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Stock markets should stay open during crisis: WFE
LONDON |
LONDON (Reuters) - The World Federation of Exchanges (WFE) said stock markets should remain open throughout the financial crisis, rejecting calls for trading to be suspended amid deepening market turmoil.
"The world's exchange leaders strongly reaffirm the principle that equities and equity related exchanges remain open throughout this period," the WFE said in a statement on Sunday after a regularly scheduled meeting in Milan.
Massimo Capuano, chairman of WFE and chief executive of the Borsa Italiana, said: "We encourage global regulators to recognize the time-tested benefits of transparency, balanced regulation and central counterparty clearing available in exchange markets."
The WFE said exchanges have continued to properly function during the crisis to disseminate prices, offer price transparency and provide liquidity for investors.
The WFE is an organization of 56 of the world's largest exchanges, and the statement was signed by executives from NYSE Euronext, Nasdaq OMX Group Inc London Stock Exchange Plc and top exchanges in Shanghai, Tokyo and elsewhere.
(Reporting by Steve Slater, editing by Gerald E. McCormick)
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