Andreas Preuss, the Deutsche Börse AG's deputy chief executive officer (CEO), will lead the global body of stock exchanges. The World Federation of Exchanges (WFE) on Monday elected Preuss as its chairman during the annual meeting held at Taipei, China.
Ravi Narain, the managing director and CEO of National Stock Exchange (NSE) will be the chairman of working committee of WFE and vice chairman of the body will be Thomas A. Kloet, CEO of TMX Group.
Preuss takes over when the business model of stock exchanges is undergoing structural changes globally as competition intensifies and regulatory framework evolves. He will be the WFE chairman for two years and Ronald Arculli of the Hong Kong Exchanges and Clearing, will step down.
Among the key strategies that exchanges globally are working towards involve bringing the over-the-counter market on their platform. In fact, the Singapore Stock Exchange has already made a headway by clearing OTC derivative products. Other priorities for exchanges are to work towards partnership on various fronts like cross listing of products and technology.
“Changes to regulatory frameworks around the world have led to considerable structural changes in our business. As exchange organisations we can further improve around the globe how we articulate our roles as market organisers and communicate our importance for the real economy,” said Preuss.
“Close consultation and cooperation between the regulated exchanges is essential if our voice is to be heard by policymakers and regulators. I am therefore looking forward to working with the WFE as a globally recognised and influential exchange organisation,” he said.
WFE will also have a CEO for the time. Hüseyin Erkan, the chairman of Istanbul stock exchange and Turkish civil servant will take up this role. Peter Clifford, will be the chief operating officer. The WFE plans to utilize its vast network of exchanges to promote a consistent, engaging dialogue surrounding the world’s most pressing market issues.