Summary of International Stock Exchange Executives Emeriti, Inc. (ISEEE) Meeting in Budapest, Hungary September 15-18, 2013

by Don Calvin

The ISEEE held its Fall meeting in Budapest, Hungary on September 15 -18, 2013 which was attended by twenty five participants, eight of whom were participating in an ISEEE meeting for the first time , and nineteen spouses accompanied the participants which is record for an ISEEE meeting.

The Meeting was hosted by ISEEE Member Gyorgy Mohai, Former Chief Executive Officer of the Budapest Stock Exchange and since has become an ISEEE Member.

The Meeting began with a Dinner featuring Peter Clifford, Chief Operating Officer of the World Federation of Exchanges in Paris who gave the Keynote Presentation on the “World Federation of Exchanges programs and market structure issues and related developments” which focused on the changing role of Member securities exchanges and , as a result, the changing role of the World Federation which is also moving from Paris to London and focusing on the changing role of the Member exchanges.

The ISEEE Meetings feature Discussion Sessions on two mornings in which the ISEEE Members and invited Special Guests are all seated around a horseshoe arranged table and participate freely in across the table discussions. Two ISEEE Members Co -Chair these sessions. The first Discussion Session was “Market Developments Worldwide- the Problems and Opportunities”

The European participants addressed the recent trends in the region regarding mergers and acquisitions of exchanges and the proposed creation of an “Alpine” Exchange which would involve markets in several countries in the region. The European participants also discussed the economic and political stability issues in Europe and the future of the Euro and the effect on the European stock exchanges.

This was followed by presentations on Developments in the Asia-Pacific region, the Middle East and Africa and, finally, in North America.

The following Luncheon Session featured presentations by the Chairman and Vice Chairman of the Emerging Market Development Task Force which was created at the ISEEE Spring meeting.

The first day of the ISEEE Meeting ended with a Dinner at the historic Buda Castle Hilton Hotel sponsored by Phillip Brooks, Founder of Invictus Global Capital who was unable to attend due to illness.

The Discussion Session on the second day was on the topic of the “Regulatory Landscape-Recent Regulatory Actions and Proposals Affecting the Exchanges and the Capital Markets and the Issues Raised” which featured a discussion of “crowdfunding” and special presentations on the “Regulatory and Other Issues Raised by Dodd-Frank in the United States and Similar Developments in Europe.”

The Session concluded with an excellent presentation on “Monetary Policies and Debt-the Issues Raised”

The full text of these presentations and most of the other presentations referred to above are available on the ISEEE website

The Tuesday Luncheon session featured a panel discussing the topic of “The Issues and Problems in Financing Small and Medium Companies and the Actions Needed” which is a topic of great interest to the ISEEE Members.

The day concluded with a Tour of Budapest which ended with a reception and presentation at the Budapest Stock Exchange which showed the change and growth of the Budapest securities market.

The third and final day of the ISEEE meeting began with an ISEEE Board meeting which voted to have the next ISEEE meeting in April in New York City and the Fall Meeting in Luxembourg in September. David Franasiak, an active ISEEE member from Washington, DC was elected as a Vice Chairman of the ISEEE. Invitations for future ISEEE meetings have been received for meetings in Miami, London, Ljubljana, Istanbul and Barcelona.

After the Board meeting, the Discussion Session focused on the “Budapest Declaration” which will be issued by the ISEEE calling for reforms in the securities exchange markets and regulation.

The concluding Farewell Luncheon featured comments by four of the “new” participants who had participated in their first ISEEE meeting and by the Deputy Treasurer who also commented on behalf of the spouses attending.

International Stock Exchange Executives Emeriti (ISEEE)

After the close of the ISEEE Budapest Meeting the following comments were made by three of the eight first time participants which express their views about the ISEEE and the Budapest Meeting Excerpts from these comments are as follows:

From former General Manager of the Namibian Stock Exchange and a first time participant:

“Thank you very much for the chance to attend the ISEEE conference in Budapest. I very much enjoyed and learned from the debates and presentations and enjoyed the social events and discussions, as well as the hospitality and spectacular beauty of Budapest. It was very a well-organized conference with very hospitable hosts. Congratulations on your success in setting up the ISEEE. It has a very good role to play in shaping thinking and watching trends in the capital markets, as well how these markets contribute to development. I especially enjoyed all the great company.”

From the Founder and Director of the Treveri Market S.A. in Luxembourg, another first time participant:

“Thank you for allowing me to attend such a wonderful event, the program, the organization, and the members of your group far exceeded my expectations, (they were high coming into it!) and I was honored to be a small part of it. I look forward to remaining in touch and please let me know if there is anything at all I can do for you. I simply can’t explain how privileged I felt just being there, and can’t thank you enough.”

From the Former CEO of the Malta Stock Exchange, another first time participant:

“It was good to meet a lot of old friends and to make some new ones and I must say that I really enjoyed the meetings whilst the social program was truly excellent. We are looking forward to the next meeting but in the meantime if there is any way in which I can help the organization please do not hesitate to call me.”

And from the Vice Chairman of the ISEEE and the former CEO of the New Zealand Stock Exchange and the Chief Operating Officer of the Abu Dhabi Securities Market:

“I just want to add my personal thanks to those of others who clearly enjoyed the meeting. A lot of hard work was put into the organization and arrangements and I know it is much appreciated by those who attended.”

Respectfully Submitted
Don Calvin, ISEEE Chairman and Founder
October 2013