Huang Hongyuan, Chairman of the Shanghai Stock Exchange (SSE), was elected Board Director of the World Federation of Exchanges (WFE) at the 58th WFE General Assembly on October 3. The General Assembly & Annual Meeting was held in Athens, Greece, and nearly 500 representatives from WFE members and the industry attended.
Established in 1961, the WFE is the only global industry association for exchanges and Central Counterparties (CCPs). It aims to support and facilitate the development of organized and regulated stock and derivatives markets, and plays a key role in global financial governance. At present, the WFE has 67 full members, encompassing most of the major exchanges globally and 7 exchanges in Chinese mainland. Among members of the WFE are the major stock, bond and derivatives markets in the world. Together, the WFE exchange members are home to more than 50 thousand listed companies with a total capitalization of US$ 86 trillion.
The SSE joined the WFE in 2002 as a full member, making it the first exchange in Chinese mainland among the WFE members. Since then, the SSE has played an active part in multiple events held by the WFE, brought about "new energy" and "new ideas" for the WFE on behalf of emerging markets, and effectively enhanced Chinese exchanges' influence and speaking right among global exchanges.
The successful election of Huang Hongyuan as WFE Board Director will help to strengthen the exchange and mutual-learning between Chinese exchanges and those of other countries in the world, promote the construction of a new mechanism for cooperation in international capital market, and practice China's new ideas in participating in global industry governance; and it will also facilitate the internationalization of the SSE, enhance the global influence of Shanghai International Financial Center, and demonstrate the success of Chinese economic and financial development. The SSE will seize this opportunity and strive to be the contributor and sharer of global capital industry governance in collaboration with other exchanges in China, and assist in the overall interests of the opening-up and the construction of the "Belt and Road Initiative".