NO 250 – DECEMBER 2013

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WFE Focus
MIND THE GAP
Peter Clifford
Chief Operating Officer,
WFE

This is the final issue of Focus to be edited from the WFE office in Paris, and as yet another year comes to an end, it is the right time to thank everyone who has been involved.

To start with statistics, we are grateful to each and every exchange staffer who supplies the WFE office with an ever increasing amount of data. The reliability of that data is maintained by a WFE Statistics Advisory Group that for years has fine-tuned the definitions in an attempt to keep pace with changing markets.

We must single out the contribution of WFE’s Lorenzo Gallai, who has overseen the production of Focus since its first issue, and the expansion of the WFE database.

Over the past six years, Focus has evolved to welcome diverse voices throughout the financial services industry. Under WFE Chairman Brodsky, the need to highlight the contributions that markets make to the economy and to society was recognized as key duty of this Federation. The newly created WFE Communications Task Force lent its considerable expertise to that task following the fall-out from the financial crisis. However, the publication as we know it would not exist without the dedication and skill of our Communications Manager, Sibel Yilmaz.

We would like to thank all of our contributors over the years for their insights and opinions on how to improve financial markets either through better standards in trading or, as Paul Druckman, CEO of the IIRC notes in this issue, better disclosure standards for listed companies. We are also proud to have printed significant research in Focus thanks our Projects and Research Manager, Romain Devai.

Focus has been a vector of communications for our members, and a way for new members to introduce themselves as the Chairman of DFM, Mr. Essa Kazim, does this month. The diversity of the WFE membership and its global reach are a great strength, and details on the rapidly changing composition of the Federation will be posted on our website.

It was always a pleasure for the WFE team to see Focus articles being translated and republished; we were always encouraged by your thanks and motivated by our critics. The preparation of Focus was a monthly ritual with Christine Garnier and Francine Gallet monitoring exchange news, and making sure we got as much input from exchanges as possible. Now is the time for many of us to say good-bye, and a time for all of us to wish the readers of Focus and all our friends in the industry very happy holidays, and a happy healthy and prosperous 2014.