Welcome to the December edition of Focus.
In this final issue of 2025, we are pleased to feature President Recep Tayyip Erdoğan’s address to the 64th WFE General Assembly and Annual Meeting, hosted by Borsa Istanbul last month. We also spotlight the ambitious sustainability initiatives of some of our members, as part of the recent Ring the Bell for Climate campaign.
This month’s sustainability focus includes:
Dr. Rasha Dayyat, Director of the Planning and Institutional Development Department, Amman Stock Exchange, on Jordan’s pioneering climate-related disclosure framework and its alignment with global standards.
Nalleli Barajas, Deputy Director of Sustainability, Grupo Bolsa Mexicana de Valores, on BMV’s commitment to addressing climate change and delivering on its sustainability agenda.
Lucas Rabiot, Head of LGX Operations, Luxembourg Stock Exchange, on how the new EU Taxonomy Issuers Window gives investors a clearer view of which companies are driving the green transition.
Mayar Sherif Helal, Senior Sustainability and Environmental Market Specialist, the Egyptian Exchange, on EGX’s regional leadership in sustainable finance and the creation of the Egyptian Climate Exchange.
Carlos Barrios, Sustainability and IR Senior Manager, nuam, on building an integrated capital market that supports economic growth and sustainable development in the region.
Our Editor’s Pick comes from Russell Karas, Senior Vice President and Head of Strategic Market Solutions Division, Xpansiv, who explores how exchanges are shaping the evolution of International Renewable Energy Certificate (I-REC) markets.
Turning to market infrastructure innovation, Dr. Efthimia Kefalea, Director, Head of Derivatives Clearing Development, Eurex Clearing (part of Deutsche Börse Group), tells us how digitalisation is transforming clearing and risk management and Magnus Haglind, Senior Vice President, Capital Markets Technology, Nasdaq, explains how Asia’s market operators can modernise mission-critical infrastructure to unlock real-time data, accelerate post-trade harmonisation, and prepare for the next era of AI-driven capital markets.
Finally, we highlight the WFE’s latest research paper by Dr Ying Liu, Financial Economist. Dr Liu presents the first transaction-level evidence on how prices form in the voluntary carbon market, based on more than 250,000 carbon-credit transactions across 2,200 projects between 2017 and 2024.
We will return in January with reflections and predictions from several of our members as we look ahead to 2026.
Nandini Sukumar
Chief Executive Officer
The WFE