Welcome to the April 2025 issue of WFE Focus.
In this issue, we highlight WFEClear 2025, the 41st edition of the WFE’s annual Clearing and Derivatives conference, which was hosted by the Korea Exchange (KRX) in Seoul this month.
Set against the dynamic backdrop of one of Asia’s most innovative financial centres, WFEClear 2025 brought together the global clearing community for three days of discussion, collaboration and forward-looking exploration. With 49 speakers and more than 170 participants from around the world, the conference explored the regulatory, operational and technological challenges shaping the future of clearing.
Across six panel discussions, market experts examined pressing topics such as 24/7 clearing, AI in post-trade operations and the implications of new technologies like atomic settlement and auto-liquidation. Discussions on interoperability, consolidation and group-level enterprise risk management also offered practical takeaways for attendees navigating complex regulatory and operational environments.
Our academic sessions featured rigorous, peer-reviewed research presented by leading scholars from across the world. These papers addressed themes ranging from DLT settlement latency and market liquidity, to the sophistication of retail trading in options markets, to novel approaches to historical simulation in risk modelling.
We open this special edition of Focus with the welcoming remarks from Eun-Bo Jeong, Chairman and CEO of KRX, while this year’s academic keynote from Dr. David Murphy (LSE) examines the success of the OTC derivatives clearing mandate. If you are interested in reading the full academic papers presented at the conference, I encourage you to visit the WFEClear page on SSRN.
WFEClear 2025 also showcased an exceptional set of capacity-building sessions, including an in-depth introduction to the role and functioning of CCPs, the path from CSD to CCP, the legal and regulatory frameworks that underpin clearing and practical insights into modelling methodologies and margining practices.
On behalf of the WFE, I’d like to thank all speakers, moderators, and participants for making this year’s conference such a success. We look forward to welcoming you to WFEClear 2026, which will be hosted by TMX Group in Canada.
Nandini Sukumar
Chief Executive Officer
The WFE