The Securities Industry and Financial Markets Association today commended the G7 finance ministers for calling to eliminate duplication in regulation, and for pushing bond market development.

Among the key developments, the G7 highlighted the importance of “mutual recognition of regulatory regimes.” SIFMA, which recently celebrated the overwhelming approval to consolidate the NYSE and NASD regulation to eliminate redundant regulation says it is delighted to see the G7 pursuing the same agenda globally.

“Since 2000, SIFMA has been a strong advocate for the elimination of duplicative regulation both domestically and abroad,” said SIFMA co-CEO, Marc Lackritz. “The G7’s call for elimination of duplicative regulation and for mutual recognition of regulatory regimes is a strong step toward a global financial marketplace.”

The G7 also emphasized the importance of the development of local bond markets. SIFMA strongly supports the G7 view that the “…role of local bond markets in fostering growth and financial stability” and the role such markets play to “…reduce emerging countries’ vulnerability to external shocks and financial crises and to promote growth” is critical to the health of the global economy.

“Liquid, efficient and functional bond markets aid overall economic development and job creation. By drawing new sources of capital to the credit markets, providing long-term financing for infrastructure, and enhancing the ability of the marketplace to better price credit and interest rate risk, the development of fixed-income markets provides multiple benefits to countries, issuers, investors, and intermediaries, “ added Micah Green, co-CEO of SIFMA.