WFEClear: The WFE’s Clearing and Derivatives Conference - 2025
WFEClear is an invitation-only event, attended by a mix of senior practitioners, supervisors, and leading academics involved in initiatives related to CCPs and clearing risk management. The objective of the conference is to share original research and exchange ideas on the opportunities and challenges for the future of central and bilateral clearing. By bringing academia and industry together in a mutually enriching conversation, the conference aims to stimulate the generation of new ideas and approaches to these topics.
About the WFE
Established in 1961, the WFE is the global industry association for exchanges and clearing houses. Headquartered in London, it represents over 250 market infrastructure providers, including standalone CCPs that are not part of exchange groups. Of our members, 37% are in Asia-Pacific, 44% in EMEA and 19% in the Americas. The WFE’s 87 member CCPs and clearing services collectively ensure that risk takers post some $1.3 trillion (equivalent) of resources to back their positions in the form of initial margin and default fund requirements. WFE exchanges, together with other exchanges feeding into our database, are home to over 51,000 listed companies, and the market capitalisation of these entities is over $110 trillion. Around $140 trillion (EOB) in trading annually passes through WFE members (at end 2024).
The WFE is the definitive source for exchange-traded statistics and publishes over 350 market data indicators. Its free statistics database stretches back 49 years and provides information and insight into developments on global exchanges. The WFE works with standard-setters, policy makers, regulators and government organisations around the world to support and promote the development of fair, transparent, stable and efficient markets. The WFE shares regulatory authorities’ goals of ensuring the safety and soundness of the global financial system.
With extensive experience of developing and enforcing high standards of conduct, the WFE and its members support an orderly, secure, fair and transparent environment for investors; for companies that raise capital; and for all who deal with financial risk. We seek outcomes that maximise the common good, consumer confidence and economic growth. And we engage with policy makers and regulators in an open, collaborative way, reflecting the central, public role that exchanges and CCPs play in a globally integrated financial system.
About Korea Exchange
Korea Exchange (KRX) is the main financial exchange market operator in Korea. With its KOSPI Market, KOSDAQ Market (SME market), and Derivatives Market platform, KRX provides a vast pool of investment products ranging from equities, bonds, ETPs, futures, and options to world-wide investment community. In addition, as an authorized CCP in Korea, KRX provides robust clearing services for its exchange-traded markets as well as for OTC contracts. KRX is committed to providing a strong marketplace that drives economic growth, innovation, and value creation.
Speakers
Eun-Bo Jeong
Chairman & CEO, Korea Exchange (KRX)
Eun-Bo Jeong, Ph.D., has been serving as the Chairman and CEO of the Korea Exchange since February 2024. With a wealth of experience and expertise, he has played a pivotal role in shaping the nation's policy in the areas of macro economy, domestic and international finance over a long period of time. Prior to assuming his current role at the Korea Exchange, he devoted himself to public service, holding esteemed positions such as Governor of the Financial Supervisory Service, Vice Chairman of the Financial Services Commission, and Deputy Minister of the Ministry of Economy and Finance. Mr. Jeong also made significant contributions to the nation's diplomacy through his role as Ambassador for the ROK-US defense cost-sharing negotiations with outstanding leadership.
He received doctoral and master's degree in Economics from Ohio State University, and his master's degree and bachelor’s degree in Business Administration from Seoul National University.
Dr. David Murphy
Visiting Professor, Department of Law, London School of Economics (LSE)
David Murphy is a visiting professor in practice in the Law School at the London School of Economic and Political Science. He is a leading expert on derivatives regulation, central clearing, and prudential policy, having published extensively in these areas, and worked in both bank and central counterparty policy at national and international levels.
Summer Mersinger
Commissioner, Commodity Futures Trading Commission (CFTC)
Summer K. Mersinger was nominated by President Biden to serve as a Commissioner of the Commodity Futures Trading Commission and was unanimously confirmed by the Senate. She was sworn into office on March 30, 2022.
Prior to her appointment, Ms. Mersinger served as the Chief of Staff to CFTC Commissioner Dawn D. Stump. She also served as the Director of the Office of Legislative and Intergovernmental Affairs at the Commodity Futures Trading Commission under former Chairman Heath Tarbert.
Ms. Mersinger has 20 years of Capitol Hill and government relations experience. Prior to joining the CFTC, she was Senior Vice President at Smith-Free Group, a leading government affairs practice, where she worked on financial services issues including advocating for large fintech organizations.
From 2004 to 2016, Ms. Mersinger was a top aide to current Senate Minority Whip John Thune, who represents her home state of South Dakota. Most recently she served as his DC Chief of Staff, coordinating legislative activities for Sen. Thune’s team and working regularly with Senate leadership and senior staff on both sides of the aisle. Ms. Mersinger was instrumental during policy debates involving banking, finance, telecommunications, surface transportation, agriculture, and trade issues. Ms. Mersinger was also directly involved in the communications efforts spearheaded by Sen. Thune through his leadership post on the Senate Republican Conference.
Prior to joining Sen. Thune’s staff, Ms. Mersinger was a director of government relations at Arent Fox, and she also worked in Sen. Thune’s office while he was a member of the U.S. House of Representatives from 1999 to 2002. Summer completed her undergraduate degree from the University of Minnesota and her law degree from the Catholic University’s Columbus School of law. She is a proud mother of four children, two daughters and two sons, and resides in Northern Virginia with her husband.
Christy Goldsmith Romero
Commissioner, Commodity Futures Trading Commission (CFTC)
Christy Goldsmith Romero was sworn in as a CFTC Commissioner on March 30, 2022, after being nominated by President Joseph Biden in September 2021, and unanimously confirmed by the U.S. Senate. Commissioner Goldsmith Romero has more than 20 years of experience as a career federal attorney and leader in financial regulation, serving under four Presidents at the CFTC, Department of Treasury, and the U.S. Securities and Exchange Commission.
She promotes market resiliency, integrity, vibrancy, and financial stability, while overseeing CFTC-registered banks, brokers, exchanges, clearinghouses, funds, and commodity producers. As the sponsor of the CFTC’s Technology Advisory Committee, Commissioner Goldsmith Romero has focused on the future of finance. Under her sponsorship, the Committee examines emerging technology (AI, fintech, digital assets, and blockchain), responsible innovation, and cybersecurity. She established new membership in the Committee, including experts in digital assets, AI, fintech blockchain, and cybersecurity. The Committee released first-of-its kind reports on Decentralized Finance (released January 2024) and Responsible Artificial Intelligence in Financial Markets (released May 2024).
Commissioner Goldsmith Romero has also focused on cyber resilience in markets, a topic that the Technology Advisory Committee examines. After substantial engagement with banks, brokers and commodity producers, she led the drafting of the CFTC’s first operational resilience proposed rule for swap dealers and futures commission merchants, which garnered a unanimous Commission vote.
Prior to becoming a CFTC Commissioner, Commissioner Goldsmith Romero served for 12 years at the Department of Treasury, including for a decade as the Special Inspector General for TARP (SIGTARP), after President Obama’s nomination and the U.S. Senate’s unanimous confirmation in 2012. There, she led a nationwide, independent law enforcement and audit watchdog office that conducted oversight over the Troubled Asset Relief Program that covered banks, derivatives, housing, the automotive industry and insurance. In that role, she worked to strengthen the financial system. Under her leadership, SIGTARP developed a unique ability to uncover hidden fraud in banks. SIGTARP’s investigations resulted in the recovery of more than $11 billion, civil charges against large financial institutions, and criminal charges against 465 individuals working with the Department of Justice (with courts sentencing to prison 75 bankers and nearly 100 bank borrowers). She also served on a Council of Inspectors General overseeing the Financial Stability Oversight Council.
From 2019 to 2021, she was an adjunct professor of law at Georgetown University Law Center and the University of Virginia Law School, teaching courses in securities regulation, cryptocurrency regulation, and federal oversight. She also served for six years (2003—2009) at the U.S. Securities and Exchange Commission, including as counsel to two SEC Chairs, Christopher Cox (R) and Mary Schapiro (I), during the financial crisis, after serving in the Enforcement Division. She earned her law degree from Brigham Young University Law School in Utah and her undergraduate degree from Old Dominion University in her native state of Virginia.