My Time on the WFE's MIC Programme

Being nominated to attend the 2024 Market Infrastructure Certificate (MIC) programme, offered by the World Federation of Exchanges, is a highlight of my career. I am very grateful for the opportunity.  

My role within the Qatar Stock Exchange (QSE) is to monitor trading activity, ensure regulation compliance and uphold the market's integrity. My team’s commitment is to fairness, transparency and maintaining trust in the financial system. With a strong background in financial analysis, market investigations and qualitative and quantitative research, we strive to keep the QSE fair and secure. 

Going into the MIC programme, I knew the technical skills and knowledge I would be exposed to would be second to none. However, I confess that I was unprepared for the incredible personal connections and experiences I took away. Overall, my time within the MIC is invaluable. Its positive effects on my role, within the QSE job and on me personally, will last a lifetime.      

Course Leadership 

The professors leading our sessions were some of the best minds in the industry. This was a privilege and an honour. They made us think, challenged our assumptions and pushed us to engage with the material in a deeper way. Our professors facilitated lively discussions on a myriad of different topics, such as how financial systems are evolving with new technology, how money moves across borders, how other countries manage their financial systems, and how emerging digital currencies could change everything in the future. Our professors brought the topics alive, which helped us to maximise our learning and engagement. 

Technical Learning 

The MIC programme has given me many insights into the technical tools and best practices within the finance industry, which will help QSE and me stay ahead in this constantly evolving market. It has also sharpened my ability to identify and manage risks effectively.  

As part of the MIC, we participated in an in-depth study of payment systems, with intensive sessions led by Professor Barbara Casu and Dr Ruth Wand Hofer. We explored key areas such as cross-border payments, the correspondent banking system, central security depositories (CCPs) and emerging innovations like cryptocurrencies and central bank digital currencies. With this knowledge, I can help the QSE enhance its understanding of global payment systems, ensuring smoother cross-border transactions and more efficient post-trade operations.  

We also had the opportunity to develop a strategy, business model and high-level framework for cross-border wholesale payments, utilising blockchain-based innovations, such as Stellar. We evaluated their feasibility, regulatory considerations and potential to enhance financial inclusion. This hands-on experience will help me to explore innovative payment solutions, leveraging blockchain technology to improve cross-border transactions.  

In a session led by Professor Giovanni Cespa, we focused on the factors that drive exchange liquidity, participating in trading simulations using e-Finance Live X, placing orders and discussing important topics such as passive and aggressive trading strategies, market fragmentation, financial innovation and high-frequency trading (HFT). With these insights, I will be able to ensure the QSE optimises market liquidity by refining trading strategies and understanding the impact of market fragmentation and high-frequency trading.  

Debate and Critical Thinking 

For our study of ethics and ESG (Environmental, Social, Governance), Professor Daniel Beunza took a unique and exciting approach to teaching by focusing on classroom debate and negotiation. What an incredible opportunity to develop critical thinking skills while truly engaging with our fellow classmates! Case studies and discussions allowed us to learn about the topics but we also learned from our fellow participants about the challenges they face in their own markets. This experience will enhance my ability to navigate ESG regulations, foster ethical market practices and engage in meaningful discussions on global sustainability challenges within the QSE.  

International Travel: London and Chicago 

The two residential weeks — one in London and another in Chicago — 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.  

One of the highlights for me was visiting a live trading floor. Seeing traders at work, placing orders with precision and speed, made me realise just how much skill and strategy go into every transaction. Until you see it live, trading can seem like just numbers on a screen. Being there in person gave me a new appreciation for the intensity of the job. 

The entire five-day program in Chicago was filled with learning, including a deep dive into financial markets, risk management and regulatory frameworks. The first day focused on market structure transformations, automation and risk management strategies, providing insights into clearing operations and IPO structures. During the second day, we explored market maker strategies, stress testing and historical lessons from Black Monday, highlighting the importance of global market alignment and digital asset clearing.  

The third day, led by CME Group experts, emphasised derivatives regulation, margining techniques, and systemic risk management, with case studies like Lehman Brothers illustrating market resilience. On the fourth day, discussions centred on ESG integration, regulatory oversight and index investing, with insights from the S&P 500 CEO on market transparency and compliance. The final day covered advanced portfolio management, risk assessment models and financial simulations, reinforcing the importance of data accuracy in market analysis.  

This entire experience is integral to my role within the QSE. It provides me with valuable insights into market structure, risk management and regulatory best practices. This will help me ensure the QSE’s resilience and efficiency. By understanding global trends in automation, ESG integration and financial innovations, my team will be able to ensure that the QSE remains competitive and aligned with international market developments. 

For more information on the WFE Market Infrastructure Certificate, and to apply, please click here: https://www.world-exchanges.org/education/mic.