2009 Annual Meeting in Vancouver
PROGRAM |
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Monday 5 October |
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10:00 - 13:30
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Working Committee Meeting
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15:30 - 17:45
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Board of Directors Meeting
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Tuesday 6 October |
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8:45-9:00
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Welcome by Raymond Louie, Deputy Mayor of Vancouver
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9:00 – 11:45
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General Assembly
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11:45 – 12:15
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Citadel on exchanges:
address by Kenneth Griffin, Founder and Chief Executive Officer of Investment Group
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14:00 – 17:00
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Annual Meeting
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14:00 – 14:15 |
Opening the annual meeting – Chairman William J. Brodsky |
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Panel 1 – Exchanges’ roles in the financial crisis and afterwards (14:15 – 15:15)
A rare bright spot amid the recent turmoil in financial markets was that exchanges continued to operate and assure a safe trading and post-trading environment, complete with risk management and transparency. National regulators and policy makers, as a result, have a generally more positive view of exchanges and the regulated markets.
At an international level, starting at the annual meeting in Milan last year, the World Federation of Exchanges has issued several press releases and public comments on the need to keep markets open during the crisis, and later continued with observations on the benefits of responsible short selling, and solutions to systemic risks posed by unregulated markets and products.
Looking ahead, this panel will consider how exchanges should influence the shape of new financial landscape, and the lessons for regulators and policy makers from the crisis. How must exchanges adapt to a more regulated, less leveraged financial industry?
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Panel 2 - Servicing the over-the-counter market (15:45 – 17:00)
This panel will review progress in migrating OTC products into the exchange and clearinghouse environment. Among the aspects to be reviewed are :
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Wednesday 7 October |
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9:00 - 12:15
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Annual Meeting
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Panel 3 - Corporate governance (9:00 – 10:15)
Exchanges must balance the expectations of setting standards for listed companies and providing safeguards for investors versus a careful analysis of the costs and burdens these place on their issuers. This panel will examine practical ways that exchanges serve both needs: which issues do they focus on, what organizations do they partner with, and how do they proactively promote the interests of the market?
This panel will also review the current “hot” issue in corporate governance, executive compensation, or in the jargon, “say on pay.”
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Panel 4 - Developing markets (10:45 – 12:15)
Wealth is being redistributed rapidly; exchanges in emerging markets as classified by the World Bank today have a far greater share of the world’s capital markets business. The shares listed on these member exchanges represent 20 % of all WFE market capitalization.
But does the “emerging markets” category mean much, and is the concept really useful for WFE and these exchanges any more? Once the exchange is operating a fair and liquid market, and its issuers are clearly presented in financial disclosures, the developing market story ends. Is it now time for WFE to change the collective mindset in this industry, and in those we communicate to? Would it not be more accurate to speak of world-class corporations found everywhere, and what matters for this Federation is to assure fair, high quality market operations by exchanges to give investors access to them? In the context of joining together in this spirit, speakers are to address these questions, qualify them if they wish, and put forward other matters of concern to them.
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Panel 5 - Dark Pools (13:45 - 15:15)
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Panel 6 - Competition for order flow (15:45 – 17:00)
Trade execution has become a commodity in several major markets, as high frequency trading houses represent an increasing percentage of transactions. Exchange fees are under continued pressure, while overall trading costs may have increased.
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Conclusion Chairman Brodsky
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