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We are aware that the European Commission, along with Heads of Government, is preparing for the G20 Summit in Washington on 15th November. An international group of associations, which represents major firms active in international financial markets, suggests that a key aim of the Summit should be to agree the high-level objectives and principles in the context of which the global regulatory modernisation discussions that will flow from the Summit should be conducted. The attached paper suggests what those high-level objectives and principles should be. In summary, they relate to:
- The need to re-establish financial stability, liquidity and market confidence
- The need to enhance tools and infrastructure for effective coordination, cooperation and exchange of information between regulators and policy makers globally
- The need to minimise and better anticipate systemic risk to the world financial system.
On behalf of LIBA, ICMA, ISDA, SIFMA, BBA, and FOA 10th November 2008 |