Ravi Narain, managing director and chief executive officer (CEO) of the National Stock Exchange, is set to take charge as chairman of the working committee of the World Federation of Exchanges (WFE). At its annual meeting in Taipei, WFE elected Andreas Preuss, Deutsche Börse AG’s deputy CEO, as WFE chairman. Thomas A Kloet, chief executive of TMX Group, would be vice-chairman of WFE’s working committee.
Preuss, who would succeed Hong Kong Exchanges and Clearing’s Ronald Arculli, would hold the post for two years. He takes charge at a time when the business model of stock exchanges across the world is seeing structural changes – competition has intensified and the regulatory framework is swiftly evolving. Key strategies global exchanges are pursuing include bringing the over-the-counter (OTC) market on their platforms. The Singapore Stock Exchange has already cleared OTC derivative products. Other priorities for exchanges include partnerships on various fronts like cross listing of products and technology.
“Changes to regulatory frameworks around the world have led to considerable structural changes in our business. As exchange organisations, we can further improve how we articulate our roles as market organisers and communicate our importance for the real economy,” Preuss said. “Close consultation and cooperation between regulated exchanges is essential if our voice is to be heard by policymakers and regulators. I am, therefore, looking forward to working with the WFE as a globally recognised and influential exchange organisation,” he added.
Hüseyin Erkan, chairman of the Istanbul Stock Exchange, would take charge as CEO of WFE, while Peter Clifford would be chief operating officer. The WFE plans to use its vast network of exchanges to promote a consistent and engaging dialogue on pressing market issues across the world.
News source: Rediff