The Financial Markets Lawyers Group advises on legal issues relevant to over-the-counter foreign exchange and other financial markets.
The FMLG is comprised of lawyers who support foreign exchange and other financial markets trading in leading worldwide financial institutions. We are sponsored by the Federal Reserve Bank of New York. Our informal origins date back to the late 1980s, when a group of lawyers jointly developed a model master netting agreement for foreign exchange trading in the United States.
Today we continue to draft new trade documentation in addition to best practice recommendations, legal briefs, comment letters, and policy papers relating to OTC market developments. We advise the FXC on many of its initiatives and also pursue our own capital markets initiatives.
We maintain links to OTC industry associations and official institutions worldwide as part of its goal to maintain channels of communication and cooperation on issues that are important to the foreign exchange and OTC markets. Among the groups with which we enjoy close ties are EMTA, Inc., the International Swaps and Derivatives Association in the United States, the European Financial Markets Lawyers Group sponsored by the European Central Bank, the Financial Markets Law Committee and the Foreign Exchange Joint Standing Committee sponsored by the Bank of England, and the Securities Industry and Financial Markets Association (SIFMA).
Our recent accomplishments include the first industry foreign exchange master give-up agreement and co-sponsorship of the Master Confirmation Agreement for non-deliverable FX forward transactions and the 1998 FX and Currency Option Definitions. FMLG members have participated in a number of global initiatives, including the Global Documentation Steering Committee, the Hague Convention on collateral accounts, and industry preparation for Y2K and the conversion to the euro.