Page 71 - PRIAA Glossary

business communication. FpML is a business information exchange standard for the dealing and processing of financial derivatives over the internet. The standard is managed by ISDA on behalf of a community of investment banks that make a market in over-the counter (OTC) derivatives.
FINANCIAL REPORTING (FINREP)
A standardised framework for reporting balance sheets and income statements by financial institutions in the European Union as per international reporting standards (IFRS).
FINANCIAL SERVICES AUTHORITY (FSA)
An agency that regulates most financial services markets, exchanges and firms in the UK. It sets the standards that they must meet and can take action against firms if they fail to meet the required standards. The FSA was replaced by the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA) in 2013.
FINANCIAL STABILITY BOARD (FSB)
A board of senior representatives of national financial authorities, international financial institutions, standard- setting bodies and committees of central bank experts that was established to enhance international financial stability by implementing regulatory policies.
FINANCIAL STABILITY OVERSIGHT COUNCIL (FSOC)
A council to promote market discipline which aims to identify and respond to threats to its stability. Created by the Dodd- Frank Act, the FSOC monitors the US financial system. The council reports to Congress and is comprised of ten voting and five non-voting members.
FINANCIAL TRANSACTION TAX (FTT)
A European Commission proposal to impose a wide-ranging tax on capital markets. Transactions by sell-side and buy-side firms—including pension funds and insurance companies— would all be subject to the FTT. Banks and industry associations argue that the FTT would adversely affect markets for certain types of assets because the tax would distort bid/ask spreads, forcing them to artificially widen.
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