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THE WORLD FEDERATION OF EXCHANGES RESPONDS TO GLOBAL FINANCIAL NETWORK (GFIN) CONSULTATION

Hamilton, Bermuda: 15 October —In a press release today The World Federation of Exchanges (“WFE”), the global industry group for exchanges and CCPs today responded to the Global Financial Innovation Network (GFIN) Consultation Document.  The release stated:

 

THE WORLD FEDERATION OF EXCHANGES RESPONDS TO GLOBAL FINANCIAL NETWORK (GFIN) CONSULTATION

 

London, Monday 15 October 2018 The World Federation of Exchanges (“WFE”), the global industry group for exchanges and CCPs, has today responded to the Global Financial Innovation Network (GFIN) Consultation Document.

 

On 7 August 2018, the Financial Conduct Authority (FCA) announced the internationalisation of its regulatory sandbox via the GFIN - a collaboration with 11 financial regulators and related organisations. This builds on the FCA’s proposal earlier this year to create a ‘global sandbox’, a proposal that WFE responded to in March 2018 by welcoming the FCA’s initiative to consult the market on broadening the geographic reach of its existing regulatory sandbox, and by reiterating its support for a globally coherent approach to FinTech.

 

Today’s response by the WFE to the GFIN consultation can be summarised as follows:

 

 

Nandini Sukumar, CEO, WFE said: "The WFE welcomes the scope and purpose of the GFIN. Given the significant changes the financial industry is undergoing because of technological innovation, regulators need to take a balanced approach. To ensure long-term financial stability while facilitating innovation and scalability, it is important to foster technological neutrality and coherence in regulatory and supervisory approaches.”

 

As part of its mission to further regulatory coherence, the WFE set up a member-only FinTech Working Group in 2017. The WFE’s FTWG comprises senior technology and innovation representatives from nearly 20 exchanges and CCPs globally. The purpose of the FTWG is to enable members to develop comprehensive and coherent industry policy positions to help shape regulatory thinking in this space, while also sharing information and best practice about new developments. 

 

The WFE has published a series of white papers, reports and consultations in the Fintech space since 2016 including: a position paper entitled FinTech in the Market Infrastructure Space; a joint WFE-McKinsey report on FinTech in the capital market infrastructure space - entitled Fintech Decoded: Capturing the opportunity in capital markets infrastructure; a paper undertaken in conjunction with the Affiliate Members Consultative Committee (AMCC) of the International Organisation of Securities Committees ((IOSCO) on DLT; along with various consultation responses. FinTech is one of the WFE’s strategic priorities for 2018, and a key topic on the agenda for the WFE’s bi-annual Technology Conference (with MIT in 2015; with Imperial College London in 2017; and scheduled for late June 2019 with Umeå University, Sweden.)

 

You read the WFE’s full response to the GFIN Consultation Paper here.

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