JP Morgan's Hailes to head up high-level risk group
JP Morgan assistant general counsel Tim Hailes has been named as the chairman of a high-level capital markets working party that is attempting to create industry standards to manage risky financial products. Hailes was appointed to the newly-created position of group global chairman earlier this month.
March 28, 2007 at 11:21 PM
2 minute read
JP Morgan assistant general counsel Tim Hailes has been named as the chairman of a high-level capital markets working party that is attempting to create industry standards to manage risky financial products.
Hailes was appointed to the newly-created position of group global chairman earlier this month.
The working party includes representatives from a range of trade bodies in the capital markets sector.
These include the International Capital Market Association, the International Swaps and Derivatives Association, the European Securitisation Forum, the Securities Industry and Financial Markets Association and the London Investment Banking Association.
The venture has also been backed by a number of senior finance lawyers.
The group is the product of discussions started by Hailes at the end of 2005, aimed at stopping liabilities arising from the distribution of complex structured products being passed to retail investors.
In January the working party issued its first joint response to the Financial Services Authority's consultation paper on provider and distributor responsibilities to treat consumers fairly.
Hailes told Legal Week: "Being appointed global chairman of the working party is an exciting opportunity and I hope to build upon the considerable work done already through informal discussion forums.
"With the backing of these heavyweight industry bodies I am optimistic that we can forge a consensus and ultimately agree a framework for setting out the correct division of responsibilities in the growing retail structured product market."
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