The International Council of Securities Associations (ICSA), which has been chaired by Pierre de Lauzun since May, met the Financial Stability Board (FSB) for a second time in Basel in mid-November. The agenda included monetary policy normalisation, particularly the uncertain impact on fixed income markets, stability issues raised by hedge funds employing leverage, risks of reduced international cooperation and market fragmentation, corporate governance and remuneration as tools to prevent bad behaviour, potential links between location and stability risks, and cybercrime.

The Secretary General and his staff expressed interest in substantive dialogue with the industry and in any contribution that could inform the analysis of potential risks for market stability, such as risks for market liquidity in the event of a shock, for example. The ICSA is resolved to respond to this expectation, especially given the FSB’s capacity to make real headway in financial market reforms.