The Futures and Options Association has announced the establishment of a new Forum – The European Industry Council, designed to provide a coordinated voice for addressing key areas of common concern to exchanges, clearinghouses and intermediaries in listed derivatives.
The formation group of the new FOA European Industry Council will comprise, initially, senior representatives from leading European exchanges and clearinghouses ICE Futures Europe, LCH.Clearnet, London Metal Exchange and NYSE Liffe and members of the FOA Board.
FOA chairman and chairman of the new Council Steve Sparke said: At a critical time of change, the FOA European Industry Council will provide an important unified industry voice through which key issues can be addressed. It will also undertake research in key areas of significant EU change that may have an adverse impact on the industry generally. Other organisations will be likely to join as we progress with the work agenda to be addressed by the Council.
FOA chief executive Anthony Belchambers, who also sits on the Industry Council, said: The current pace of regulatory change is significant. Many of the recently proposed regulatory developments, such as a Tobin tax on transactions, limitations on bank ownership of clearinghouses and the supervision of OTC markets, will have widespread implications for exchanges and their members alike. The need for such a Council is self-evident.
The founding members of the FOA European Industry Council are as follows:Steve Sparke, Marex (chair)
David Peniket, President & COO ICE Futures EuropePeter McLady, Deutsche Bank
Roger Liddell, CEO, LCH.ClearnetJerome Kemp, J.P. Morgan.
Martin Abbott, CEO, London Metal ExchangeBill Templer, Morgan Stanley
Garry Jones, Group Executive Vice President and Global Head of Derivatives, NYSE EuronextAnthony Belchambers, FOA