INDUSTRY NEWS

The World Federation of Exchanges set to move to new London office

The World Federation of Exchanges (WFE) is set to move its headquarters from France to a new London office.

As the trade association responsible for regulated financial exchanges, the organisation is hoping the switch will allow it to better engage with the global financial community.

The decision to move to a new London office comes as somewhat of a surprise, as the body has been based out of Paris for 52 years, when it was first created as the then Federation Internationale des Bourses de Valeurs, in 1961.

Explaining the logic behind the move, Andreas Preuss, chairman of the WFE board of directors, said: “London is a world-class financial city. Relocation brings us closer to our customers, both on the sell side and buy side. Many WFE members have offices in London.”

Mr Preuss added he believed the change in location would move the body closer to a number of its most important customers and stakeholders, as well as bringing it closer to the major financial media.

WFE chief executive, Hüseyin Erkan, added: “Our ultimate goal is to transform WFE into a more outward looking organisation actively engaged with the financial industry.”

The WFE is the trade association responsible for regulated securities and derivative markets of more than 50 stock exchanges including the London Stock Exchange Group, Irish Stock Exchange and the NASDAQ OMX.

At the meeting it also added five new bourses Kazakhstan Stock Exchange, Dubai Financial Markets, Qatar Exchange Hochiminh Stock Exchange, and New Zealand Stock Exchange, taking its total membership figure up to 62.

It expects to complete the move by the end of the year.

By: Kirsty MacGregor

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