Mark Wetjen, Managing Director, Head of Global Public Policy, DTCC & Chairman of the Board, DTCC Deriv/SERV LLC writes about how market structure reforms and International Standards Bodies (ISBs) can play an important role in helping to mitigate issues around market fragmentation.

André d’Almeida Monteiro, Chief Risk Officer from B3 takes a deep look at risk management by tracing its evolution from Renaissance Europe to the present day.

Lukas Gähwiler, Chairman of UBS Switzerland AG and Member of the Board of the Swiss Finance Council

The World Federation of Exchanges (“WFE”), the global industry group for exchanges and CCPs, has today published its 2018 Full Year Highlights report. Global stock markets had a turbulent year in 2018. Volatility made a come-back, breaking the spell of stable markets in 2017.

Dr Urs Rüegsegger, Chairman, SIX Swiss Exchange & Chairman, WFE writes about the importance of exchanges and CCPs in the wider financial ecosystem, and also looks ahead to his two-year tenure as Chairman of the WFE.

Dear Colleagues

Welcome to January's Focus - our first issue, looking ahead to a busy year in 2019.

To get us started, we have a piece from Dr Urs Rüegsegger, Chairman, SIX Swiss Exchange & Chairman, WFE. Urs has been deeply involved in the work of the WFE since he became Working Committee Chairman in late 2014, and we are delighted to have that recognised formally as he becomes our Chair for the next two years. He has a deep understanding of the industry, a clear vision of the future, and a dry wit and unassuming style that has made him beloved of the WFE’s 71 members, representing 300 market...

This month, we are delighted to welcome 14 Chairmen and CEOs, who each give their viewpoints on the key trends that lie ahead for the market infrastructure industry in 2019.

The overall market capitalisation of exchanges as at end 2018 was 76.6 trillion USD. This figure is based on data received from 76 exchanges worldwide.

Nader Azar, CEO, Amman Stock Exchange (ASE) gives his perspectives on the trends set to shape the year ahead.