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THE WORLD FEDERATION OF EXCHANGES HOLDS INAUGURAL MEETING OF ITS ENTERPRISE RISK WORKING GROUP

Hamilton, Bermuda – 26 June, 2019:  THE WORLD FEDERATION OF EXCHANGES HOLDS INAUGURAL MEETING OF ITS ENTERPRISE RISK WORKING GROUP, the full filing stated the following;

 

PRESS RELEASE

 

THE WORLD FEDERATION OF EXCHANGES HOLDS INAUGURAL MEETING OF ITS ENTERPRISE RISK WORKING GROUP

 

London, Wednesday 26 June 2019 – The World Federation of Exchanges ("WFE"), the global industry group for exchanges and CCPs, is holding the inaugural in-person meeting of its Enterprise Risk Working Group (ERWG) in London on Wednesday 26 and Thursday 27 June 2019.

 

The ERWG consists of a wide range of WFE members across the global breadth of the association. The group connects Enterprise Risk Management (ERM) and Operational Risk Management (ORM) leadership and thinking at the world’s financial exchanges and clearing houses. ERM aims to ensure a structured approach to the totality of risks faced by an organisation. Members have found it important to share experience and perspectives, in the interests of developing ERM and ORM that focuses on issues specific to operators of market infrastructure.

 

The ERWG’s mandate is as follows:

 

·         Develop industry consensus positions on ERM/ORM issues to enable responses to regulatory consultations and stakeholder advocacy, and produce thought-leadership position papers;

·         Forge best practices, codes of conduct and guidelines;

·         Promote information sharing and education and benchmarking amongst its members and conduct activities that support this mandate; and

·         Engage in horizon scanning to identify and work on emerging industry issues.

 

As part of its work to identify emerging challenges and opportunities, the London meeting of the ERWG will address a range of issues, including how technology is one of the biggest operational risks to manage and harness when implementing innovation. As a result of this, operational resilience is now under the spotlight as never before, and it is the engineering and application of effective risk management that enables strong resilience at national exchanges and CCPs.

 

Nandini Sukumar, Chief Executive Officer, WFE said: "Enterprise risk is fast becoming one of the most important lines of defence for the market infrastructure industry, something we recognised when we formally created the WFE ERWG. We are therefore pleased to be holding the first physical meeting of the ERWG in London where the combined expertise of our working group members will be brought together to shape effective risk mitigation strategies for the future. We believe the ERWG will enable members to identify emerging issues and develop comprehensive and coherent industry policy positions to shape regulatory thinking in this important field.”

- Ends -

 

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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