Based in Hong Kong, Ngai will report to James Kemp, global FX managing director at GFMA. The GFMA global FX division, headquartered in London at the Association for Financial Markets in Europe (AFME), was formed in June 2010 to monitor regulatory developments that might affect the foreign exchange markets and assist the industry in building the appropriate infrastructure for the future.
Ngai joins GFMA from Australian investment bank Macquarie, where he was managing director and group head of compliance for China and Hong Kong.
Before joining Macquarie, Ngai spent time as a regulator in the enforcement dvision of the Hong Kong Securities and Futures Commission, and also previously worked as regional head of compliance for JPMorgan Cazenove and as a general manager and group head of legal and compliance for Dah Sing Financial Holdings.
GFMA’s Kemp says Ngai’s many years of experience as a compliance and regulatory issues manager in a number of markets including currencies and other assets will help the industry group ensure that “the FX market continues to be efficient, liquid and accessible to all participants”.
He adds: “David’s experience in the region combined with his understanding of the regulatory environment will enhance the division’s ability to respond proactively to regulatory demands.”
The GFMA links some of the world’s largest financial trade associations to develop strategies for global policy issues in the financial markets and promote a coordinated advocacy effort.
GFMA is made up of three members: AFME, the Asia Securities Industry & Financial Markets Association; and, in North America, the Securities Industry and Financial Markets Association.