The Futures Industry Association, the Futures and Options Association and FIA Asia are pleased to announce the completion of the final bylaw changes needed to form FIA Global, the confederation of associations that will enhance their combined global voice and reach. Members of the FOA approved the proposed affiliation in July along with its name change to FIA Europe. This week FIA Asia and FIA announced the completion of the necessary changes to their bylaws, the final steps in the process for forming FIA Global.
As announced in June when FIA and FOA unveiled the proposed affiliation, this new organizational structure will enable the associations to take a global position on crossborder issues, substantially increase the coordination and information flow among regions, and provide a powerful global voice to express the views of members in Asia, Europe and the U.S.
Michael Dawley, Chairman of FIA: “As we said in June when we proposed this affiliation, FIA Global will give us the right platform to efficiently and effectively maximize our efforts on behalf of the collective membership. This combination could not come at a more important moment in time given the current focus on the critical need for international regulatory coordination.”
Steve Sparke, Chairman of FOA: “The FOA Board and membership recognize the clear benefits of creating a global organization. This will strengthen our capability in every region to address the challenging global issues our industry faces, while maintaining FOA’s lead role in the European arena.”
Jason Scott, Chairman of FIA Asia: “The formation of FIA Global creates a powerful platform to represent the derivatives industry and the interests of its many stakeholders as it faces a period of rapid change across the globe. FIA Asia now has a voice at the highest level to represent its membership and carry out its mandate.”
FIA Global’s board of directors consists of the three chairmen of the underlying affiliates and nine individuals with global responsibilities drawn from the underlying affiliate boards. In addition, the chief executives of the underlying affiliates will serve on the FIA Global board and FIA’s President and CEO, Walt Lukken, will serve as FIA Global’s CEO.
The founding board will consist of the following 14 individuals with one additional director and officers to be named at a later date:
- Michael Dawley, FIA Chairman and Managing Director, Global Co-Head of Futures and Derivatives Clearing Services, Goldman, Sachs & Co.
- Jason Scott, FIA Asia Chairman and Head of Listed Derivatives Sales Asia-Pacific, Deutsche Bank AG
- Steve Sparke, FOA Chairman and Chief Operating Officer, Marex Spectron
- Nicolas Breteau, Chief Executive Officer, Newedge Group
- Jeffrey Jennings, Global Head of Prime Derivatives Services, Credit Suisse Securities (USA) LLC
- Peter G. Johnson, Global Head of Futures and Options, OTC Clearing and Foreign Exchange Prime Brokerage, Bank of America Merrill Lynch
- Jerome Kemp, Global Head of Citi Futures and OTC Clearing, Citi
- Najib Lamhaouar, Global Head of Exchange Traded Derivatives and OTC Clearing, Global Markets, HSBC Securities (USA) Inc.
- Emily Portney, Global Head of Agency Clearing, Collateral Management and Execution, J.P. Morgan Securities, LLC
- Ajay Singh, Managing Director, Global Head of Listed Derivatives, Deutsche Bank AG
- Michael Yarian, Head of Agency Derivatives Services, Barclays
- Walt Lukken, President and CEO, FIA
- Anthony Belchambers, CEO, FOA
- Bill Herder, Executive Director, FIA Asia
The leadership of FIA Global expects that the new structure will achieve the following goals:
- enable the associations to speak as one global voice to better reflect and represent the cross-border nature of the derivatives business;
- extend the global reach of the industry and strengthen the influence of the associations both locally and globally;
- enable the associations to pool and target resources and expertise as issues arise regionally and around the globe; and
- enable the associations, wherever possible, to align their policies and strategies to create operational and regulatory efficiencies for their global members.
