Former Global Financial Leaders Confront Issues for Small Business Growth at the ISEEE Bi-Annual Meeting

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Members of the International Stock Exchange Executives Emeriti from around the world meet to tackle the challenges of growth for SMEs and new initiatives designed to assist them.

The International Stock Exchange Executives Emeriti (ISEEE) held its bi-annual meeting in Luxembourg on 14-17 September 2014.

Industry experts from Asia, Australia, Europe and North America exchanged information about regulatory developments in major capital markets around the world.

KPMG Luxembourg facilitated a panel discussion on “Solving the Capital Market Puzzle with Transatlantic Experts." The ISEEE participants shared their knowledge from the perspective of the regions they represent with a cross section of Luxembourg business executives.

ISEEE members were presented the case of Oxford BioChronometrics SA, a small start-up firm sponsored by Mr. David Scheckel that prevents online identity theft and fraud with biochronometric user authentication. One of the major initiatives of the ISEEE is to analyze and recommend public policies that positively impact the capital formation process for small emerging enterprises (SMEs). This early-stage user authentication technology company was used as a basis for a discussion of the current regulatory landscape and the challenges it presents for small, start-up companies.

Notice was also taken that Jean-Claude Juncker, the new President of the European Commission, has announced a policy to create a “capital markets union.” ISEEE members welcome this initiative, which is designed to allow targeted SMEs to access capital and, in this way, finance business expansion and create jobs and economic growth throughout the European Union.

The second day of the conference began at the offices of Clearstream in Luxembourg. Participants heard presentations by members of the Clearstream staff about recent developments in their major business areas, highlighting the changing regulatory landscape in the EU and around the world.

In the afternoon, the European Investment Bank hosted ISEEE. There was a wide-ranging discussion concerning how best to finance SMEs, including specific actions the European Investment Fund is undertaking to achieve this goal.

In addition, during the meeting the ISEEE Small Capital Market Exchange Development Task Force discussed various funding alternatives for SMEs, and how to enhance securities markets specially designed for SMEs. One of the major conclusions was that the vast majority of SMEs are unique in their characteristics and capital needs. Any market specially designed for SMEs will need to take this into consideration.

About ISEEE: International Stock Exchange Executives Emeriti, Inc. is a global organization of individuals that have held senior executive positions at stock or derivatives exchanges, and comprises one of the broadest independent pools of experience in the industry. ISEEE is a not-for-profit New-York Corporation which has been granted tax-exempt status by the US Internal Revenue Service. Its purpose is primarily educational in nature, enabling its members to share information on developments in world’s financial markets concerning matters such as organization, operations, listing, trading, disclosure, clearing and settlement, access to the market, technical infrastructure, risk management, surveillance and enforcement, investor protection and foreign investment. For more information see

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William Scheckel
Oxford Biochronometrics S.A.

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