FOREX WORLD TREND

Officials from 126 countries will gather at the United Nations headquarters in New York Wednesday as a three-day conference on reforming the global financial system begins.

Only 14 heads of state and government are scheduled to attend, including two leftist Latin American presidents: Venezuela's Hugo Chavez and Bolivia's Evo Morales. Other nations are sending low-level delegations.

The developing nations participating in the conference are calling for the U.N. to play a greater role in the global financial system. Martin Knor, the head of a Geneva-based research organization, South Center, says developing nations have borne the brunt of the current economic crisis, but feel shut out from "exclusive clubs" of developed economic nations, such such as the Group of Eight and Group of 20.

The conference has been organized by U.N. Assembly President Miguel D'Escoto Brockman of Nicaragua. The participants have been negotiating a final document that will spell out what role the world body could play in reforming the global financial system, as well mechanisms to assist developing countries.

Some information for this report was provided by AFP, AP and Reuters.