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WFE Focus April 2011
2011 WFE annual meeting draft program

Wednesday 12 October  
  Annual Meeting - Welcome Remarks by Chairman Arculli and Chairman Borkum

10:45-12:00

 

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?

Facilitator:
Jeremy Grant, Editor, Financial Times Trading Room

Panelists:
William J Brodsky, Chairman & CEO, Chicago Board Options Exchange
Antonio J. Zoido, Chairman, BME Spanish Exchanges
Philipp Härle, Partner, McKinsey & Co
Ronald Arculli, Chairman, Hong Kong Exchanges and Clearing

 

13:15-14:30

 

Panel 2 – Interest rate markets

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 worldwide
moved OTC: what is the progress?

• What are exchanges doing
• Fears/ opportunities for National Treasuries
• Getting stakeholders on Board

Facilitator:
Russell Loubser, Chief Executive Officer, Johannesburg Stock Exchange

Panelists:
Huseyin Erkan, Chairman & Chief Executive Officer, Istanbul Stock Exchange
Juan Pablo Cordoba, Chief Executive Officer, Bolsa de Valores de Colombia
Thuto Shomang, Deputy Director General: Asset and Liability Management, South African National
Treasury

 

14:30-14:50

 

Key note address: South African Minister of Finance Pravin Gordhan

 


Thursday 13 October
 

08:30 - 09:45

 

Panel 3 – 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' future prosperity. 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

Facilitator:
Joseph Gawronski, President and Chief Operating Officer, Rosenblatt Securities

Panelists:
Ester Levanon, Chief Executive Officer, Tel Aviv Stock Exchange
Magnus Böcker, Chief Executive Officer, Singapore Exchange
Luis Téllez, Chairman & Chief Executive Officer, Bolsa Mexicana de Valores
Ravi Narain, Managing Director and CEO, National Stock Exchange of India

 

10:15 - 11:30

 

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?

Facilitator:
Christian Katz, Chief Executive Officer, SIX Swiss Exchange

Panelists:
Atsushi Saito, President & CEO, Tokyo Stock Exchange
Thomas Kloet, Chief Executive Officer, TMX Group
Peter Hiom, Deputy Chief Executive Officer, ASX
Adrian Blundell-Wignall, Special Advisor to the Secretary-General for Financial Markets, Deputy
Director for Financial and Enterprise Affairs, OECD

 

11:30-11:50

 

Presentation of the WFE Award for Excellence: Professor Mervyn King,
Chairman International Integrated Reporting Committee

Chairman Arculli will present the Award, and Professor King will respond with a valedictory address
on why corporate reporting is not what it used to be. The pillars of transparency and disclosure are
common to integrated reporting and financial stability.

 

13:00 - 14:30

 

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?

Facilitator:
Steven Sears, Senior Editor, Barron's

Panelists:
Tim Wildenberg, Head of Alternative Execution, Citibank
Dominique Cerutti, President and Deputy CEO, NYSE Euronext
Meyer S. Frucher, Vice Chairman, NASDAQ OMX
Sam Coady, Managing Director, Corporate finance, CME Group
Zhang Yujun, President, Shanghai Stock Exchange

 

Saturday 15 October  

11:30 -12:45

 

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 crossborder
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

Facilitator:
Jeremy Grant, Editor, Financial Times Trading Room
This will be a discussion between Jeremy Grant and CEOs involved in M&A, as well as those who are
not involved.

 

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