Aug, 14 2009
Wholesale Markets Brokers’ Association – Americas Fri, 14 Aug 2009 16:46:53

Statement on U.S. Treasury Department’s Release of Proposed “Over-The-Counter Derivatives Act of 2009”

The WMBA-Americas welcomes the Treasury Department’s comprehensive plan for a more robust, transparent and sound framework for the regulation of the over-the-counter derivatives markets.  As global wholesale brokers of over-the-counter derivatives, we are encouraged to see that the proposal avoids a “one size fits all” approach and maintains a competitive environment by creating the regulatory classification of Alternative Swap Execution Facilities through which wholesale interdealer brokers with a range of trading facilities will continue to provide swap dealers and other sophisticated market participants with competing execution services.  We stand ready to work with the Administration and Congress to fine tune efforts to improve safety, preserve competition and enhance liquidity in these important markets essential to economic recovery.

Wholesale Markets Brokers’ Association Americas
The Wholesale Markets Brokers’ Association (WMBA Americas) is an independent industry body representing the largest inter-dealer brokers (IDBs) operating in the North American wholesale markets across a broad range of financial products.  Its members include BGC Partners, Inc.; GFI Group, Inc.; ICAP; TFS Tradition Financial Services; and Tullett-Prebon Inc.