Conditions of Participation for the Josseph de la Vega Prize 2013

The Federation of European Securities Exchanges (FESE) will award the Josseph de la Vega Prize 2013 for an outstanding research paper related to the securities markets in Europe. Papers about current developments in European securities markets are particularly welcome.

The paper may refer to any of the following topic - European financial markets, including but not limited to:
- The primary market function
- Financing for SMEs' capital markets
- IPOs and listing
-The growth in current capital markets
- The role of HFT

COMPETITION DETAILS:
1. The winner(s) will be awarded the prize at the gala dinner of the FESE Convention 2013, which will take place on Wednesday, 26th June 2013 in Berlin in the presence of high-level officials and industry representatives from around the world. In addition, the winner(s) will be invited to attend the FESE Convention 2013 on Thursday, 27th June in Berlin. Travel and accommodation expenses of the winner(s) will be borne by FESE, in accordance with pre-defined guidelines.

2. The prize maximum amount awarded will be EUR 5,000. (Taxes on prize money, if any, are to be borne solely by the winner(s).)

3. All authors of papers submitted should be born on or after 1st January 1973.

4. If a paper submitted has been presented in academic circles before, this presentation should not date back more than one year from the date of submission for the prize. However, the FESE De la Vega Prize (DVP) Steering Committee will not accept any paper that has been officially published.

5. Papers submitted shall be written in English and shall not exceed 50 pages (incl. table of contents and literature references). Shorter papers are encouraged.

6. The deadline for the submission of papers is Sunday, 14th April 2013, before midnight (CET).

7. A Jury will assess which author(s) should receive the Josseph de la Vega Prize 2013. The FESE DVP Steering Committee retains the right not to award the prize and/or to reduce the amount(s) awarded. The decision of the FESE DVP Steering Committee is final and shall not be subject to any dispute inside or outside any court.

8. The winner(s) would be invited by the Chair in International Finance - Bank of Santander of the University of Valencia ( http://www.adeit.uv.es/finanzas) to give a seminar/conference in order to explain and present the paper.

9. FESE retains the right of first announce, of the title of the prize-winning paper, and of its author(s)' name(s).

10. FESE has the right to publish (in part or in total) the prize-winning paper(s), subject to legal limitations, if any. Authors may be invited by FESE to give a public presentation of their papers on subsequent occasions.

PAPER SUBMISSION PROCEDURE: Papers should be submitted by Sunday, 14th April 2013 to Burcak Inel at inel@fese.eu. They should be accompanied by their abstracts and Curricula Vitae of the author(s). These materials will not be returned to the applicants.

BACKGROUND NOTE: The Federation of European Securities Exchanges (FESE) is the association of regulated markets for securities and derivatives in Europe and closely cooperates with EACH (the European Association of Central Counterparty Clearing Houses) and European settlement and securities depository organisations. Established in 1974 as a small forum of Stock Exchanges in Europe, FESE is presently the association of all regulated securities and derivatives markets in Europe.

Its objective, broadly stated, is to contribute in the fields of securities markets to the attainment of the aims of the Treaties of the European Union. It seeks to promote the development of securities markets in Europe and represents its Members to the European institutions. It serves as a forum in which Exchanges, clearing houses, and other service providers discuss the needs of market users and look for agreement as to how those needs can be met. The Federation's Members endeavour to create the infrastructure needed for efficient markets in Europe.

Josseph (Penso) de la Vega was born around 1650 into a family of originally Spanish Jews. He spent most of his life in Amsterdam where his father Isaac was occupied in the banking business. He was elected to several posts in the Jewish and in the financial communities. After several dramatic works and novels, in 1688 Josseph de la Vega published "Confusion de Confusiones", a book of dialogues concerned with the operations of the Amsterdam Stock Exchange (which had been founded in 1602). In the preface to his book, de la Vega gives three motives for writing the dialogues: (a) for his own pleasure; (b) to describe this "on the whole most honest and most useful of all businesses" to those who were not in the financial business; and (c) to describe, on the other hand, "all the tricks the rascals know how to employ". FESE believes that de la Vega's observations were highly accurate and are still of the greatest relevance today. This is why FESE chose Josseph de la Vega as the patron for its prize.

Copies of an English translation of excerpts from de la Vega's book (published at the Harvard Business School) are available from the Secretariat at cost.