The International Council of Securities Associations (ICSA), which has been chaired by Pierre de Lauzun since May 2017, met with the Financial Stability Board (FSB) in early May of this year. As an international forum comprising G20 banking and market supervisors along with the international financial institutions, the FSB is the best placed institution today to provide impetus for market reforms.
The FSB continues to focus squarely on assessing the reforms that have been set in train, particularly in the areas of financing for infrastructures and SMEs/mid-tier firms, and OTC derivatives. However, the meeting also broached many other topics, including the governance and remuneration framework for financial institutions, data collection, the transition from LIBOR to other, less risky rates, cryptoassets, the resolution and interdependence of central counterparties, and green finance. A series of reports and consultations is due to be published over the course of the summer