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1. The top representatives of Europe’s Exchanges discussed the current developments in the European and global marketplace environment, among them notably
• the continuing formation of the Single European Market in Financial Services through legal and regulatory initiatives as well as through ongoing market-driven cross-border consolidation and cooperation between market operators; and
• the fundamental changes in marketplace structure, both in Europe and in the United States.
2. Increasing cross-border activities by Exchanges lead to the need for increasing cross-border cooperations by regulators. The meeting concurred with the President that regulatory structures should closely follow market structures. Cross-border Exchange structures exist, among others, at Euronext and OMX Exchanges. Forms of cooperation between the Euronext regulators and in the Nordic region should be seen as valuable pilot projects for regulatory structure that can flexibly master the challenges of the nearer future.
3. The high-level representatives emphasised that the competitiveness and thus the attractiveness of the European capital market in the global economy must come higher on the legislative and regulatory agenda and must become one of the prime criteria for assessing rule setting. The Assembly asked the President and the Secretary General to continue delivering a strong message in this sense to legislators, regulators, and the public.
4. Europe’s Exchanges concur with the European Commission and notably Commissioner McCreevy that small and medium size enterprises are one of the key engines of economic growth and that market financing is critical for their success. Many FESE Members devote particular attention to the development of markets and market segments tailored to the specific needs of SMEs. Such activities include both, market segments within the EU framework for Regulated Markets and outside that framework (MTFs).
5. The General Assembly ratified new, amended Statutes of the Federation, reflecting the results of a refocusing and restructuring discussion among Members over the past months.
6. The General Assembly made the following personnel decisions:
• The resignation of Mr. Paul Arlman, Secretary General 1998-2005 was accepted. The President and Members thanked Mr. Arlman for his service over the past seven years and his remarkable success in re-establishing the Federation as the recognised and respected voice of the industry in the European arena and beyond.
• The new Secretary General, Mrs. Judith Hardt, will join FESE as of 1st June and will formally take over her responsibilities on 1st July.
• Mr. Ramon Adarraga of BME Spanish Exchanges will follow Mr. Poul-Erik Skaanning-Jørgensen as the Chairman of FESE’s Working Committee.
• His Deputy will be Mr. Wieslaw Rozlucki of the Warsaw Stock Exchange.
