Financial Times – By Jeremy Grant – June 18, 2012
The World Federation of Exchanges (WFE) on Monday appointed Hüseyin Erkan, former head of Turkey’s biggest bourse, as its new secretary general as the group seeks to beef up its lobbying efforts amid a wave of global regulation and intensifying competition with off-exchange venues.
The move is a sign that the once-sleepy organisation is set to go on the offensive in Brussels and Washington, advocating on issues ranging from equity market fragmentation, “dark pools” and “high-frequency” trading (HFT) to building confidence in the role of exchanges as platforms for equity capital raising.
It also comes as exchanges are grappling with how to reconcile their for-profit status as listed companies with their historic role as operators of formerly not-for-profit platforms for capital-raising and trading for retail and institutional investors.
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