A couple of financial industry trade associations are teaming up to create a new European trade group.

The London Investment Banking Association and the Securities Industry and Financial Markets Association announced Tuesday that thy will bring together their London-based operations into a single organisation to be headed by Jonathan Taylor, the LIBA’s director general.

The groups said that by merging their members’ interests will be more effectively represented, their interaction with global policymakers will be more timely and coordinated, it will improve focus and generate cost savings.

“LIBA’s primary expertise in successful policy and advocacy work complements SIFMA-Europe’s product-focused knowledge and activities. The merger is the next logical step toward a fully-integrated, efficient and cost-effective European operation,” they said.

The new European entity will also be linked with a new body, the Global Financial Markets Association, which will address global strategy. Tim Ryan, CEO of SIFMA US, will be the CEO of the GFMA.

IE