Difference between revisions of "World Federation of Exchanges"

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{{Infobox_Org       
 
{{Infobox_Org       
 
| org_name = World Federation of Exchanges
 
| org_name = World Federation of Exchanges
| org_logo = [[File:Wfe masterlogo blue.PNG{{!}}125px]]
+
| org_logo = [[File:Wfe masterlogo blue.PNG{{!}}200px]]
 +
| key_people = [[Nandini Sukumar]], CEO; [[Chitra Ramkrishna]], Chairperson
 
| products = Trade association
 
| products = Trade association
 
| foundation =    1961
 
| foundation =    1961
| location =      Paris
+
| location =      London
 
| homepage=        [http://www.world-exchanges.org www.world-exchanges.org]
 
| homepage=        [http://www.world-exchanges.org www.world-exchanges.org]
 
}}
 
}}
  
The Paris-based World Federation of Exchanges (WFE) is one of the largest trade organizations in the [[financial services]] industry, with more than 50 [[exchange]] [[member]]s from across the [[securities]] and [[futures]] industry representing the vast majority of [[exchange-traded]] business. In addition, another 48 affiliate exchanges from developing countries are part of WFE.
+
The London-based World Federation of Exchanges (WFE) is one of the largest trade organizations in the financial services industry. It has more than 200 market infrastructure members, including 66 exchanges from across the [[securities]] and [[futures]] industry representing the vast majority of [[exchange-traded]] business, as well as clearinghouses.  
  
The federation acts as a discussion and policy forum - focused at its annual general assembly - for issues including self regulation, enforcement, [[trading halt]]s and [[securities]] business conduct.
+
The Federation acts as a discussion and policy forum - focused at its annual general assembly - for issues including self regulation, enforcement and [[securities]] business conduct. It advocates on behalf of the global exchange sector and works with global regulators to establish standards for the proper functioning of publicly regulated securities markets.
  
[[William Brodsky]], chief executive officer of the [[Chicago Board Options Exchange]], in February of 2009 became the first executive from a [[derivatives]] [[market]] to take over as chairman of the WFE. Brodsky's inauguration, which was hosted by [[NYSE Euronext]] in Paris, was seen by some as a sign that [[securities]] and [[derivatives]] could no longer be treated as isolated markets.<ref>{{cite web|url=http://www.pionline.com/apps/pbcs.dll/article?AID=/20090202/REG/902029996/1014|org=Pensions & Investments|name=A Derivatives First: CBOE’s Brodsky First Derivatives CEO To Head WFE|date=February 4, 2009}}</ref>
+
Each member exchange upholds WFE's four core pillars which include: being significant within its country of origin, regulated by a supervisory body or within a statutory framework, work in capital raising and risk management and pursue purposes for the public good.<ref>{{cite web|url=http://www.world-exchanges.org/home/index.php/members/introduction|name=Exchanges body to appoint chief executive|org=FT.com|date=March 20, 2012}}</ref>  
  
It became known in March of 2012 that the WFE planned to create the post of chief executive as part of a revamp aimed at transforming the group from an association focused on research to a more active lobbyist for [[bourse]]s.<ref>{{cite web|url=www.ft.com/intl/cms/s/0/02a5312a-7289-11e1-9c23-00144feab49a.html#axzz1pgGL2w1W|org=FT.com|name=Exchanges body to appoint chief executive|date=March 20, 2012}}</ref>
+
The Federation also acts as a source for market statistics, and sponsors research, promotes corporate governance standards, and provides professional relations and industry advocacy. It holds and publishes more than 350 market data indicators. <ref>{{cite web|url=http://www.ft.com/intl/cms/s/0/02a5312a-7289-11e1-9c23-00144feab49a.html#axzz1pgGL2w1W|name=QUALIFYING CHARACTERISTICS FOR MEMBER EXCHANGES|org=WFE|date=November 23, 2016}}</ref>
 +
 
 +
WFE exchanges are home to nearly 45,000 listed companies with a total market cap of $62.7 trillion and trading value of $110.7 trillion. The WFE promotes the development of fair, efficient and transparent markets. It works with policy makers, regulators and standard-setters around the world to support the development of effective rules and standards for exchanges and market participants.
  
 
== History ==
 
== History ==
The WFE was founded in London in 1961 as the [[International Federation of Stock Exchanges]], changing to its current name in 2001 to reflect the admission of [[derivatives]] [[platform]]s and [[clearinghouse]]s. The Federation traces its roots to the [[International Bureau of Stock Exchange]], created in the 1930s in an initiative spearheaded by the [[International Chamber of Commerce]].<ref>{{cite web|url=http://www.world-exchanges.org/WFE/home.asp?action=organization|org=WFE|name=Official History|date=December 12, 2007}}</ref>
+
The WFE was founded in London in 1961 as the [[International Federation of Stock Exchanges]]. The Federation traces its roots to the International Bureau of Stock Exchange, created in the 1930s in an initiative spearheaded by the International Chamber of Commerce.<ref>{{cite web|url=http://www.world-exchanges.org/WFE/home.asp?action=organization|org=WFE|name=Official History|date=December 12, 2007}}</ref>
 +
 
 +
The original title of the organization was changed to a more global one, La Federation Internationale des Bourses de Valeurs (FIBV) and in 2001 at the Annual Congress in Madrid it assumed the name which it retains today, the World Federation of Exchanges.
  
The board of directors approved three priorities for 2009. It will look to help the [[International Organization of Securities Commissions]] (IOSCO) set [[best practices]] for [[short selling]]<ref>{{cite web|url=http://www.world-exchanges.org/files/file/WFE%20Press%20Statement%20on%20short-selling%20bans,%2002%2009%2009%20(3).pdf |org=WFE|name=World Federation of Exchanges Board of Directors Issues Statement on Short Selling Ban, Feb. 9, 2009|date=April 4, 2009}}</ref> and [[securities]] [[lending]]. It will try to clarify the use of [[circuit breaker]]s in [[volatile]] markets, ensuring that they are predictable and temporary, and study the effects of [[fragmentation]] and its impact on [[market]] quality.
+
In February of 2009, [[William Brodsky]], chief executive officer of the [[Chicago Board Options Exchange]], became the first executive from a [[derivatives]] [[exchange]] to take over as chairman of the WFE. Brodsky's inauguration, which was hosted by [[NYSE Euronext]] in Paris, was seen by some as a sign that [[securities]] and [[derivatives]] could no longer be treated as isolated markets.<ref>{{cite web|url=http://www.pionline.com/apps/pbcs.dll/article?AID=/20090202/REG/902029996/1014|org=Pensions & Investments|name=A Derivatives First: CBOE’s Brodsky First Derivatives CEO To Head WFE|date=February 4, 2009}}</ref>
  
In February of 2010, the WFE announced priorities for the year. Its board of directors pledged to:
+
In 2012, the WFE created the post of chief executive as part of a revamp aimed at transforming the group from an association focused on research to a more active lobbyist for [[bourse]]s.<ref>{{cite web|url=http://www.ft.com/intl/cms/s/0/02a5312a-7289-11e1-9c23-00144feab49a.html#axzz1pgGL2w1W|name=Exchanges body to appoint chief executive|org=FT.com|date=March 20, 2012}}</ref> In October of that year, then-WFE secretary-general and former [[Istanbul Stock Exchange]] CEO [[Hüseyin Erkan]] was named as the WFE's first CEO.  
* Support reform in the regulation of [[OTC]] derivatives markets, which were a contributing factor in the recent financial crisis.
+
* Continue to press for international cooperation and coordination among regulators and exchanges on [[intermarket]] mechanisms.
+
* Examine the structure of [[fixed income]] markets in order to evaluate how post-trade [[transparency]], [[risk management]] and [[investor]] protection could help these markets recover from the drop in [[liquidity]] that they have experienced since the [[credit crisis]].  
+
  
The board also welcomed [[José M. Campa]], the Spanish Secretary of State for Economic Affairs, a position of global significance as Spain held the European Union presidency at the time.
+
In October of 2013, during the WFE General Assembly in Mexico City, WFE delegates approved a decision to move its headquarters from Paris to London. The move was done to place the WFE closer to its members and customers. During the meeting, the WFE also increased its membership to 62 regulated exchanges, including five new bourses. The new members are Dubai Financial Markets, Hochiminh Stock Exchange, Kazakhstan Stock Exchange, New Zealand Stock Exchange and Qatar Exchange.<ref>{{cite web|url=http://www.ft.com/cms/s/0/b219ab14-40ef-11e3-8775-00144feabdc0.html|org=FT.com|name=WFE to switch headquarters to London|date=October 30, 2013}}</ref>
  
The WFE said that as part of its Jubilee anniversary in 2010, the Federation would recall the contribution of exchanges to the growth of [[capital markets]] the previous five decades in a book that would be published in 2010.  
+
In October 2014, Erkan stepped down as CEO and was replaced by former chief administrative officer [[Nandini Sukumar]].<ref>{{cite web|url=http://finance.yahoo.com/news/wfe-appoints-nandini-sukumar-chief-154900511.html|name=WFE Appoints Nandini Sukumar as New Chief Administrative Officer|org=Yahoo! Finance|date=May 30, 2014}}</ref>
  
 
== Organization and Key Personnel ==
 
== Organization and Key Personnel ==
 
The WFE is governed by a 17-member board of directors; the chairman, vice-chairman and board are elected for two years at the general assembly.  
 
The WFE is governed by a 17-member board of directors; the chairman, vice-chairman and board are elected for two years at the general assembly.  
  
*[[Ronald Arculli]], chairman (chief executive, Hong Kong Exchanges and Clearing)
+
*[[Nandini Sukumar]], CEO
*[[Xavier Rolet]], vice chairman (CEO of London Stock Exchange Group)
+
*[[Wu Qing]], Chairman of the Shanghai Stock Exchange, WFE  Chairman 
*[[Thomas Krantz]], secretary general
+
*[[Sandy Frucher]], Vice Chairman, Nasdaq - WFE Director, Americas region
*[[Peter Clifford]], deputy secretary general
+
*[[Gilson Finkelsztain]], CEO, B3 (Brasil Bolsa Balcão) - WFE Director, Americas region
*[[Tom Kloet]], CEO of the TMX, and chairman of the WFE Working Committee
+
*[[Chung Kong Chow]], Chairman, Hong Kong Exchanges and Clearing - WFE Director, Asia-Pacific region
 +
*[[Loh Boon Chye]], CEO, Singapore Exchange - WFE Director, Asia-Pacific region
 +
*[[Rashid bin Ali Al Mansoori]], CEO, Qatar Stock Exchange - WFE Director, EMEA region
 +
*[[Khalid Abdullah Al Hussan]], CEO, Saudi Stock Exchange (Tadawul) - WFE Director, EMEA region
 +
*[[Sunil Benimadhu]], CEO, Stock Exchange of Mauritius - WFE Director, EMEA region
 +
 
 +
==WFE - A Global Voice, 2016==
 +
{{Video | type=Vimeo | id=153378693 }}
  
 
== Reports ==
 
== Reports ==
  
Annually, the WFE publishes market statistics.<ref>{{cite web|url=http://www.world-exchanges.org/files/file/stats%20and%20charts/2010%20WFE%20Market%20Highlights.pdf|name=2010 Market Statistics|org=World Federation of Exchanges|date=February 7, 2011}}</ref>
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The WFE publishes an annual report and market statistics.<ref>{{cite web|url=http://www.world-exchanges.org/files/statistics/pdf/WFE2013%20Annual%20Report_pv.pdf|name=New Headquarters New Mission|org=World Federation of Exchanges|date=May 5, 2015}}</ref>
 +
 
 +
In the past four decades it has published studies, surveys and reports on issues such as self-regulation, cross-border trading, HFT, cyber security, sustainable finance and many others.
  
 
== Membership ==
 
== Membership ==
 +
* [[Abu Dhabi Securities Exchange]]
 
* [[Amman Stock Exchange]]
 
* [[Amman Stock Exchange]]
 
* [[Athens Exchange]]
 
* [[Athens Exchange]]
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* [[Bolsa Mexicana de Valores]]
 
* [[Bolsa Mexicana de Valores]]
 
* [[Bombay Stock Exchange]]
 
* [[Bombay Stock Exchange]]
 +
* [[Borsa İstanbul]]
 +
* [[Bourse de Casablanca]]
 
* [[Bourse de Luxembourg]]
 
* [[Bourse de Luxembourg]]
 
* [[Bursa Malaysia]]
 
* [[Bursa Malaysia]]
 
* [[Chicago Board Options Exchange]]
 
* [[Chicago Board Options Exchange]]
 +
* [[China Financial Futures Exchange]]
 
* [[CME Group]]
 
* [[CME Group]]
 
* [[Colombo Stock Exchange]]
 
* [[Colombo Stock Exchange]]
 
* [[Cyprus Stock Exchange]]
 
* [[Cyprus Stock Exchange]]
* [[Deutsche Börse]]
+
* [[Dhaka Stock Exchange]]
 +
* [[Dalian Commodity Exchange]]
 +
* [[Deutsche Boerse]]
 +
* [[Dubai Financial Market]]
 +
* [[Egyptian Exchange]]
 +
* [[Euronext]]
 +
* [[GreTai Securities Market]]
 +
* [[Hochiminh Stock Exchange]]
 
* [[Hong Kong Exchanges and Clearing]]
 
* [[Hong Kong Exchanges and Clearing]]
 
* [[Indonesia Stock Exchange]]
 
* [[Indonesia Stock Exchange]]
* [[IntercontinentalExchange]]
+
* [[Intercontinental Exchange]]
 
* [[International Securities Exchange]]
 
* [[International Securities Exchange]]
 
* [[Irish Stock Exchange]]
 
* [[Irish Stock Exchange]]
 
* [[Istanbul Stock Exchange]]
 
* [[Istanbul Stock Exchange]]
* [[JSE Limited]]
+
* [[Japan Exchange Group]]
 +
* [[Johannesburg Stock Exchange]]
 +
* [[Kazakhstan Stock Exchange]]
 
* [[Korea Exchange]]
 
* [[Korea Exchange]]
 
* [[London Stock Exchange Group]]
 
* [[London Stock Exchange Group]]
 
* [[Malta Stock Exchange]]
 
* [[Malta Stock Exchange]]
 
* [[Moscow Interbank Currency Exchange]]
 
* [[Moscow Interbank Currency Exchange]]
 +
* [[Muscat Securities Market]]
 
* [[NASDAQ OMX]]
 
* [[NASDAQ OMX]]
 
* [[National Stock Exchange of India Limited]]
 
* [[National Stock Exchange of India Limited]]
 
* [[New Zealand Exchange]]
 
* [[New Zealand Exchange]]
* [[NYSE Euronext (New York)]]
+
* [[NYSE]]
* [[NYSE Euronext (Paris)]]
+
* [[Osaka Securities Exchange]]
+
 
* [[Oslo Børs]]
 
* [[Oslo Børs]]
 
* [[Philippine Stock Exchange]]
 
* [[Philippine Stock Exchange]]
* [[Saudi Stock Exchange (Tadawul)]]
+
* [[Saudi Stock Exchange]] (Tadawul)
 +
* [[Shanghai Futures Exchange]]
 
* [[Shanghai Stock Exchange]]
 
* [[Shanghai Stock Exchange]]
 
* [[Shenzhen Stock Exchange]]
 
* [[Shenzhen Stock Exchange]]
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* [[SIX Swiss Exchange]]
 
* [[SIX Swiss Exchange]]
 
* [[Stock Exchange of Mauritius]]
 
* [[Stock Exchange of Mauritius]]
* [[Stock Exchange of Tehran]]
 
 
* [[Stock Exchange of Thailand]]
 
* [[Stock Exchange of Thailand]]
 +
* [[Taiwan Futures Exchange]] (TAIFEX)
 
* [[Taiwan Stock Exchange]]
 
* [[Taiwan Stock Exchange]]
 
* [[Tel-Aviv Stock Exchange]]
 
* [[Tel-Aviv Stock Exchange]]
* [[The Egyptian Exchange]]
 
 
* [[TMX Group]]
 
* [[TMX Group]]
* [[Tokyo Stock Exchange Group]]
 
* [[Warsaw Stock Exchange]]
 
 
* [[Wiener Börse]]
 
* [[Wiener Börse]]
 
+
* [[Zhengzhou Commodity Exchange]]
 
+
== Resources ==
+
{{cite web|url=http://www.world-exchanges.org/publications/IOMA%20derivative%20market%20survey%202006.pdf|org=WFE|name=IMOA Derivatives Survey 2006|date=December 14, 2007}}
+
  
  

Latest revision as of 08:06, 12 August 2019

Fexglobal jl.gif


World Federation of Exchanges
Wfe masterlogo blue.PNG
Founded 1961
Headquarters London
Products Trade association
Web site www.world-exchanges.org

The London-based World Federation of Exchanges (WFE) is one of the largest trade organizations in the financial services industry. It has more than 200 market infrastructure members, including 66 exchanges from across the securities and futures industry representing the vast majority of exchange-traded business, as well as clearinghouses.

The Federation acts as a discussion and policy forum - focused at its annual general assembly - for issues including self regulation, enforcement and securities business conduct. It advocates on behalf of the global exchange sector and works with global regulators to establish standards for the proper functioning of publicly regulated securities markets.

Each member exchange upholds WFE's four core pillars which include: being significant within its country of origin, regulated by a supervisory body or within a statutory framework, work in capital raising and risk management and pursue purposes for the public good.[1]

The Federation also acts as a source for market statistics, and sponsors research, promotes corporate governance standards, and provides professional relations and industry advocacy. It holds and publishes more than 350 market data indicators. [2]

WFE exchanges are home to nearly 45,000 listed companies with a total market cap of $62.7 trillion and trading value of $110.7 trillion. The WFE promotes the development of fair, efficient and transparent markets. It works with policy makers, regulators and standard-setters around the world to support the development of effective rules and standards for exchanges and market participants.

History

The WFE was founded in London in 1961 as the International Federation of Stock Exchanges. The Federation traces its roots to the International Bureau of Stock Exchange, created in the 1930s in an initiative spearheaded by the International Chamber of Commerce.[3]

The original title of the organization was changed to a more global one, La Federation Internationale des Bourses de Valeurs (FIBV) and in 2001 at the Annual Congress in Madrid it assumed the name which it retains today, the World Federation of Exchanges.

In February of 2009, William Brodsky, chief executive officer of the Chicago Board Options Exchange, became the first executive from a derivatives exchange to take over as chairman of the WFE. Brodsky's inauguration, which was hosted by NYSE Euronext in Paris, was seen by some as a sign that securities and derivatives could no longer be treated as isolated markets.[4]

In 2012, the WFE created the post of chief executive as part of a revamp aimed at transforming the group from an association focused on research to a more active lobbyist for bourses.[5] In October of that year, then-WFE secretary-general and former Istanbul Stock Exchange CEO Hüseyin Erkan was named as the WFE's first CEO.

In October of 2013, during the WFE General Assembly in Mexico City, WFE delegates approved a decision to move its headquarters from Paris to London. The move was done to place the WFE closer to its members and customers. During the meeting, the WFE also increased its membership to 62 regulated exchanges, including five new bourses. The new members are Dubai Financial Markets, Hochiminh Stock Exchange, Kazakhstan Stock Exchange, New Zealand Stock Exchange and Qatar Exchange.[6]

In October 2014, Erkan stepped down as CEO and was replaced by former chief administrative officer Nandini Sukumar.[7]

Organization and Key Personnel

The WFE is governed by a 17-member board of directors; the chairman, vice-chairman and board are elected for two years at the general assembly.

WFE - A Global Voice, 2016

Reports

The WFE publishes an annual report and market statistics.[8]

In the past four decades it has published studies, surveys and reports on issues such as self-regulation, cross-border trading, HFT, cyber security, sustainable finance and many others.

Membership


References

  1. Exchanges body to appoint chief executive. FT.com.
  2. QUALIFYING CHARACTERISTICS FOR MEMBER EXCHANGES. WFE.
  3. Official History. WFE.
  4. A Derivatives First: CBOE’s Brodsky First Derivatives CEO To Head WFE. Pensions & Investments.
  5. Exchanges body to appoint chief executive. FT.com.
  6. WFE to switch headquarters to London. FT.com.
  7. WFE Appoints Nandini Sukumar as New Chief Administrative Officer. Yahoo! Finance.
  8. New Headquarters New Mission. World Federation of Exchanges.