Two of the world's largest derivatives trade bodies have agreed to combine in a move designed to give trading firms a "global voice" amid sweeping reforms that are transforming the global derivatives market.

The London-based Futures and Options Association and Washington DC-based Futures Industry Association, which also has a Singapore affiliate, said this afternoon that they will form a new global entity called FIA Global. All three bodies will retain their regional focus and will continue to operate with their own leadership, staff and existing memberships.