Welcome to the April issue of Focus.
This month we turn over the magazine to the outstanding work our member exchanges and CCPs are doing in the fight against Covid-19, from implementing stringent business continuity plans, to supporting access to capital, and waiving listing fees.
We are proud to feature contributions from nine members:
We thank these contributors, and each and every one of our members and affiliates for the tireless work they are doing to keep markets open, and staff and stakeholders safe.
We are continuing to facilitate the exchange of Covid-19 business continuity best practice on our dedicated webpage, which brings together exchange and CCP efforts to keep operating resilient markets in the midst of the crisis. Please continue to send new initiatives and actions you are taking in regard to Covid-19, so we can keep the website updated. You can do this by sending your updates to [email protected]
The WFE family was shocked and saddened to hear the news of the passing of Jaime Ruiz Sacristán, Chairman, Bolsa Mexicana de Valores, from a Covid-19 related illness. He was a great leader and friend, and our industry will keenly feel his loss. We welcome a tribute to him from his friend and colleague, José-Oriol Bosch Par, Chief Executive Officer, Bolsa Mexicana de Valores.
The WFE has published a paper that reviews the academic literature on short-selling and short-selling bans, comparing the arguments against banning short-selling with the arguments in favour, and concludes that the academic evidence almost unanimously points towards short-selling bans being disruptive for the orderly functioning of markets. Based on the existing evidence, the WFE recommends that financial regulators do not introduce short-selling bans, as the academic literature demonstrates not only their lack of effectiveness, but their negative impact on market quality.
Thank you for reading this month's issue.
Chief Executive Officer