Exchange Lobby Group to Move to London From Paris
Stock Chart for London Stock Exchange Group PLC (LSE)
The World Federation of Exchanges, the trade group for 62 markets, will leave Paris for London to boost its clout with investors, regulators and financial services firms.
WFE, which has been based in France since 1961, will move by the end of the year, Chief Executive Officer Huseyin Erkan said in an interview. Members of the association voted to approve the change at its annual convention in Mexico City yesterday.
The lobby group represents the world’s largest exchanges, including Deutsche Boerse AG (DB1) and CME Group Inc., and emerging-market bourses such as the Kazakhstan Stock Exchange. The agency has sought to increase its influence with regulators as market structure comes under greater scrutiny after the global financial crisis.
“Our ultimate goal is to transform WFE into a more outward-looking organization, actively engaged with the financial industry,” Erkan said. “The WFE’s presence in London will place us in close proximity to many of our members’ operations, as well as to the global financial media, and will facilitate our interactions with the major sell side and buy side of the markets as well as other stakeholders of our industry.”
To contact the editor responsible for this story: Andrew Rummer at firstname.lastname@example.org