Capital Market Experts Network

Former stock exchange executives tackle the challenges of more regulation and initiatives to improve capital raising for SMEs.

Miami, March 26, 2015 —The International Stock Exchange Executives Emeriti (ISEEE) held its annual meeting in Miami 22-25 March 2015.

Industry experts from Asia, New Zealand, Europe, Brazil and North America met to exchange information about market and regulatory developments in major capital markets around the world.

Setting the tone for the meeting, the ISEEE Small Capital Market Exchange Development Task Force discussed the difficulties of establishing successful Venture Markets and Trading Platforms and how to make these work for retail investors. Alternative funding options for small and new businesses were considered as was the experience of successful OTC and crowdfunding initiatives and the USA SEC Regulation A+ initiative, designed to let small companies raise up to $50 million over a 1 year period. Members reinforced their conclusion that any market for SMEs will need to be specially designed and the Task Force agreed to explore seeking partnership for a pilot development. e.g. the use of uniform price auctions to facilitate capital formation in private placements on the digital fundraising platform TreveriMarket in partnership with TradeYOM, the recently launched auction and trading technology provider.

During the discussion on Market Developments Worldwide and the Regulatory Landscape, members heard the latest about High Frequency Trading (HFT), capital formation, development in equity crowdfunding and its regulation, the impact of new technologies and social media on capital markets, and projects underway in Europe under the capital markets union initiative.

The review of soft dollar payment arrangements in Europe prompted questions from members on why the US is not focusing on that issue.

On the second day, members reviewed Global Regulatory developments including discussion of the recently released SEC comments on progress with the SEC rules required under the Dodd-Frank and JOBS Acts, through to new legislation in New Zealand and the Murray Committee financial system inquiry in Australia.

There was a healthy discussion on how jurisdictions like New Zealand were moving to provide for equity crowdfunding, investors’ concerns and how these were being addressed, and the challenges and opportunities for these small and alternative markets.

In forums introduced by Ned Pope of FloridaNEXT, and with the support of the Miami Finance Forum , members discussed OECD initiatives to exchange information between OECD countries (Automatic Exchange of Information and Base Erosion and Profit Shifting initiatives) and shared their experiences and views with local business representatives.

And at an evening session, Chris Marlin, President of Lennar International, conducted an interview with Hans B Sicat, President and CEO of the Philippines Stock Exchange and recognized the recent impressive performance of that exchange.

ISEEE members heard from and considered various innovations provided by Equinix – a data center provider that is now providing interconnection services throughout the world and for a growing number of industries; and money.net – a market information service provider that is using technology to provide market data services at low cost to investors and advisors.

One of the major initiatives of the ISEEE is to analyze and recommend public policies that positively impact the capital formation process for small emerging enterprises (SMEs) and the development of high capacity internet and cost reducing colocation services, and lower cost information services, are additional positive signs for the development of markets catering to small, start-up companies.

About ISEEE: International Stock Exchange Executives Emeriti, Inc. is a global organization of individuals that have held senior executive positions at stock or derivatives exchanges, and comprises one of the broadest independent pools of experience in the industry. ISEEE is a not-for-profit New-York Corporation which has been granted tax-exempt status by the US Internal Revenue Service. Its purpose is primarily educational in nature, enabling its members to share information on developments in world’s financial markets concerning matters such as organization, operations, listing, trading, disclosure, clearing and settlement, access to the market, technical infrastructure, risk management, surveillance and enforcement, investor protection and foreign investment. For more information on ISEEE and meeting sponsors see

ISEEE: http://www.capitalmarketexperts.org/

Florida NEXT: http://floridanext.org

Miami Finance Forum: https://miamifinanceforum.com

Lennar International: http://www.lennarinternational.com

or contact:

Michael Lipper (Co-Chairman ISEEE): aml@lipperadvising.com

David Franasiak (Vice Chairman): defranasiak@wms-jen.com