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| Choi Kyung-soo, left, Korea Exchange (KRX) chairman and CEO, poses after signing a memorandum of understanding (MOU) to build up strategic cooperation with Wu Lijun, head of the Shenzhen Stock Exchange, during the World Federation of Exchanges' (WFE) meeting at the KRX's headquarters in Yeouido, Seoul, Monday. The 54th WFE's General Assembly and Annual Meeting will continue through Wednesday. / Courtesy of KRX |
By Chung Ah-young
Representatives of exchanges from around the world have gathered in Seoul to discuss economic growth and how they can achieve global financial market stability.
The 54th General Assembly and Annual Meeting of the World Federation of Exchanges (WFE) started Monday and will run for three days.
Hosted by the Korea Exchange (KRX), the main trade association for global bourses has invited some 300 foreign participants, including CEOs and executives of exchanges, representatives of international organizations, government regulators and journalists from around the globe.
As one of the largest events for the global capital market, it is often recognized as the "Olympics for the exchange industry."
"Today, our exchanges are faced with various challenges from a rapidly changing environment. Through the 54th General Assembly and Annual Meeting in Seoul, I would like to not only share our interests and experiences, but also infuse our industry with Korea's unique energy to help it take off again," Choi Kyung-soo, KRX chairman and CEO, said.
Internationally influential figures such as Sandy Frucher, vice chairman of NASDAQ OMX Group; David Wright, secretary general of the International Organization of Securities Commissions; and Que Bo, executive vice president of the Shanghai Stock Exchange, will attend the meetings.
On Monday, the working committee and board meetings took place at the KRX's office in Yeouido.
On Tuesday and Wednesday, the General Assembly and the Annual Meeting will be held in the Grand Hyatt Seoul to deal with the major pending agendas.
In particular, panelists will discuss the role of exchanges in the growth of the real economy, as well as regulations on high-frequency trading (HFT) which plays a growing role in financial exchanges, along with strategies using algorithmic trading in the global capital market.
Competition and innovation in the derivatives market, in addition to structures in the emerging markets for growth will also be addressed among participants.
The meetings will also focus on international cooperation among market operators to share standards for enhancing the stability of the markets.
The General Assembly is the decision-making body of the WFE, which is responsible for setting up policies, approving admission/suspension of membership, deciding annual budgets and electing WFE officers.
The WFE meeting is held every October and only its members can gain access to the General Assembly, but the Annual Meetings are open to the public.
With 60 members from around the globe, the WFE aims to develop and promote standards in the global markets. It also supports reform in the regulation of the over-the-counter derivatives markets, international cooperation and coordination among regulators. The WFE is home to more than 46,000 listed companies.
The WFE General Assembly and Annual Meeting was hosted by South Africa in 2011, Taiwan in 2012 and Mexico in 2013.
Since its inception in 1956 with only 12 companies and four bond products listed, the KRX has evolved into the world's 14th largest in terms of equity market capitalization and ninth in derivatives market trading volume. The KRX is now home to more than 1,800 listed companies, with some 37,000 foreign investors actively involving in trading at its markets.
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