International and Regional Regulatory Institutions (IRIs) have, throughout history, been created and reshaped by crises. This article argues that this phenomenon can be explained through rational choice neo-institutionalism, which argues that crises shift policy equilibrium and allow for greater political will towards solving the root causes of the crisis.

Fixed income indices have helped standardize the bond markets, taking this largely over-the-counter market and creating defined units. Fixed income tradable indices take this one step further by offering market participants strategies that may be used as the basis for tradeable products.

To promote sustainable economic and social development calls for joint efforts from all parties, SZSE looks forward to deepening exchanges and cooperation with global market participants, upholding green development, bearing in mind our social responsibility, promoting global governance, and contributing to the building of a community with a shared future for mankind.

Mihaela Croitoru, Database Manager at the WFE, writes about securitised derivatives trends on the world's stock exchanges.

For decades financial markets have demonstrated their ability to serve as powerful engines for economic growth. As financial institutions increasingly adopt transformational technology, it will unleash the power of markets to drive efficiencies, bring new assets classes online and ultimately create a more inclusive and prosperous future.

CFTC Commissioner Summer K. Mersinger discusses her first year as a commissioner and all of its challenges.

JSE Clear CEO and Director of Post Trade Services for the Johannesburg Stock Exchange Alicia Greenwood and Head of Post Trade Strategy Hemash Kala examine the importance of central counterparty clearing in the growth and development of emerging markets.

In analysing the events of the last year, we can conclude that CCPs remained stable and were able to continue their critical operations. Also, trading on natural gas derivatives markets generally remained orderly despite the high volatility and the sharp reduction in liquidity.

The establishment of CCPs in emerging markets has been found to improve market liquidity, boost transparency, reduce volatility, manage risk and fundamentally increase trust amongst the many stakeholders by a factor of up to 20%. The concomitant benefit to emerging economies has been an exponential growth in foreign investment. Perhaps the biggest benefit of all is the increasing integration of emerging markets into global financial markets.