CEO Letter - May 2020

Published by: Nandini Sukumar, CEO, The WFE May 2020

Dear Colleagues

Welcome to the May 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 extending a hand of support to members to helping local communities cope during the pandemic.

Last month we focused on some of the measures our members were taking to ensure resilient and robust markets during a time of volatility and from this we move naturally to the work our members are doing to support the real economy.

We are proud to feature contributions from seven members:

  • Javier Hernani, CEO, BME on how the exchange industry can be a beacon of transparency in uncertain times;   
  • Joe Portelli, Chairman, Malta Stock Exchange outlines the steps taken to support staff and exchange members when Covid-19 struck Malta;
  • Leila Fourie, CEO, Johannesburg Stock Exchange discusses how Covid-19 presents an opportunity to help the underprivileged in our societies;  
  • Jiwon Jung, Chairman, Korea Exchange talks about the actions of KRX around corporate social responsibility, or CSR;
  • Shanghai Stock Exchange talks about the pivotal role exchanges play in strengthening economic resilience; 
  • Loh Boon Chye, CEO, Singapore Exchange explains why he thinks exiting the Covid-19 crisis will require more, not less, integration;
  • And finally, Mike McClain, Managing Director and General Manager of Equity Clearing and DTC Settlement Services, DTCC speaks about distributed ledger technology (DLT)’s impact on accelerated settlement for the US equities market; 
  • While ConsenSys gives us an introduction to the tokenization of financial assets. 

We thank our contributors, and each 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]

In other contributions, the WFE Research team looks at underlying conditions that have facilitated the development of successful bond markets at some exchanges. We showcase three exchanges: the Tel-Aviv Stock Exchange, the Korea Exchange and BME, which are characterised by high volumes of trading activity in bonds. We present trends and statistics, to provide evidence that developing liquid secondary bond markets is possible, though at present it is more the exception than the norm.

Thank you for joining us for this month's issue. Stay safe and healthy.

Nandini Sukumar
Chief Executive Officer
The World Federation of Exchanges

Nandini Sukumar
Chief Executive Officer
The WFE