NEW YORK – The Securities Industry Association, who recently formed an International Advisory Council to provide SIA’s board and International Committee with guidance on the World Trade Organization Financial Services Negotiations, The U.S.-E.U. Financial Markets Dialogue and other issues affecting the international capital markets, met for the first time Thursday to increase dialogue between the United States and European financial services companies.
With hopes of eliminating barriers that impede U.S. financial services companies’ access to investment opportunities abroad, the council wants to improve communication with government officials, regulators, and self-regulators.
At its first meeting today, the Council identified a number of issues for review.
“Transatlantic capital markets must be more efficient and accessible to investors and issuers,” said Richard Thornburgh, the council’s chairman and vice chairman of the Executive Board, Credit Suisse First Boston.”We hope that at the June 20 U.S.-E.U. Summit, officials will make progress in the reduction and elimination of duplicative and conflicting transatlantic regulation.”
The Council also urged the United States to play a strong leadership role in the continuation of WTO financial services talks.
“The financial services industry sees the WTO Doha Development Round negotiations as an excellent opportunity to advance the goals of open, fair and transparent markets,” Thornburgh said.
In addition to Thornburgh, the council members present were senior-level executive officers of Morgan Stanley, JP Morgan Chase International, UBS Investment Bank, Goldman Sachs, Merrill Lynch & Co. Inc. and Barclays.