World Federation of Exchanges office
The World Federation of Exchanges (WFE) has approved new statutes that alter the structure of the organisation from a secretariat to a corporate body.
WFE in a statement said the General Assembly has elected and approved new board members and officers, led by the Deputy Chief Executive Officer of Deutsche Börse Group and Chief Executive Officer of Eurex, Andreas Preuss, as Chairman and Chief Executive Officer of TMX Group, Thomas A. Kloet, as Vice-Chairman.
According to the statement, the chairman of the Working Committee will be Ravi Narain, Managing Director and Chief Executive Officer of the National Stock Exchange of India.
The new board members will serve two-year terms.
The statement explained that under the new statutes, positions of CEO and Chief Operating Officers have been created, adding that Hüseyin Erkan, who was appointed the new Secretary General of the WFE in June, will become the CEO, and the Deputy Secretary General, Peter Clifford, will become the COO.
“Our industry is facing an unprecedented overhaul driven by regulatory initiatives and changing market structures. I am looking forward to increasing the voice of Exchanges in this new environment,” said the new chairman Preuss.
WFE also plans to utilise its network of exchanges to promote a consistent and engaging dialogue on the world’s most pressing market issues.
“Tremendous efforts have been made by members of the Federation, the Board, and the various committees to develop the new statutes which support the creation of a new WFE structure.
“With this restructuring, the WFE Board decided to create the chief executive officer and chief operating officer positions. The process to fill these positions started last November, with the creation of the Selection and Transition Committees to reform the existing WFE structure.
The revised organisational structure will enable the new WFE to enhance its profile and advocacy role and provide stronger leadership on global regulatory and policy issues. I would like to thank everyone who has contributed to the reform. I am proud to have served as Chairman during this reform period and overseen the completion of this process,” said Ron Arculli, who served as WFE Chairman for the past two years.