Press Release
5 September, 2012
New Japan Financial Markets Council to Address Global Financial Reforms
TOKYO, 5 September 2012: Ten financial institutions have joined together to form theJapan Financial Markets Council (JFMC), a new industry association designed to engage
in dialogue with policymakers over the impact of global regulatory reforms on Japanesefinancial markets. The JFMC will work in cooperation with the Global Financial
Markets Association.
JFMC membership includes representatives from five Japan-based institutions and fiveinternational firms active in Japanese capital markets. The international firms will
participate through membership in Japan’s International Bankers Association (IBA).
JFMC will be based in Tokyo and supported by the IBA secretariat.
As domestic and international financial policymakers consider a broad range of industry
reforms, JFMC will monitor and comment on these initiatives from the Japan financial
market participant perspective.
"The objective of JFMC is to facilitate constructive dialogue between policymakers andmarket participants both in Japan and abroad,” said Jonathan Kindred, JFMC co-chairand President and CEO of Morgan Stanley Japan Holdings. “We believe we have useful
insights to share with respect to how proposed global regulatory reforms would affectthe business practices of both domestic and foreign firms operating in Japan."
The JFMC membership consists of Bank of Tokyo-Mitsubishi UFJ, Daiwa Securities
Group Inc, Mizuho Securities, Nomura Holdings, SMBC Nikko Securities Inc, Bank ofAmerica Merrill Lynch, BNP Paribas, Deutsche Bank Group, JP Morgan and Morgan
Stanley Japan Holdings.
"Through the combined contributions of both Japanese firms with global reach, andinternational firms with Japan experience, we will be able to offer a deeper1

understanding of how reforms might be successful,” said Shigesuke Kashiwagi, JFMC
co-chair and senior managing director at Nomura Holdings.
JFMC will also work with other organizations, principally the Global Financial Markets
Association (GFMA), to ensure that issues of global common interest are carefullyevaluated and that industry comments are presented to policymakers in a unified manner.
GFMA CEO Simon Lewis stated, “The formation of JFMC is an important step forwardfor GFMA as it expands its presence in Asia. This effort will support productive dialoguewith regulators and policy makers in Japan, Asia, and the international arena related tothe development and implementation of reform measures. JFMC is well positioned toprovide finance industry authorities with essential insights regarding the ways in which
regulatory actions will affect Japanese markets.”
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Contacts:
JFMC/IBA:Paul Hunter, Iwao Toriumi or Takaaki Fujimoto+81 (0)3-6225-2211 g-info@ibajapan.org

GFMA:

Victoria Becker, +852 2537 3029, vbecker@gfma.org

The International Bankers Association (IBA), established in Tokyo in 1984, is anindustry association with a membership of almost 60 foreign banks and securities firms
doing business in Japan. IBA seeks to promote a strong and efficient financial sector inJapan by: sharing information and best practices among members, pooling member
resources for common goals, and offering a forum for the Japanese authorities to discuss
measures to strengthen Japan's financial sector. For more information, visit
http://www.ibajapan.org
The Global Financial Markets Association (GFMA) brings together three of theworld’s leading financial trade associations to address the increasingly important global
regulatory agenda and to promote coordinated advocacy efforts. The Association for
Financial Markets in Europe (AFME) in London and Brussels, the Asia Securities
Industry & Financial Markets Association (ASIFMA) in Hong Kong and the Securities
Industry and Financial Markets Association (SIFMA) in New York and Washington are,respectively, the European, Asian and North American members of GFMA. For more
information, visit http://www.gfma.org.
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