Riordan gets top finance job

THE Australian Financial Markets Association has announced the election of Paul Riordan, global head, financial markets Commonwealth Bank Group to the position of chairman of the AFMA executive committee.

John Harvey of SG Australia Limited has been appointed to the position of Deputy.

Mr Riordan replaces Steve Targett who held the position since 1997.

AFMA is the peak industry body representing close to 200 organisations participating in Australia’s over-the-counter (OTC) or wholesale financial markets. Turnover in these markets has been estimated at $27.5 trillion in 1999/2000.

Mr Riordan said he was committed to the development of the association in a rapidly changing market environment.

“Professional development is critical to ensuring continuing high standards in the Australian marketplace and an effective self-regulatory environment,” he said.

“At Commonwealth Bank Group we have introduced compulsory AFMA accreditation for all financial markets staff, not just for dealers.”

In his role at the Commonwealth, Mr Riordan is responsible for foreign ex-change, the money markets, commodities, derivatives and debt capital markets.

Prior to joining Commonwealth Bank six years ago, Mr Riordan’s career has included senior financial markets roles both in Australia and overseas with bank of America, UBS and Midland Bank.

Before joining the banking industry he worked in senior treasury roles with a major Australian agribusiness-trading house.

The AFMA was formed in 1986 to streamline market practices and establish trading standards in over-the-counter markets.

OTC markets cover transact-ions in financial products that are facilitated outside a registered exchange.

These include trading in foreign exchange, interest rate products such as bills and bonds, forex and interest rate derivatives such as swaps, options and forwards, repurchasing agreements, commodities, equity derivatives and electricity derivatives.

The AFMA’s objectives are to promote and facilitate the development and maintenance of efficient, progressive and constructive markets for financial instruments.

It also aims to encourage self-regulation through the establishment of efficient and ethical practices and conventions as well as keep members informed of developments and issues relevant to the markets for financial instruments including taxation and accounting matters.

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