SIA and BMA to merge

The creation of the new trade association, which is expected to be completed in the third quarter, will create a single body to fight the industry’s corner on legislative, regulatory and market practice issues.

SIFMA will comprise three business groups: the Capital Markets Group, the Private Client Group and the Asset Management Group.

A transitional executive committee, co-chaired by current association chairmen Edward Frost of Goldman Sachs and James Gorman of Morgan Stanley will serve as the initial governing body for SIFMA through to the end of this year.

The BMA was formed in 1976 as the Public Securities Association after a group of leading US bankers decided to defect from the SIA due to internal conflicts about its stance on the Glass-Steagall Act, which was established in 1933 – and eventually repealed in 1999 – that legally segregated banks and securities companies.

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