2009 Joint WFE Developing Markets Forum - FIAB Annual Meeting

 

 
 

Joint WFE Developing Markets Forum - FIAB Annual Meeting

7 – 8 September 2009, Lima

 
Monday 7 September – JW Marriott Hotel 
 
14:30 -15:15      Welcome remarks 
 
  •  Roberto Hoyle, Chairman, Bolsa de Valores de Lima
  • Patricio Peña, Former President, FIAB and Chairman, Bolsa de Valores de Quito
  • Peter Clifford, Deputy Secretary General, WFE
 
15:15 – 16:30    Developing markets experience in crisis environment – A focus on post-crisis projects and markets growth
 
National market performance has varied considerably across the world since August 2007, and developing country economies appear to have been touched differently, from one another as well as from other parts of the world.  In many cases, these markets have recovered far more quickly.
 
What happened to received wisdom about decoupling from the more developed world?  It started to happen, then did not as everything fell together after the Lehman Brothers collapse, but since 2009 began is it back?  And what does this mean for exchange business planning?
 
Moderator:          -  Jose Antonio Martinez, CEO, Bolsa de Comercio de Santiago
Presentation:       -  Bernardo Mariano, Analyst, ERDesk
Comments:          Aril Seren, Secretary General, Federation of Euro-Asian Stock Exchanges – FEAS
                             Juan Pablo Córdoba, President, Bolsa de Valores de Colombia
                             Luis Tellez, Chairman, Bolsa Mexicana de Valores
                            -  Lidia Adamska, Member of the Management Board, Warsaw Stock Exchange
 
17:00 – 18:00    Derivatives
 
Derivative markets have been the drivers of the exchange industry worldwide. Commodity and derivative markets have experienced highly volatile and liquid trading. 
 
With the WFE membership, many exchanges participate in IOMA meetings to review new products developments and services.   This panel is designed to introduce and update IOMA’s work to FIAB members. The region is rich in raw materials, and its markets and prices are of global interest to manufacturing and financial services.
 
Equally, IOMA and WFE members are active in financial derivatives instruments, and those are probably going to be an equally crucial offer in the exchange / clearinghouse space; now being promoted by capital markets regulators.  With the adjustments to come as the current debt and monetary crises continue to work their way through the world’s economy, we must be sure that exchanges have a role to play.
 
Moderator and
speaker:              -  Jorge Alegria, Chief Executive Officer, MexDer and IOMA Board member
 
Speakers :          -   Pablo Corredor, General Manager, Derivex (Colombian electricity derivatives market)
                          -    Gilberto Mifano, Advisor to the Board, BM&FBOVESPA
                          -   Andrey Salaschenko, Director, Public Affairs, RTS Stock Exchange
 
 
Tuesday 8 September – JW Marriott Hotel
 
9:00 – 10:30      Post-crisis roadmap for regulation and corporate governance
 
The regulated exchanges environment benefits from several distinctive qualities which deserve to be preserved and enhanced. One of them is the constant improvements being made to corporate governance. The better an enterprise is run for its many stakeholders, including its shareholders, the better its market performance should be. On this point, WFE members are in agreement, and in respect of this conclusion they voted a measure of support of the OECD Principles of Corporate Governance in their general assembly in October 2008.
 
This was well into the current financial crisis. Looking at their particular roles to play in the governance area, should exchanges lead changes for improved disclosure, or is their priority to avoid extra costs and too many additional burdens on issuers?   The OECD has just completed a study on this topic.
 
Moderator:          -  Rosario Patron, President, COSRA
 
Presenter on
regulation:          
                           Guillermo Larrain, Chairman, Chilean Superintendence of Securities and Insurance, and
                             Chairman of the IOSCO Emerging Markets Committee, on that Committee’s current agenda
                             at this time of planning for considerable regulatory reform around the world.
 
Comments:         
                          -  Miguel Athayde Marques, Member of the Management Committee,
                             NYSE and Head of the Portuguese Market
                                  
Presenter on
Corporate
Governance:
   
                              -  Hans Christiansen, Senior Economist, OECD, co-author of the
                                 “OECD Report on the Role of Stock Exchanges in Corporate Governance,” July 2009
Comments:         

                           -  Shunzo Kayanuma, Director, Corporate Communications, Tokyo Stock Exchange

   
11:00 – 12:30    Cooperation and competition for trade execution
 
This panel will look at how exchanges are responding to demands for lower trading costs.
 
Facing competition from dark pools and ECNs / MTFs in trade execution, some exchanges plan to cooperate to defend and grow their market share.  An initiative in the ASEAN countries would create a common trading platform for several exchanges, as bank and broker-led markets seek permission to set up their own trading facilities off-exchange in Asia.  In Europe, the exchange-led LinkUp network is bringing together post-trade services as regulators frustrated by what they believe to be slow regional integration, consider new legislation.  Finally, there will be a progress report on one of the FIAB regional initiatives.
 
 
Moderator:          - Poul Erik Skaanning-Joergensen, President, BorsKonsult
 
Speakers:          - David Grayson, Managing Director, Auerbach Grayson
                          - Ramon Adarraga, Director of International Affairs, BME-Spanish Exchanges
                          - Omar Merican, Chief Operating Officer, Bursa Malaysia
                          - Francis Stenning, CEO, Bolsa de Valores de Lima and Juan Pablo Córdoba, President,
                            Bolsa de Valores de Colombia (will present the markets integration project)
                          - Carlos Rivero, General Manager, CONASEV (Comisión Nacional Supervisora de Empresas y Valores).
 
14:30 – 15:00    Keynote speaker  
 
                            Stock Exchange´s globalization: The NYSE Euronext experience.
 
                           -  Miguel Athayde Marques, Member of the Management Committee,
                              NYSE and Head of the Portuguese Market
 
 
15:00 – 16:00    New products and services
 
Exchanges are increasingly offering a range of financial products, trading platforms and post-trading services. This panel will look at the keys to current success and plans for the future including alternative markets / venture markets / ETFs / other structured products / other non-traditional alternatives. 
 
Moderator:          - José Rafael Brenes, CEO, Bolsa Nacional de Valores de Costa Rica
 
Speakers:          - Francis Stenning, CEO, Bolsa de Valores de Lima
                          - Claudio Zuchovicki, Markets Development Manager, Bolsa de Comercio de Buenos Aires
                          -  Monica Villagomez, President, Bolsa de Valores de Quito
                          - Hong-Sik Choi, Executive Director, Korea Exchange