WASHINGTON, D.C.—March 15, 2011—In light of the ongoing structural changes prescribed by the Dodd-Frank Act and global regulatory reform, the Futures Industry Association announced today that it will implement a set of incremental and logical changes to its current activities to more effectively serve the financial services industry. FIA will expand its focus to include the swap clearing activities of its members and strengthen its global presence to help promote best practices and standardization in core international markets.
Expansion of Focus
New clearing requirements for certain swaps are based on the model used for futures. Given our expertise in this area, we are well-positioned to expand our core mission to include the clearing of these products. Furthermore, we are actively working with OTC clearing leaders from our member firms in the cleared swaps area to help shape rules and standards for these products across the globe. We seek strengthened collaboration with other industry associations and look forward to building upon our strong working relationships and rich history of sharing expertise to ensure that the needs of the industry are fully met. FIA will also expand its Board, management team and staff to assimilate additional expertise in the clearing of swaps.
FIA represents international firms and products that are traded and cleared globally. As such, we aim to strengthen our presence and activities in Europe and Asia by formalizing strategic relationships and investing in personnel in these regions. These efforts will help to more effectively promote best practices and standardization in these markets.
Our refined mission statement more precisely articulates our goals and objectives in serving the industry. Our updated mission statement is as follows:
The Futures Industry Association’s mission is to be the global thought leader, advocate and educator for futures and swaps which are centrally cleared.
As the primary industry association for centrally cleared futures and swaps, FIA:
- Strives to preserve the system of free and competitive markets, protect the public interest through adherence to high standards of professional conduct and financial integrity, and promote public trust and confidence in the cleared markets
- Engages in regulatory and legislative advocacy that is based upon comprehensive analysis, member consensus, industry best practices, and in the interest of fair and efficient capital markets
- Seeks to collaborate with regulators, legislators, and other trade associations globally to anticipate and fulfill members’ current and future needs
- Provides a forum for discussion on core issues with a goal of building consensus across industry stakeholders
- Delivers actionable solutions and technological tools to address market inefficiencies and other challenges
- Serves as a critical source of industry information through conferences, educational programs, publications, and rapid dissemination of industry news, all rich with in-depth discussion and analysis of core industry issues