Securities Industry and Financial Markets Association

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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., Europe, 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]


Mission, members, and offices

SIFMA 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, Washington, D.C., and London, and its associated firm, the Asia Securities Industry & Financial Markets Association (ASIFMA), is based in Hong Kong.[6]

The European High Yield Association (EHYA), an affiliate of SIFMA located 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.[7]

The European Securitisation Forum (ESF), an affiliate of SIFMA located in London, promotes 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. ESF increases awareness, builds consensus, and pursues advocacy projects relating to an array of legal, regulatory, accounting, capital, tax, and other issues that impact the European securitisation markets, working with relevant European regulators and standards-setters. Operating within SIFMA's Bylaws, ESF is governed by a Board of Directors and a network of standing committees and working groups drawn from ESF's broad membership base.[8]

The American Securitization Forum (ASF), an affiliate of SIFMA located in New York, is a voice for industry and market regulatory and legislative priorities, delivering education and information to individuals. Operating within the parameters of SIFMA's Bylaws and ASF's Bylaws, ASF is governed by a Board of Directors, an Executive Committee, a Management Committee, and a network of standing committees and Subforums drawn from ASF’s membership base.[9]


SIFMA 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.

Senior management

SIFMA's senior management includes T. Timothy Ryan, Jr. (CEO & President), Ileane F. Rosenthal ( EVP, Global Communications & Member Engagement), Randy Snook (EVP), Michael Paese (EVP, Global Advocacy), Karsten Moller (EVP, Europe & Asia), and Ira Hammerman (Senior Managing Director & General Counsel). Scott DeFife, Senior Managing Director of government affairs, joined in 2007[10][11] from his position as senior policy adviser to House Majority Leader Steny Hoyer (D. Md.), and earned $500,000 to $800,000 in 2007.[12]

Board of Directors

SIFMA'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.[13]

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,[14] stepped down from the SIFMA Board of Directors in December 2008.[15] 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.[16]

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 gave $56,000 to SIFMA,[16] and tens of thousands of dollars more to sponsor SIFMA industry meetings.[17] In addition, Bernard Madoff's niece Shana Madoff, who serves as a compliance attorney at the Madoff firm,[18] was active on the Executive Committee of SIFMA's Compliance & Legal Division, but resigned her SIFMA position shortly after her uncle's arrest.[14][19][20]


In 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, Micah S. Green (then President & co-CEO), $1.5 million, Marc Lackritz (then President & co-CEO), $1.4 million, and Randolph Snook (SMD), $1.1 million.[21]

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