ICMA and ESF share the view that intensified co-operation and co-ordination between trade associations is required to successfully deal with the many challenges financial markets, particularly in Europe, are facing. The agreed aim is for a consensus approach, in designing a workable format which will allow individual associations to maintain their specific focus, skills and expertise, while simultaneously providing a powerful but lean umbrella organisation for certain central functions, with the additional benefit of lowering the cost base of a much fragmented effort at present.
In addition, the important goal will be to represent those different associations in a concentrated manner vis-à-vis both national and international regulators, infrastructure providers and other relevant interest groups by means of a truly representative board of industry leaders.
The Council of the Financial Markets Federation will initially consist of the Chairmen of ICMA and ESF, Hans-Jörg Rudloff and Joan Beck, and the Chief Executives of the two associations. Associations that will join the Financial Markets Federation can be similarly represented in the Council.
The Council will meet monthly and aims to conclude its deliberations within the next twelve months. During this time the participating associations shall preserve their independence.
