Welcome to the May issue of WFE Focus.

This month’s edition spans the globe, with contributions from Europe, North America and Asia. It also covers a range of issues that are shaping global market infrastructure.

In Europe, Dr. Christopher P. Buttigieg of the Malta Financial Services Authority discusses some ways that financial crises have shaped the European System of Financial Supervision.

Nicholas Godec and Srichandra Masabathula of S&P Global take us deeply into the world of fixed income tradable indices.

And finally, Tang Rui of the Shenzhen Stock Exchange details how the exchange is work...

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.