short - term performance evaluation in capital markets. and as with holding periods for financial investments, ceo tenure patterns have changed strikingly over recent decades. in 1995, the mean duration of departing ceos from the world ’ s largest 2, 500 companies was just less than a decade. 40 since then, it has declined. by 2000, it had fallen to just over 8 years. by 2009, it had fallen to around 6 years. this pattern is replicated across regions, but is marked in north america and non - japan asia. nowhere are these trends more striking than in the market for ceos in a particular high profile, high finance industry – the football industry. as high frequency traders are to the financial sector, football clubs are to the corporate sector. in the english football league, the average tenure of departing football club managers has close to halved since 1993. 41 today, it stands at less than 1 ½ years, a managerial half - life of less than a full football season. put differently, there are 92 english football league clubs. among that 92, only two managers – sir alex ferguson at manchester united and arsene wenger at arsenal – have been in post significantly longer than the average departing ceo in non - football companies. since 1993, these two clubs have between them won the premier league on three - quarters of occasions. patience has brought its own reward. for example, campbell and shiller ( 1988 ). for example, black and fraser ( 2002 ), cuthbertson et al ( 1997 ). karlsson et al ( 2008 ) and favaro et al ( 2010 ). league managers association ( 2010 ). patience and public policy this evidence is no more than illustrative. but it does point to the potentially adverse sideeffects of improved information and liquidity in markets. the public good of information and liquidity may unleash the public bad of myopia and volatility. so what are the potential public policy implications? these include : ( a ) countries, like china, embarking on financial liberalisation need to walk a fine line. on one side of this line is the self - improving cycle of increased saving, investment and growth – the patience path. on the other is the self - destructive path of increased volatility and consumption – the impatient path. china today is an intriguing mix of the two paths. patience is the dominant gene in the high savings rates of households and corporations. yet the impatience gene is dominant in the

you will all agree that we are living in a time where the world is becoming rapidly smaller due to technological change. the speed at which information and bis central bankers ’ speeches money can move across borders continues to be enhanced, even in our smaller economies here in the pacific. therefore, collaboration between the securities regulators of our countries, sharing of information and knowledge and just learning from one another, has to form a vital part of our market surveillance. intervention and institutional oversight by the designated securities regulators in our respective countries is a necessity for the sustainability and efficient operation of our securities markets. in fiji, this responsibility falls on the reserve bank of fiji. we have the mandate of maintaining a stable, sound and internationally reputable financial system, which from 2009 included the securities market. while our financial institutions and banking supervision framework and expertise have progressed alongside global banking sector developments, the expertise required to deliver effective supervision in our securities market is not as mature. this, in the main, has to do with the developmental pace and conditions of our securities market. as a result, market surveillance has been reactive rather than preventive. i believe that i speak not only for fiji, but for many of our smaller fellow nations as well, in saying that the technical topics which will be addressed over the next five days will further develop our supervisory expertise and help harmonise our surveillance standards with the more developed economies. managing and containing risks is key to our market surveillance. the increasing complexity of investment products and the potential threat of people “ beating the system ”, and its ramifications on market stability, provide ample rationale for financial institutions and supervisory bodies to accord greater attention to risk - management practices. for supervisors, an appropriate risk - based supervision framework is essential to enable us to keep up with the dramatic changes in the risk profile structure of the product market and risks assessment of financial institutions. focus areas of the seminar ladies and gentlemen, the next few days will provide exciting learning and networking opportunities for all participants and we are fortunate that we have with us presenters and speakers who are highly qualified and well experienced in their respective organisations. you will be identifying and discussing the latest developments in the regulation of market intermediaries within the asia - pacific region. a critical part of any seminar is the sharing of your own experiences, views and ideas. i urge you to discuss the issues widely and utilise the tremendous experience of your resource people who have taken time out to be here. it is important that we keep abreast of changes