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 Economy and Finance Minister of Peru, Mr. Luis Carranza presented the keynote address.
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”.