Market Committees

AFMA promotes best practice in financial markets so they continue to maximise their contribution to the economic health of Australia and facilitate self-management of the OTC markets. AFMA Market Committees assist in these objectives and are critical to ensuring the efficient operation of Australia's OTC markets by managing their conventions, practices and documentation. 

AFMA's widely-accepted industry standards for transaction processing, which are developed by the Market Committees, ensure that operational aspects of financial transactions, in particular confirmation, settlement, reconciliation and risk management processes are globally-recognised best practice.

Market Committees are elected by market participants every two years (next election in 2023). The Market Governance Committee which has oversight of the Market Committees, develops market protocols and standards for the efficient running of Australia’s financial markets with the help of the Market Committees. For more detail on how Market Committees operate, view the Market Committee Guidelines.

Market Committee Structure

List of Market Committees

AFMA Market Committees 

1. Cash Committee


The Committee monitors market conditions and maintains the Cash Market Conventions which primarily apply to bilaterally negotiated interbank unsecured overnight transactions.

List of member representatives on the Committee
  1. Craig Watson, Dealer, UBS AG, Australia Branch
  2. Daniel Do, JP Morgan Chase Bank
  3. David Herriott, Director Risk Treasury, Citi
  4. David Page, Senior Manager Liquidity, Bendigo and Adelaide Bank Ltd
  5. David Sandler, Bank of America Merrill Lynch Australia
  6. David Waller, Head of Short-Term Funding and Liquidity, Commonwealth Bank of Australia
  7. James Lachal, Director, Short Term Funding, Australia and New Zealand Banking Group Limited
  8. Jose Iglesias, Pool Manager, Assistant Vice President, Deutsche Bank AG
  9. Mark Hickey, Head of Group Liquidity, National Australia Bank Limited
  10. Matthew Squires, Liquidity Manager, NSW Treasury Corporation
  11. Michael Gabriel, Associate Director, HSBC Bank Australia Limited
  12. Michael Turner, Director, Royal Bank of Canada
  13. Nevin Ahluwalia, ALM Treasury Dealer, BNP Paribas
  14. Nigel Rutgers, Assistant Vice President - Treasury, Deutsche Bank AG
  15. Peter Wright, Associate Director, Commodities and Global Markets, Macquarie Group Limited
  16. Richard Salmon, Associate Director - Short Term Funding and Liquidity, Westpac Banking Corporation
  17. [Observer] Richard Finlay, Head Market Operations, Reserve Bank of Australia