Download 東証市場の現状 - World Federation of Exchanges

WFE Workshop on Leadership &
Communications
“What action – corporate communication
roundtable”
Tokyo Stock Exchange Group, Inc.
February 2009
1
What action - corporate communications roundtable
-How has the financial crisis changed the way exchanges work in
corporate communications? How do they anticipate change in
2009?
-What international action or coordination is needed between
exchanges? What partnerships could be formed with international
institutions and policy makers?
-Are there issues that emphasize the value of regulated exchanges
that exchanges would welcome help from the WFE or a specialized
group? (for example, corporate governance and listing standards,
sustainable investment, investor education,)
2
Communication with whom?
・Government or Regulatory Authorities
・Trading Participants or Members – broker/dealers or banks
・Listed Companies
・Investors (Retail and Institutions)
・Media
・Shareholders (may not be applicable)
What kind of purpose?
Ensure credibility
Increase liquidity
Contribute to national economies
Appeal :
The regulated exchanges provide with fair,
transparent and orderly market facilities.
What kind of message?
Predominance of regulated market
Effectiveness of self-regulation (vs. government regulation)
Enhancement of corporate governance
3
What kind of actions?
To Regulators
- Concern of excess regulation by government
- Effectiveness of self-regulation
- International co-ordination of regulation
(Possible Actions)
Local : - Participation in Governmental committee
- Request or advice to the local government
Global : - Lobbying to international organizations
(such as IOSCO, FSF, OECD etc.)
4
What kind of actions?
To Trading Participants or Members
- Trading needs of participants
- Competition with off-exchange market facilities
(Possible Actions)
Individual exchange base : Direct communications with these participants
5
What kind of actions?
To Listed Companies
- Strengthened corporate governance
- Protection and equal treatment of shareholders
- Promotion of new listings
(Possible Actions)
Local : - Consultation with listed companies (better corporate governance, etc)
- Cooperation with local government in regulation setting
Global : -Active participation and advice to international organization
(such as OECD, etc)
6
What kind of actions?
To Investors
(Institutions) - Use of exchange markets
(Individual) - Promotion of long-term investment
- Provision of risk money
- Increased financial literacy
(Possible Actions)
Local : - Communication through Web-site, seminar and events
Global : - Cooperation with international organizations
(such as WFE, IFIE etc.)
7
What kind of actions?
To Media
- Wide-spread of exchanges’ news and policies
- Information need to be timely and accurate
(Possible Actions)
Individual exchange base : - Press conference, Media briefing, Education program,
Media trainings for management, etc.
Global : - Utilize media contacts of international organization (WFE, regional
federation, etc.)
8
Corporate communication officers already know:
-PDCA cycle of corporate communications (Plan – Do – Check – Act)
(Actions)
- Image survey of stakeholders
- Measurement of effectiveness of PR activities
- Survey of Web-site users
- Participants’ evaluation of seminar and events
- Corporate communications are two-way or bidirectional communications
9
Corporate communication is
two-way or bidirectional communication!
Thank you
10