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 The Securities Industry and Financial Markets Association (SIFMA) is the leading securities industry trade group[1] representing securities firms, banks, and asset management companies in the U.S. and Asia. SIFMA was formed on November 1, 2006, from the merger of The Bond Market Association and the Securities Industry Association.[2] In October 2008 SIFMA laid off over 25% of its staff in the United States due to the "industry upheaval" which left its member firms in financial straits, and the loss of three of it primary member firms--Lehman Brothers, Bear Stearns, and Merrill Lynch.[1][3][4][5] The dismissals came at the same time as prominent members of the United States Congress pledged to revamp the country's financial regulatory structure.[4] SIFMA announced in May 2009 that it would also shed its London-based European operation, which would be merged with the London Investment Banking Association (LIBA), and headed by Jonathan Taylor, LIBA’s director general.[6]
[edit] Mission, members, and offices[edit] US operationSIFMA brings together the shared interests of more than 650 securities firms, banks, and asset managers. SIFMA's mission is to promote effective and efficient regulation, facilitate more open, competitive, and efficient global capital markets, champion investor education, retirement preparedness, and savings, and ensure the public’s trust in the securities industry and financial markets. SIFMA represents its members’ interests locally and globally. It has offices in New York and Washington, D.C., and its associated firm, the Asia Securities Industry & Financial Markets Association (ASIFMA), is based in Hong Kong.[7] In June 2009 SIFMA began a campaign to combat the “populist overreaction” against Wall Street’s role in the global financial crisis. It hired two aides who worked for Henry Paulson when he was Treasury Secretary to help cleanse Wall Street’s image in the eyes of average Americans. The effort is aimed at policymakers and the media worldwide, and designed to beat back public skepticism over Wall Street’s commitment to change.[8] SIFMA is paying $85,000 a month for polling, lobbying, and public relations to counter the "lynch mob", according to an internal SIFMA memo.[9] In internal memos about confidential meetings with top financial executives, SIFMA said that it began the "execution phase" of the operation. The securities industry "must be perceived as part of the solution, which will allow it to better defend against populist overreaction," said the documents.[10]
[edit] European operationSIFMA also has offices in London, though it announced in May 2009 that it would shed its European operation. The European High Yield Association (EHYA), in London, is a trade association representing participants in the European high yield market. Members include banks, investors, issuers, law firms, accounting firms, financial sponsors, and other participants in the European high yield market.[11] The European Securitisation Forum (ESF) is an independent, self-funded organisation promoting the efficient growth and continued development of securitisation throughout Europe. It advocates the positions, represents the interests, and serves the needs of its members — European securitisation market participants. The ESF seeks to increase awareness, build consensus and pursue advocacy projects relating to a broad array of legal, regulatory, accounting, capital, tax and other issues that impact the European securitisation markets, working with relevant European regulators and standards-setters. The ESF is supported by a full-time professional and administrative staff. The ESF is governed by a Board of Directors and a network of standing committees and working groups drawn from the ESF's broad membership base.[2] - [edit] GroupsSIFMA has three product and customer-based groups that focus both on the US and globally: Capital Markets, Private Client, and Asset Management. The Capital Markets Group focuses on the primary and secondary markets for equity and fixed income securities. Its customer focus is issuers, underwriters, traders, and institutional investors. The Private Client Group focuses on investment products sold to private clients, as well as individual investor education. The Asset Management Group focuses on investment products about which asset managers provide investment advice or investment management services, and on institutional investors and hedge funds. [edit] Senior managementSIFMA's senior management includes T. Timothy Ryan, Jr. (CEO & President; who took the position after pulling his name from consideration for the Treasury Department's top international policy advisor position in April 2007 after problems were raised concerning his financial portfolio, and he refused to take certain steps demanded by the Treasury Department's ethic lawyers),[3][4] Ileane F. Rosenthal ( EVP, Global Communications & Member Engagement), Randy Snook (EVP), and Ira Hammerman (Senior Managing Director & General Counsel). Scott DeFife, Senior Managing Director of government affairs, joined in 2007[12][13] from his position as senior policy adviser to House Majority Leader Steny Hoyer (D. Md.), and earned $500,000 to $800,000 in 2007.[14] In August 2008 SIFMA hired Michael Paese, former Deputy Staff Director of the Committee on Financial Services of the U.S. House of Representatives, as Executive Vice President, Global Advocacy;[15] eight months later Paese left SIFMA to become director of government affairs at Goldman Sachs.[16] [edit] Board of directorsSIFMA's Chairman of the Board is Blythe Masters (Head of Global Commodities, JPMorgan Chase), and Vice Chair is Bernard Beal (CEO of M.R. Beal & Company). Other directors include Samir Assaf (HSBC Bank plc), Shigesuki Kashiwagi (Nomura Holdings America Inc.) and Sallie Krawcheck (former Chairman & CEO, Citi Global Wealth Management), among others.[17] Peter Madoff, brother of accused money manager Bernard L. Madoff, and chief compliance officer and senior managing director of the Madoff investment advisor and broker dealer businesses,[18] stepped down from the SIFMA Board of Directors in December 2008.[19] His resignation came amid growing criticism of the Madoff firm’s links to Washington, and how those relationships may have contributed to the $50 billion Madoff fraud.[20] The Madoff family has long-standing ties to SIFMA. Bernard Madoff sat on the board of directors of the Securities Industry Association, which merged with the Bond Market Association in 2006 to form SIFMA. Peter Madoff served two terms as a member of SIFMA’s Board of Directors. Over the years 2000-08, the two Madoff brothers personally gave $56,000 to political action committees controlled by SIFMA or its predecessor organization in addition to dues paid to SIFMA by their firm,[20] and tens of thousands of dollars more to sponsor SIFMA industry meetings.[21] In addition, Bernard Madoff's niece Shana Madoff, who serves as a compliance attorney at the Madoff firm,[22] was active on the Executive Committee of SIFMA's Compliance & Legal Division, but resigned her SIFMA position shortly after her uncle's arrest.[18][23][24] [edit] FinancesIn 2007 SIFMA had $105 million in both revenues and expenses. SIFMA's highest-paid officers in 2007 were Donald Kittel (then CFO), $2.1 million, Marc Lackritz (then President & co-CEO), $1.5 million, Micah S. Green (then President & co-CEO), $1.5 million, (citation required) and Randolph Snook (SMD), $1.1 million.[25] SIFMA's highest-paid officer in 2008 was its new President & CEO Tim Ryan (at approximately $2 million).[26] Ryan had been hired to replace Marc Lackritz, at a 43% ($600,000) higher level of compensation, in January 2008.[26] In related news, ironically, Ryan wrote in a USA Today editorial in August 2009 that compensation practices at financial services firms should align with long-term, not short-term, performance.[27] Scott DeFife, SIFMA's top Washington lobbyist and a Senior Managing Director, received $596,000 in compensation and benefits in 2008.[26] [edit] External links
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