The finalization of the bylaws needed to create industry representative FIA Global was announced on August 22 by the Futures and Options Association, the Futures Industry
Association and FIA Asia.
The steps needed to create this organization, which has been designed to give market participants involved in derivatives trading the ability to consolidate their views and influence on a global level, were started in July.
During that month, both FIA and FOA announced their intention to work together and create a larger organization. When declaring their desire to do this, the two industry representatives noted that the benefits would include greater transparency between different regions and greater sway with lawmakers and regulators in terms of cross-border concerns.
"The formation of FIA Global creates a powerful platform to represent the derivatives industry and the interests of its many stakeholders as it faces a period of rapid change across the globe," Jason Scott, chairman of FIA Asia, said in a statement. "FIA Asia now has a voice at the highest level to represent its membership and carry out its mandate."
FOA and FIA have collaborated previously, working together to create industry-friendly, cross-border derivatives regulations. Also, they both have a desire to represent the market for derivatives trading.