Newsletter December 09: Finance industry reforms making big progress

WASHINGTON – The world’s major financial services firms are making profound and far reaching reforms to improve their resilience and restore public confidence, according to a report prepared by the industry’s leading representative body. Considerable progress is being made in important areas, such as strengthening risk management, improving liquidity management, and reforming pay systems, claims the report,* issued in early December. It has been prepared by a key committee – the Steering Committee on Implementation (SCI) – of the Washington-based Institute of International Finance (IIF), which represents some 370 global finance firms.