The Financial Markets Standards Board (FMSB) and the Australian Securities and Investments Commission (ASIC) have formalised their cooperation by signing a consultation agreement.
FMSB provides and distributes guidance around vulnerability mitigation and elimination, and promotes fair and effective global wholesale financial markets. The agreement recognises ASIC’s support of these goals.
Ratifying the two bodies’ shared interests in maintaining and improving wholesale fixed income, currency, and commodities markets, the agreement demonstrates a continual dedication to improving fairness and efficiency in Australian financial markets, FMSB says.
Joseph Longo, ASIC chair, comments: “This agreement will help us engage with the FMSB to promote good wholesale market practices. ASIC is committed to ensuring Australia’s financial markets are fair and efficient, and those who provide financial services demonstrate fairness, honesty and professionalism.”
Myles McGuinness, CEO of FMSB, says: “Our strategic goals, to promote fair and effective markets for all participants, align closely to those of the regulatory authorities, policy makers and supervisors both in Australia and around the world. I look forward to establishing similar arrangements with key regulatory authorities in other jurisdictions as our membership expands.”
