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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Education
A Transformative Journey: My Experience in the WFE Market Infrastructure Certificate Programme
Published: Feb 2026
Jaime Swartz, Director of Derivatives Market Structure at Cboe Global Markets, reflects on her experience of the WFE Market Infrastructure Certificate Programme, exploring how the global classroom, blended learning model and industry immersion deepened her understanding of market infrastructure and reshaped how she approaches the interconnected challenges of modern capital markets.
Statistics
Variation of IPO seasonal patterns across regions
Published: Feb 2026
Dr Pedro Gurrola-Perez, Head of Research at the WFE, writes about the variation of IPO seasonal patterns across regions.
CEO Letter
CEO Letter
Published: Feb 2026
Welcome to the February edition of Focus.
This month’s issue brings together perspectives from exchange and market infrastructure leaders on strategic progress, market evolution and the priorities shaping capital markets in the year ahead.
We open with Bjorn Sibbern, CEO of SIX, who reflects on a year of strategic progress and outlines the group’s priorities for 2026, as SIX works to build a more connected and interoperable European market.
From North America, Craig Donohue, CEO of Cboe Global Markets, discusses Cboe’s strategic realignment following his appointment in 2025, reflecting on a year ...
Features
Building Resilient Markets: TMX Group on Growth, Modernisation and What Comes Next
Published: Jan 2026
John McKenzie, CEO of TMX Group, reflects on the milestones that shaped the organisation’s performance in 2025, from record market capitalisation and post-trade modernisation to global expansion, and shares his outlook on strengthening resilient, future-ready capital markets in the year ahead.
Clearing
Navigating uncertainty: Volume, efficiency, and the future of market infrastructure
Published: Jan 2026
Terry Duffy, Chairman and CEO of CME Group, reflects on a year marked by heightened volatility and record trading activity, and outlines how efficiency, innovation, and market infrastructure are shaping the exchange’s priorities as it looks ahead to 2026.
Features
DTCC Looks Forward to 2026 and Reflects on its Success in 2025
Published: Jan 2026
Frank La Salla, President, CEO and Director of DTCC, discusses recent developments in market infrastructure and outlines the issues shaping the organisation’s priorities for the year ahead.
Cross-border
From Milestones to Momentum – Unlocking Capital Market Opportunity Through Innovation and Collaboration
Published: Jan 2026
Abdulla Salem Alnuaimi, Group CEO of the Abu Dhabi Securities Exchange (ADX) Group, reflects on ADX’s transition from scale to significance, highlighting how reform, digital innovation, and cross-border connectivity are strengthening resilience and positioning the exchange for 2026.
Emerging Markets
A New Era for Sustainable Finance: The VNX Green Equity Designation Pilot (2026)
Published: Jan 2026
Mr Luong Hai Sinh, Chairman of the Vietnam Exchange, outlines how the Exchange is piloting its Green Equity designation to channel capital into climate-aligned companies, strengthen market integrity, and support Vietnam’s transition to a low-carbon economy.
Features
Nasdaq: Leading the Next Wave of Market Modernisation Through Tokenisation
Published: Jan 2026
Ed Knight, Executive Vice Chairman of Nasdaq, discusses Nasdaq’s plans to introduce tokenised securities within a regulated framework and the implications for the future of capital markets.