A little known body that acts as an umbrella group for three regional trade associations is intended to increase its profile and change its top management to give top banks a new voice on the global regulatory stage.

The Global Financial Markets Association (GFMA), which encompasses the Securities Industries and Financial Markets Association in the US, the Association of Financial Markets in Europe and the Asifma in Asia, plans to reinvent itself and target the toughest new rules aimed at so-called ‘GSifis’ – global systemically important financial institutions. These comprise mostly banks referred to as GSibs. The intention of the GFMA is to make the regulatory agenda more global in place of the frequently fragmented trade associations’ activities.

This move comes at a time when the Financial Stability Board and the Basel Committee on Banking Supervision are attempting to set tougher standards for the world’s banks which, in the Basel III Rule Book, have already been announced.

The GFMA also sees its roles as coordinating different divergent initiatives such as the Dodd-Frank legislation in the US and the interpretation of the global rules by the European Commission.