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Leaders of the derivatives exchanges and clearinghouse members of the World Federation of Exchanges (WFE) who have gathered this week for the annual International Options Market Association (IOMA) meeting, today issued a call for coordination of international regulatory reform that will foster additional transparency and more consequential risk management in off-exchange markets.
“The world's derivatives exchanges and clearinghouses proved their mettle during the financial crisis, but that was not necessarily the case in the largely unregulated off-exchange markets,” said Ravi Narain, Chairman of IOMA and CEO of the National Stock Exchange (NSE) of India. “At this year's conference, we hope to continue to promote the benefits and safeguards of exchange trading and centralized clearing, and explore the extent to which they may be extended to the different over-the-counter (OTC) derivatives environment.”
William J. Brodsky, Chairman of WFE and Chairman and CEO of the Chicago Board Options Exchange (CBOE), underscored the significance of these meetings, “IOMA supports the efforts of the WFE and the International Organization of Securities Commissions (IOSCO) to achieve internationally coordinated regulatory reform of off-exchange markets based on the benefits and safeguards of exchange trading and centralized clearing.”
Bob Greifeld, Chief Executive Officer of the NASDAQ OMX Group, Inc. (Nasdaq: NDAQ) will welcome the IOMA delegates on Wednesday, April 21. Greifeld will introduce Gary Gensler, Chairman of the Commodity Futures Trading Commission (CFTC), the primary regulator for futures markets in the United States, who will present a keynote address. Gensler has been an advocate for financial regulatory reform in the U.S. Other panels will include a discussion led by Mr. Brodsky entitled, “Financial Services Reform,” a conversation regarding, “Competing Client Constituencies,” chaired by John Lothian of the John Lothian Newsletter, as well as a session entitled, “How Exchanges and Clearers Have Operated Through the Crisis,” moderated by Steven Sears, Senior Editor at Barron's.
