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Press release  

 

FBF and AFEI mobilise to make Paris a modern and leading financial centre

The French Banking Federation and AFEI, the French association of investment firms, are extremely pleased that Paris will be hosting the 33rd Annual Conference of the IOSCO*, which will be held from May 26 to 29 and attended by financial market regulators from all over the world. The FBF and AFEI would like to take this opportunity to confirm their determination to make Paris a leading centre for capital markets and investment banking. Not only do these two sectors offer abundant opportunities for high value-added employment, they also play a key role in financing business activity and allocating savings and investment.

Modernising the market

The financial services industry has mobilised and joined forces with French government officials to make Paris a strong and attractive financial centre with a solid position in the global competitive arena. The ongoing financial crisis must not discourage the efforts underway to make Paris a thoroughly modern and top-flight financial centre.

The FBF and AFEI are participating actively in the government's project to develop a Financial Services Cluster, and also in the efforts of the "High Level Committee" chaired by Christine Lagarde, France's Minister of the Economy. Some concrete progress has already been made, such as the FBF's decision to fund five finance-related research chairs and the abolishing of stamp duty on stock-market transactions. Other measures are currently in progress, such as reforming securities issuance procedures to enhance the competitiveness of French issuers, and reforming securities law to provide a clearer framework.

Finding global solutions to the financial crisis

The FBF and AFEI are also mobilising to help bring the financial crisis to a swift end. Their proposals are largely in line with the recent recommendations of the Financial Stability Forum's report, based on IOSCO's work.

One of their main objectives is to improve the transparency of structured products and the traceability of distinct categories of portfolio assets.

It is essential that:

  • Solutions be found at the global level, since only uniform measures that are applied consistently across borders can be effective
  • Regulation be attuned to requirements through effective dialog between the financial services industry and its regulators
  • Maximum effectiveness be ensured by seeing to it that rules are not out of proportion with objectives and are consistent with accepted practices.


*The International Organization of Securities Commissions is a private-sector institution composed of some 110 international financial regulators, including France's AMF. IOSCO's General Secretariat is based in Madrid and its members represent over 90% of the world's market capitalisation. Its mission is to draft international standards that ensure the transparency and integrity of financial markets and protect investors.

A few figures

Banking, insurance, asset management and other financial services employ some 1 million people in France and account for 7% of GDP. Paris is a major centre for such services and products as asset management, structured finance and equity derivatives.

CONTACT

Colette Cova
email : ccova@fbf.fr
Tel : 01 48 00 50 07

Kenza Benqeddi
email : kbenqeddi@fbf.fr
Tel : 01 48 00 50 08

 
 
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