A group of 14 financial companies formed the American Securities Association (ASA) Wednesday. It will include the Bond Dealers of America, launched eight years ago, and the recently introduced Equity Dealers of America.
The aim of the ASA, the group says, is "to advance the business, market, regulatory and legislative interests of American middle-market and regional investment banks and securities dealers."
Raymond James (RJF), Piper Jaffray, Stifel Nicolaus, Robert W. Baird and 10 other firms are among the founding members of ASA, which is based in Washington. According to a spokesperson, members of the new organization will remain active in the Securities Industry & Financial Markets Association.
By serving as an umbrella group for the Bond Dealers of America and the Equity Dealers of America, the ASA should "provide a complete and unifying platform to address issues significant to Main Street investment banks and securities dealers as well as their executive leadership," it explains in a press release.
"Deep roots and knowledge of local markets allow ASA member firms to better serve their communities than larger Wall Street firms. It is why we are trusted sources of financial advice for individuals and families and the reason investors, schools, hospitals and companies rely on us," said Stephens COO Curt Bradbury, the inaugural ASA chairman, in a statement.
"Washington's one-size-fits-all approach to industry regulation disproportionately harms our ability to drive economic recovery and job creation, which is vital to the regions we serve, and surely is not the intended purpose," Bradbury added. "To remedy this, the ASA brings together the highest-level of industry leadership who share a vision for proscriptive change."
