October 15, 2012

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. 

The General Assembly has also elected and approved new board members and officers, led by the new Chairman Andreas Preuss, Deputy CEO of Deutsche Börse Group and CEO of Eurex, and Vice Chairman Thomas A. Kloet, CEO of TMX Group. Chairman of the Working Committee will be Ravi Narain, Managing Director and CEO of the National Stock Exchange of India. The new board officers serve two-year terms.

Under the new statutes, positions of Chief Executive Officer (CEO) and Chief Operating Officer (COO) have been created. Hüseyin Erkan, who was appointed the new Secretary General of the WFE in June, will become the Chief Executive Officer, and the Deputy Secretary General, Peter Clifford, will become the Chief Operating Officer.

"Our industry is facing an unprecedented overhaul driven by regulatory initiatives and changing market structures. I am looking forward to increase the voice of exchanges in this new environment. Todays approved new setup will allow WFE and its member exchanges to work more effectively with regulators and policymakers to facilitate well-functioning markets, safety and integrity and financial stability," said the new chairman Andreas Preuss.

The WFE plans to utilize its vast network of exchanges to promote a consistent, engaging dialogue surrounding the world's most pressing market issues. "Tremendous efforts have been made by members of the Federation, the Board, and the various committees to develop the new statutes which support the creation of a new WFE structure," said Ron Arculli, who served as WFE Chairman for the past two years. "With this restructuring, the WFE Board decided to create the chief executive officer and chief operating officer positions. The process to fill these positions started last November, with the creation of the Selection and Transition Committees to reform the existing WFE structure. The revised organizational structure will enable the new WFE to enhance its profile and advocacy role and provide stronger leadership on global regulatory and policy issues. I would like to thank everyone who has contributed to the reform. I am proud to have served as Chairman during this reform period and overseen the completion of this process." Mr. Arculli is Director of the Hong Kong Exchanges and Clearing.

Mr. Erkan, who will assume his role as CEO following the General Assembly, said: "The WFE's new charter empowers the organization to be a more active participant in global market issues. I look forward to working with exchanges throughout the globe and aim to expand our presence in the financial world." Mr. Erkan previously served as Chairman and CEO of the Istanbul Stock Exchange.

Annual Meeting Agenda

The keynote speaker is Wu Tang-Chieh, Chairman of the Taiwan Financial Supervisory Commission. Topics being reviewed by exchange industry leaders at the Annual Meeting include:

  • Exchange Core Business Drivers: moderated by William J. Brodsky, Chairman and CEO, Chicago Board Options Exchange; with panelists Andreas Preuss, Deputy Chief Executive Officer, Deutsche Boerse AG; Elmer Funke Kupper, Managing Director and CEO, Australian Securities Exchange; Ian Cohen, Managing Director, COO Equities Asia and Chief Strategy Officer Global Equities, HSBC; Anna Ewing, Executive Vice President Global Market Technology and CIO, Nasdaq OMX; Dominique Cerutti, President and Deputy CEO, NYSE Euronext.
  • ESG: moderated by Peter Clifford, COO, WFE; with panelists Nicky Newton-King, CEO of Johannesburg Stock Exchange, Edemir Pinto, CEO of BM&FBOVESPA; and Paul Abberley, Chief Executive of Aviva
  • Exchange Innovation: moderated by Nandini Sukumar, Bloomberg News; with panelists Magnus Böcker, Chief Executive Officer, Singapore Exchange; and Gary Katz, President and CEO, International Securities Exchange.
  • International and Domestic Mergers and Acquisitions: moderated by Jeremy Grant, Financial Times; with panelists Thomas A. Kloet, Chief Executive Officer, TMX Group; Ravi Narain, Managing Director and Chief Executive Officer, NSE India; Kaivan Shakib, Managing Director/Head Financial Technology & Securities, Merrill Lynch; and Sandy Meyer Frucher, Vice Chairman, NASDAQOMX.
  • Asian Markets: moderated by Chi Schive, Chairman, Taiwan Stock Exchange Corp.; with panelists Atsushi Saito, President & CEO, Tokyo Stock Exchange; and Stephen Po, Senior Director, Securities & Futures Commission, Hong Kong
  • The year of the Regulator: moderated by Ronald Gould, Managing Director, Promontory Financial Group, with panelists Luis Téllez, Chairman & CEO, Bolsa Mexicana de Valores; Hans-Ole Jochumsen, Executive Vice President, NASDAQ OMX; Masamichi Kono, Chairman of the IOSCO Board of Directors; and Rupert Thorne, Deputy Secretary General, Financial Stability Board;
  • Developing Markets: moderated by Hüseyin Erkan, CEO, WFE; with panelists Abdullah Al-Suweilmy, Chief Executive Officer, Saudi Stock Exchange (Tadawul); Hans B. Sicat, President & CEO, Philippine Stock Exchange; José A. Martinez Zugarramurdi, Chief Executive Officer, Bolsa de Comercio de Santiago; Karim Hajji, CEO, Casablanca Stock Exchange; Mohamed Omran, Chairman; and Juan Pablo Cordoba, Chief Executive Officer, Bolsa de Valores de Colombia.

This year's "WFE Award for Excellence" is being presented to Environmental Financial Products (EFP) Chairman and CEO Dr. Richard Sandor in recognition of his pioneering work at the epicenter of the environmental and financial markets for more than four decades (2012 Award for Excellence press release).

New WFE Member Exchanges 

The WFE General Assembly approved the membership of Abu Dhabi Securities Exchange, China Financial Futures Exchange, Dalian Commodity Exchange, Muscat Securities Market, Shanghai Futures Exchange, Zhengzhou Commodity Exchange. With this, WFE membership includes 59 regulated exchanges.

WFE Elects 2013 Board of Directors 

The General Assembly also elected its new Board of Directors for 2013, to be led by Mr. Preuss of Deutsche Börse and Eurex as Chairman; Mr. Kloet of TMX Group as Vice Chairman; and Mr. Narain of NSE as Chairman of the Working Committee. A list of the new directors is attached.

WFE Annual Meeting 2013

The next WFE Annual Meeting will be hosted by the Mexican Stock Exchange in 28- 30 October 2013.


The World Federation of Exchanges is the trade association for the operators of regulated financial exchanges.With 54 members from around the globe, the WFE develops and promotes standards in markets, supporting reform in the regulation of OTC derivatives markets, international cooperation and coordination among regulators. WFE exchanges are home to more than 45,000 listed companies.


For more information, please contact:

Charlotte Wilson
Streets Consulting
Email: [email protected]
Phone: +44 20 7959 2235
Twitter: @TheWFE