2009 Annual Meeting in Vancouver


Monday 5 October
10:00 - 13:30
Working Committee Meeting
15:30 - 17:45
Board of Directors Meeting
Tuesday 6 October
Welcome by Raymond Louie, Deputy Mayor of Vancouver
9:00 – 11:45
General Assembly
11:45 – 12:15
Citadel on exchanges
address by Kenneth Griffin, Founder and Chief Executive Officer of Investment Group
14:00 – 17:00
Annual Meeting

14:00 – 14:15

Opening the annual meeting – Chairman William J. Brodsky

Panel 1 – Exchanges’ roles in the financial crisis and afterwards (14:15 – 15:15)
A rare bright spot amid the recent turmoil in financial markets was that exchanges continued to operate and assure a safe trading and post-trading environment, complete with risk management and transparency. National regulators and policy makers, as a result, have a generally more positive view of exchanges and the regulated markets.
At an international level, starting at the annual meeting in Milan last year, the World Federation of Exchanges has issued several press releases and public comments on the need to keep markets open during the crisis, and later continued with observations on the benefits of responsible short selling, and solutions to systemic risks posed by unregulated markets and products.
Looking ahead, this panel will consider how exchanges should influence the shape of new financial landscape, and the lessons for regulators and policy makers from the crisis. How must exchanges adapt to a more regulated, less leveraged financial industry?
  • Moderator: William J. Brodsky, Chairman & Chief Executive Officer, Chicago Board Options Exchange
  • Duncan Niederauer, Chief Executive Officer, NYSE Euronext
  • Paul Chow, Chief Executive, Hong Kong Exchanges and Clearing  
  • Ravi Narain, Managing Director and CEO, National Stock Exchange of India
Panel 2 - Servicing the over-the-counter market (15:45 – 17:00)
This panel will review progress in migrating OTC products into the exchange and clearinghouse environment. Among the aspects to be reviewed are :
  • Are higher capital requirements for OTC products the right incentive for brokers to make more use of clearinghouses and exchanges?
  • How will exchanges and clearinghouses help to standardize financial products?
  • What is the right model for centralized clearing (and risk management) in a global market?
  • Moderator: Bud Haslett, Head of Risk Management, Derivatives, and Alternative Investments, CFA Institute
  • Andreas Preuss, Deputy CEO of Deutsche Boerse AG and CEO of Eurex
  • Jeffrey Sprecher, Chief Executive Officer, IntercontinentalExchange ICE
  • Craig Donohue, Chief Executive Officer, CME Group
  • Simon Grensted, Managing Director Business Development, LCH Clearnet
Wednesday 7 October
9:00 - 12:15
Annual Meeting
Panel 3 - Corporate governance (9:00 – 10:15)
Exchanges must balance the expectations of setting standards for listed companies and providing safeguards for investors versus a careful analysis of the costs and burdens these place on their issuers. This panel will examine practical ways that exchanges serve both needs: which issues do they focus on, what organizations do they partner with, and how do they proactively promote the interests of the market?
This panel will also review the current “hot” issue in corporate governance, executive compensation, or in the jargon, “say on pay.” 
  • Should exchanges, when listed companies, be expected to set an example on executive compensation?
  • Should exchanges defend of the interest of their listed companies that resist calls for more transparency on compensation? 
  • How should exchanges deal with activist shareholders that use compensation as a litmus test for proxy voting on all annual general meeting issues?
  • Moderator : Thomas Kloet, Chief Executive Officer, TMX Group
  • Atsushi Saito, President & CEO, Tokyo Stock Exchange Group, Inc.
  • Brendan Caldwell, President and CEO, Caldwell Investment Management
  • Pierre Bollon, Chief Executive, Association Française de la Gestion
Panel 4 - Developing markets (10:45 – 12:15)
Wealth is being redistributed rapidly; exchanges in emerging markets as classified by the World Bank today have a far greater share of the world’s capital markets business.  The shares listed on these member exchanges represent 20 % of all WFE market capitalization. 
But does the “emerging markets” category mean much, and is the concept really useful for WFE and these exchanges any more?  Once the exchange is operating a fair and liquid market, and its issuers are clearly presented in financial disclosures, the developing market story ends.   Is it now time for WFE to change the collective mindset in this industry, and in those we communicate to?  Would it not be more accurate to speak of world-class corporations found everywhere, and what matters for this Federation is to assure fair, high quality market operations by exchanges to give investors access to them?  In the context of joining together in this spirit, speakers are to address these questions, qualify them if they wish, and put forward  other matters of concern to them.
  • How is the financial crisis likely to impact foreign participation in your markets?
  • Will market innovation be called into question?
  • What new types of products and services should be developed?
  • ModeratorHuseyin Erkan, Chairman & CEO, Istanbul Stock Exchange
  • Paulo de Sousa Oliveira Junior, Chief Business Development Officer, BM&FBOVESPA 
  • Schive Chi, Chairman, Taiwan Stock Exchange  
  • Yusli Mohamed Yusoff, Chief Executive Officer, Bursa Malaysia
  • Abdullah AlSuweilmy, Chief Executive Officer, Saudi Stock Exchange (Tadawul)
Panel 5 - Dark Pools (13:45 - 15:15)
  • ModeratorJoseph Gawronski, President/Chief Operating Officer, Rosenblatt Securities Inc.
  • A presentation by Russell Loubser, Chief Executive Officer, JSE Limited of the WFE’s survey of members’ thinking on the dark pools question. 
  • A presentation by Dr. Robert Schwartz, Professor of Finance, Baruch College, City of University of New York, recipient of the WFE Award for Excellence will be followed by a panel discussion: the pros and cons of hiding liquidity, and how exchanges’ responses to client demand modifies the business model .The title of his presentation:“Dark Pools and Fragmented Markets”
Panel 6 - Competition for order flow (15:45 – 17:00)
Trade execution has become a commodity in several major markets, as high frequency trading houses represent an increasing percentage of transactions.   Exchange fees are under continued pressure, while overall trading costs may have increased.
  • Has market liquidity benefitted from these trends, and to what extent has market quality been damaged?
  • How are WFE members competing with crossing networks and trading platforms that are allowed free-ride on exchange infrastructure and price discovery? 
  • Moderator: Antonio J. Zoido, Chairman, BME Spanish Exchanges
  • Meyer S. (Sandy) Frucher, Vice Chairman, NASDAQ OMX
  • Susan Wolburgh Jenah, President and CEO, Investment Industry Regulatory Organization of Canada (IIROC)
  • Judith Hardt, Secretary General, Federation of European Securities Exchanges
Conclusion Chairman Brodsky