As the economic crisis spurred by the liquidity crunch and sweeping delinquencies in asset-backed securitizations (ABS) becomes more and more of a global condition, regulation of the financial industry is also taking on an increasingly global dimension. A new trade body formed by the London Investment Banking Association (LIBA) and the Securities Industry and Financial Markets Association (SIFMA) will focus on global participants in the European wholesale financial markets. The umbrella organization -- the Association for Financial Markets in Europe (AFME) -- covers policy, advocacy and business policy issues. AFME seeks to build public trust and confidence in financial markets through a focus on transparency and stability, to develop a harmonized and open pan-European market by cooperating with stakeholders and policymakers, and to play a role in developing a "globally coherent" regulatory framework. The group will also aim to lead the industry in forming and adopting market solutions, standards and practices that contribute to well-functioning financial markets. "AFME will participate in a global alliance with SIFMA in the US, and the Asian Securities Industry and Financial Markets Association through the Global Financial Markets Association (GFMA)," according to a statement. "The GFMA will provide a framework for each of these organizations to stay abreast of regional developments and to consider their collective global impact, and will give financial markets participants a global voice and profile." Write to Diana Golobay.