Stock exchange experts urge focus on small and medium enterprises

An international panel of securities exchange experts, meeting in New York this month, has
set up a task force comprising a broad, cross-disciplinary group of global experts focused on improving the vibrancy of securities exchanges for small and medium-size enterprises (SME), including the possibility of establishing a specialized SME exchange.

The International Stock Exchange Executives Emeriti, Inc. ( ISEEE) brings together senior executives and former executives from securities exchanges. Participants at the 4-day New York meeting, including special guests, were from Argentina, Australia, Austria, Canada, Egypt, Germany, Israel, Kazakhstan, Luxembourg, Malaysia, Namibia, Russia, Turkey, Slovenia, Sweden, Switzerland, Ukraine, United Kingdom, United Arab Emirates, United States, and Zambia.

Donald Calvin, ISEEE chairman, said: “Increasing access to capital markets designed specifically for small and medium-size companies can help continue to revitalize jobs and economic growth worldwide”. He noted the group has “concern that public policy in many areas of the world is driven by data and individuals with a large-capitalization focus. These views may sometimes be incompatible with the maintenance of a vibrant small-capitalization ecosystem that can support capital formation, innovation, economic growth and job growth.”

Meeting participants also discussed financial transaction taxes on securities and agreed the taxes would be unlikely to contribute positively or to achieve the desired objectives, but could have negative effects on markets and economies where they are launched, Mr. Calvin said. The delegates heard that many European countries are reconsidering earlier enthusiasm for the taxes.

For additional information about the ISEEE, its members and copies of papers presented at the meetings, see The body held its first meeting in Orlando, Florida in March 2008 and created a collegial educational forum of former and current exchange officials to identify, discuss and assess the issues germane to the global community of exchanges. In December 2008 the ISEEE was incorporated as a New York not-for-profit educational corporation.

Among the purposes of the ISEEE are to facilitate contact with experts in the fields of finance, regulation and technology as well as to leverage the expertise of former senior exchange executives from major exchanges across the world. It also aims to provide educational opportunities by sharing information on developments in market structure and regulation, on listing, trading, disclosure, clearing and settlement, access to the markets, and enforcement, as well as investor protection, among other issues. In addition, it facilitates opportunities for members and guests to establish and maintain business and social relationships.

The ISEEE currently has member-participants. Many have been or are officials of stock and derivative exchanges from North and South America, Europe, Africa, Asia-Pacific and the Middle East, while others are experts in related activities.

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