Exchanges’ growing commitment to Gender Equality

Article written by 

Dr Kaitao Lin, Senior Financial Economist, WFE

Dr Ying Liu, Financial Economist, WFE

Gender equality has emerged as a critical priority for financial markets, with exchanges playing a pivotal role in fostering an inclusive and diverse workforce. As part of their broader commitment to sustainability, exchanges worldwide are actively working to advance gender parity in line with the United Nations Sustainable Development Goals (UN SDGs), particularly Goal 5: Gender Equality. The latest findings from the World Federation of Exchanges (WFE) Sustainability Survey underscore the increasing efforts of exchanges to drive gender diversity within their organizations.

In the WFE Sustainability Survey, we collected information on the sustainability initiatives of exchanges related to the UN SDGs, excluding derivative-only exchanges. We asked exchanges to indicate which of the 17 SDGs they focused on.[1] Over the past four years, WFE members and affiliates have demonstrated a strong commitment to advancing the UN SDGs. Among these goals, Goal 5: Gender Equality has attracted the highest level of engagement from exchanges, with participation steadily increasing over time. In the 2021 survey, 76% of surveyed exchanges (32 out of 42) reported involvement in gender equality initiatives. By 2024, this figure had risen to 98% (40 out of 41, see Figure 1). The increasing trend reflects a significant growing commitment to promoting gender equality within the exchange community.

[1] The UN sets 17 Sustainable Development Goals (SDGs), which are an urgent call for action. For more information on the UN Sustainable Development Goals, see https://sdgs.un.org.

Aligned with the UN SDGs' focus on gender equality and the exchanges' commitment to such goal, exchanges worldwide have made significant strides in improving female representation within their workforce and boardrooms. Figure 2 illustrates the progression of the average percentage of women serving on exchange boards from 2021 to 2024. Over this period, female representation has shown a steady upward trend, increasing by nearly 4 percentage points—from 18.5% in 2021 to 22.3% in 2024. A key driver behind this progress is the growing adoption of gender diversity targets among exchanges. In the latest survey (2024), 23 exchanges (46% of respondents) reported having set targets to improve gender equality, marking a significant increase from 16 exchanges (30%) in the previous year (2023).

Exchanges worldwide are making meaningful strides in advancing gender equality, reinforcing their commitment to fostering a more inclusive and diverse workforce. The growing adoption of gender diversity targets and the steady increase in female representation on boards reflect the industry's dedication to creating lasting change. As more exchanges integrate gender equality into their sustainability initiatives, they set a powerful example for the broader financial sector. By continuing to prioritize diversity, exchanges not only strengthen corporate governance but also contribute to a more equitable society.

This note relies on the information gathered from the WFE Sustainability Surveys. For the latest survey result, please see The WFE 10th Annual Sustainability Survey. If you have any questions or comments, please contact Dr Kaitao Lin ([email protected]) and Dr Ying Liu ([email protected]).