Difference between revisions of "World Federation of Exchanges"

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The London-based World Federation of Exchanges (WFE) is one of the largest trade organizations in the financial services industry. It is composed of 64 (as of 2015) [[exchange]] members from across the [[securities]] and [[futures]] industry representing the vast majority of [[exchange-traded]] business. It acts on behalf of a total of 99 organizations including affiliate members and clearinghouses.
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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 halts 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.
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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.
  
The Federation also acts as a source for market statistics, and sponsors research, promotes corporate governance standards, and provides professional relations and industry advocacy.<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>
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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>  
  
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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>
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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 ==
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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 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]] [[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>
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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 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.  
 
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.  
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*[[Nandini Sukumar]], CEO
 
*[[Nandini Sukumar]], CEO
*[[Chitra Ramkrishna]], chairperson (CEO of the National Stock Exchange of India)
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*[[Wu Qing]], Chairman of the Shanghai Stock Exchange, WFE  Chairman 
*[[Urs Rüegsegger]], vice-chairman(group CEO of SIX Swiss Exchange)
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*[[Sandy Frucher]], Vice Chairman, Nasdaq - WFE Director, Americas region
*[[William Brodsky]] chairman of the WFE's working committee (chairman of Chicago-based options giant CBOE Holdings)
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*[[Gilson Finkelsztain]], CEO, B3 (Brasil Bolsa Balcão) - WFE Director, Americas region
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*[[Chung Kong Chow]], Chairman, Hong Kong Exchanges and Clearing - WFE Director, Asia-Pacific region
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*[[Loh Boon Chye]], CEO, Singapore Exchange - WFE Director, Asia-Pacific region
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*[[Rashid bin Ali Al Mansoori]], CEO, Qatar Stock Exchange - WFE Director, EMEA region
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*[[Khalid Abdullah Al Hussan]], CEO, Saudi Stock Exchange (Tadawul) - WFE Director, EMEA region
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*[[Sunil Benimadhu]], CEO, Stock Exchange of Mauritius - WFE Director, EMEA region
  
 
==WFE - A Global Voice, 2016==
 
==WFE - A Global Voice, 2016==
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* [[Colombo Stock Exchange]]
 
* [[Colombo Stock Exchange]]
 
* [[Cyprus Stock Exchange]]
 
* [[Cyprus Stock Exchange]]
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* [[Dhaka Stock Exchange]]
 
* [[Dalian Commodity Exchange]]
 
* [[Dalian Commodity Exchange]]
* [[Deutsche Börse]]
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* [[Deutsche Boerse]]
 
* [[Dubai Financial Market]]
 
* [[Dubai Financial Market]]
 
* [[Egyptian Exchange]]
 
* [[Egyptian Exchange]]
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* [[Wiener Börse]]
 
* [[Wiener Börse]]
 
* [[Zhengzhou Commodity Exchange]]
 
* [[Zhengzhou Commodity Exchange]]
 
'''Associate Membership'''
 
 
The WFE added two associate members, [[DTCC]] and the the [[OCC]] to "involve independent SROs, clearinghouses, registries, depositories and other actors judged to provide critical infrastructure support to
 
the exchange environment."<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>
 
 
== 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.