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US brokers get together

A group of leading inter-dealer brokers have got together to launch an association to promote a better understanding of the critical role they play in the efficient functioning of financial markets and improve the quality and standards of the industry.

BGC Partners, GFI Group, Icap, Tradition and Tullett Prebon are behind the Wholesale Markets Brokers’ Association (WMBA) Americas, which says it will work with Congress and key public policymakers on future regulation and oversight of over-the-counter markets and their participants.

“We look forward to representing the interests of the wholesale broker community in order to preserve and enhance the strengths of our markets,” says Chris Ferreri, chairman. “Wherever appropriate, we will assist and work with regulatory bodies and other financial institutions to achieve this objective.”

Ferreri notes the success of the WMBA in the UK, which he says is an excellent model on which to build the north American organization. He says he intends to work closely with the UK organization as well as other related associations to seek consistent global regulation and oversight of financial markets wherever possible.

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