moshe terry 88 298.
(photo credit: Courtesy Photo)
In another expression of faith in the Israeli economy and market, the International Organization of Securities Commissions has, for the first time, chosen Tel Aviv to host its 34th Annual Conference to be held in 2009.
"Winning the competition is a signal of the strongest vote of confidence from IOSCO into Israel's economy and in the country's capacity to host an international conference of this magnitude," Moshe Terry, chairman of the Israel Securities Authority, said in a telephone interview with The Jerusalem Post. "We are very excited to host over 200 regulators from around the world and at least 1,000 participants from the banking and finance sector."
IOSCO's over 200 member countries meet every year at the Annual Conference to discuss important issues related to world securities and futures markets. In recent years, there has been a growing trend towards formalizing international cooperation in enforcing securities laws.
The ISA won the competition in a secret ballot, defeating the Canadian city of Montreal. The Authority engaged in a promotional campaign that included the launch of a Web site to promote Tel Aviv as a conference city and as Israel's economic and financial center, housing the Tel Aviv Stock Exchange and Israel's financial community. In addition, the ISA invested in continued lobbying and invited the management of the IOSCO members to visit the country.
"In my speech to IOSCO presenting the revolutionary market changes and economic advancements Israel has undergone to align with norms governing global financial markets, I also boasted with the testimony of Warren Buffet's $4 billion investment into Israel," Terry said.
As member of the IOSCO, the ISA has formed an array of multilateral cooperation agreements with foreign securities authorities including the US, Germany, Hong Kong, Brazil, Thailand, South Africa and Australia.