The WFE and the Federación Iberoamericana de Bolsas (FIAB) unite to address global market challenges

The World Federation of Exchanges (WFE) and the Federación Iberoamericana de Bolsas (FIAB) unite to address global market challenges.

Lima, Peru (September 8, 2009) – Leaders of regulated financial markets from the World Federation of Exchanges (WFE) joined colleagues from the Federación Iberoamericana de Bolsas (FIAB) on Monday, September 7 for a two-day summit designed to facilitate greater cross-border cooperation in market development and regulation. The summit was hosted by the Lima Stock Exchange.

The WFE Chairman, and Chairman and CEO of the Chicago Board Options Exchange (CBOE), William J. Brodsky cited the important role of the FIAB in developing market standards and promoting growth of investment capital in Latin America. 

Market experts were invited to lead debates on the following issues:

  • Better risk management for the OTC markets
  • International cooperation in regulatory reform
  • Developing derivatives exchanges
  • Planning a sustainable market infrastructure, post-crisis
  • More effective corporate governance

Other summit events included the XXXVI General Assembly of the FIAB and the WFE’s Developing Markets Forum agenda.  The Developing Markets Forum is dedicated to sharing strategy for improving markets from all regions or of all sizes. Forum initiatives will be reviewed at the WFE Annual Meeting and General Assembly in October.

 “It gives us great pleasure to be able to merge the productive conversations that come out of our annual board meeting with the experience of WFE participants,” said Elvira Maria Schamann, Secretary General of FIAB.

“As markets have stabilized, the benefits that exchanges provide in liquidity and risk management are better appreciated by governments and regulators,” said Peter Clifford, Deputy Secretary General of the WFE, who will help chair the conference. “WFE members are leading initiatives specifically to improve the OTC markets where the crisis began, and more generally to bring greater transparency and accountability to the conduct of the market.  The FIAB is best placed for such work in Latin America and beyond.”

Amongst the other speakers were Guillermo Larrain, Chairman of the IOSCO Emerging Markets Committee, and Hans Christiansen, Senior Economist at OECD and co-author of the “OECD report on the role of stock exchanges in corporate governance”.

ABOUT THE WFE:

The World Federation of Exchanges, based in Paris, France, is the trade association of more than 50 publicly regulated stock, futures and options exchanges.  WFE conducts research on issues pertinent to its members and holds workshops and conferences around the world. WFE market operators are responsible for the functioning of key components in the financial world. WFE exchanges are home to over 46,000 listed companies (as of 30 September 2008). 

At the end of 2008:

  • The total market capitalization listed companies was approximately USD 33 trillion.
  • Approximately USD 113 trillion in equities were traded on WFE stock exchanges.
  • More than 17 billion future and option contracts were transparently traded on-exchange, with proper post trade risk management and guarantees.  

ABOUT THE FIAB:

The 19 exchange members of FIAB cover the Spanish and Portuguese jurisdictions.  The FIAB mission is to :

Foster cooperation among its members, in order to promote the development and advancement of their securities markets, in the best interests of all market participants ;

  • Cooperate with national and international entities having legislative, regulatory, or other functions in respect of financial and securities markets with a view to ensuring homogeneous standards and regulations as to securities issuance, circulation, distribution, and registration; trading; issuers; brokers; securities markets; securities depositories and custodians; as well as in connection with any fiscal and other issues deemed to be relevant to market development ;
  • Promote integration of the Federation's stock markets, stimulating inter-activity among market participants as well as the free circulation, within their respective jurisdictions, of securities issued in any of its members' home countries ;
  • Encourage the establishment of rules and procedures ensuring solvency, competence, legitimacy, and fair information disclosure to all savers investing through Member Exchanges. 

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