It is our great honor to host the IOSCO Technical Committee Conference in Tokyo on November 8 and 9, 2007. Regulators and representatives from the international financial community from around the world will gather in Tokyo to discuss the formidable agenda of today’s increasingly globalizing capital markets.
Since 2004, the “IOSCO Technical Committee Conference” has been engaged in a fascinating world tour, starting off from New York (2004), passing by Frankfurt (2005), London (2006), and now arriving in Tokyo, Asia’s largest capital market. Its timing could not be more opportune, as the city is now confirming its commitment to establishing itself as one of the world’s largest financial centers of both the present and the future.
The theme set for this year’s conference is: “Market Regulation – Competition, Convergence and Cooperation.” We live in an unprecedented world where capital markets are increasingly interconnected in a seamless fashion, with market participants upping the ante of competition in the global arena.
Regulators are no exception to this either. Regulators in major markets, including the Japanese FSA, are engaged in a race to the top to develop regulatory environments that are more efficient in their market function, more effective in their investor protection, and more instrumental in servicing the entire economy. Competition among regimes, convergence of regulations, and cooperation among regulators are all keys to the success thereof.
This two-day meeting represents an integral part of this process, involving both regulators and market stakeholders from around the world.
I am looking forward to seeing you in Tokyo in the beautiful Japanese autumn.