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Chairmen and Chief Executives from more than 68 of the world’s leading exchanges gathered in Paris this week for the 50th General Assembly and Annual Meeting of the World Federation of Exchanges (WFE http://www.world-exchanges.org/ ). This assembly represents the largest and most widely attended gathering of global exchange leaders.
“As the global economy navigates toward recovery, this meeting provides the ideal forum for regulated financial exchanges and key capital market participants to join with leaders from business and government to share knowledge, experiences and insights that will best prepare us for the challenges and opportunities ahead,” said Duncan L. Niederauer, Chief Executive Officer, NYSE Euronext http://www.nyse.com/ . We are proud to convene this year’s milestone 50th General Assembly in Paris.
William J. Brodsky, who is completing his two-year term as WFE Chairman, said: “Just two years ago, the global financial system teetered on the brink. Regulated exchanges performed flawlessly throughout the crisis. In its aftermath, WFE and its member exchanges pledged to work with regulators and policymakers to ensure that the proven benefits and safeguards of exchange trading were factored into a new regulatory framework. I am proud to have served a part in that during my chairmanship and will continue to be a strong supporter of the WFE’s role in shaping a more rational international approach to financial stability.” Mr. Brodsky is Chairman and CEO of the Chicago Board Options Exchange http://www.cboe.com/ .
The incoming WFE Chairman, Ronald Arculli, Chairman of Hong Kong Exchanges and Clearing http://www.hkex.com.hk, stated: “It is an honor to be chosen to serve as chairman of the World Federation of Exchanges. Now, more than ever, it is important for the WFE to speak regarding key issues of mutual interest and concern involving global financial markets. I hope we will be able to continue contributing to the discussion of financial market regulations and reform, and further expand our cooperation with IOSCO (the International Organization of Securities Commissions).”
Annual Meeting Agenda
The keynote speaker is Christine Lagarde, French Finance Minister. Additional guest speakers include Michel Barnier, European Union Commissioner, Christian Noyer, Governor, Banque de France, Professor Larry Harris of USC, and Thomas Peterffy, Founder and Chief Executive Office of Interactive Brokers.
Topics being reviewed by exchange industry leaders at the Annual Meeting include:
- Exchange Strategy and Industry Trends: moderated by Antonio Zoido, Chairman of BME-Spanish Exchanges; with panelists Mr. Niederauer; Mr. Arculli; and Xavier Rolet, CEO of London Stock Exchange Group.
- Exchanges, Clearers and OTC Derivatives: moderated by Donald Donahue, Chairman & Chief Executive Officer, DTCC; with panelists Andreas Preuss, Deputy CEO of Deutsche Boerse AG and CEO of Eurex; Jane Diplock, Chairman of the IOSCO Executive Committee; Jeffrey Sprecher, CEO of IntercontinentalExchange (ICE); Craig Donohue, CEO of CME Group, and Garry Jones, Group EVP & Head of Global Derivatives, NYSE Euronext.
- Global Reporting Standards for Global Markets: moderated by Michel Prada, International Valuation Standards Council; with panelists Arnold Schilder, Chairman of the International Auditing and Assurance Standards Board, and Philippe Danjou, Member of the International Accounting Standards Board.
- Fixed-income Markets & Transparency: moderated by Russell Loubser, Chief Executive Officer, Johannesburg Stock Exchange; with panelists Juan Pablo Cordoba, Chief Executive Officer, Bolsa de Valores de Colombia; and Paul-Henri de la Porte du Theil, President, Association Française de Gestion Financiere.
- Local Exchanges, Global Markets: moderated by Khaled Serry Siam, Chairman, The Egyptian Exchange; with panelists Deirdre Somers, Chief Executive, Irish Stock Exchange; Bente A. Landsnes, President & CEO, Oslo Bors; and Ito Warsito, President/Director/CEO, Indonesia Stock Exchange.
- Exchanges Advancing Environmental, Social and Governance Work: moderated by Michel Maquil, President & CEO, Luxembourg Stock Exchange; with panelists, Angel Gurria, Secretary General, OECD; Christianna Wood, Chairman, International Corporate Governance Network; and Edemir Pinto, CEO, BM&FBOVESPA.
This year’s “WFE Award for Excellence” is being presented to former WFE Chairman and Chief Executive Officer of Stockholmsbörsen, Bengt Ryden in recognition of his groundbreaking judgment and business leadership leading to the first demutualization of an exchange. (Press release from 27 September <http://www.world-exchanges.org/news-views/press-releases/demutualization-pioneer-bengt-ryden-receive-wfe-award-excellence ).
New WFE Member Exchanges
The WFE General Assembly approved the membership of Bourse de Casablanca. With this, WFE membership includes 52 regulated exchanges.
50th Anniversary
This meeting opens the 50th anniversary year of WFE. As part of the commemoration, the Board of Directors has commissioned an academic work on regulated exchanges and their contributions to world economic growth over these past five decades. The themes from this book will be worked into the program throughout the jubilee year. Delegates have received copies. Contact the WFE to order the book <http://www.world-exchanges.org/about-wfe/contact-us> .
WFE Elects 2011 Board of Directors
The General Assembly also elected its new Board of Directors for 2011, to be led by Mr. Arculli of HKEx as Chairman; Mr. Rolet of London Stock Exchange Group as Vice Chairman; and Thomas Kloet of TMX Group as Chairman of the Working Committee. A list of the new directors is attached.
WFE Annual Meeting 2011
The next WFE Annual Meeting will be hosted by Johannesburg Stock Exchange in October 2011.
