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The Association of Futures Markets – AFM – just turned
20. How time flies! If my memory is correct I first attended
an “Emerging Markets’ Roundtable” probably some 18
years ago on the memorable Bürgenstock Estate in
Switzerland and in the context of one of the SFOA annual
Bürgenstock meetings.
At first I considered my attendance in the Roundtable
of AFM as a mere politeness because someone from
SFOA encouraged me to go. So I joined this “new kid on
the block” with an attitude such as: “OK, I have nothing
better to do!” But things should turn out completely
different: as a matter of fact AFM would become
something like a permanent companion in my business
life – and even beyond.
Nowadays industry conferences – particularly in the
financial segment – can be pretty boring. I am inclined
to say “if you’ve seen one, you’ve seen them all!” Prior
to the conversion of financial infrastructures from utilities
into for-profit organizations conference participants could
at least get ideas and information about what is cooking
in the industry and such venues were ideal to meet your
peers. Equally, it was the right spot to pick-up or discreetly
place what is commonly known as rumors. With the listing
of Exchange groups this part of the conference program
stopped at once and the highest of all feelings nowadays
you can hear is: “we are living through interesting times”.
But why did AFM give me a completely different impression
right at the beginning? What was so different that my
personal feelings towards this Association became much
more emotional than to any other organization? Well let
me put it this way:
AFM is an Association predominantly of and for developing
and emerging financial markets around the globe. In view
of the different stages of development of its members
from “just about to be developed” via “emerging
and frontier” to the “newly established market” the
composition of participants in events organized by AFM
is stunning. The different levels of development among
the membership leads to more candid discussions
because every participant would like to get the most
out of these conferences. Of course there are the usual
suspects around as well e.g. consultants such as me or
representatives of so-called developed markets from the
western world. But since they are a minority the typical
atmosphere does not change.
In short AFM events are family affairs – friendly, open,
candid and educational. And I don’t think there is any
other organization – at least not in the financial industry
– which is moving its events and conferences crisscross
the globe. Bucharest, Moscow, Budapest, Istanbul,
Buenos Aires, Bangkok, Taipei, Bali, Krakow, just to name
a few, have been venues for AFM conferences. And in this
context I submit already my application to join the AFM
conference in Ulaanbaatar – if and when this will be the
venue for a conference…
Since my first meeting with the quasi new born baby at
that time having ambitions and almost achieved to unite
all the developing and emerging financial infrastructures
in all four corners of the world a lot has changed. We have
seen a number of market turbulences – other people call
it crisis – and an endless queue of new legislation and
regulation from politicians and regulators in their never
ending endeavor to make the world a better and safer
place for investors. But that’s another topic which might
be covered in the 25th anniversary publication.
Dear AFM, I always enjoyed participating in your
conferences because you provided such an excellent mix
of people and cultures. I was honored to be a speaker
from time to time but I was also learning a lot from the
discussions we had at the events. In this sense Happy
Anniversary and please stay the way you are.
Otto E. Naegeli
OEN Consulting
Happy 20th Birthday AFM!
– by Otto Naegeli
