World’s Exchange Leaders Meet in Vancouver, 6 October 2009

World’s Exchange Leaders Meet in Vancouver - World Federation of Exchanges Holds 49th General Assembly and Annual Meeting 

6 October 2009, Vancouver) Chairmen and Chief Executives from more than 50 of the world’s leading exchanges gathered in Vancouver this week for the 49th General Assembly and Annual Meeting of the World Federation of Exchanges (WFE). This assembly represents the largest and most widely attended gathering of global exchange leaders.  The last meeting was held in Milan in 2008.  

“Over the last year, global economic uncertainty created unprecedented challenges and opportunities for exchanges, our stakeholders and policy makers,” said Thomas A. Kloet, CEO of TMX Group. “TMX Group is very proud to host this important gathering at such a critical time. Open dialogue, the sharing of ideas and the work that takes place at these meetings help shape strategy and policy for the world’s top exchange groups.” 

William J. Brodsky, who is completing the first year of his two-year term as WFE Chairman, said: “The presence of more than 50 exchange leaders at the Assembly demonstrates WFE’s increasing leadership role in promoting international cooperation between markets and regulators.” Mr. Brodsky is also Chairman and CEO of the Chicago Board Options Exchange

“Important issues will be addressed at this WFE annual meeting, including corporate governance, market structure, and the role exchanges played to stabilize markets during the recent financial crisis,” Mr. Brodsky said.  “I am especially grateful that so many chief executives from so many important exchanges are participating in these discussions.” 

Annual Meeting Agenda

Topics being reviewed by exchange industry leaders at the Annual Meeting include: 

·         Exchanges’ roles in the financial crisis and afterwards: moderated by Mr. Brodsky, with panelists Duncan Niederauer, CEO of NYSE Euronext; Paul Chow, CEO of Hong Kong Exchanges and Clearing; and Ravi Narain, Managing Director and CEO of the National Stock Exchange of India.

·         Servicing the over-the-counter market: moderated by Bud Haslett, Head of Risk Management, Derivatives and Alternative Investments, CFA Institute; with panelists Andreas Preuss, Deputy CEO of Deutsche Borse AG and CEO of Eurex; Jeffrey Sprecher, CEO of Intercontinental Exchange (ICE); Craig Donohue, CEO of CME Group, and Simon Grensted, Managing Director Business Development, LCH.Clearnet.

·         Corporate governance: moderated by Mr. Kloet with panelists Atsushi Saito, President and CEO, Tokyo Stock Exchange Group Inc.; Brendan Caldwell, President and Chief Executive Officer, Caldwell Investment Management; and Pierre Bollon, Chief Executive, Association Francaise de la Gestion.

·         Developing markets: moderated by Huseyin Erkan, Chairman  & CEO, Istanbul Stock Exchange, with panelists Paulo de Sousa Oliveria Jr., Chief Business Development Officer BM&FBOVESPA; Schive Chi, Chairman, Taiwan Stock Exchange; Yusli Mohamed Yusoff, CEO, Bursa Malaysia; and Abdullah AlSuweilmy, CEO, Tadawul Saudi Stock Exchange.

·         Dark pools: moderated by Joseph Gawronski, President/COO, Rosenblatt Securities Inc.; a presentation by Russell Loubser, CEO, Johannesburg Stock Exchange; and a presentation by Professor Robert A. Schwartz of Baruch College, the recipient of the first WFE “Award for Excellence.”

·         Competition for order flow: moderated by Antonio J. Zoido, Chairman BME Spanish Exchanges, with panelists S. Meyer Frucher, Vice Chairman, NASDAQ  OMX; Susan Wolburgh Jenah, President and CEO, Investment Industry Regulatory Organization of Canada; and Judith Hardt, Secretary General, Federation of European Securities Exchanges.

The WFE is presenting its first “Award for Excellence” to Baruch College Professor Robert A. Schwartz in recognition of his contribution to the understanding of regulated markets. Prof. Schwartz, who is widely recognized as a pioneer scholar in the field of market microstructure, also present his recent study on dark pools and fragmented markets to the Assembly.

The keynote speaker is Kenneth Griffin, Founder and CEO of Citadel Investment Group.  Guest speakers include Raymond Louie, Deputy Mayor of Vancouver, David Wilkins, former U.S. Ambassador to Canada and Richard Saines, North American Climate Change and Environmental Markets Practice Group leader at global law firm Baker MacKenzie. 

 

 

New WFE Member Exchanges 

 

The WFE General Assembly approved the membership of Saudi Stock Exchange (Tadawul) and Moscow Interbank Currency Exchange (MICEX). With this, WFE membership reaches 53 regulated exchanges.  

SROs and Major Clearing Houses Join WFE 

Recently two independent Self Regulatory Organizations (SROs), the Financial Industry Regulatory Authority (FINRA) in Washington and the Investment Industry Regulatory Organization of Canada (IIROC) in Toronto, joined the WFE to network with their regulatory colleagues. Post-trade issues, especially with regard to OTC transactions, are an important WFE focus.  This year, the largest independent clearinghouses have also joined WFE:  the Depository Trust & Clearing Corporation (DTCC), LCH Clearnet, the Options Clearing Corporation (OCC), and Takasbank.  Said WFE Secretary General Thomas Krantz, “Many WFE exchanges are responsible for their post-trade arrangements and enforcement of regulation, so the insight and expertise afforded by these independent groups is a welcome addition to the WFE network.” 

Focus on Regulation

Regulation continues to be a top priority for WFE exchanges.  In a 22 September 2009 letter to the G20, the WFE Board of Directors endorsed efforts to coordinate regulation of over-the-counter markets and products, and advocated the use of clearing houses and exchanges where risks are better managed and prices transparently set.  

WFE Elects 2010 Board of Directors

The General Assembly also elected its new Board of Directors for 2010, a list of the new directors is attached. 

WFE Annual Meeting 2010

The next WFE Annual Meeting will be hosted by NYSE Euronext in Paris on 11-12 October 2010, when the Federation will celebrate its 50th Anniversary. 

 

WFE Board of Directors 2010

 

Chairman                               William J. Brodsky, Chicago Board Options Exchange 
 
Vice Chairman                       Ronald Arculli, Hong Kong Exchanges and Clearing 
 
Chairman of the
Working Committee               Huseyin Erkan, Istanbul Stock Exchange 
 
Americas                                Gilberto Mifano, BM&FBOVESPA
                                               Meyer S. Frucher, Nasdaq OMX       
                                               Craig Donohue, CME
                                               Thomas Kloet, TMX  
 
Asia-Pacific                               Geng Liang, Shanghai Stock Exchange
                                                Ravi Narain, National Stock Exchange of India
                                                Atsushi Saito, Tokyo Stock Exchange
                                                Jung-hwan Lee, Korea Exchange
 

Europe - Middle East - Africa 
                                               Andreas Preuss, Deutsche Boerse Group
                                               Maged Shawky, Egyptian Exchange
                                               Russell M. Loubser, JSE Limited
                                               Massimo Capuano, London Stock Exchange Group 
 
At large                                   Antonio J. Zoido, BME - Spanish Exchanges
                                               Duncan Niederauer, NYSE Euronext  

 

Report Date: 
Tue, 10/06/2009