Members of the Futures and Options Association (FOA) voted yesterday in support of a special resolution to adopt new articles of association which pave the way for the affiliation of the Association with the Futures Industry Association (FIA) under one global structure and brand called FIA Global, and the change of name to FIA Europe.
As previously announced, the confederation of FOA, FIA and its affiliate FIA Asia under FIA Global, will enable the associations to strengthen their influence on cross-border issues, substantially increase the coordination and information flow between regions, and provide a powerful global voice to express the views of FOA and FIA members.
FOA chairman Steve Sparke said: “The Board is delighted that members have recognised the clear benefits of the affiliation with FIA, which will strengthen our capability to address what are increasingly global issues, while, critically, preserving the ability of the FOA to take the lead role in the European arena.”
FOA chief executive Anthony Belchambers said: “The executive of the FOA welcome the opportunity to work more closely with our counterparts at FIA. The coming months will see further enhancement of our transatlantic partnership as we work toward incorporating and adopting the new brand as FIA Europe.”
In addition to the special resolution, members also approved the election of the following candidates to the Board of the FOA:
- Jeffrey Howard (RBS)
- Tim Howkins (IG Group Holdings PLC)
- Jerome Kemp (Citigroup)
- David Martin (J.P. Morgan)
- Mike du Plessis (UBS)
- Andrew Ross (Morgan Stanley)
- Brooks Stevens (Bank of America Merrill Lynch)
Both Jeffrey Howard and Andrew Ross are new to the FOA board.
Background
- The name change to FIA Europe will become effective once FOA and FIA have completed the process of agreeing the licensing agreement and following the necessary operational changes required, such as the development of new branding, website and other materials.
- Adoption of the special resolution by FOA remains conditional upon the following:
- Futures Industry Association Inc adopting amendments to its bylaws in a form acceptable to directors of the FOA;
- The entry by the FOA into a licence agreement with FIA Inc regarding the use of the FIA name in a form acceptable to the directors of the FOA
- FOA’s new articles include the incorporation of FIA Global as an International Member of the FOA, with certain reserve powers which will be mirrored in the constitutions of each of the affiliated associations.
- The FOA board in full is as follows:
Nicolas Breteau, Newedge Group
Paul Dawson, RWE Supply & Trading GmbH
Richard Fearn, Goldman Sachs International
John Gammer, SEB Futures
Andy Gooch, Natixis Commodity Markets
Peter Green, Kyte Group Ltd
Jeffrey Howard, The Royal Bank of Scotland
Tim Howkins, IG Group Holdings Plc
Jerome Kemp, Citigroup
James Land, Amalgamated Metal Trading Ltd
Alex Lenhart, Credit Suisse Securities (Europe) Ltd
Marc Leppard, BP International IST
David Martin, J.P. Morgan Securities
Michelle Neal, Nomura International plc
Mike du Plessis, UBS Ltd
Andrew Ross, Morgan Stanley
Ajay Singh, Deutsche Bank
Steve Sparke, Marex Spectron (chairman)
Brooks Stevens, Bank of America Merrill Lynch
