The Regional Bond Dealers Association announced yesterday that it is forming a Coalition on Financial Markets Regulatory Reform that will try to ensure any changes to the financial regulatory system take into account the unique issues of middle-market and regional securities firms.
The announcement comes as the Obama administration is preparing to unveil its plan to overhaul regulation of the financial markets. The plan could be released as early as June 17, Reuters reported yesterday.
"There's never been a more critical moment for representation of national, middle-market dealers," Mike Nicholas, RBDA's co-chief executive officer, said in a release "These firms didn't cause the problems we're currently dealing with and don't pose systemic risk found at larger, global securities dealers and banks. We need to make sure any new regulation strengthens our financial system and doesn't unintentionally harm the business models of middle-market dealers who are currently among the few firms providing market liquidity."
The chairman of the coalition is Jeff Chapman, senior vice president and head of fixed income at Fifth Third Securities Inc. in Cincinnati.
The vice chair of the group is Van Sayler, senior vice president and manager of the fixed-income department at Raymond James & Associates Inc. in St. Petersburg. Fla.
The member-firms include Dallas-based Southwest Securities Inc.; Crews & Associates Inc., based in Little Rock; Duncan-Williams Inc. in Memphis; and Stone & Youngberg LLC in San Francisco.
