Global Financial Markets Association’s (GFMA) global foreign exchange (FX) division has appointed David Ngai as managing director for Asia-Pacific. Based in the offices of the Asia Securities Industry & Financial Markets Association (ASIFMA) in Hong Kong, Ngai reports globally to global FX division managing director James Kemp and locally to ASIFMA chief executive officer (CEO) Mark Austen. Ngai was previously with the Macquarie Group of Companies, where he served as managing director and group head of compliance for China and Hong Kong.
The global FX division, headquartered at the Association for Financial Markets in Europe (AFME) in London, was formed in June 2010 to promote efficient global FX markets by monitoring the regulatory developments that could affect such markets and by assisting the industry in establishing an infrastructure capable of supporting the future development and growth of these markets.
It has already taken proactive steps, working with international regulators, to seek an internationally convergent set of regulations for the global FX markets. This work has included efforts to implement the enhanced transparency requirements being driven by the G20, in relation to clearing, execution and reporting consultations and co-ordinating the selection of an industry partner to develop a FX trade repository.
Having worked many years as a risk management professional, Ngai is experienced in managing compliance and regulatory issues for a spectrum of businesses, including equities, fixed income, currency, commodities, and investment, private, retail, and commercial banking. He has also held various regional management positions in international investment banks and Hong Kong financial conglomerates, including roles as regional head of compliance for JP Morgan Cazenove and general manager and group head of legal and compliance for Dah Sing Financial Holdings. His time as a regulator in the enforcement division at the Hong Kong Securities and Futures Commission (HKSFC) has provided him with an extensive network of relationships among regulators in the region.
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