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Following its Board meeting today, the Global Financial Markets Association (GFMA) which represents the leading global financial and capital market participants, announced its new leadership team.
Leonardo Arduini, Head of EMEA Markets at Citi, takes over as Chair of GFMA from Steve Ashley, Senior Managing Director, Head of Wholesale, Nomura.
Adam Farkas, Chief Executive of the Association for Financial Markets in Europe (AFME), takes over as CEO of GFMA from Kenneth E. Bentsen, Jr., President and CEO of the Securities Industry and Financial Markets Association (SIFMA).
Both Leonardo Arduini and Adam Farkas will serve for two-year terms.
Leonardo Arduini, Head of EMEA Markets at Citi and incoming Chair, said: “I am delighted to take up the role of GFMA Chair, representing the global financial markets industry on the most important global markets issues. In 2022, there will continue to be challenges for markets in the post-pandemic economic recovery period. The GFMA therefore plays a vital role in helping to shape the evolution of international capital markets, as the industry navigates sustainable finance policy developments, new technologies and the ever-changing regulatory environment.”
Steve Ashley, outgoing Chair, said: “It has been an honour to be Chairman of GFMA over the past two years. GFMA provides a tremendous platform for members to drive change and to engage with policymakers and regulators in the advent of significant global capital markets trends including Digital developments – crypto, CBDCs and digital technologies – and Sustainable Finance. In this period GFMA has published assessments and recommendations in a three part Climate Finance series, addressing the scaling of Climate Finance Markets, Global Taxonomy Principles, and Carbon Markets, developing ways to build sustainability into the core of global financial markets. I look forward to this work developing further and I congratulate Leo and Adam for the important roles they will play in advancing this vital work.”
Adam Farkas, incoming CEO, said: “I am delighted and honoured to take up the baton from Ken, and to continue playing a leading role in helping GFMA members to identify key financial regulatory policy issues with a global impact on financial markets, support the development of industry positions based on strong evidence, and constructively engage with the global regulatory community in addressing these evolving global priorities.”
Kenneth. E. Bentsen, Jr., outgoing CEO, commented: “I would like to congratulate Leo and Adam on their new roles leading the GFMA. Financial regulation on the global stage continues to be a top priority for the industry, and GFMA and its member organizations remain committed to working with regulators and policymakers to ensure they have the constructive industry insight needed to adopt responsible regulation that is consistent and coordinated across jurisdictions.”
