FIA Global

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FIA Global
FIA-United.png
Founded 2013
Headquarters Washington/London/Singapore
Products Financial Markets Advocacy

FIA Global was the name for the umbrella organization that allowed the three trade associations representing listed derivatives markets - FIA Europe, U.S. Futures Industry Association and the Singapore-based FIA Asia, to coordinate policies prior to the merger of all three into one organization on January 8, 2016. The groups announced the planned merger on June 20, 2013.[1] The new organization is called the Futures Industry Association, or FIA.[2]

The FIA Global board consisted of 15 members consisting of members of each affiliate organization, plus the chairs and CEOs of each affiliate. [3]

History

The FIA was founded in New York in 1955 as the Association of Commodity Exchange Firms to provide a discussion forum and means for improving the operating efficiency of the U.S. futures industry, as well as an educational and informational interface with the public. The association expanded in 1973 to include Chicago-based FCMs and changed its name to the Futures Industry Association in 1978, relocating to Washington D.C.[4] In 2007, a Singapore-based affiliate, FIA Asia, was launched to serve the rapidly growing futures industry in the Asia and the Pacific Rim.

The London-based FOA was formed in 1993 following an initiative by the Bank of England and a number of futures industry participants to consolidate the fragmented landscape of trade associations. In March of 2011, the FOA and the FIA set up a task force to examine the possibility of closer co-operation, including a possible merger of the two associations. [5]

The combined association was formalized in principle in June 2013, executed in 2015, and set an effective date of January 4, 2016. In order to create a consistent brand name across jurisdictions, as part of the agreement, FOA changed its name to FIA Europe.

Key People

John Lothian News Video, July 2013

The long rumored merger between the Futures Industry Association (FIA) and Futures & Options Association (FOA) was finally announced last month at the IDX Conference in London. The newly merged entity, called FIA Global, will serve as the international umbrella group for FIA, FIA Europe (formerly FOA) and FIA Asia. John Lothian News editor-in-chief Jim Kharouf spoke with FIA president and CEO Walt Lukken and FOA CEO Anthony Belchambers at the IDX conference in June about the merger, why they decided to make the move and what it brings to their memberships.

References

  1. FIA, FIAA, FOA, No FUM?. WSJ Moneybeat.
  2. FIA Kicks Off New Year as a Single Global Organization. FIA.
  3. FAQ: FIA and FOA’s Agreement in Principle on the Affiliation of the Organisations. FIA.
  4. Futures industry in USA and the role Chicago plays- Jerry Cedicci-Robin Trehan. PRLog.
  5. FIA and FOA Consider Closer Links. The Financial Times.