Nandini Sukumar , CEO , World Federation of Exchanges | May 2017


Dear Colleagues

Welcome to the May 2017 issue of Focus, where we look back at the 42nd International Organization of Securities Commissions (IOSCO) Annual Conference, which took place earlier this month.

As part of our review of the conference, we are delighted to welcome Paul Andrews, Secretary General, IOSCO. In this Q&A, Paul gives us an in-depth overview of the key priorities for the global standard setter, sets out his vision, and outlines the ways in which the WFE can work even more closely with IOSCO in the future, given our close alignment in terms of both mandate and priority areas.

The IOSCO Affiliate Members Consultative Committee (AMCC) also gathered alongside the IOSCO Annual Conference. We have an article by José Carlos Doherty, AMCC Chair & ANBIMA CEO, where he provides a brief summary of the meeting outcomes, covers the AMCC more broadly, and highlights some of its latest achievements.

Our review of the IOSCO Annual Conference concludes with an event summary, including details of the WFE’s participation, as an affiliate member of IOSCO and on the programme itself.

We presented our global Cyber Resilience standards to regulators and stakeholders at the IOSCO meeting. These standards represent the industry consensus forged over the last year at the WFE, and advocate optimal outcomes. The WFE chaired the CCP Recovery & Resolution session, a topic we have worked on extensively. The WFE, which chairs IOSCO’s DLT workstream at the AMCC, was also a speaker on the Fintech/DLT panel, building on the solid policy work and research we have done in this space over the past year. Overall, we were encouraged by the positive and collaborative atmosphere at the conference, and the desire amongst stakeholders to address such key topics with an energetic, outcome-led approach.

Increasing transparency, driving long termism, and creating the right conditions for smaller growth companies is key in the evolution of the capital markets system, writes Adena Friedman, President & CEO, Nasdaq in this issue. This article, first published in the 2017 edition of the Milken Institute’s The Power of Ideas, is part of Nasdaq’s new blueprint to revitalise the US capital markets.

The WFE was a speaker at the 2017 Milken Conference. At the Institute’s invitation, we co-hosted a private roundtable on Capital Markets for SMEs, presented our joint findings on the issue, and also spoke at the public SME session. The WFE also took part in the 6th Annual Building African Financial Markets seminar, hosted by the Casablanca Stock Exchange, where we presented the key findings of the WFE's 2016 joint report with Oliver Wyman on Enhancing Emerging Market Liquidity, also doing the same at the Arab Federation of Exchange’s annual meeting.

On 23 May, Deutsche Börse AG launched its new ‘Accelerating Sustainable Finance’ initiative and we have an interview with Kristina Jeromin, Head of Group Sustainability, Deutsche Börse AG, who tells us more about the project, and the future of sustainable business models.

We have a contribution from WFE partner Cinnober. Mikael Öhman, Chief Architect of Risk Management Solutions, Cinnober takes us through a 'new world' for CCPs, whereby the dramatically transformed landscape for CCPs post-crisis has led to a shift in risk management thinking.

Next week we welcome members for the mid-year WFE Working Committee (5 June, London). We have an extremely full agenda, and look forward to seeing many of you in London to discuss the WFE workplan, and other key focus areas such as how market infrastructures can navigate an increasingly regional world, green finance, and DLT.

Final preparations are also underway in advance of our bi-annual WFE Technology Conference (24-26 July, London), with partner Imperial College London. The event aims to spark debate about the latest trends and innovation in technology in the market structure space, such as reg-tech, AI and machine learning. The agenda is already vibrant and thought-provoking, and we welcome registrations from Chief Technology Officers, Chief Information Security Officers, Chief Innovation Officers, Chief Digital Officers and Heads of Strategy at WFE members globally.

And we are already looking forward to the 57th WFE General Assembly & Annual Meeting (6-8 September, Bangkok, Thailand). We will be opening online registration for members in the coming weeks, and will keep you informed on an ongoing basis. If you have any queries about any of our events, please email us on [email protected]

We hope you enjoy this bumper issue of Focus, and look forward to welcoming many members and WFE friends to London next week.

Nandini Sukumar

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