November 18, 2008 - In a speech at a conference conducted by Financial Executives International, SEC Chairman Christopher Cox says that "two thirds of American investors own securities of foreign companies". He states, "Whatever the future of IFRS for U.S. issuers, retail and institutional investors alike in our country are relying upon IFRS today". The answer to the question as to whether IFRS will serve as the single set of high-quality, global accounting standards depends on "how quickly both the accounting standards and the processes by which they are established and developed can be globally recognized as world-class."