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WFE Focus April 2011
2011 Annual meeting program, Johannesburg and Kapama Game Reserve

The WFE 51st Annual Meeting will be hosted by Johannesburg Stock Exchange on 12-15 October. The meeting is by invitation only, limited to senior level managers from regulated exchanges and to selected guest speakers that include regulators and market participants. For more information on the meeting, please visit the event’s website at:

Wednesday 12 October – in Johannesburg

Panel 1 – Regulatory winds

What is happening with Dodd-Frank and MiFID II? Where are areas of global convergence and divergence on the industry, from trading through to post-trade? Is the perimeter of regulation being extended, or are the banks succeeding in pushing back? How are exchanges reacting in presenting their case? What are the threats and opportunities for our businesses?

Panel 2 – Exchange business models

The push and pull of crises and regulatory change, client demands, technological possibilities, experience gained in operating in the for-profit environment and divergent patterns of economic growth are all simultaneously forcing exchange managers to question how they can best develop sustainable business models for their exchanges. Questions from the past come up in the 2011 context. What do we think about:

• Horizontal or vertical

• Where in the value chain should exchanges go to find growth

• Clients as co-owners or competitors

• Fee trends

• For profit or utility

• Sensitivity to value vs volume

Thursday 13 October – in Johannesburg

Panel 3 – Interest rate products

The publicly regulated exchange environment has proven its worth. Bonds used to constitute the majority of the exchange listing and trading business. In some jurisdictions, the treasury and corporate bonds are on exchange, so there can be no doubt that the model works. For the last several years, exchanges have made a more concerted effort to regain the business that for the most part world-wide moved OTC: What is the progress?

• What are exchanges doing

• Fears/ opportunities for national Treasuries

• Getting stakeholders on Board

Panel 4 – Fragmentation

Fragmentation is one of the hardest challenges this industry faces. Fragmentation has compromised price discovery and transparency and arguably made best execution not only a more tenuous concept but one that is difficult to achieve.

Is fragmentation now also affecting primary issuance? Is it reversing or deepening as regulatory reform focuses elsewhere, or gets pushed back? What do investors and issuers say and do? How can exchanges react effectively?

Presentation of the WFE Award for Excellence

Panel 5 – Innovation in our businesses

Crises and fragmentation aside, this industry moves ahead: what are exchanges doing differently now than five years ago in terms of products, services, and technology? How will the financial market ecosystem evolve and what roles will exchanges play in it? In what new ways should exchanges be looking to work with different client constituencies to extend the reach? How are clients looking at working with exchanges?

Saturday 15 October – at Kapama Game Reserve

Panel 6 – Exchange mergers and acquisitions

Growing market share, achieving costs synergies, and getting more transactional activity is part of what all exchange operators look for. The last 10-15 years have seen much corporate activity between exchanges – with mixed results and to mixed reception. Why have some exchanges looked to cross-border M&A rather than other types of strategic alliances? Why have other exchanges not yet done anything public in this space? Is the cost and effort involved in making a cross-border transaction or relationship work actually worth it? Which are more difficult: the regulatory issues or the “exchange as a national asset” issues? How difficult is it to actually achieve the planned benefits from these types of transactions? Would you do it again?

The Kapama session will be an off-the-record dialogue closed to exchange delegates only.

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