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The global board of the Securities Industry and Financial Markets Association (SIFMA) announced an expanded coverage of the equities markets with the integration of European Securities Forum (ESF) and a new European Primary Markets Division (EPMD).
Before today’s announcement, SIFMA Europe had focused on the primary and secondary fixed income markets, with a strong policy and advocacy division that supports all business units. Now, SIFMA Europe is taking its successful business model and replicating it in equities.
“The integration of the ESF and the creation of the EPMD are instrumental in fulfilling our strategic objective of being a full service, member focused and pan-European trade association. Both additions also complement existing SIFMA activities in the US and Asia,” said Karsten Moller, senior managing director and head of Europe and Asia.
Adding to SIFMA’s product focus in equities, EPMD will cover new issues of equity and equity-linked securities in primary markets. The ESF, which represents major international banks operating in the European securities markets, will be the centre of competence for clearing, settlement and custody for SIFMA Europe. Werner Frey, formerly the ESF’s CEO will become the managing director of the new division which will be renamed European Securities Services Forum (ESSF). Lorraine Charlton will now lead the EPMD, after serving as the executive director, regulatory policy and general counsel for the SIFMA affiliate the European High Yield Association,.
“Werner and Lorraine’s considerable expertise will help us to develop and grow our membership base to include the whole European community. And to ensure both divisions will be truly independent in championing issues relevant to their members in their respective areas,” added Moller.
Werner Frey, managing director, ESSF said, “Post trading is of strategic importance in capital markets and ESF’s integration with SIFMA will bring added benefits to current members through increased efficiency and by leveraging SIFMA Europe’s regulatory capabilities. This is particularly relevant in view of current major undertakings in European post trading such as the dismantling of the Giovannini Barriers, the implementation of the Code of Conduct on Clearing and Settlement and the Target2-Securities Project.”
Lorraine Charlton, head of EPMD said, “The opportunity for the EPMD to make a difference for members is enormous. We already have some smaller initiatives underway, creating more efficient block trade practices and getting a better handle on selling restrictions in the Middle East. But we will be thinking about larger strategic initiatives in Europe, the Middle East and Africa, including fostering consensus around international underwriting standards, engaging constructively with the audit profession, and creating positive working relationship with regulators.”
For more information on the new divisions please click here.
