Mark Austen Chief Operating Officer,  Association for Financial Markets in Europe
Mark Austen Chief Operating Officer, Association for Financial Markets in Europe

AFME: Working to provide a consolidated voice for FX

The announcement earlier this year that the Association for Financial Markets in Europe (AFME) was to establish a division covering Foreign Exchange (FX) was a sign that change is on the table in the FX world, and that the major firms in the sector are conscious of the need to be active participants in that change

First Published: e-Forex Magazine 41 / Marketplace / October 2010

Traditionally, most trade associations tend to fulfil one or both of two roles: as marketing operations, helping their members collectively do more business, or as lobbyists, liaising with relevant government departments on their members’ behalf. For some, there is a significant social element too, of course. In the case of FX, there is scarcely a need to raise the industry’s profile or to create new business opportunities. This is, after all, the largest and most liquid over-the -counter (OTC) market in the world, with a fundamental role in the global economy that underpins the entire financial system.  However, in the wake of the recent financial crisis, politicians and regulators continue to grapple with the challenge of making the financial system more secure and it has become clear to many senior figures in the FX industry that some of the proposed regulatory changes could have significant – if unintended – consequences for their businesses. This led them to approach...continued

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