(Yicai Global) Sept. 8 -- Wu Qing, President of the Shanghai Stock Exchange, has been elected Chairman of the World Federation of Exchanges (WFE), the Shanghai bourse announced on its official WeChat account yesterday.

Wu Qing won election at the 57th General Assembly of the World Federation of Exchanges and became the first major leader of an international industrial organization to come from a mainland Chinese stock exchange.

WFE's bylaws mandate that the board is a decision-making body. Its chairman represents the stock exchange industry worldwide with responsibilities that include instructing WFE's chief executive to carry out various tasks, discussing and establishing development targets and work plans, presiding over board meetings and general assemblies, and representing the global stock exchange industry in discussions of global capital market governance.

Established in 1961, WFE is one of the most important industrial organizations on the international capital market and currently has 67 formal members covering all major stock exchanges around the globe, among which six are from China's mainland. WFE's member stock exchanges cover major stock, bond and derivative markets throughout the world, with a market value of USD78 trillion and more than 45,000 listed companies.

Shanghai Stock Exchange became a WFE member in 2002, the first in mainland China.