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