Sponsored by the Shanghai Stock Exchange (SSE), the meetings of the board of directors and the working committee of the World Federation of Exchanges (WFE) were held on June 21 and 22 in Shanghai. Yang Xiong, Mayor of Shanghai, met with the member representatives of the WFE board of directors. Liu Shiyu, Chairman of the China Securities Regulatory Commission (CSRC), delivered a speech at the luncheon.
The WFE, a global industry association of exchanges and one of the most important organizations for the worldwide exchanges, boasts high authority in the international securities industry. Currently, it has had a total of 64 exchange members in the world. Officially joining in the WFE in 2002, the SSE, the only exchange that is a director of the WFE board of directors in China’s mainland, has been elected as the director for 4 consecutive times since 2006.
During the meetings, executives of 15 global exchanges, including NASDAQ, CME, CBOE, SIX Swiss Exchange, National Stock Exchange of India, Korea Exchange, Bolsa de Valores de Colombia, Japan Exchange Group and Bourse de Luxembourg, met at the SSE to compare notes on new development trends of the global capital market and win-win cooperation among international exchanges.
Liu Shiyu said that 2016 is the 1st year for the 13th five-year plan period, which is critical for China to build a moderately prosperous society in an all-round way. During the period, the capital market will assume a new historically important mission and face many good opportunities for its growth. The Chinese capital market will attach more importance to legal construction, better serve the supply-oriented structural reform, boost the transformation and upgrading of the real economy, control and solve economic and financial risks, and further protect the legitimate rights and interests of investors. Liu added that apart from providing a trading platform for the market, what’s more challenging for a stock exchange is to perform its frontline regulatory function on the market. The CSRC will vigorously support the further opening-up and international cooperation of China’s exchanges to help them improve their abilities in building trading and service platforms, regulating the market and protecting investors’ rights and interests.
Wu Qing, Chairman of SSE Board of Governors, said in his welcome speech that since its establishment, the SSE has highly focused on opening-up and international cooperation of the securities market, for example, building the B-share market, opening up to QFIIs and RQFIIs, and in recent years establishing the Shanghai-HK Stock Connect by cooperation with Hong Kong Exchanges and Clearing Limited (HKEx) and establishing in Frankfurt the RMB-denominated products trading platform with Deutsche Borse. The SSE hoped to further communicate and cooperate with its peers of the WFE for common growth.
The WFE board meeting held this time is one of the most important meetings on the global capital market that have been held in China’s mainland in recent years. As the Chinese capital market has steadily elevated its status in the world, we have seen more integrated and coordinated development of the Chinese and global markets. It is our common mission in the future to jointly boost the sound growth of the global financial market and fuel the exchanges to better serve the real economy.
Source: Shanghai Stock Exchange