The 2011 edition of the annual Stock Exchange Day took place on 17 May. The keynote speaker for this event was Vítor Caldeira, president of the European Court of Auditors. Mr Caldeira spoke on “Accountability, transparency and public sector audit in the EU - The impact of the crisis”. The event was attended by 800 guests drawn from the Luxembourg financial centre and various economic and political circles of the country.
Mr. Caldeira’s speech focused on the impact of financial crisis and the contribution public auditors can make to the ongoing efforts to improve EU governance. However, these measures need to make adequate provisions for ensuring transparency, accountability and audit. The problems the crisis has revealed are complex and solving them goes beyond individual institutions and even individual states. They cut across the private and public sectors. Concerted action to improve is therefore needed at the institutional, national, European and international levels.
The Stock Exchange Day was also an opportunity for Frank Wagener to speak on behalf of the Luxembourg Stock Exchange as its new Chairman of the Board.
Frank Wagener presented the main challenges facing the Luxembourg Stock Exchange and the assets it has to deal with them. He noted the positioning of the Exchange against a changing environment, the benefits of its diversification policy and the emergence of alternative trading platforms.
During his speech, Mr. Wagener also discussed the trend towards mergers and alliances between exchanges worldwide. In this regard, he reaffirmed the current position of the Luxembourg Stock Exchange, which remains open to any partnership strategy that could expand the scope of its activities while at the same time safeguarding its independence and national roots.
Maquil Michel, Chairman of the Executive Committee of the Luxembourg Stock Exchange, concluded the event and presented the activities of the Exchange. He also spoke of the reflections concerning operational and infrastructure aspects as considered by the High Committee of the Financial Centre under the auspices of the Minister of Finance. He finished by stressing the responsibilities of the Luxembourg Stock Exchange and its subsidiary Finesti as regards transparency and reporting to both national and foreign supervisory authorities.
After affirming his commitment and optimism for the future of the Exchange and financial centre, Mr Maquil invited the audience to extend these discussions over a cocktail.