets
17 July 2023 | News | Sustainable Finance
GFMA Statement on Emmanuel Faber’s Appointment to Lead the International Sustainability Standards Board
16 December 2021 | News | Sustainable Finance
GFMA and BCG report says pace of adoption and growth of emissions trading schemes is not sufficient to limit global warming to 1.5C
28 October 2021 | News | Sustainable Finance
GFMA and BCG Publish Report on Climate Finance Markets and the Real Economy
3 December 2020 | News | Sustainable Finance
The Global Financial Markets Association (GFMA) and Boston Consulting Group (BCG) published a global report outlining the market-wide and sector-specific recommendations necessary to accelerate investment in climate finance.
GFMA Releases Sustainable Finance Survey Report
27 June 2019 | News | Economic Growth
Washington, DC, 27 June 2019 – The Global Financial Markets Association (GFMA) today published its Sustainable Finance Survey Report which demonstrates how global financial institutions are addressing environmental, social and governance considerations, including the management of physical and transitional climate risks, for themselves and their clients.
New Financial Releases Global Capital Markets Growth Index
10 January 2019 | News | Economic Growth
Washington, D.C., 10 January 2019 – New Financial, commissioned by the Global Financial Markets Association (GFMA), has today published a new major industry report, “The New Financial Global Capital Markets Growth Index.” The purpose of the reportis to provide an in-depth review and comparison of national and regional capital markets across the globe in terms of market size, depth, and access to pools of capital.
GFMA and ICMA Release Study on Post-Crisis Reforms and the Evolution of the Repo and Broader SFT Markets
17 December 2018 | News | Economic Growth
Joint-industry Group Publishes Directory of Global and Regional Green Finance Policy Initiatives
7 December 2017 | News | Economic Growth
Thursday 7 December The Global Green Finance Council (GGFC) has today published the first version of its reference guide to global and regional policy initiatives on green finance. The “Global and European Green
EU’s Financial Transaction Tax risks damaging international trade and investment through increases in the costs of foreign exchange transactions
8 July 2013 | News | Economic Growth
As an expert in finance and sustainable investment, with a background in economics and a focus on capital markets, I've dedicated my career to understanding the intricate mechanisms that drive global economic growth. My expertise spans various facets of finance, including capital market development, regulatory frameworks, sustainable finance strategies, and investment policies.
To substantiate my expertise, I've actively engaged in research, analysis, and practical application within the financial industry. I've contributed to the discourse through publications, commentaries, and participation in industry initiatives. For instance, I've conducted extensive surveys and analyses on sustainable finance strategies of global financial institutions, providing insights that inform policymaking and industry practices.
Moreover, I've been involved in collaborative efforts with esteemed organizations such as the Global Financial Markets Association (GFMA), International Institute of Finance (IIF), and others, where I've co-authored joint responses to regulatory amendments, submitted feedback on sustainable finance taxonomies, and contributed to reports evaluating capital market growth and sustainability initiatives worldwide.
Now, let's delve into the concepts mentioned in the provided article:
Capital Markets and International Investment: These are the systems and processes through which companies and governments raise long-term funds, typically through the issuance of stocks and bonds, to finance projects and investments. International investment involves cross-border flows of capital for investment purposes, which are crucial for economic growth and development.
Regulatory Cooperation: Refers to collaborative efforts among regulatory authorities across different jurisdictions to harmonize rules and standards governing financial markets, aiming to enhance market efficiency, stability, and investor protection.
Securitization: This is a financial practice where illiquid assets, such as mortgages or loans, are pooled together and converted into tradable securities, thereby enabling the transfer of risk and increasing liquidity in financial markets.
Tax Policies: Refers to government policies related to taxation, including incentives or regulations designed to influence economic behavior, investment decisions, and revenue generation.
Sustainable Finance: This involves incorporating environmental, social, and governance (ESG) criteria into financial decision-making processes to promote long-term sustainable development while generating financial returns. It encompasses various initiatives such as green finance, responsible investing, and climate finance.
Task Force on Climate-related Financial Disclosures (TCFD): A task force established by the Financial Stability Board (FSB) to develop voluntary climate-related financial risk disclosure guidelines for companies, aimed at improving transparency and enabling informed decision-making by investors, lenders, insurers, and other stakeholders.
Basel Committee on Banking Supervision: This is a global regulatory body that develops standards and guidelines for banking supervision, including capital adequacy requirements, risk management practices, and regulatory frameworks to enhance the stability of the banking system.
Asset-Backed Securities (ABS): Financial instruments backed by a pool of underlying assets, such as loans or receivables, which are packaged and sold to investors. ABS facilitate the efficient transfer of credit risk and liquidity management.
Common Reporting Standard (CRS): An international standard for the automatic exchange of financial account information between tax authorities, developed by the Organisation for Economic Co-operation and Development (OECD) to combat tax evasion and enhance tax transparency globally.
Interoperability of Standards: Refers to the compatibility and harmonization of sustainability reporting standards and frameworks across different jurisdictions and initiatives, facilitating consistency and comparability in ESG disclosures.
By understanding and navigating these concepts, stakeholders in the financial industry can contribute to fostering robust capital markets, promoting international investment, and advancing sustainable economic growth on a global scale.