In the Winter 2010 Issue ...


Chairman's Message

My term as Chairman of IFIE ends on 31 December 2010, although I will stay on your Advisory Committee and serve as IFIE's Immediate Past Chair. At our 2010 IFIE-IOSCO Global Conference on Investor Education in Cairo Egypt, I am pleased to announce that IFIE members elected Kun Ho Hwang from KOFIA (South Korea) as IFIE's new Chairperson, effective 1 January 2011. My congratulations to him.

My term as IFIE chair began in late 2007 as the financial crisis was spreading globally from the US, across markets and economies. This has been a painful time for many -- and still continues to plague all of us as we work together within and across jurisdictions to mitigate the impact on individuals, communities and nations. Never has there been a clearer recognition of the need for financial and investor education across the globe -- and a broad and diverse interest in providing it.

During the first half of 2010, we had two watershed events in the development of IFIE.

During my tenure -- and thanks to your efforts -- we have seen IFIE grow tremendously in membership, activities and influence. Participation in IFIE now comes from countries with established capital markets, countries with growing capital markets, and countries just trying to get their capital markets started. IFIE has begun to develop Regional Subcommittees to build strong affinity groups that will complement our Global efforts. In the last two years, IFIE has established two enthusiastic and growing Subcommittees, IFIE MENA (Middle East North Africa) and AFIE (Asia). We hope to create new regional groups where there are strong interests and common bonds. Currently we are working with Latin American entities who have expressed interest. If you think there are other areas that might benefit from a more regional oriented approach that takes into account regional common interests, please let us know. It would be great to work with you on creating these subcommittees.

As I noted at the start of this message, IFIE just completed our third joint conference with IOSCO (International Organization of Securities Commissions) titled "Restoring Trust in the Global Investing Public." Each conference has been progressively more successful than the last. The 2010 conference far exceeded our expectations with over 150 participants representing 65 organizations from 36 countries covering every continent except Antarctica. It was the most diverse group we have ever had and we were able to generate outstanding dialogue among the participants. We will be sharing ideas that came from the conference with you as we move forward. In the meantime, you can see panelists' presentations here.

IFIE also just completed its second annual State of Investor Education Global Survey. The results were gathered from 68 organizations from around the world. We see trying to understand baselines and benchmarks across IFIE members as part of our mission. We believe strongly that leveraging the results with global regional questions and trend analysis each year, can help inform and strengthen your local investor education decisions.

Finally, we topped off a very active quarter by delivering a communiqué to the G20 drawing attention to investor education as central to restoring trust in the capital markets. The message indicated that it was critical to fund and structure investor and financial education efforts appropriately to build investor confidence in the global markets, while detailing detailed best practice approaches from IFIE members delivering such programmes on the ground. You can read the full text of the communiqué here.

I want to end my message with an expression of profound gratitude to all the members of IFIE for allowing me to serve as IFIE chair. As a volunteer organization, the passion you display for our goals and the efforts made to help further those goals have been truly amazing. IFIE has played a growing, leadership role in helping organize to provide such initiatives -- a result of all of your tirelessness, commitment and support.

It has been exciting and rewarding for me personally to lead efforts to build IFIE in a time when investor education has never been more critical. In the years to come, I look forward to continuing to work with you on more programmes and new ideas and initiatives that will foster investor protection and market integrity through investor education.


Steve Joachim
International Forum for Investor Education

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Special Update: 2010 IFIE/IOSCO 2010 Conference

IFIE and the International Organization of Securities Commissions (IOSCO) joined together on 8-9 November 2010 to hold their third joint investor education conference. Titled "Rebuilding the Trust of the Global Investing Public," the conference was held in Cairo and hosted by the Egyptian Financial Supervisory Authority.

More than 150 investor education professionals from 36 countries around the globe attended the successful event. As a service to investor education professionals, much of the conference is available for review on the Web. Highlights of the IFIE/IOSCO investor education conference included:

"Once a National Strategy for Financial Capability is Developed, Then What?" Keynote Speech given by Mr. Tony Hobman, CEO, Consumer Financial Education Body (CFEB), United Kingdom
"Innovative and Effective Programmes That Build Trust - What Impact Do Such Programmes Have" moderated by John Gannon, President, FINRA Investor Education Foundation, and featuring the following panelists: Tom Hamza, CEO, Investor Education Fund in Canada; Sarimah Ramthandin, General Manager, Investor Education, Securities Industry Development Corporation (SIDC), Malaysia; Sok Hun Kang, Korea Financial Investment Association (KOFIA), Member of IFIE Advisory Committee; and Adele Atkinson, Policy Analyst, Financial Affairs Division, Organisation for Economic Co-Operation and Development (OECD)
"Media as Partners in Extending Reach and Awareness for Investor Education" Conversation/Roundtable moderated by Tom Collimore, Director, Investor Education, CFA Institute, and featuring Fady Khalaf, Secretary General, Union of Arab Stock Exchanges
Breakout sessions where conference participants broke into small groups for in-depth discussions about priority challenges, key programme elements and tips for success in investor education initiative
"Innovative Techniques for Delivering/Evaluating Programmes" moderated by Kathryn Edmundson, IFIE Advisory Committee, and featuring the following panelists: John Gannon, President, FINRA Investor Education Foundation; Ies Robles, Director for Public Debt Management, Mexico City; Bert Chanetsa, Deputy Executive Officer, Investment Institutions, Financial Services Board of South Africa and Diana Crossan, Retirement Commissioner, New Zealand Retirement Commission.

For full details about the online information available from the IFIE/IOSCO investor education conference, please visit the website page for the conference.

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Focus on: 2010 IFIE State of Investor Education Survey

IFIE is also excited to release the results of its second annual "Global Investor Education Survey." We had a 35 percent increase in participation this year, with responses received from 68 organizations. Six of the respondents indicated they operate on a global basis and 29 on a country-specific basis.

Highlights include:

  • There is a growing global participation in investor education.
  • Despite the world wide economic downturn, spending on investor education has remained strong.
  • Spending next year is expected to increase (47%) or remain the same (50%) by respondents.
  • 70% of respondents reported measuring some or all of their programmes.
  • 86% reported using financial services professionals to deliver investor education programmes.

You will be able to find the full results from the survey on the IFIE website at in the next few weeks.

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Investor Education Around the Globe

Palestine Exchange (PEX) was established in 1995 to promote investment in Palestine. The PEX was fully automated upon establishment- a first amongst the Arab Stock Exchanges. The PEX became a public shareholding company in February 2010 responding to principles of transparency and good governance. The PEX operates under the supervision of the Palestinian Capital Market Authority. The PEX strives to provide an enabling environment for trading that is characterized by equity, transparency and competence, serving and maintaining the interest of investors. The PEX is very appealing in terms of market capitalization, it is financially sound, and well capitalized to maintain a steady business in a volatile world, as it passed with the minimum level of impact of the global financial crisis compared to other MENA Exchanges. There are 41 listed companies on PEX as of 31/06/2010 with market capitalization of about $ 2.5 billion across five main economic sectors; banking and financial services, insurance, investments, industry, and services. In 2009, the PEX ranked thirty third amongst the worldwide security markets, and regionally comes in second in terms of investor protection. Palestine Exchange offers investor education materials through its Web site, including a stock simulation game, at

The Association of National Exchanges Members of India (ANMI) is a pan India body of members of the two largest stock exchanges of India viz National Stock Exchange of India Ltd (NSEIL) & Bombay Stock Exchange (BSE). ANMI provides a healthy platform to its members to regularly interact with each other, aids them to identify and understand the Problems / difficulties / issues being faced by them / investors / financial fraternity from time to time. It gives the members the opportunity to brainstorm the matters before making it a formal issue. ANMI regularly conducts Educational / Training / Awareness Seminars / Workshops / Programs for the benefit of members / investors / intermediaries & other related financial entities. The "Investors Awareness" programmes give a unique opportunity to spread the equity cult and educate the Investors / Financial fraternity / Intermediaries all over the country.

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IFIE Member Profile

The Association of Capital Market Intermediary Institutions of Turkey ("Association") has been established to act as a self-regulatory organization in Turkish capital markets in April 2001. The Association has been established according to the Capital Market Law. Meanwhile, the Statute of the Association became operational through a Government Decree, dated January 8, 2001. All financial intermediary institutions that are authorized for capital market operations are members of the Association. The Association has currently 145 members: 103 brokerage firms, 1 derivatives brokerage firm and 41 banks. The goal of the organization is to contribute to the development of a community of professionals equipped with high level of expertise who are sincerely committed to ethical values and perceive competition as offering better products and services to investors with the ultimate aim of contributing to the development of the national economy and the capital markets. The Association offers several publications €“ available on the website - that investors can access to educate themselves about the capital market in Turkey, including ne about how the complaint process works. The website also includes a data bank with fact sheets for investors.

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