Baft-IFSA has formed a global regulatory affairs and public policy committee to communicate with regulators on behalf of the transaction banking sector.

The committee held its first meeting in London on January 25 to discuss the impact of Basel III capital and liquidity requirements, as well as eurozone stability concerns on trade finance and international payments, and the potential effect of banking sector restructuring on the provision of transaction banking services.

“This is the one of the first trade association committees to act as a co-ordinator of global regulatory and government affairs professionals in the financial services community in order to advocate on behalf of the transaction banking industry,” says Tod Burwell, Baft-IFSA president and CEO.

“Having one voice for bankers concerned with trade finance, international payments, financial institutions and liquidity management will provide positive, timely and consistent feedback to regulators as they formulate new rules for the global banking system,” adds Ruth Wandhofer, global head of regulatory and market strategy for Citi global transaction services and the first chair of the committee. “Ensuring these rules are both well-formed and devoid of unintended consequences for the real economy are the main goals of this type of industry committee.”