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.
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Editors Pick

Understanding Margin Model Performance: A Factor-Based Approach to CCP Backtesting

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Dr Ying Liu and Dr Kaitao Lin
Features

Drivers of Exchange Sustainability Development: Evidence From a Decade of Surveys

Published: Sep 2025
Dr Ying Liu, Economist, and Dr Kaitao Lin, Senior Financial Economist, at the WFE, explore the economic, institutional, social and cultural factors that have shaped how exchanges around the world have engaged with ESG over the past decade.
James Auliffe
Clearing

Incentivise Investment: Tax Policy for Market Participation and Economic Expansion

Published: Sep 2025
James Auliffe, Senior Manager, Regulatory Affairs at the WFE, sets out policy recommendations on how well-calibrated tax regimes can support investment, strengthen capital formation, and enhance the role of capital markets in driving sustainable economic growth.
Nandini Sukumar
CEO Letter

CEO Letter - September 2025

Published: Sep 2025

Welcome to the September 2025 issue of WFE Focus.

Our featured article this month comes from Borsa İstanbul, host of the WFE’s 64th General Assembly and Annual Meeting. The exchange highlights Türkiye’s growing role in global capital markets and extends a warm welcome to all delegates, as we look forward to gathering in Istanbul on 21–23 October.

Our Editor’s Pick is by Olga Cantillo, Executive President of Latinex Group, who reflects on Latinex’s 35-year journey from Panama’s local exchange to a global gateway.

Joseph Oko Lartey, CEO of Central Securities Depository (GH) Ltd, presents CSD Ghana’

General

Measuring IPO Admission Rules: The Listing Stringency Index

Published: Sep 2025
Dr. Ishak Demir, Economist at the WFE, writes about measuring IPO admission rules: the listing stringency index.
Dato’ Fad’l Mohamed
ESG

New Leadership at Bursa Malaysia: Strategic Continuity, Enhanced Execution

Published: Aug 2025
In this Q&A, Dato’ Fad’l, CEO of Bursa Malaysia, outlines his vision for the exchange as an inclusive, multi-asset platform that serves the needs of issuers and investors while supporting Malaysia’s development goals.
Dr. Harish Ahuja and Gaurav Yadav
Features

Electricity Derivatives: A Milestone for India’s Power Market

Published: Aug 2025
Dr. Harish Ahuja, Head of Product & Strategy Development (Power & Carbon Markets), and Gaurav Yadav, Deputy Manager at NSE, explain how a futures market can enable a more stable environment for Indian businesses.
Rosie Slade
Features

ESMA's 2024 Data Quality Report: What You Need to Know

Published: Aug 2025
Rosie Slade, Head of Product Management, Trade Reporting Analytics and Client Experience at DTCC, discusses the key findings from ESMA’s 2024 report and how firms can improve data quality and compliance under EMIR and SFTR.
Jerry MacLeod
Features

Transforming Market Access Through Colocation as a Service

Published: Aug 2025
Jerry MacLeod, Global Head of Sales at Beeks Group, outlines how Beeks Exchange Cloud is making it easier and quicker for firms to access trading infrastructure.
Nandini Sukumar
CEO Letter

CEO Letter - August 2025

Published: Aug 2025

Welcome to the August edition of Focus.

This month, we open with an in-depth interview with Dato’ Fad’l Mohamed, the new CEO of Bursa Malaysia. With over three decades of experience across capital markets, legal services, and investment banking, he brings a clear vision for the Exchange’s future – one that centres on innovation, inclusivity, and long-term impact. From strengthening Malaysia’s leadership in the Islamic capital market to expanding sustainability and data capabilities, he outlines the steps Bursa Malaysia is taking to build a more dynamic, accessible multi-asset exchange.

We also s...

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