Press Release

Release Date: March 31, 2009
Contact:
Travis Larson, (202) 962-7357, tlarson@sifma.org

Before the G-20, SIFMA Shares Views

Washington, D.C., March 31, 2009—The Securities Industry and Financial Markets Association (SIFMA) today reinforced its support for the common principles driving the G20 – transparency, accountability and enhancing international cooperation – as the cornerstones of a stronger global financial framework.

“Reviving global financial markets by fighting protectionism and promoting open trade and investment are integral to promoting renewed economic growth and job creation. Therefore it is important that there be global consensus on key principles and actions,” said SIFMA’s global head of advocacy, Michael Paese. “The industry is committed to regaining the public's trust, and to working collaboratively with governments and regulators to undertake the reforms necessary to ensure a robust global financial system.”

As G20 Leaders meet, SIFMA highlighted six core reforms to promote more robust and stable financial markets: 1) promoting regulatory reform; 2) improving transparency and disclosure; 3) encouraging international cooperation; 4) enhancing risk management systems; 5) reviewing compensation practices; and 6) supporting open markets.

SIFMA supported the G20 Action Plan adopted at the November Summit in Washington as a significant step by G20 Leaders to promote more robust and stable financial markets, while also avoiding policies that are protectionist, or create barriers to trade and investment.

The following briefing paper on these subjects was distributed to G20 policymakers: http://www.sifma.org/pdf/SIFMA-BriefingPaper-G20March09.pdf

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The Securities Industry and Financial Markets Association brings together the shared interests of more than 600 securities firms, banks and asset managers. SIFMA's mission is to promote policies and practices that work to expand and perfect markets, foster the development of new products and services and create efficiencies for member firms, while preserving and enhancing the public's trust and confidence in the markets and the industry. SIFMA works to represent its members’ interests locally and globally. It has offices in New York, Washington D.C., and London and its associated firm, the Asia Securities Industry and Financial Markets Association, is based in Hong Kong.