New Delhi: National Stock Exchange's chief Ravi Narain has been elected as chairman of the working committee of the World Federation of Exchanges (WFE)-- a grouping of more than 50 bourses.
At its annual meeting, WFE elected Deutsche Borse AG's Deputy Chief Executive Officer (CEO) Andreas Preuss as its chairman, while Thomas A Kloet, CEO of TMX Group, would be vice-chairman of the working committee.
"Chairman of the working committee will be Ravi Narain, Managing Director and CEO of the National Stock Exchange of India," WFE has said in a statement.
The federation has also created the positions of CEO and Chief Operating Officer (COO).
Huseyin Erkan, chairman of the Istanbul Stock Exchange, would take charge as CEO of WFE, while Peter Clifford would be COO.
It further said the new board officers would serve the two-year terms.
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 would enable the new WFE to enhance its profile and advocacy role and provide stronger leadership on global regulatory and policy issues.
"Our industry is facing an unprecedented overhaul driven by regulatory initiatives and changing market structures. I am looking forward to increase the voice of exchanges in this new environment.
"New setup will allow WFE and its member exchanges to work more effectively with regulators and policymakers to facilitate well-functioning markets, safety and integrity and financial stability," said Preuss said.
The federation plans to utilise its vast network of exchanges to promote a consistent, engaging dialogue surrounding the most pressing market issues.
First Published: Wednesday, October 17, 2012, 19:28