Exchanges around the world have united to promote financial literacy and boost financial inclusion, ringing the bell in multiple countries on multiple days all week during World Investor Week (“WIW”) 2020.
The World Federation of Exchanges (“WFE”), the global industry group for exchanges and CCPs, is supporting the International Organization of Securities Commissions (“IOSCO”) WIW 2020, which runs from 5 October to 11 October 2020. WIW is a week-long, global campaign to raise awareness about the importance of investor education and protection and promote financial literacy.
In 2020, WFE members ranging from New Zealand to Brazil are holding virtual opening or closing bell ringing ceremony, or a workshop, during the week to promote the cause and drive awareness of why people need to focus on financial literacy and how it can improve life outcomes. More than 35 exchanges are part of the initative, bringing together stakeholders to celebrate the progress that has been made and looking to partner on the road ahead.
While the Covid-19 pandemic means many exchanges are still operating remotely, the preparedness that has allowed them to provide resilent and robust market structure during this crisis also means that a virtual bell ringing poses no challenges. Many of the events will be supported by the production of educational content, investor awareness campaigns, and seminars on financial literacy.
The WFE’s monthly Focus magazine is a Special Edition devoted to Financial Literacy.
Nandini Sukumar, Chief Executive Officer, the WFE said: “Financial literacy has never been an optional add-on for exchanges and CCPs. We have always invested in this work because the industry believes in inclusive growth, and that markets-based financing helps pave the way to sustainable economic expansion. Financial literacy is also dear to us as the nature and ethos of public markets enshrines investor protection at the heart. Education is part of that mandate and a significant factor in developing markets to maturity and beyond. All market infrastructures, whether large or small, whether in a developed market or a frontier market, prioritise investor education at the heart of their business and as a foundation of market integrity. The pandemic and economic crisis make this even more important.”