FOA and FIA to Combine

The Futures and Options Association (FOA) and the Futures Industry Association (FIA) have announced an agreement in principle combine their two organizations under one global structure and brand, FIA Global.

Under this agreement, FIA and its affiliate FIA Asia will form a confederation with FOA under FIA Global. It has also been proposed that FOA change its name to FIA Europe. Both organizations will continue to operate with their own leadership and staff, separate boards of directors and distinct membership.

The agreement in principle has been approved by the boards of directors of FOA and FIA. Next it will be presented to FOA members for a vote on the necessary constitutional changes at a membership meeting, as required by FOA Articles of Association.

Anthony Belchambers, CEO of FOA, said: “This [agreement] will put both organizations in a better position to meet a new wave of global challenges and lead the way towards greater harmonization of international regulatory standards.”

Walt Lukken, president and CEO of FIA, said: “This new affiliation will address a major industry concern—the fragmentation of derivatives markets along jurisdictional lines. Through this new affiliation we will be better able to coordinate our responses to global issues and provide industry support for global standards. This will be tremendously beneficial for our members and policymakers alike.”