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THE WORLD FEDERATION OF EXCHANGES RESPONDS TO FSB’S CONSULTATION ON SME FINANCING

Hamilton, Bermuda – March 26, 2019:  THE WORLD FEDERATION OF EXCHANGES RESPONDS TO FSB’S CONSULTATION ON SME FINANCING, the full filing stated the following;

 

London, Tuesday 26 March 2019 – The World Federation of Exchanges (“WFE”), the global industry group for exchanges and CCPs, has responded to the Financial Stability Board’s (FSB) consultation on the effects of financial regulatory reforms on the provision of financing to small and medium-sized enterprises (SMEs).

 

WFE exchange members are committed to improving the range of financing options available to SMEs; indeed, many WFE members operate dedicated SME platforms. In addition to providing listings platforms, many of these market operators also provide pre- and post-listing support for SMEs, and alternative financing platforms that provide access to debt capital or offer mechanisms to connect firms with private equity/venture capital investment.

 

The WFE has conducted extensive research into various aspects of SME markets through its dedicated SME Working Group including looking at the challenges faced by SMEs and others in the financing ecosystem. Research has included a report on SME Exchanges (March 2016 produced with the support of the World Bank); SME Financing and Equity Markets (February 2017); Small and Medium Sized Enterprises and SME Exchanges (July 2017, produced in conjunction with the Milken Institute); Family Firms and Listing: Opportunities for Public Capital Markets (February 2018); and WFE SME Markets – Key Datapoints and An Overview of WFE SME Markets (October 2018).  

 

In the response, the WFE recommends a number of core principles to enhance SME use of public markets, and thereby access to finance and other benefits associated with listing. The proposals include: reducing the costs associated with listing; enhancing the information that is available about listed SMEs; addressing barriers to use of public markets; looking at secondary market trading mechanisms to assess whether these impede the attractiveness of markets for SMEs; and investing in effective market education, for both companies and investors.

 

Nandini Sukumar, Chief Executive Officer, WFE said: “The WFE is committed to supporting the growth and development of SMEs; one of our primary policy mandates is to promote more effective provision of SME finance through regulated markets. Meeting the needs of SMEs requires a holistic approach that ensures the effective functioning of various parts of the financing ecosystem. The focus must be on achieving this.”

 

You can read the full response to the FSB here.

 

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About the World Federation of Exchanges (WFE):

Established in 1961, the WFE is the global industry association for exchanges and clearing houses. Headquartered in London, it represents over 200 market infrastructure providers, including standalone CCPs that are not part of exchange groups. Of our members, 37% are in Asia-Pacific, 43% in EMEA and 20% in the Americas. WFE exchanges are home to nearly 48,000 listed companies, and the market capitalisation of these entities is over $70.2 trillion; around $95 trillion (EOB) in trading annually passes through the infrastructures WFE members safeguard (at end 2018).

 

The WFE is the definitive source for exchange-traded statistics and publishes over 350 market data indicators.  Its free statistics database stretches back more than 40 years and provides information and insight into developments on global exchanges. The WFE works with standard-setters, policy makers, regulators and government organisations around the world to support and promote the development of fair, transparent, stable and efficient markets. The WFE shares regulatory authorities’ goals of ensuring the safety and soundness of the global financial system.  

 

With extensive experience of developing and enforcing high standards of conduct, the WFE and its members support an orderly, secure, fair and transparent environment for investors; for companies that raise capital; and for all who deal with financial risk. We seek outcomes that maximise the common good, consumer confidence and economic growth. And we engage with policy makers and regulators in an open, collaborative way, reflecting the central, public role that exchanges and CCPs play in a globally integrated financial system.

 

For more information, please contact:

 

Anna Watson

Head of Communications, The World Federation of Exchanges 

Email:    awatson@world-exchanges.org

Phone:   +44 20 7151 4137 / 7850 287 685

Twitter:   @TheWFE

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For more information on the Bermuda Stock Exchange (BSX), contact Nancy Vieira at 1-441-292-7212 or nvieira@bsx.com. Information is also available at www.bsx.com and on Bloomberg at BSX the BSX was founded in 1971 and is the world’s leading fully electronic offshore securities market. The BSX list equities, mutual funds and bonds, depository receipts and derivative warrant securities. The BSX is a full member of the World Federation of Exchanges (WFE) and an affiliate member of IOSCO. In addition, the BSX is recognized by the U.S. Securities & Exchange Commission (SEC) as a Designated Offshore Securities Market under Regulation S; The Financial Services Authority in the UK as a Designated Investment Exchange; HM Revenue & Customs in the UK as a Recognized Stock Exchange; The Bermuda Monetary Authority as a Recognised Investment Exchange and as an Approved Stock Exchange under Australia’s Foreign Investment Funds (FIF) taxation rules.   

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