Expanding Biz Horizon

KRX President Lee attends WFE board meeting as director for Asia region

President Lee Young-tak of the Korean Exchange(KRX) attended the board of directors'meeting of the World Federation of Exchanges(WFE) held June 2 in Mala Mala of the Republic of South Africa.
He was able to exchange a wide range of opinions with leaders of stock exchanges around the world at the meeting, KRX said recently.
The major topics of the meeting were the review of the admission of the Amman Stock Exchange and CME as new members of the WFE, revision of the WFE regulations with regard to amendment on the conditions for the admission of new members to WFE and strengthening cooperation with international financial policy organizations including the IOSCO.
The WFE board of directors is made up of four each from the large regions including North America, the Asia-Pacific, Europe and Africa and three appointed directors totaling 15 in all and has its members such important stock exchanges in the world as the New York Stock Exchange, the London Stock Exchange and the Tokyo Stock Exchange.
WFE has been working on standardization of stock markets around the world since its establishment in 1961 and has as its regular members 53 stock exchanges from 53 countries. Their market capitalization is valued at more than 95 percent of the stock exchanges in the entire world.
The purpose of the WFE's establishment are holding discussions on joint matters concerning stock exchanges and searching for means for raising the effectiveness; standardization of stock exchanges businesses to facilitate the expansion of international transactions among stock exchanges around the world; strengthening the cooperation with international regulatory organizations to boost the autonomous regulatory function of stock exchanges; and providing support to new stock markets and raising the profit of the stock exchanges through the public relations activities for the role and the function of the stock exchanges.
WFE has 53 stock exchanges as its regular members and 22 affiliates and 32 correspondent stock exchanges. It is currently headed by Massimo Capuano, president of the Italian Stock Exchange and William Brodsky, president of CBOE is vice chairman. Chairman of the working-level committee is Paul Chow, president of the Hong Kong Stock Exchange.
Directors from North America are made of John Thain, chairman of the New York Stock Exchange; Gilberto Mifano, chairman of the Sao Paulo Stock Exchange; Guillermo Trevino, chairman of the Mexico Stock Exchange; and Richard Nevitt, chairman of the Toronto Stock Exchange.
Directors from the Asia-Pacific region include Taizo Nishmura, chairman of the Tokyo Stock Exchange; Lee Young-tak, chairman of the Korea Exchange; Geng Liang, chairman of the Shanghai Stock Exchange; Ravi Narain, chairman of the India National Stock Exchange.
Representing the European and African region are Jean-Francois Theodore, chairman of the Euronext and treasurer of the WFE, Antonion Zoido, chairman of the Spanish Stock Exchange; Magnus Boker, chairman of the Swedish Stock Exchange and Russell Loubser, chairman of the Johannesburg Stock Exchange.
In the meantime, KRX President Lee signed an MOU with Maged Shawky, president of the Cairo & Alexandria Stock Exchanges in Cairo, Egypt, May 31, on exchange of information and mutual cooperation. The Egyptian stock exchanges have been the center of financial markets in North Africa and the Middle East with over 100 years of history. The Alexandria stock exchange was set up in 1883 and the Cairo exchange in 1903.
Korea Exchange has signed MOUs with 25 bourses in 15 countries and it plans to spur its effort to promote co-trading and other international transactions including the listing of foreign companies on its bourse. KRX signed MOUs with five Japanese bourses, three in Taiwan, three in China and Bursa Malaysia, Singapore Exchange, the Stock Exchange of Thailand, Australian Stock Exchange, Mongolian Stock Exchange and Vietnam Securities Management Committee. nw

Korea Exchange President Lee Young-tak, left, shakes hands with Cambodian Finance-Economy Minister Keat Chhon after signing an MOU for KRX to cooperate with the Cambodian government to set up and operate a stock exchange in Phnom Penh.