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The World Federation of Exchanges represents 64 regulated exchanges across the world, and acts on behalf of a total of 99 organizations including affiliate members and clearinghouses.


Our member exchanges are home to more than 45,000 listed companies, while our widely used statistics database covers more than 350 indicators and 40 years of data from exchanges worldwide. Our members provide a significant contribution to the real economy, representing a total market capitalization of USD 63.5 trillion and a total trading value of USD 76 trillion, a value which is over 65% of the world GDP.


Since its foundation 54 years ago, the WFE has organized committees, meetings, general assemblies, conferences, and workshops for its members to transfer knowledge and share expertise. As an industry trade organisation, the WFE has discussed virtually every aspect of the capital market: the technical, the commercial, the legal and the economic. In the past four decades we have published studies and reports on issues such as self-regulation, cross border trading, HFT, cyber security and many others besides.

Toronto Stock Exchange Celebrates 25 Years of Listing and Trading Exchange Traded Funds

2015 marks the 25th anniversary of the creation of the world's first Exchange Traded Fund (ETF). To celebrate this milestone, as well as the rapid growth of the Canadian and global ETF markets, Atul Tiwari, Managing Director, Vanguard Investments Canada Inc. & Vice Chair, Canadian ETF Association (CETFA), members of CETFA and ETF providers joined Ungad Chadda, Senior Vice President, Toronto Stock Exchange (TSX) to open the market on TSX today.

"The ETF is a made-in-Canada financial innovation. We are proud to have led the world in the creation of this revolutionary investment product," says Mr. Chadda. "The ETF industry in Canada and globally has been a phenomenal growth story and TSX is committed to supporting the Canadian ETF market as it further grows and evolves."

The world's first exchange-traded, index-linked product – the precursor to the modern day ETF – was launched on TSX when the Toronto 35 Index® Participation Units (TIPs®) was listed in 1990. In March 2000, the TIPs was merged into the iUnits S&P/TSE 60 Index Participation Fund, known as the "iUnits 60 Fund," and trading under the symbol XIU. Following several name changes in the following years, that fund is today known as the iShares S&P*/TSX 60 Index ETF, the largest Canadian-domiciled ETF with over $11 billion in assets under management (AUM), and among the top five most actively traded securities on TSX.

The Canadian ETF market has seen impressive growth over the past quarter century, and 2014 was a noteworthy year for the industry. The year ended with nearly $77 billion in AUM, up $13.7 billion from 2013 – the largest annual increase in the industry's history. In fact, the Canadian ETF market garnered double-digit annualized growth of over 20% last year. As of February 28, 2015, there were 354 ETFs listed on TSX, with 77 new products launched since January 2014. ETFs currently represent over 20% of total TSX listings. In 2014, 5.5 billion ETF shares were traded on TSX, representing almost 7% of all trading on the Exchange. Options on 31 ETFs also trade on Montréal Exchange, a wholly-owned subsidiary of TMX Group.
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Thomas A. Kloet Elected to Nasdaq's Board of Directors

Nasdaq (Nasdaq:NDAQ) today announced that Thomas A. Kloet, former Chief Executive Officer of TMX Group Limited, the Toronto-based stock exchange owner and operator, was elected to Nasdaq's Board of Directors as a non-executive director. Mr Kloet was CEO of TMX from 2008 until his retirement in October 2014.

Mr Kloet previously served on a number of boards, including: TMX Group, Bermuda Stock Exchange, Chicago Mercantile Exchange, CBOE Futures Exchange, Chicago Stock Exchange, World Federation of Exchanges, National Futures Association, and the Investment Industry Regulatory Organization of Canada (IIROC). He also recently served as Chairman of the Board for the BOX Options Exchange. He is currently a member of the Commodity Futures Trading Commission's (CFTC) Market Risk Advisory Committee.

"We are quite fortunate to attract someone with as distinguished a career as Tom has had," said Börje Ekholm, Board Chairman, Nasdaq. "He is a respected and knowledgeable leader in this rapidly evolving exchange industry, and we are the beneficiaries of Tom's three-plus decades of experience across asset classes and his strong background in market structure and global capital markets." Mr Kloet oversaw the successful expansion of TMX Group's international business, with the integration of the Montreal Exchange to create TMX Group Ltd., the expansion of its post trade services, and the addition of a transfer agency and share registry business.

Prior to his time as CEO of TMX Group, Mr Kloet served as Senior Executive Vice President and Chief Operating Officer of the American Zone for Fimat from 2003 to 2008. There he was responsible for management of the firm's operations, finance, risk management, information technology and client services groups.

From 2000 to 2002, Mr Kloet served as the first CEO of the Singapore Exchange, where he completed the integration of Singapore International Monetary Exchange (SIMEX) and Singapore Stock Exchange, to create the Singapore Exchange (SGX).

Mr Kloet graduated with a Bachelor's degree in Business Administration from the University of Iowa in 1980. He is a Certified Public Accountant and a member of the American Institute of Certified Public Accountants. "I am excited to join the Board of such a dynamic and diverse global organization as Nasdaq," said Mr Kloet. "And, I look forward to working closely with this esteemed group of Board members and Nasdaq's executive team."

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BATS Global Markets Names Chris Concannon CEO - Joe Ratterman Becomes Chairman

BATS Global Markets (BATS), a leading operator of U.S. and European markets, today announced that President Chris Concannon will be appointed to the additional role of chief executive officer, effective March 31, 2015.

Mr. Concannon arrived at BATS as president in December 2014 with nearly 20 years of experience as an exchange executive, regulator and industry participant, and played a major role in the Hotspot FX acquisition announced January 16, 2015.

Joe Ratterman will now assume the role of chairman of the BATS board, replacing Paul Atkins. Mr. Ratterman, who led BATS as CEO for the past eight years, will remain closely involved at the company going forward, while also facilitating Mr. Concannon's leadership transition. A respected industry expert, Mr. Ratterman will continue to represent BATS, and the industry's diverse participants broadly, as a member of the SEC Equity Market Structure Advisory Committee.

Under Mr. Ratterman's leadership, BATS has transformed into the world's second-largest stock exchange operator. A company founder in June 2005, he became CEO in July 2007 when the firm – then known as BATS Trading – was a growing startup alternative trading system with 25 employees, operating from a single office in Kansas City.

BATS Global Markets operates the largest stock exchange in Europe; the second-largest exchange in the U.S.; a U.S. options market which has doubled in size in the past year; and, pending approval, a global foreign exchange market. The past four years alone were highlighted by three major acquisitions – Chi-X Europe in 2011, making BATS the largest stock market in Europe; Direct Edge in 2014, making BATS the second-largest market in the U.S.; and Hotspot FX, pending approval, in 2015, moving BATS into the world's largest and most liquid asset class.

BATS also runs the largest trade reporting facility in Europe, is a listing venue for exchange-traded products in the U.S. and Europe, and is one of four 25% owners of EuroCCP, the largest European equities clearing house. The company has 215 employees worldwide with headquarters in Kansas City, and offices in New York, London and Chicago.

"Being CEO during a time of impressive corporate growth and considerable industry change has been a great privilege and I'm grateful to the entire BATS team for their extraordinary efforts, and for the opportunity to have worked alongside them over the last 10 years. It's truly been a remarkable time," Mr. Ratterman said. "We are at a unique point in our company history where we are experiencing high water marks in market share and profitability, and we are also poised for significant future growth and expansion globally. I see this as a good opportunity to change the nature of my role at BATS and take on the chairman responsibilities, and I'm pleased to pass the baton to a leader as qualified, talented and dedicated as Chris. He has already proven to be a great addition to the BATS team and I have no doubt that he will take the company to new heights. I would also like to thank Paul Atkins for his exemplary service to BATS while leading its board over the last several years. We wish him continued success with his financial services regulatory consulting firm, Patomak Global Partners," he said.

Mr. Concannon said "I came to BATS last year after getting to know the company as a competitor, customer and board member and immediately felt it was a great fit. It's unique to become CEO of an organization with so many transformative opportunities on the horizon and I'm excited to build on the amazing track record assembled in such a short period of time. I look forward to great times ahead with my BATS colleagues as we grow together and expand our global presence," he said.
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SGX CEO Bocker Leaving End June

The SGX Board of Directors wishes to announce that Mr Magnus Bocker, the CEO, has notified that he is not seeking extension of his appointment beyond his current contract, which will be completed on 30 June 2015. He has been the CEO of SGX since 1 December 2009. 

The Board is moving forward with its CEO succession plan and is assessing internal and external candidates on a short list. The Board has engaged the global executive search and leadership advisory firm Spencer Stuart to facilitate the process. 

Mr Bocker said, "It has been an honour to lead the extraordinary people at SGX for more than half a decade. I am proud of our accomplishments in expanding SGX both in Singapore and internationally, especially for Asian equity index derivatives. But there is a time and season for everything, and it is now time for me to take on new challenges. I am confident that what we have built at SGX will endure and continue to serve the market well." 

SGX Chairman Mr Chew Choon Seng said, "The Board understands Magnus' considerations and respects his decision. We appreciate and thank Magnus for his contributions and leadership over an eventful and rapidly changing period, and wish him the best in his future endeavours. We will work towards a smooth leadership transition."

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CME Group Releases White Paper: “Clearing - Balancing CCP and Member Contributions with Exposures”

CHICAGO, January 20, 2015 – CME Group, the world's leading and most diverse derivatives marketplace, today published a white paper detailing the company's position on a variety of issues facing central counterparty clearing houses (CCPs) in today's financial markets, particularly the question of how much "skin in the game" clearing houses should contribute to a market's financial safeguards.

The paper, "Clearing – Balancing CCP and Member Contributions with Exposures," is available online at http://www.cmegroup.com/skininthegame

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SGX and REITAS partner on REITs education

Singapore Exchange (SGX) and the REIT Association of Singapore (REITAS) have launched an initiative to educate the public on REITs and stapled trusts. 

Delivered through SGX Academy and REITAS, this initiative comprises roadshows and monthly workshops. Participants will meet REITs managers to learn about the various types of REITs, how they are structured and managed, with a focus on generating steady income and long-term capital growth for unit holders. This will be complemented by the launch of online education materials by June 2015. Around 20,000 investors are expected to benefit from this initiative.

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