Centre to foster global regulatory cooperation to improve efficiency of financial markets
The International Centre for Financial Regulation (ICFR), an independent global research institute focused entirely on financial regulation, launches today (13 January) at the Mansion House in the City of London. The ICFR will be led by Barbara Ridpath as Chief Executive.
The ICFR, the first of its kind, is the product of a unique cooperation between 19 financial services institutions and HM Government. The City of London Corporation has pledged £1 million to support it. The ICFR will provide objective, non-partisan research, debate and training on financial regulation.
The current international economic and financial turmoil has accelerated the need for a more collaborative approach to global regulation and consideration of lessons to be learned. The ICFR will examine how regulation could better address and anticipate the evolution of financial markets, and how to shape international cooperation among regulators fundamental to re-establishing financial stability and confidence.
The ICFR will commission cutting-edge research to move forward thinking on regulatory frameworks and will also commission training to improve regulatory understanding, compliance and risk management. The ICFR will work in collaboration with existing bodies and standard setters providing financial training to create 'best in class' tailored provision for market participants, policy makers and regulators. The Centre, while based in London, is intended to serve constituencies well beyond the borders of the UK aiming to provide a secure international forum for open dialogue on effective regulatory collaboration and best practice.
Barbara Ridpath, Chief Executive of the ICFR said, "The continued impact of the current financial turmoil has highlighted the very real need for greater harmonisation of financial regulation globally to address the current concerns of all market practitioners. Bringing together academics, policy makers, regulators and market participants through discussion forums, working groups and independent research, the ICFR will address themes to support a more efficient regulatory environment. The launch of the Centre comes at a pivotal time when it is absolutely critical to be looking for new thinking on how to return stability to the financial markets, and how to adapt regulation to changed market structures."
Lord Mayor of the City of London Alderman Ian Luder said, "In the City of London we have long wanted an independent concentration of expertise in Financial Regulation. The ICFR is not a product of the current financial crisis – but we can expect it to play a central role in the regulatory structures we will need as we emerge from it.
The watchword needs to be transparency and the focus needs to be on perpetuating an open, honest environment based on good governance. This reassures investors and those looking for investment, not least when large sums of investment capital are needed to bring innovations to the market."
Stuart Fraser, Chairman of the City of London Corporation Policy & Resources Committee said, "The City of London has always been a hub for global talent and expertise in finance so I am delighted to support the new Centre’s launch today. I believe the ICFR will become a world-class centre of financial regulatory expertise, able to influence global developments in regulation. It will be a catalyst to connect the best academics, policy makers and practitioners within the UK and beyond."
