Research

Dr Ying Liu
ESG

Carbon Inequality: Price Discovery and Market Dynamics in the Voluntary Carbon Market

Published: Dec 2025
Dr Ying Liu, Financial Economist at the WFE, analysed more than 250,000 carbon-credit transactions across 2,200 projects worldwide between 2017 and 2024, using econometric and machine learning methods.
Magnus Almqvist
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.
Borsa İstanbul
Emerging Markets

Borsa İstanbul Looks Forward to Hosting the 64th WFE General Assembly

Published: Sep 2025
As Borsa İstanbul prepares to host the World Federation of Exchange's General Assembly and Annual Meeting next month, it highlights Türkiye’s growing role in global capital markets.
Alyona Bulda and Daria Degtiarenko
Features

Attaining Reliable AI-Driven Decision Systems in FMIs

Published: Sep 2025
Alyona Bulda, Head of Global Exchanges, and Daria Degtiarenko, Senior Marketing Communications Manager at Exactpro, write about testing approaches for AI-driven systems in financial market infrastructures.
Victoria Powell and Rona Nairn
ESG

Amplifying Climate Action and the Power of Nature

Published: Sep 2025
Victoria Powell, Senior Manager, Sustainability, and Rona Nairn, Manager, Regulatory Affairs at the WFE, address a pressing question: Is now the right time to prioritise nature alongside climate issues?
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.
Chihun Kang
Education

Navigating Market Change: Insights from the WFE MIC Programme

Published: Feb 2025
Chihun Kang, Lead Manager at Korea Exchange, describes an enriching experience that bridges theoretical understanding with practical application.
Maxim Nikiforov
Features

How Complete Is the ‘100% Test Coverage’?

Published: Dec 2024
Maxim Nikiforov, Senior Project Manager, Commodity Exchanges, at Exactpro takes an in-depth look at test coverage at financial institutions.
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