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Statement of FIA President and CEO Walt Lukken on the FSB’s Market Fragmentation Report

Statement of FIA President and CEO Walt Lukken on the FSB’s Market Fragmentation Report

4 June 2019 2:30pm EDT

London, U.K.—FIA’s President and CEO Walt Lukken today made the following statement on the release

“FIA appreciates the hard work and special attention the G-20 leaders and the FSB are giving the issue of market fragmentation, and we look forward to additional work and progress by policymakers. For FIA and its members, this discussion comes at a crucial time. Derivative markets are global, but regulation is becoming more balkanized, as FIA’s recent report acknowledges.  It’s not just that we see conflicts and inconsistencies across jurisdictions.  What is more alarming is that several national and regional regulators are moving toward more direct regulation of foreign activity and participation, making it much more difficult to run a global business. This fragmentation of the regulatory framework reduces liquidity and competition in derivatives markets by creating barriers to market access and increasing the complexities in compliance. It also undermines the resilience of the clearing system by making it more difficult for clearing firms to operate on a global basis.”

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