CEO Letter

By: Nandini Sukumar, Chief Executive Officer, The WFE Jan 2026

Welcome to the January edition of Focus.

As we begin the year, this issue brings together reflections from exchange and market infrastructure leaders on the milestones achieved over the past year and the priorities shaping capital markets in the period ahead.

We open with John McKenzie, CEO of TMX Group, who reflects on a year of record market capitalisation, continued post-trade modernisation, and sustained investment in resilient, future-ready capital markets. His contribution highlights how exchanges are balancing growth, innovation, and stability as market demands continue to evolve.

Turning to derivatives markets, Terry Duffy, CEO of CME Group, looks back on a year defined by heightened volatility, record trading volumes, and margin efficiencies. He also outlines key priorities for 2026, including cloud migration, tokenised collateral, and the continued expansion of retail participation.

This is followed by Frank La Salla, President, CEO and Director of DTCC, who highlights the organisation’s key achievements in 2025 and outlines the strategic areas that will guide its focus in 2026, as post-trade infrastructures continue to modernise in response to growing scale and complexity.

From the Middle East, Abdulla Salem Alnuaimi, Group CEO of Abu Dhabi Securities Exchange Group, examines ADX’s transition from scale to significance, outlining milestones across listings, market infrastructure, international connectivity, and digital innovation.

Sustainability also features prominently this month. Luong Hai Sinh, Chairman of Vietnam Exchange, introduces the Green Equity Labelling Project, a landmark initiative designed to channel capital into climate-aligned companies and support Vietnam’s pathway to net-zero emissions by 2050.

This edition also includes perspectives from Ed Knight, Executive Vice Chairman of Nasdaq, on the introduction of tokenised securities within a regulated framework; Adil Mukhamejanov, Chairman of KASE, on milestones achieved in 2025 and opportunities ahead; and Abdullah Mohammed Al Ansari, CEO of Qatar Stock Exchange, on the themes shaping exchange and market infrastructure strategy in the year ahead.

Finally, Caroline Gentry, Director of Environmental Markets at Nodal Exchange, explores the growing role of environmental markets in addressing climate change, while Aobakwe Monyatsi, CEO of Botswana Stock Exchange, outlines how structural reforms and new market infrastructure are marking a turning point for Botswana’s capital markets.

We hope you enjoy this edition of Focus and the insights it offers as we look ahead to the year to come.