Bayes and the WFE Collaborate on the Market Infrastructure Certificate
Bayes’ collaboration with the World Federation of Exchanges creates a pioneering purpose-built programme. Click here to learn more about the programme and how to apply.
In 2023, Bayes Business School first partnered with the World Federation of Exchanges (WFE), the global industry group for exchanges and clearing houses around the world that represents more than 250 market infrastructures, ranging from organisations that operate the largest financial centres to providers that run frontier markets.
The result of that collaboration is the Market Infrastructure Certificate (MIC), a unique, bespoke course which supports those working with, and in, the organisations which that underpin public markets.
Pierre Mcllwee is a Client Director for Bayes Executive Education, and has been with the programme since its inception, overseeing the content design and relationship with the WFE to develop the programme. He explains the thinking behind the course:
"The programme focuses on the fundamental aspects and activities of market infrastructures such as exchanges, clearing and settlement organisations. It has been designed to support professionals that work in central banks, buy-side and sell-side firms, exchanges, regulatory bodies and individuals working in clearing houses. It was created to give participants a fundamental macro understanding of the various market structures that exist."
Professor Giovanni Cespa, the Academic Director of the MIC, has worked on the programme’s development since the initial meetings Bayes had with WFE counterparts, in the spring of 2021. He sees the MIC as an industry essential:
"We believe the WFE-Bayes MIC postgraduate certificate is set to become a new 'must-have' industry standard of excellence. We attract a diverse range of participants in terms of nationality, background and working across different environments, including emerging, frontier and developed markets. We are deeply convinced that such background heterogeneity is key to facilitate quality peer to peer learning and networking and constitutes an important ingredient of the programme’s success."
An Accredited Course
Participants who successfully complete the programme are awarded a postgraduate certificate and receive 60 credits from Bayes Business School, which equates to a PG (Cert). Pierre explains how the application process works:
"To qualify for the MIC, applicants must have at least four years of full-time relevant work experience or a graduate degree. The selection process is conducted by the WFE and aims to identify candidates who exhibit not only a strong academic background or relevant work experience, but also leadership potential and motivation to drive positive change in their home countries."
Attracting a Diverse, International Audience
Tony Whiteman-Reynolds is the Programme Manager for the MIC and oversees the management and every day running of the programme. He says that a major draw for participants is the chance to network and learn from like-minded people from all over the world.
"The programme attracts a very international audience – on our most recent course we had participants from North and South America, Africa, Europe and Asia – people from really interesting backgrounds."
Tony continues: "Participants share perspectives and experiences from their own countries. They get such interesting insights from people they’d never get the opportunity to normally speak to. For example, a Polish regulator talking to somebody who works in an exchange in Nigeria, or someone from the Korean Exchange, interacting with a participant from Nasdaq. It’s a really great opportunity for them to not only learn, but to network too."
Jeff Kimsey, Head of Global Data Regulation, Nasdaq, completed the MIC and agrees: "To sit down and talk to someone who regulates Polish trading or have lunch with someone from the Stock Exchange of Thailand and realise they are having some of the same experiences I am was invaluable. I learned so much about the biggest problems stock exchanges in the Middle East were facing, which helped influence my thinking about our Middle East strategy."
A Perfect Blend of Theory and Practice
With the third intake about to commence, what should participants expect? Taught by world-leading faculty from Bayes Business School, and expert practitioners from industry, the programme consists of 15 weeks of part-time study. It follows a blended learning approach, with a 13-week online phase and two one-week in-person residentials, in London and Chicago.
The online component and first residential week (London) give participants rigorous, in-depth knowledge on the four main pillars of the programme:
- Payments and market infrastructures (CCPs, CSDs, SSSs)
- Exchanges, Asset classes and Market Micro-structure
- Regulation, Ethics and Sustainable Finance
- Industry project on market infrastructures.
Tony says: "The online content is a mix of traditional lectures and Q+A, along with more interactive presentations and group discussions in virtual breakout rooms. We believe it’s important that we offer students an engaging, interactive, thought-leading way of learning."
“A Unique Opportunity”
The second residential week in Chicago integrates theory and practice, giving an insight into the real-world application of academic principles. It takes place at the Chicago Board of Options Exchange (Cboe), one of the world’s largest and most renowned options exchanges. Tony explains what the week entails: "It’s an amazing location, which many people would never get the opportunity to visit. Students tour an operations floor, and a trading floor where they can do the famous ‘bellringing’ ceremony. The traders are in their jackets, shouting over each other and you can really feel the tension in the room."
"We invite industry leaders and senior regulators to deliver lectures, panel sessions and mentoring. They host fireside chats, which allow participants to engage in open and candid discussions, gaining insider perspectives on market infrastructures. It’s a unique opportunity for participants to ask questions, exchange ideas and learn from veterans of the sector."
For previous participants of the programme, the residential weeks have been a highlight.
"The two residential weeks added another exciting layer to the MIC experience. Stepping into the heart of the financial markets in the UK and the United States took our learning to a whole new level," says Haya Al-Merekhi, Surveillance Manager, Operations Department, Qatar Stock Exchange.
Chihun Kang is Lead Manager at the Korea Exchange: "The residential weeks in London and Chicago proved invaluable for their networking opportunities. Our cohort included accomplished professionals from exchanges, clearing houses, CSDs, regulatory bodies and financial institutions worldwide. Through group projects, I collaborated with colleagues whose paths I would not normally cross in my day-to-day work. The informal gatherings, including evening social events, fostered genuine connections and candid exchanges of experiences."
Applying the Learning
The Industry Project is the final component of the MIC, taking place after the taught modules have been completed. "It’s like a mini dissertation, where participants write an extended piece on an area they are particularly passionate about," says Tony. “They could cover ESG, do a deep dive on a piece of regulation or carry out a case study applying some of the theory they have learnt previously. It’s designed to help them ‘connect the dots’ between theory and practice."
Pierre continues: "We appreciate that many participants may have been out of formal education for a few years and the project can seem quite intimidating. They have the support of the Deputy Dean, Professor Richard Payne, who will guide them through the process – helping to select topics and giving them advice via one-to-ones. It’s quite a considerable piece of work, which brings their learning together."
Positive Feedback
The course is very well received by participants and their sponsoring organisations. "Providers and exchanges send new students each time we run the course, and that in itself is a sign of how the programme is valued," says Pierre. "It is intense and there is a lot of extra-curricular reading to do, alongside a full-time job. But engagement is strong, and feedback is positive. The programme is recognised not just as a measure of success when it comes to career progression, but also in terms of career subject expertise. Participants also like that it’s forward-thinking and responsive to emerging trends – such as cryptocurrencies and blockchain," he continues.
Tony adds: "Students really enjoy the programme, and many tell me it has helped them think about their future, and about what other options are out there, not only within their company, but in the global financial market."
Calum Jessop, Senior Policy Advisor – Financial Stability, HM Treasury, UK, appreciated the comprehensive nature of the programme: "The course truly provides a 360-degree view of Financial Market Infrastructures and the markets they facilitate. Coming together with passionate academics and a broad range of fellow attendees, I found the whole programme utterly fascinating!"
A Sound Investment
"In the current climate, it’s still important to spend on professional development,” says Tony. “Organisations can see the value of investing in their people, and the benefits it brings not just to the individual, but to the organisation and the wider sector."
Pierre continues this theme: "This course truly is one of a kind – there is no other qualification that’s going to give you a broad understanding of financial market infrastructures, how they operate, and how they are all integrated with one another. Participating in the course means you are setting yourself apart from your peers."
"It’s led by world-leading faculty and industry practitioners, and there is a clear blend of theory and practice, which allows participants to contextualize the learning. It’s also the extensive networking opportunities that a diverse, international cohort provides."
"It’s a turbulent time, so why not invest in something that gives you the edge in the market?"
Click here to learn more about the programme and how to apply.