본문
Good
morning ladies and gentlemen,
It is humbling to welcome you all to the 8th Seoul International Derivatives Conference,
conscious of the long line of distinguished guests. In particular, I’d like to thank Kim Jong
Chang, Governor of the Financial Supervisory Service and Hwang Kun Ho, Chairman of
the Korea Financial Investment Association for today' welcoming remarks, and Kwon
Hyouk Se, Vice Chairman of the Financial Services Commission and Kim Bong Soo,
Chairman of the Korea Exchange for tomorrow's. I also thank our many sponsors for
making this event possible.
The financial markets have been going through an unprecedented change after the
2007-08 crisis. The legacy of the crisis is a cloud of uncertainty hanging over the financial
services industry. I believe that uncertainty has to be dispelled if we are to achieve our
broader goals for the economy: first, make financial system safer to prevent future crisis
and second, ensure financial system that supports job creation and economic growth.
One of the most pressing debates is what should replace the old system when it fails
so spectacularly. Therefore the derivatives industry suspected of causing the crisis cannot
escape from ambitious structural reforms to be adopted. But, at the same time, the debates
at their root involve complicated and profound trade-offs between safety and risk-taking,
between protection for the taxpayer and returns for the economy. This is why, for all the
difficulties we face, I am extremely optimistic about the future of the derivatives industry.
William Bernstein, author of the Intelligent Asset Allocator once said that “there are two kinds
of investors, be they large or small: those who don’t know where the market is headed, and
those who don’t know that they don’t know. Then again, there is a third type of investor – the
investment professional, who indeed knows that he or she doesn’t know, but whose livelihood
depends appearing to know.
So we take on as the theme of this year's conference, upon consultation with local
professionals, "A New Decade: Derivatives Markets Environment and Outlook. By resolving
the raging debates that hang over the industry, we want to free ourselves up so that we can
focus our energies on what we should be doing: building our businesses by winning new
clients and helping them create the prosperity that they deserve.
The Financial News hosted the first conference back in 2003 and it has become a much
awaited event among people in the Korean financial market. Some of you may think this is
not a special anniversary because it is not the 5th or 10th anniversary. However view it in
this light. The number eight is considered particularly auspicious in Chinese culture
because 'ba' meaning 8 sounds similar to 'fa' in 发财 [fā cái] meaning making money. We
also like the visual aspect of the 8th anniversary because it is similar to the infinity symbol
which is a happy thing to associate with the connection you might have. So from all of us
here at the Financial News may not only your attendance at this conference but your business
as well be bountiful with infinite blessings and joy!
Thank
you.
Seong
C. Gweon
President
& CEO
The Financial News