The Committee initially discussed the impact of issues concerning Basel III capital and liquidity requirements, the bearing of Eurozone stability concerns on trade finance and international payments, and the potential effect of banking sector restructuring on the provision of transaction banking services.
“This is the one of the first trade association committees to act as a coordinator of global regulatory and government affairs professionals in the financial services community in order to advocate on behalf of the transaction banking industry,” said Tod Burwell, BAFT-IFSA president and CEO.
“Having one voice for bankers concerned with trade finance, international payments, financial institutions and liquidity management will provide positive, timely and consistent feedback to regulators as they formulate new rules for the global banking system,” said Ruth Wandhofer, global head of regulatory & market strategy for Citi Global Transaction Services and the first chair of the Committee. “Ensuring these rules are both well-formed and devoid of unintended consequences for the real economy are the main goals of this type of industry committee.”
The Committee will support and coordinate with the BAFT-IFSA Regional Councils and the BAFT-IFSA Global Trade Industry Council, and any other industry bodies, as appropriate and will use their input to create positioning of industry issues for effective advocacy.