Foreign Exchange Professionals Association, a group representing participants in FX trading, debuted Thursday.
Founding members include the $298 billion California Public Employees’ Retirement System, Sacramento; Bank of New York Mellon; Citadel; CME Group; and LCH.Clearnet Group.
Adam Cooper, senior managing director and chief legal officer at Citadel, was elected chairman. Derek Sammann, senior managing director and global head of commodity and options products at CME Group, was elected vice chairman; and Eric Busay, global fixed-income portfolio manager at CalPERS, was voted in as secretary.
“The recent regulatory environment made it clear that the foreign-exchange community did not have a single voice,” Mr. Busay said in a news release. “The FXPA brings together a diverse range of parties such as the buy side, sell side, exchanges, technology providers — and potentially any other interested groups — to be able to help educate, and discuss the evolution and future of the currency markets.”
Among FX issues to be addressed by the new group will be global regulation, benchmark rates, execution quality and post-trade reporting.
The group is based in Washington.
Julie Ros, spokeswoman, could not be reached by press time for further details.