Capital Market Experts Network

The International Stock Exchange Executives Emeriti, Inc. (ISEEE) held their seventh meeting in Orlando, Florida at the Wyndham Lake Buena Vista Hotel on April 7-10 which was attended by twenty-nine participants from twelve countries plus fifteen spouses and accompanying persons.

The comment by all was that it was the best ISEEE meeting, which is a common comment after an ISEEE meeting. A number of important actions were taken following Discussion Sessions each morning which included “The Challenge to Traditional Exchanges Worldwide—and the Opportunities” which included a presentation on “crowdfunding” as an example of funding for small and medium sized issuers. The Discussion Topic at the second session was “The Regulatory Landscape–Recent Regulatory Actions and Proposals Affecting the Exchanges and the Capital Markets and the Issues Raised”. The session began with the presentation of a fifty one page report on recent regulatory developments which is available on the ISEEE website.

Luncheon Session topics included a “Report on status of ISEEE Report on SMEs’ Opening the Worlds Equity Markets to Small and Medium Sized Companies and Related Issues”. The Dinner Session included a presentation on the “View of a Market Analyst—Challenges Facing the Traditional Exchanges and the Opportunities”.

At the afternoon sessions in Downtown Orlando, the luncheon featured a presentation by former U.S. Congressman Randy Avon, now the CEO of the Asian Pacific Development Corporation, Inc., on investment opportunities in Mexico and other regions. Following the luncheon were two panel presentations, the first on “Issues Facing the European Exchanges “. The second panel discussed “Issues Facing the Capital Markets Worldwide”. Following the two panels was a reception attended by more than seventy businesses and political leaders with an introduction of ISEEE attendees.

During the discussion sessions, a series of actions were taken. On the suggestion of Mohamed Abdel Salam, former Executive Chairman of the Egyptian Securities Exchange an Emerging Markets Development Task Force was established Chaired by Drasko Veselinovic, Founder of the Ljubljana Stock Exchange and Co-Chaired by Hannes Takacs , formerly of the Vienna Stock Exchange and currently Vice Chair of the Prague Exchange and Board member of the Budapest Stock Exchange. Other Task Force Members are: Mohamed Abdel Salam of Cairo; Michel Maquil, former CEO of the Luxembourg Stock Exchange; Gilberto Biojone, former CEO of Bovespa of Sao Paulo, Brazil; Gorgy Mohaigy, former CEO of the Budapest Stock Exchange; Stanley Sporkin, former SEC Director of Enforcement and U.S. Federal Judge; Martin Kinsky, former General Counsel of Australian Stock Exchange; David Franasiak, former U.S. Congressional Staff; and Aril Seren, former Vice Chairman of the Istanbul Stock Exchange.

It was also decided to release the Report prepared by the Small Business Financing Crisis Task Force on “Opening the World’s Equity Markets to Small and Medium Sized Companies” by having an Op-Ed piece prepared for a leading international financial newspaper. It was decided to continue the Small Business Financing Crisis Task Force Chaired by David Weild IV, former Vice-Chairman of NASDAQ and William Foster as Secretary, former CEO of the New Zealand Stock Exchange and former Chief Operating Officer of the Abu Dhabi Securities Market. The work of the Task Force would continue to review ways to support small business equity financing, including crowdfunding and Direct Public Offerings (DPOs).

The Board received a presentation on the issues which might be addressed in an Orlando Declaration 2013 to be prepared by William Foster assisted by Michel Maquil, former CEO of the Luxembourg Stock Exchange and Hannes Takacs of Vienna.

The ISEEE Board also adopted a Resolution thanking Dustin Watkins and his wife Jihan, who may be moving to London, for their assistance at the ISEEE Discussion Sessions and the Accompanying Persons program.

Venues for future ISEEE meetings were discussed. Invitations have been received from former officials of the Budapest, Vienna, Luxembourg and Istanbul Stock Exchanges and for a possible meeting in 2013 in Washington, DC.

At the Membership Meeting twenty six members were elected to the ISEEE Board of Directors. The current officers were re-elected which includes Donald L Calvin, as Chairman; Robert Aber, former General Counsel of NASDAQ as Vice Chairman and Secretary; William Foster, former CEO of the New Zealand Stock Exchange as Vice Chairman; Ruediger von Rosen , former CEO of the Frankfurt Stock Exchange as Treasurer; and Svetlana Bernard as Deputy Treasurer.

The ISEEE Meeting was the success it was in part because of the meeting Host Jim Schnorf, President, Wall Street Strategic Capital, Inc. of Orlando and his aide Dustin Watkins and the Platinum Sponsor Phillip S. Brooks, President and Managing Partner, Invictus Global Capital, Inc. who made a presentation at the Sunday dinner and participated in all Discussion Sessions as a Special Guest. Other Luncheon and Dinner Sponsors who made interesting presentations were Northfield Trading LLP President Doug Bry; Alpha Metrix Group,LLC Chief of Product and Business Development Mikus Kins, and Lotus Capital Chief Executive Officer Todd J Bergeron.

At the meeting eulogies were delivered in memory of two recently departed former CEOs and friends Alger “Duke” B.Chapman, former Chairman and CEO of the Chicago Board Options Exchange, Lars Bredin, former CEO, Stockholm Exchange and Sammi Kane Kraft, the precious twenty year old actress daughter of ISEEE Members Sheldon and Lu Lu Kane Kraft.

William Foster recently summarized the ISEEE as follows:

” As you also may have seen from our website , the ISEEE is an educational body which seeks to provide educational opportunities through sharing information on topics such as market structure and regulation, leveraging the expertise of former exchange executives, regulators and market professionals from around the world.

Collectively ISEEE members probably represent the deepest single pool available of experience and knowledge of global capital markets, structure, regulation and operations.”

Thanks again to all who made the meeting the success it was.

Donald L Calvin

ISEEE Chairman and Founder
April 19, 2013