The Securities Industry and Financial Markets Association (SIFMA) is a United States
industry trade group
A trade association, also known as an industry trade group, business association, sector association or industry body, is an organization founded and funded by businesses that operate in a specific industry. An industry trade association partici ...
representing
securities
A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...
firms,
bank
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
Because ...
s, and
asset management
Asset management is a systematic approach to the governance and realization of value from the things that a group or entity is responsible for, over their whole life cycles. It may apply both to tangible assets (physical objects such as buildings ...
companies. SIFMA was formed on November 1, 2006, from the merger of the
Bond Market Association and the
Securities Industry Association
The Securities Industry Association (SIA) was an association of firms and people who handle securities (in the financial sense) (stocks, bonds and their derivatives). In 2006, it merged with the Bond Market Association to form the Securities ...
. It has offices in
New York City
New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...
and
Washington, D.C.
)
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, image_caption = Clockwise from top left: the Washington Monument and Lincoln Memorial on the National Mall, United States Capitol, Logan Circle, Jefferson Memorial, White House, Adams Morgan, ...
The combined businesses of SIFMA’s bank, broker-dealer and asset management members represent 75% of the U.S. broker-dealer sector by revenue and 50% of the asset management sector by assets under management.
Mission, members, and offices
US operation
The Securities Industry and Financial Markets Association (SIFMA) is a not-for-profit trade association that represents securities brokerage firms, investment banking institutions, and other investment firms. SIFMA represents firms of all sizes in all financial markets in the U.S. and around the globe.
Currently, the organization represents members with a total of nearly 1 million employees, serving clients. They handle more than $185 trillion in assets and manage more than $67 trillion in assets for individual and institutional clients. These clients include mutual funds and retirement plans, as well as banks and brokerage firms. The organization’s members consist of more than 13,000 professionals in the finance and banking industries.
Political Advocacy and Lobbying
"SIFMA's
political action committees (PACs) gave $421,584 in political contributions during the 2020 election cycle. The organization advocates to lawmakers on issues ranging from infrastructure spending, Department of Labor regulations, and SEC rulings.
Senior management
Kenneth E. Bentson, a former U.S. Congressman, is SIFMA's CEO & President. In 2014, he also replaced Simon Lewis, CEO of the
Association for Financial Markets in Europe
The Association for Financial Markets in Europe (AFME) is an industry advocacy organization that represents wholesale market participants in Europe, including the European Union and the United Kingdom. It was formed in 2009 by the merger of the Lo ...
(AFME), as the CEO of
Global Financial Markets Association The Global Financial Markets Association (GFMA) was created in 2009 to represent the securities and financial markets industry at the international level. It serves as an umbrella group for three regional organizations:
* the Securities Industry an ...
(GFMA), the umbrella group for AFME, ASIFMA, and SIFMA. ASIFMA is the
Asian Securities Industry and Financial Markets Association The Global Financial Markets Association (GFMA) was created in 2009 to represent the securities and financial markets industry at the international level. It serves as an umbrella group for three regional organizations:
* the Securities Industry and ...
.
Other members of SIFMA’s senior management consists of Joseph L. Seidel (Chief Operating Officer), David Krasner(Chief Financial and Chief Administrative Officer), Salvatore Chiarelli (Head of Conferences and Events), Cheryl Crispen (Communications and Marketing), Ira D. Hammerman (General Counsel) and Jamie Wall (Advocacy).
In August 2008, SIFMA hired Michael Paese, former Deputy Staff Director of the
Committee on Financial Services
The United States House Committee on Financial Services, also referred to as the House Banking Committee and previously known as the Committee on Banking and Currency, is the committee of the United States House of Representatives that oversees t ...
of the
House of Representatives
House of Representatives is the name of legislative bodies in many countries and sub-national entitles. In many countries, the House of Representatives is the lower house of a bicameral legislature, with the corresponding upper house often c ...
, as EVP, Global Advocacy; eight months later Paese left SIFMA to become director of government affairs at
Goldman Sachs
Goldman Sachs () is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, H ...
. Scott DeFife, who had reported to Paese, left SIFMA in December 2009.
After the 2006 merger which created SIFMA, the organization had a co-
CEO
A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...
structure, with the SIA's Marc E. Lackritz and BMA's Micah S. Green filling the positions. As a 2007 report summarized it, "Lackritz
hen 60
Hen commonly refers to a female animal: a female chicken, other galliformes, gallinaceous bird, any type of bird in general, or a lobster. It is also a slang term for a woman.
Hen or Hens may also refer to:
Places Norway
*Hen, Buskerud, a villa ...
ha
been a friend, colleague and mentor of Green's
hen 49
Hen commonly refers to a female animal: a female chicken, other gallinaceous bird, any type of bird in general, or a lobster. It is also a slang term for a woman.
Hen or Hens may also refer to:
Places Norway
*Hen, Buskerud, a village in Ringe ...
for two decades." However, with slower-than-hoped-for integration of the merged organization's operations, and with questions about the handling of executive loans by BMA, Green resigned abruptly that year and Lackritz assumed the role of sole CEO.
Nine months later, Lackritz retired and T. Timothy Ryan Jr. was named CEO.
Board of directors
SIFMA’s Board of Directors manages the business and affairs of the Association. Board members are either the chief executive officer of a SIFMA member firm, or a designee of such chief executive officer. All Board members have the authority to represent the views of their firms and are elected on a staggered basis by the SIFMA membership.
The board consists of Chairman Joseph E. Sweeney (Ameriprise Financial, Inc.), Chair-Elect
John F. W. Rogers (Goldman Sachs & Co.), Vice-Chair Thomas Pluta (JP Morgan Chase & Co.), and Treasurer James Wallin (Alliance Bernstein).
Finances
In 2007 SIFMA had $105 million in both revenues and expenses. SIFMA's highest-paid officers that year were Donald Kittel (then CFO), $2.1 million, Marc Lackritz (then president & CEO), $1.5 million, and Randolph Snook (SMD), $1.1 million.
SIFMA's highest-paid officer in 2008 was its new president and CEO Tim Ryan (at approximately $2 million, for January–October).
Ryan had been hired to replace Lackritz in January 2008, at a 43% ($600,000) higher level of compensation, for less than a full year.
In related news,Ryan wrote in a ''
USA Today
''USA Today'' (stylized in all uppercase) is an American daily middle-market newspaper and news broadcasting company. Founded by Al Neuharth on September 15, 1982, the newspaper operates from Gannett's corporate headquarters in Tysons, Virgini ...
'' editorial in August 2009 that compensation practices at financial services firms should align with long-term, not short-term, performance.
SIFMA's top-three highest-paid officers in the fiscal year ending October 31, 2009 were CEO Tim Ryan at $2.43 million, Executive Vice President Randolph Snook at $1.04 million, and General Counsel Ira Hammerman at $777,000. SIFMA received total revenue that year of $75 million, had total expenses of $82 million, and finished the year with a fund balance of $40 million. In 2011, Ryan's compensation was the highest among the leaders of 22 self-regulatory, dealer, governmental, and other groups in the municipal bond market, at $3.0 million.
CEO Tim Ryan earned $2.51 million base compensation (and $2.89 million total compensation) for the fiscal year ended October 31, 2012, more than the compensation of any of the officials heading the other 20 self-regulatory, industry, government, and other municipal securities-related groups.
His compensation was far higher than that of the Securities and Exchange Commission Chairman
Mary Jo White
Mary Jo White (born December 27, 1947) is an American attorney who served as the 31st chair of the Securities and Exchange Commission (SEC) from 2013 to 2017. She was the first woman to be the United States Attorney for the Southern District o ...
, who earned $165,300.
Executive Vice President Ken Bentsen received a total of $1.12 million, and Randy Snook received $1.04 million.
References
External links
Securities Industry and Financial Markets Association
{{DEFAULTSORT:SIFMA
Finance industry associations
Trade associations based in the United States
Organizations established in 2006