Many Americans are angry and have lost basic trust in the financial services industry. The industry accepts its share of responsibility for its role in the economic crisis and its duty to be part of the recovery. We intend to partner with governments to overhaul the regulatory system to help prevent such a crisis again.

President Barack Obama will soon unveil a comprehensive regulatory reform plan. The Securities Industry and Financial Markets Association (Sifma) recognises the urgent need for such a plan and is strongly in support of reform. Financial market participants know the time for change and reform in financial services has come.