WFE interviews with the Abu Dhabi Securities Exchange
WFE Interviews with the Zhengzhou Commodity Exchange
WFE Interviews with the Dalian Commodity Exchange
WFE Interviews with the China Financial Futures Exchange
global market capitalization increased 15.1% in 2012 , the volume of all products traded on WFE member exchanges fell significantly. According to worldwide statistics compiled by the WFE, the value of Electronic Order Book (EOB) share trading was down 22.5%, and the number of derivative contracts traded on-exchange decreased by 20%.“We appreciate our members’ commitment to helping us compile our Annual Market Statistics, as we believe it is important to offer a true, objective picture of the current state of on-exchange trading worldwide,” said Hüseyin Erkan, CEO of the WFE. “Our 2012 Global Market Highlights offers the most comprehensive series of data covering a large range of exchanges’ activities, allowing for a more detailed approach of markets.”According to the WFE figures, which are gathered from WFE member exchanges, the number of listed companies remained stable in 2012, while both ETFs and securities derivatives increased their listings. Specific 2012 hWFE's annual survey of global markets found that while the global market capitalization increased 15.1% in 2012 , the volume of all products traded on WFE member exchanges fell significantly. According to worldwide statistics compiled by the WFE, the value of Electronic Order Book (EOB) share trading was down 22.5%, and the number of derivative contracts traded on-exchange decreased by 20%.
Being the President & CEO of one of the smallest member exchanges of the WFE and the first of many to author pieces in this new feature of the monthly Focus publication, I feel the considerable weight to deliver an informative and relevant discussion on the BSX and our contribution to not only Bermuda’s domestic economy but also to the global capital markets.
Exchange Traded Funds “ETFs” are similar to mutual funds in many ways but they have many significant differences. Real-time pricing and intraday liquidity are two of the most obvious differences between exchange-traded funds with their mutual fund cousins. Mutual funds create their price or NAV (net asset value) once a day at the end of the day based on pricing the underlying holdings after the close of trading when the fund has priced its assets and hence created its price or NAV for that day. Once the mutual fund has been priced, the mutual fund company transacts all fund unit buy and sell orders that have been accumulated during the day. This pricing process does not allow investors to know beforehand the price at which their buy or sell order will be transacted at. Many mutual funds will often charge front load fees, pay rebates and often back end loads.
Since their creation in Canada in 1990, ETFs have grown from a fairly niche product into a full-fledged asset class with assets under management (AuM) amounting (excluding ETPs) to some USD1.6tn worldwide at the end of September 2012, i.e. about 6.4% of the global AuM of mutual funds. As a matter of fact, the few incentives of fund distribution channels to promote them was an initial impediment to their marketing, but those specialized players who have promoted them have grown into global firms as ETFs have met significant demand, particularly since the advent of the financial crisis due to their specific features (low fees, transparency and liquidity). Throughout this period, ETFs were actually one of the few fund classes that kept recording positive net fund inflows. ETFs thereby reached out to an increasingly wider client base, extending from their traditional, institutional remit into the high-net worth and retail investor space.
In a letter to the FSB and other policy organizations, WFE encouraged global standard setting bodies to demonstrate continued support for the G20 commitments to bring greater transparency and central clearing to derivative markets by ensuring that the costs of ETD markets are not unnecessarily increased.
(15 October 2012, Taipei) Today the General Assembly of the World Federation of Exchanges (WFE) approved new statutes that alter the structure of the organization from a secretariat to a corporate body. Chairmen and Chief Executives from more than 50 of the world’s leading exchanges gathered in Taipei this week for the 52nd WFE General Assembly and Annual Meeting and officially ratified a new structure for the organization. This assembly represents the largest and most widely attended gathering of global exchange leaders.