A trio of trade associations for the global derivatives industry are formally merging into a single organization, enabling them to speak with a united voice.
The Chicago-based Futures Industry Association (FIA) on Thursday announced that the three separate trade groups, FIA, FIA Europe, and FIA Asia, have all signed onto an official merger into a single group, which will take effect on Jan. 4, 2016.
The three organizations have been working closely together since June 2013, under an affiliated global structure, which enabled them to better coordinate their policies and priorities. However, they maintained separate governance structures, membership, staffing, and infrastructure.
The newly merged organization will represent the global and regional needs of the futures, options, and cleared swaps industries around the world. It will be governed by a global board, and will be headed by Walt Lukken as president and CEO.
"The merger is the next step in enhancing global representation for the cleared derivatives industry," the trade groups say in a statement.
The merger will mean that policy and advocacy for the futures, options, commodities and cleared swaps markets will be coordinated on a global level, "so that our industry speaks with one voice across the Americas, Europe and Asia," the organizations say. The newly merged organization will also have regional advisory boards to deal with local issues and maintain relationships with local government officials and industry.