London, 22 July 2020 – The World Federation of Exchanges (“WFE”), the global industry group for exchanges and CCPs, has responded to the Financial Stability Board’s consultation document on 'Addressing the regulatory, supervisory and oversight challenges raised by “global stablecoin” arrangements'.
The WFE generally welcomed the approach and recommendations made by the Financial Stability Board but advocated an expanded application of the proposals in three areas:
- Creating classifications via a taxonomy for all GSC and crypto-assets
- Application of the recommendations to all crypto-assets
- Applying the cross-border co-operation recommendations and information-sharing requirements to the supervision of all those trading GSC/crypto-assets
To read the full response, please click here
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About the World Federation of Exchanges (WFE):
Established in 1961, the WFE is the global industry association for exchanges and clearing houses. Headquartered in London, it represents over 250 market infrastructure providers, including standalone CCPs that are not part of exchange groups. Of our members, 35% are in Asia-Pacific, 45% in EMEA and 20% in the Americas. WFE’s 57 member CCPs collectively ensure that risk takers post some $1 trillion (equivalent) of resources to back their positions, in the form of initial margin and default fund requirements. WFE exchanges are home to nearly 53,000 listed companies, and the market capitalisation of these entities is over $93 trillion; around $88 trillion (EOB) in trading annually passes through WFE members (at end 2019).
The WFE is the definitive source for exchange-traded statistics, and publishes over 350 market data indicators. Its free statistics database stretches back more than 40 years, and provides information and insight into developments on global exchanges. The WFE works with standard-setters, policy makers, regulators and government organisations around the world to support and promote the development of fair, transparent, stable and efficient markets. The WFE shares regulatory authorities’ goals of ensuring the safety and soundness of the global financial system.
With extensive experience of developing and enforcing high standards of conduct, the WFE and its members support an orderly, secure, fair and transparent environment for investors; for companies that raise capital; and for all who deal with financial risk. We seek outcomes that maximise the common good, consumer confidence and economic growth. And we engage with policy makers and regulators in an open, collaborative way, reflecting the central, public role that exchanges and CCPs play in a globally integrated financial system.
For more information, please contact:
Phone: +44 20 7959 2235