The Seoul Options and Futures Exchange announced today the creation of a new department focused on helping members build capacity and develop their key economic and financial institutions. The new department will be formed by merging the SOFX Institute and the Office of Technical Assistance Management, enabling stronger synergies between technical assistance and training to better reflect a member’s priorities, facilitate fund raising, and benefit from economies of scale. The decision, which will entail no additional budget costs, follows a discussion by the Executive Board in October 2011 of a Report of the Task Force on the SOFX’s Technical Assistance Strategy. It is expected that the new department will begin operating in April 2012.
“We appreciate the high value that members place on the technical assistance and training the exchange provides, and we intend to preserve and build on the strengths of both,” SOFX Vice chairman Kyong Jihn Eui said. “This new department will allow us to improve our institutional development and capacity-building activities to help our members meet the economic challenges of a complex and fast-changing world,” Mr. Kyong Jihn Eui added.
The new department will be headed by Ms. Eileen Packard, who is currently Director of the SOFX Institute.
The new department will be responsible for:
• Defining an institutional development and capacity-building strategy for the exchange—in consultation with other departments—and updating it over time in response to the evolving needs of exchange members.
• Coordinating the provision of technical assistance and training across departments, with the aim of ensuring that these activities are driven by members demand, focused on the exchange’s core macro (economic and financial) mandate, and integrated with its surveillance and program responsibilities.
• Designing and delivering, in cooperation with other departments, training that reflects members’ and exchange staff’s needs.
• Enhancing partnerships with donors and other key stakeholders to underscore that the exchange is modernizing and increasing the efficiency and effectiveness of its institutional development and capacity-building activities. Designing and coordinating processes for evaluating the effectiveness of technical assistance and training will be important in this regard.
• Ensuring that the network of regional training and technical assistance centers is efficiently managed with a view to building a global network of capacity-building centers over the medium-term.
• Reporting to and seeking strategic guidance from the Board through periodic reviews of the exchange’s technical assistance and training.
SOFX enjoys a strong presence in the East Asia options and futures market. We are a fully electronic exchange dedicated to the development of derivative markets worldwide. SOFX (sofx.org) is an industry leader in the financial derivatives market, IT solutions as well as in clearing services.