CEO Letter – September 2021

By: Nandini Sukumar, CEO, The WFE Sep 2021

This month’s edition, September, marks the end of an important chapter for the WFE.

We say farewell to our widely respected, and much loved, Chairman of the past three years, Dr Urs Rüegsegger. He has been in a leadership position at the Board, first as Working Committee Chairman (2014-2016), Acting Chairman (2017), and finally as Chairman (2018-2021) for all the time I have been Chief Executive Officer.

He has been a leader, a mentor, a guide and a champion of the WFE in these years and before and his vision and energy have been influential in shaping the organisation we are today.

In his article, he reflects on the changes he has seen in the industry over that time, and the times that are still to come. While our global membership, and I, will wait to say our thanks as an industry to him more fully when we can all meet again in person, this month we are all reflecting on his contribution.

In a similar vein, we take a moment to thank Sha Yan, President, Shenzhen Stock Exchange, as we hear from her on the innovation the exchange is leading in its market. The WFE General Assembly was scheduled to be in Shenzhen this month but because of circumstances, we are virtual.

One year on, the market reforms to Shenzhen Stock Exchange’s ChiNext Market are fostering the development of diverse and profitable companies critical to the growth of China’s economy, she writes.

The ChiNext Market brings together the best players in high-tech industries, such as 5G, artificial intelligence, industrial Internet, Internet of Things, semiconductor chip fabrication , and biomedicine. Small and medium-sized companies (SMEs) have emerged as a major power for high-quality economic growth as China embraces a new round of technological revolution and economic transition. Currently, SMEs are responsible for 65% of invention patents, 75% of technological innovations, and 80% of new products in China.

Staying in Asia, and on the theme of leadership, we hear from Yamaji Hiromi, Director & Representative Executive Officer, Group COO, Japan Exchange Group Inc. The philosophy that sustainable listed companies are more attractive to investors is one that Japan Exchange Group, Inc. believes very strongly in. JPX is working to promote sustainability from the standpoint of a market operator and as a listed company, he says

Across the world, Ashwini Panse, Chief Risk Officer, North American Clearing Houses at Intercontinental Exchange, outlines the important steps being taken to bolster the critical role of central counterparties in maintaining the transparency and stability of the global financial system.

ICE owns and operates six CCPs in North America, Europe, and Asia, with more than 390 unique clearing members. ICE recognises the importance of operating highly transparent CCPs and believes transparency is critical to supporting healthy derivatives markets – providing ICE’s stakeholders with adequate information to fully understand the clearing process, she says.

And finally, in West Africa, securities exchanges have a critical role to play in reallocating capital towards the achievement of Sustainable Development Goals and the targets of the Paris Agreement on climate change, writes Jude Chiemeka, Divisional Head, Trading Business, Nigerian Exchange Limited. This is even more important in Sub-Saharan Africa, where countries are lagging all other regions in the world across various development indicators, including the Sustainable Development Goal global index and the Human Development Index.

NGX has played a leading role in the development of the Nigerian and West African green bond market, creating opportunities for investors to diversify their investment portfolios while contributing to sustainable economic development in Africa’s largest economy.

Read on for more.

Nandini Sukumar
Chief Executive Officer