Editor's Pick
Understanding Margin Model Performance: A Factor-Based Approach to CCP Backtesting
Rama Kumanduri, Managing Director, and Shahrzad Karimi, Director, at The OCC explain how a new factor-based, forward-looking approach to CCP backtesting helps identify the true drivers of margin model failures.
Read more
Editors Pick
Understanding Margin Model Performance: A Factor-Based Approach to CCP Backtesting
Read more
Features
Clearstream Accelerates the Future of Securities with its Digital Issuance Platform D7
Published: Nov 2025
Jens Hachmeister, Managing Director, Head of Issuer Services & New Digital Markets, Deutsche Börse Group, explains how Clearstream’s D7 platform delivers a fully digital, automated and secure solution for issuing and managing securities.
Education
Gold Coin: Kazakhstan’s Fintech Bridge Between Trust and Technology
Published: Nov 2025
Assel Mukazhanova, CEO, Astana International Exchange, shares how AIX’s Gold Coin initiative combines trust and technology to make gold investment digital, secure and inclusive.
CCPs
BISON by Boerse Stuttgart Group: The Trusted Gateway to Cryptocurrencies
Published: Nov 2025
Dr. Ulli Spankowski, CEO & Co-Founder BISON / CDO Boerse Stuttgart Group, tells us about BISON's exchange-grade governance and intuitive user experience.
Emerging Markets
Connecting Markets Beyond Time
Published: Nov 2025
Tzu-Hsin Wu, Chairman, Taiwan Futures Exchange, explains how TAIFEX has extended Single Stock Futures into the night session, connecting markets, investors and opportunities across the world.
ESG
Unlocking Sustainable Finance for All: Taipei Exchange’s SCAN Initiative
Published: Nov 2025
Lih-Chung Chien, Chairman, Taipei Exchange, explains how TPEx is expanding inclusive access to sustainable finance, enabling governments, corporates and SMEs to leverage capital markets in their net-zero transition.
Features
The Business Case for the Modern Exchange: Agility, Integration and Growth in a Multi-Asset Era
Published: Nov 2025
As exchanges face shrinking revenues and rising competition, this piece by Magnus Almqvist, CEO, Exberry, explores how agility, integration and multi-asset flexibility are redefining the modern exchange model.
CCPs
How pTools Helps Regulated Organisations Deploy AI With Confidence
Published: Nov 2025
Keith Wood, CEO, and Suraj Pandey, Head of Business Development, at pTools Software, outline how pTools Software’s AI solutions help FIs to leverage the full power of AI without compromising on data sovereignty, operational resilience or supervisory oversight.
Education
Thriving Development of the ETF Ecosystem
Published: Nov 2025
As Taiwan’s ETF market becomes one of the fastest-growing globally, Christine Cho, Senior Vice President, Corporate Communications Department, Taiwan Stock Exchange, outlines how the TWSE is driving innovation.
CEO Letter
CEO Letter - November 2025
Published: Nov 2025
Welcome to this special Annual Meeting edition of Focus.
At our 64th Annual Meeting, hosted by Borsa Istanbul last month, we introduced the inaugural WFE Innovation in Market Infrastructure Award. We were pleased to receive several high-quality submissions from our members and congratulate the two joint winners:
Deutsche Börse Group (DBG) - D7 Digital Securities Platform, supporting a fully digital securities lifecycle, with more than 1.8 million issuances and €38 billion in volume.
Nigerian Exchange Group (NGX) - NGX Invest, making public offers and rights issues more accessible for investors in...