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The Board of Directors of the World Federation of Exchanges (WFE) has pledged to promote international regulatory cooperation in a meeting with the head of the U.S. Securities and Exchange Commission (SEC).
William J. Brodsky, Chairman of the WFE and Chairman and CEO of the Chicago Board Options Exchange (CBOE), welcomed SEC Chairman Mary Schapiro to the WFE Directors’ meeting. The WFE, based in Paris, France, is an association of more than 50 regulated stock, futures and options exchanges worldwide.
Mr. Brodsky and other board members briefed Ms. Schapiro on current WFE priorities, which include setting best practices for short selling and securities lending as well as clarification and international coordination of market “circuit breakers.”
“The WFE is uniquely positioned to share the collective knowledge of its member exchanges with international governing bodies and regulators,” Mr. Brodsky said. “Thus, we were delighted to have the opportunity to promote international regulatory cooperation and share views with Chairman Schapiro in Washington.”
Mr. Brodsky shared the board’s views on the short selling issue, as well as its views on unregulated markets. These issues will also be discussed at the International Organization of Securities Commissions (http://www.iosco.org/ ) annual meeting in Tel Aviv, Israel, June 8-11, where the WFE is a participant. The WFE recently submitted comments regarding the Consultation Report on the regulation of short-selling issued by a task force of the Technical Committee of the IOSCO. The report, produced in response to emergency short selling bans implemented on many markets last September, is expected to be acted upon during the annual meeting. WFE’s comment letter may be found at: http://www.world-exchanges.org/home.
