The London-based Futures and Options Association (FOA) and the Washington, DC-based, Futures Industry Association (FIA), have announced an agreement in principle to combine their two organisations. One single global voice for futures trading will be created under the brand name of FIA Global.
Under the agreement, FIA - with its affiliate FIA Asia - will form a confederation with FOA under the brand name of FIA Global. The associations said that this new structure will enable them to strengthen their influence on cross-border issues, substantially increase the coordination and information flow between regions, and provide a powerful global voice to express the views of their members.
To reflect the affiliation with FIA and to enhance the development of a global brand, the agreement proposes that FOA will change its name to FIA Europe. Both organisations will continue to operate with their own leadership and staff, separate boards of directors, and distinct membership, although in effect the FOA is being subsumed.
FOA chairman, Steve Sparke, maintained however that: “The board of the FOA is entirely supportive of the proposed affiliation, which will substantially strengthen our capability to address the global issues which are impacting all of our members, while critically preserving the ability to take the lead role in the European arena.”
The FOA’s chief executive officer (CEO), Anthony Belchambers, added: “This builds on a transatlantic partnership which has been growing in strength for more than a decade and will put both organisations in a better position to meet a new wave of global challenges and lead the way towards greater harmonisation of international regulatory standards.”
The agreement in principle has been approved by the boards of directors at FOA and FIA. It will be presented to FOA members for a vote on the necessary constitutional changes at a membership meeting, as required by the FOA Articles of Association. That meeting is provisionally scheduled for 24 July.
Implementation of the proposals will also be subject to the formation of FIA Global and the necessary constitutional changes to the bylaws of the FIA. In the interim, FOA and FIA expect to organise several briefings for members to describe the new structure, explain the benefits, and answer questions.