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Regulation of Exchanges Michael Dalby, Director, Qatar Financial Markets Authority

GCC Regulators’ Conference Dubai, UAE 1 March 2009 and 2 March 2009. Regulation of Exchanges Michael Dalby, Director, Qatar Financial Markets Authority. Long Term Stability of Markets Global Financial Crisis – what does it mean for regulation of Exchanges?

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Regulation of Exchanges Michael Dalby, Director, Qatar Financial Markets Authority

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  1. GCC Regulators’ Conference Dubai, UAE 1 March 2009 and 2 March 2009 Regulation of Exchanges Michael Dalby, Director, Qatar Financial Markets Authority

  2. Long Term Stability of Markets • Global Financial Crisis – what does it mean for regulation of Exchanges? •  What impact if any, will this have on the regulatory functions of Exchanges? •  Exchange responsible for operational aspects of the exchange, the regulator responsible for regulatory functions.

  3. "All financial markets, products and participants—including hedge funds and other private pools of capital which may pose a systemic risk—must be subjected to appropriate oversight or regulation…” •  Are financial markets really capable of regulating themselves? • Long periods of growth and stability seem to encourage excessive risk taking which increases the likelihood of a financial crisis.

  4. International Regulatory Co-operation • The causes of the current global financial crisis come from a variety of sources and are international rather than national. • The need for international co-operation is an absolute necessity. • Co-operation must not just be between regulators but must also include policy makers and a consistent approach to regulation by governments.

  5. Surveillance • Fair and orderly market - Role of the Exchange • Breaches of the Law - Role of the Regulator • Enforcement - Criminal, civil and administrative remedies

  6. Transparency • Transparency is fundamental to long term stability because transparency contributes to investor confidence.  • Investors confidence is fundamental to participation in financial markets. • Transparency in the form of good corporate governance is not just about systems, it is also about corporate lifestyle (e.g. HIH and Enron). • Product transparency – The real level of risk associated with a product must be able to be identified.

  7. Transparency (Cont.) • Securities market regulators should work with market participants to ensure that there is appropriate information (including risks) on securitized products and their underlying assets. • Regulators should ensure that investors and asset managers obtain better information about the risk characteristics of securities.

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