Nandini Sukumar

Chief Executive Officer World Federation of Exchanges (WFE)

Nandini Sukumar is the Chief Executive Officer of the World Federation of Exchanges, the global association for exchanges and CCPs. The WFE represents more than 250 exchanges and clearing houses globally, educating stakeholders on the vital role played by market infrastructures in the real economy and as a standard setter, finding the consensus on issues among the global membership. Of our members, 37% are in Asia-Pacific, 44% in EMEA and 19% in the Americas. 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). Ms. Sukumar is Vice Chair of IOSCO’s Affiliate Members Consultative Committee and Chair of the AMCC’s Sustainability Taskforce.

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.

Yunsu Rhee

SFC Commissioner Financial Services Commission

Rhee Yunsu is the Standing Commissioner of the Securities & Futures Commission (SFC), a position he has held since 2024. In this role, he plays a key part in overseeing the regulatory framework of Korea’s securities and futures markets, ensuring market integrity and investor protection. His career spans multiple senior roles within Korea’s financial regulatory landscape, including Commissioner of the Korea Financial Intelligence Unit (KoFIU) and Director General of the Capital Markets Bureau at the Financial Services Commission (FSC). He has also contributed to key government policy efforts, including serving in the Joint Government Corruption Prevention Office and the Office of the Chief Economic Advisor to the President.

Mr. Rhee holds an MBA from the Warrington College of Business, University of Florida, and a Bachelor’s degree in International Economics from Seoul National University.

Dr. Pedro Gurrola Perez

Head of Research World Federation of Exchanges (WFE)

Pedro joined the World Federation of Exchanges in October 2019 from the Bank of England, where he led the Financial Market Infrastructures Directorate’s Research Team. He had joined the Bank of England in 2013, after two years at the UK Financial Services Authority. Previously, Pedro spent more than 15 years lecturing and doing research at a range of well-regarded academic institutions, including the University of Barcelona and the Instituto Tecnológico Autónomo de México (ITAM). 

Pedro holds two PhDs: one from the University of Barcelona, Spain, and one from the University of Montpellier, France, and has published across key academic journals, including the Journal of Financial Market Infrastructures, the Journal of Risk, International Finance and the Journal of Futures Markets. His recent work includes research on the economics of distributed ledger technologies (DLT) for securities settlement, on the network structure of settlement fails and on market liquidity risk in CCPs. He has also published research on payment systems, back-testing methodologies and on the structure of interest rate futures markets. In 2007 he received the National Award on Derivatives Research, awarded by the Mexican Derivatives Exchange (MexDer).

Chan-Soo Park

President, Clearing Division Korea Exchange (KRX)

Chan-Soo Park is the President of the Clearing Division at Korea Exchange (KRX). Since 2018, he has held various leadership roles, including Director General of Clearing Department, CCP Risk Management Department, and Global Market Department. He holds both a Bachelor’s and a Master’s degree in Business Management from Ajou University and a Master’s degree in Finance from Michigan State University, USA.

Nandini Sukumar

Chief Executive Officer World Federation of Exchanges (WFE)

Nandini Sukumar is the Chief Executive Officer of the World Federation of Exchanges, the global association for exchanges and CCPs. The WFE represents more than 250 exchanges and clearing houses globally, educating stakeholders on the vital role played by market infrastructures in the real economy and as a standard setter, finding the consensus on issues among the global membership. Of our members, 37% are in Asia-Pacific, 44% in EMEA and 19% in the Americas. 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). Ms. Sukumar is Vice Chair of IOSCO’s Affiliate Members Consultative Committee and Chair of the AMCC’s Sustainability Taskforce.

Vikram Kothari

Managing Director & CEO, NSE Clearing National Stock Exchange of India

Mr. Vikram Kothari has worked in areas of product development, operations, risk management, sales in the stock exchange, custody, clearing and banking space for more than 20 years. Prior to his current role as Managing Director of NSE Clearing Limited (formerly known as National Securities Clearing Corporation Limited) in India, he worked with organizations like JP Morgan Chase, HSBC, and NSE in various capacities. He joined NSE Clearing Limited in November 2017. He is a graduate from Mumbai University and a Member of the Institute of Chartered Accountants of India.

Sang Uk Park

Executive Director, Derivatives Market Division Korea Exchange (KRX)

Sang Uk Park is Executive Director at the Derivatives Market Division at Korea Exchange, having worked at KRX since 2021, in roles such as Director General of the Listed Products Clearing Department and Global Business Department. Mr. Park holds a Bachelor’s degree in International Trade from Jeonbuk National University, Master’s degree in Public Policy from Korea Development Institute (KDI) and Master’s degree in Finance from Michigan State University, USA.

Huan Zhang

Chief Risk Officer Nodal Clear

Mr. Zhang serves as the Chief Risk Officer for Nodal Clear, overseeing the Risk Team. Prior to this role, Mr. Zhang spent almost two years in China managing the clearing operations at the Dalian Commodity Exchange and leading the product and operations team at the newly-established Guangzhou Futures Exchange.  Mr. Zhang began his career at Dean & Company as a strategic consultant and then worked at Nodal Exchange in market administration and risk management roles for 10 years.  Mr. Zhang holds a Ph.D. in Chemical Engineering and an MSCEP from the Massachusetts Institute of Technology, and a M.Sc. and B.Sc. in Chemical Engineering from Tsinghua University. He is a Chartered Financial Analyst (CFA).

Jiyouji Ueda

Executive Director of CCPs, Securities and Derivatives Grupo Bolsa Mexicana de Valores (Grupo BMV)

Jiyouji Ueda has over 25 years of experience in risk management, clearing, and settlement across derivatives, equities, and fixed-income markets. He is currently leading the implementation of the Debt CCP, integrating government repos and federal public debt instruments, as well as overseeing the transition of rates in the derivatives market. As Executive Director of CCPs, Securities and Derivatives at Grupo Bolsa Mexicana de Valores, he has driven the development of advanced margin and risk methodologies, T+1 settlement, and the introduction of new financial products such as futures, options, and swaps. His focus on operational resilience, ISO standards, and financial system stability has strengthened market infrastructure. Recognized with the Risk Award 2019, Ueda has actively contributed to the evolution of the CCP ecosystem.

Abdul Hadie

Head of Strategic Planning and Enterprise Risk Management IDClear

Abdul Hadie has been working for IDClear since 2001. He is currently Head of Strategic Planning and Enterprise Risk Management, and responsible for managing company’s strategic plans as well as monitoring and evaluating its execution. He is also responsible for implementing and managing company’s compliance on international standards, as well as enterprise risk management.

Prior to this position, Abdul was the Head of IT Operations, and responsible for ensuring the availability, reliability, and security of the company’s day-to-day IT operations to support core business services.

Abdul holds a first degree in Computer Science from the University of Indonesia, and a Master’s Degree in Management from the University of Indonesia.

Randy Priem

Markets & Post-Trading Unit Coordinator Belgian Financial Services & Markets Authority (FSMA)

Randy Priem is the coordinator of the markets and post-trading unit at the Belgian Financial Services and Markets Authority (FSMA) where he supervises - and coordinates a team supervising - the Belgian trading venues, multilateral trading facilities, and central securities depositories. 

He is a member of various ESMA standing committees and working groups, such as the markets standing committee, the data standing committee, the European supervisory policy committee, the post-trading working group, the CCP policy committee, and the DLT working group. He further represents the FSMA at the CPMI-IOSCO Steering Group. He is a member of six EMIR colleges of central counterparties, four CCP resolution colleges, and also represents the FSMA at the T2S cooperative oversight college. He often represents Belgium as a national expert at the European Council when new legislation (EMIR, BMR, CSDR, etc.) is drafted and was a member of the Belgian presidency when EMIR 3.0 was drafted. 

In addition, he is a finance professor at UBI Business School and Antwerp Management School where he teaches financial and FinTech courses and published in various international academic journals. He holds a PhD from the Katholieke Universiteit Leuven.

Shohei Yamagata

Chief Manager, Listed Products Clearing Service, Japan Securities Clearing Corporation (JSCC) JPX

Shohei Yamagata is a seasoned financial professional with 15 years of experience in financial market infrastructures, including JPX, KRX and JSCC, where he currently leads risk management, collateral management and clearing services for cash equities as well as financial and commodity futures/options. Shohei is also Co-Chair of Operations Working Committee at CCP Global. Prior to that, Shohei was manager in global business development at JPX, collaborating with exchanges and regulatory authorities in Asia and Middle East to enhance their financial markets, including post-trade services. Shohei has a degree in economics from Keio University and a master’s degree in business administration (MBA) from IESE Business School.

Nandini Sukumar

Chief Executive Officer World Federation of Exchanges (WFE)

Nandini Sukumar is the Chief Executive Officer of the World Federation of Exchanges, the global association for exchanges and CCPs. The WFE represents more than 250 exchanges and clearing houses globally, educating stakeholders on the vital role played by market infrastructures in the real economy and as a standard setter, finding the consensus on issues among the global membership. Of our members, 37% are in Asia-Pacific, 44% in EMEA and 19% in the Americas. 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). Ms. Sukumar is Vice Chair of IOSCO’s Affiliate Members Consultative Committee and Chair of the AMCC’s Sustainability Taskforce.

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.

Richard Metcalfe

Head of Regulatory Affairs World Federation of Exchanges (WFE)

Richard Metcalfe is Head of Regulatory Affairs at the World Federation of Exchanges (WFE). Before taking up his WFE post in March 2018, he worked on MiFID implementation at the Markets Division of BNY Mellon in London. He also has extensive experience in wholesale financial services and policy issues, with particular emphasis on derivatives and central clearing; and on asset management. In addition to working at ISDA and the IA, he has worked for SWIFT. Earlier in his career, he wrote for and edited various financial publications. He lives in London and studied languages at university.

Laura Bayley

CEO SIX x-clear AG, Head of Clearing Services SIX Group

Laura Bayley is originally a lawyer and has extensive experience in regulatory topics and projects related to financial market infrastructures. She has worked at SIX since 2016 and at SIX x-clear since 2020. As responsible for regulatory and strategic topics within SIX x-clear she has gained insights into the functioning of the clearing market and has been heavily involved in various integration projects between SIX x-clear and BME Clearing. On 01 May 2022, Laura took over the management of SIX x-clear at a legal entity level and continues to be responsible for regulatory and governance topics across BME and SIX on a functional level within the area of clearing. She is also a permanent guest on the Management Board of the Securities Services Business Unit. Prior to working at SIX, Laura worked for a large Swiss law firm after finalising her double degrees in Law and Sinology from the Universities of Zurich and Berne.

Sebastijan Hrovatin

Deputy Head of Unit in the Financial Markets Infrastructure Unit, DG FISMA European Commission

Sebastijan Hrovatin joined the European Commission in 2005. He is currently the Deputy Head of Unit of the Financial Markets Infrastructure Unit in the Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA). The unit is responsible for several legislative files, including the European Market Infrastructure Regulation (EMIR). In former positions, Sebastijan worked as a Deputy Head of Unit and a policy officer in the Bank Regulation and Supervision Unit in DG FISMA and as a policy officer in the Financial Markets Infrastructure Unit in DG MARKT. Prior to joining the Commission he worked as an economist/chief economist in the private sector. Sebastijan holds a first degree in economics from the University of Ljubljana and an MSc in Finance and Economics from the London School of Economics and Political Science.

Boon Gin Tan

Chief Executive Officer, Singapore Exchange Regulation SGX

Mr. Tan Boon Gin joined SGX as Chief Regulatory Officer on 15 June 2015. He now heads Singapore Exchange Regulation, an independent regulatory subsidiary of SGX, which undertakes all front-line regulatory functions to promote a fair, orderly and transparent market.

Before joining SGX, Mr. Tan was the Director of the Commercial Affairs Department of the Singapore Police Force. Prior to this, Mr. Tan held several appointments at the Monetary Authority of Singapore (MAS) including Director of the Enforcement Division, Director of the Corporate Finance Division and Executive Director of the Investment Intermediaries Department. Mr. Tan was seconded to MAS after serving as a District Judge at Singapore’s Subordinate Courts.

Mr. Tan’s earlier roles include serving as a Justices’ Law Clerk at Singapore’s Supreme Court and a Deputy Public Prosecutor at the Attorney General’s Chamber, where he specialised in corruption and white collar crime, before leaving to practise at Messrs Sullivan & Cromwell in New York. He is chairman of SATA CommHealth.

Mr. Tan is an advocate and solicitor and holds degrees from the University of Cambridge and Harvard Law School. Mr. Tan was awarded the Public Administration (Silver) Medal in 2010.

Dr. Pedro Gurrola Perez

Head of Research World Federation of Exchanges (WFE)

Pedro joined the World Federation of Exchanges in October 2019 from the Bank of England, where he led the Financial Market Infrastructures Directorate’s Research Team. He had joined the Bank of England in 2013, after two years at the UK Financial Services Authority. Previously, Pedro spent more than 15 years lecturing and doing research at a range of well-regarded academic institutions, including the University of Barcelona and the Instituto Tecnológico Autónomo de México (ITAM). 

Pedro holds two PhDs: one from the University of Barcelona, Spain, and one from the University of Montpellier, France, and has published across key academic journals, including the Journal of Financial Market Infrastructures, the Journal of Risk, International Finance and the Journal of Futures Markets. His recent work includes research on the economics of distributed ledger technologies (DLT) for securities settlement, on the network structure of settlement fails and on market liquidity risk in CCPs. He has also published research on payment systems, back-testing methodologies and on the structure of interest rate futures markets. In 2007 he received the National Award on Derivatives Research, awarded by the Mexican Derivatives Exchange (MexDer).

Udesh Jha

Managing Director, Head of Post-Trade Services CME Group

Udesh Jha is a Managing Director within the Clearing and Post-Trade division at CME Group. He heads the Post-Trade Services team, handling Quantitative Risk Management & Solutions, Credit Risk, Collateral Risk, and Liquidity Risk Management for the clearing house. 

Udesh has worked at CME since 2010. Prior to this joining CME Group, he worked at Capital One, Banc of America Securities, and QRM in different risk management roles ranging from ALM, Funds Transfer Pricing and CDO Structuring. Prior to that, Udesh was a Senior Management Consultant with IBM assisting clients with Supply Chain Management solutions across different industrial sectors.

Udesh holds a Bachelor’s degree from the Indian Institute of Technology, a Masters in Science in Civil Engineering from University of Connecticut, and an MBA degree from the University of Chicago Booth School of Business.

Richard Wise

Group Chief Risk Officer Hong Kong Exchanges & Clearing (HKEX)

Richard Wise is the Group Chief Risk Officer of Hong Kong Exchanges & Clearing Limited. Prior to this role, he has worked within risk management in the investment banking industry since 1993, and of note, at JP Morgan for twenty one years where he headed the Global Market Risk Management function.

Angelina Kwan

Senior Advisor IMC Asia Pacific

Angelina is the Senior Advisor to IMC Asia Pacific, a leading global market making and proprietary trading firm, where she serves as the Responsible Officer overseeing the company's Hong Kong operations. She is an experienced financial services executive, having previously held senior management roles at organizations including Hong Kong Exchanges and Clearing Limited (HKEX), the Securities and Futures Commission (SFC), and Cantor Fitzgerald. 

Angelina is particularly versed in the digital asset space, previously serving as the Global Chief Operating Officer of BitMex and HashKey. In this capacity, she also consults /advises brokerages, fund managers, and technology providers on regulatory and operational matters. 

Concurrently, Angelina lends her expertise to various Hong Kong Government Boards and committees, such as the New Business Committee of the Financial Services Development Council. She also chairs The Women's Foundation and serves on the boards of the Ebenezer School for the Blind, University of Wollongong Hong Kong, Web3 Harbour, as well as Chevalier HK and Zurich Life Insurance. 

Angelina is a Certified Public Accountant in the United States, Hong Kong, Australia, and New Zealand. She holds a bachelor’s degree from the University of Southern California, an MBA from Pepperdine University, an LLB from HKU/Manchester Metropolitan University, and an LLM from Harvard Law School.

Richard Metcalfe

Head of Regulatory Affairs World Federation of Exchanges (WFE)

Richard Metcalfe is Head of Regulatory Affairs at the World Federation of Exchanges (WFE). Before taking up his WFE post in March 2018, he worked on MiFID implementation at the Markets Division of BNY Mellon in London. He also has extensive experience in wholesale financial services and policy issues, with particular emphasis on derivatives and central clearing; and on asset management. In addition to working at ISDA and the IA, he has worked for SWIFT. Earlier in his career, he wrote for and edited various financial publications. He lives in London and studied languages at university.

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.

Stéphane Janin

Head of Global Regulatory Developments and Public Affairs AXA Investment Managers

Stéphane heads up AXA IM’s Global Regulatory Developments and Public Affairs directorate at the worldwide level. Before joining AXA IM in 2015, Stéphane was Head of the International Affairs Division at the French Asset Management Association (AFG), responsible for international regulatory strategy and promotion. He was previously Head of Market Surveillance and Responsible for Strategy and Risks at the Autorité des Marchés Financiers (AMF). Since 2020, Stéphane has been a member of AMF’s External Advisory Committee as well as a member of AFG’s Non-Executive Strategic Committee. 

Stéphane has been Co-Chairman of the Asset Management and Investors Council, International Capital Markets Association (ICMA) since 2021. From 2018 to 2021, he was a member of the Board of Directors at the European Fund and Asset Management Association (EFAMA). Within the European Commission, he was a Seconded National Expert from 2000 to 2004, in charge of UCITS, Hedge Funds, Credit Rating Agencies and Market Abuse. 

Stéphane is a member of the Stakeholders’ Panel of the International Organization of Securities Commissions (IOSCO). He is also a member of the World Economic Forum (Davos Forum)’s working group on the Future of Capital Markets. 

Stéphane started his carrier at the International Monetary Fund (IMF), in Washington D.C.. He graduated from the Institut d’Etudes Politiques (IEP) – “Sciences Po”, in Paris.

Dr. Jutaro Kaneko

Deputy Commissioner for International Affairs Financial Services Agency Japan

Since July 2024, Jutaro Kaneko is Deputy Commissioner for International Affairs, Financial Services Agency (FSA), Government of Japan. Currently, he represents the FSA at various plenary and working level groups of standard setting bodies, including the CPMI-IOSCO, FSB, ROC, OECD, IOSCO and FinCoNet. He is also a frequent speaker at international seminars and forums on Japan’s financial policy.

Prior to that, Mr. Kaneko held different positions both at the FSA and the Bank of Japan, as well as Chief Representative in Brussels of the government affiliated think-tank: Japan Center for International Finance. In 2011-2014, he participated in many international projects related to OTC Derivatives Market Reform based on the G20 Pittsburgh Commitment. He was Co-Chair of Task Force of ASEAN plus Three (i.e., China, Japan and Korea) Finance Process in 2020 and 2023.

Mr. Kaneko holds a master’s degree in law (LL.M. with magna cum laude) from University of Cologne in Germany and a Ph.D. degree in international studies from Waseda University in Tokyo. He has published numerous journal articles, book chapters, academic reports, etc. on various financial topics. He also teaches EU law on a part-time basis at Hakuoh University.

Tetsuo Otashiro

Director, Global Policy & Regulation, OTC Derivative Clearing Service, Japan Securities Clearing Corporation (JSCC) JPX

Mr. Otashiro has been leading Japan Securities Clearing Corporation’s (JSCC) regulatory and policy matters, as well as business development for clearing services for OTC swaps. He is also serving as co-chairperson of the policy working committee in CCP Global, a global association of CCPs, leading discussions on many common policy and regulatory issues for clearinghouses globally. In 2023, he was elected as a member of the Global Market Advisory Committee of the U.S. Commodity Futures Trading Commission.

Prior to JSCC, he held several roles at Tokyo Stock Exchange, which is also a subsidiary of Japan Exchange Group, including Listing Examiner, where he was responsible for reviewing listing applications from domestic and foreign companies. He was appointed as the Chief Representative of the Tokyo Stock Exchange’s Singapore Office and then Head of International Relations at Tokyo Stock Exchange. Additionally, he served as the Secretariat of the Asian and Oceanian Stock Exchanges Federation, facilitating cooperation for mutual development among APAC markets.

Selina Han

Economist Cboe Global Markets

Selina Han is an Economist in the Public Policy department at Cboe Global Markets, where she applies her strong quantitative research and data science background to analyze U.S. market structure, focusing on options and equities. Her work includes assessing market dynamics, evaluating regulatory proposals, and conducting economic analysis to support the firm’s policy initiatives and senior leadership.

At Cboe, Selina contributes to critical research topics such as order competition, tick size adjustments, and access fee changes. She leverages advanced data analysis techniques to provide evidence-based insights that help the organization navigate evolving regulatory landscapes and better understand market efficiency and liquidity.

With a foundation in quantitative research and experience as a data scientist, Selina combines analytical rigor with practical solutions. She has worked on developing automated trading prototypes, optimizing trading algorithms, and enhancing data products to support decision-making and improve operational efficiency.

Selina brings over 15 years of experience spanning academia and the financial industry. Her curiosity and collaborative approach drive her work, as she aims to translate complex data into actionable insights that benefit both market participants and policymakers.

Dr. Jie (Jay) Cao

Professor, School of Accounting and Finance Hong Kong Polytechnic University

Professor Jie (Jay) Cao is currently a full professor of finance at the School of Accounting and Finance, Hong Kong Polytechnic University (PolyU). He also serves as an Advisory Council member for Monetary Research at the Hong Kong Institute for Monetary and Financial Research (HKIMR), an Academic and Accreditation Advisory Committee member for The Securities and Futures Commission (SFC) of Hong Kong, an Academic Working Group member for the United Nations Sustainable Stock Exchanges (SSE) Initiative, and a member of the Board of Directors for Chicago Quantitative Alliance Asia (CQAsia). He is an Associate Editor of Financial Management, an Editorial Board Member of Financial Analysts Journal, a Co-Editor of The International Review of Finance, and an Editor of China Accounting and Finance Review. Before joining PolyU, he served as a tenured associate professor of finance at the Chinese University of Hong Kong (CUHK) Business School and worked there for 13 years.

Prof. Cao received his Ph.D. in Finance from the University of Texas at Austin in 2009 and BA in Economics from Peking University in 2002. His research interests center on empirical asset pricing, derivatives, and sustainable finance. His papers are published or forthcoming in top finance and management journals such as Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, and Management Science. He is the Principal Investigator of several Hong Kong competitive RGC grants and many other research grants from both academic and industry sponsors such as The Canadian Derivatives Institute (CDI) and Geneva Institute for Wealth Management. He has received various research awards such as AAM–CAMRI Prize in Asset Management by Asia Asset Management and NUS, the ETF Research Academy Award by the Paris–Dauphine House of Finance and Lyxor Asset Management, Chicago Quantitative Alliance (CQA) Academic Competition Award, and the best paper awards at several academic conferences such as the 28th Australian Finance & Banking Conference, 2020 FMA Consortium on Asset Management, 2020 Northern Finance Association Annual Conference, etc.

Prof. Cao has taught undergraduate Investments, MSc Fixed Income, finance MBA Quantitative Investing, and Ph.D. Empirical Asset Pricing during the past years. He received the Outstanding Teaching Award of CUHK Business School. He has also provided consulting services for several fintech start-ups and hedge funds.

Gerard Smith

Vice President, Head of Post Trade Product Strategy Nasdaq

Gerard Smith is Vice President, Head of Post Trade Product Strategy for Nasdaq’s Financial Technology business, where he leads the strategy for clearing, CSD, digital asset and carbon market solutions. 

Before joining Nasdaq, Gerard was Managing Director, Head of Post Trade Product Development at Hong Kong Exchanges and Clearing. In this role, Gerard led a team of Product and Network Managers in all aspects of the exchange's Post Trade business. Prior to this, he served as Product Director in Collateral and Liquidity Management at LCH Ltd. He also held positions with Euroclear and the Bank of England.

For over 15 years, Gerard has led change, gaining extensive experience in trading, clearing, settlement, payments and collateral management.

Gerard has a master's degree in European Politics and a bachelor’s degree in politics.

Viacheslav Fradin

EVP, Chief Risk Officer Tel-Aviv Stock Exchange

Mr. Fradin was born in 1977 and has held his current position as Chief Risk Officer at Tel-Aviv Stock Exchange since February 2016. Prior to joining TASE, Mr. Fradin was Head of Basel 2 and Basel 3 Implementation and Head of Capital Adequacy at Gazprombank. Between 2008 and 2013 he managed ICAAP at Bank Hapoalim. Previously, he served in several managerial positions at Israeli banks and the IDF. Mr. Fradi has a BA in Economics and Accounting from Tel-Aviv University, and an MBA majoring in Corporate Finance from Tel-Aviv University.

Olivier Léon

Vice-President & Chief Risk Officer, TMX Post-Trade Services TMX Group

Olivier Léon is the Vice-President and Chief Risk Officer for TMX Post-Trade Services, which includes the Canadian Derivatives Clearing Corporation (CDCC) and the Canadian Depository for Securities (CDS). In this role since 2022, Mr. Léon is accountable for the oversight of the TMX Post-Trade Services’ identification, measurement, and management of its risks, such as it delivers on its strategic and operational objectives and within its risk appetite. Previously, Mr. Léon has held the TMX Post-Trade Services’ Enterprise Risk Management function. Prior to joining TMX in 2014, he served as a consultant for ten years, advising financial industry clients on operational risk, business continuity, and regulatory compliance. Mr. Léon holds an MBA from Laval University (Canada) and a Master in Management from Montpellier Business School (France).

Pataravasee Suvarnsorn

Senior Executive Vice President, Head of Operation Management Division, and Managing Director, Thailand Clearing House The Stock Exchange of Thailand (SET)

Ms. Pataravasee Suvarnsorn has 34 years of experience and expertise in Thai Capital Market.

Ms. Suvarnsorn joined the Stock Exchange of Thailand (SET) in 1991 as a Senior Officer of Strategic Planning Department, she then worked as the Deputy Vice President of Trading Operation Department in 1998 – 2005, as Head of Clearing Department in 2005 – 2013. In 2018, she served as Senior Executive Vice President – Head of Operations Management Division. She is responsible for both core exchange functions which are trading, clearing and settlement, central depository and registrar services and for SET group’s capital market support functions such as platform for end-to-end mutual fund investment (FundConnext), e-Services including e-Meeting & e-Voting (e-Meeting platform) and also payment infrastructure for capital market (FinNet). In addition, she has also been appointed as the Managing Director of Thailand Clearing House, a subsidiary company of SET.

She holds a Bachelor’s Degree in Accounting from Chulalongkorn University and Master’s Degree in Business Administration, Finance from California State University, USA.

Huan Zhang

Chief Risk Officer Nodal Clear

Mr. Zhang serves as the Chief Risk Officer for Nodal Clear, overseeing the Risk Team. Prior to this role, Mr. Zhang spent almost two years in China managing the clearing operations at the Dalian Commodity Exchange and leading the product and operations team at the newly-established Guangzhou Futures Exchange.  Mr. Zhang began his career at Dean & Company as a strategic consultant and then worked at Nodal Exchange in market administration and risk management roles for 10 years.  Mr. Zhang holds a Ph.D. in Chemical Engineering and an MSCEP from the Massachusetts Institute of Technology, and a M.Sc. and B.Sc. in Chemical Engineering from Tsinghua University. He is a Chartered Financial Analyst (CFA).

Dr. Kaitao Lin

Senior Financial Economist World Federation of Exchanges (WFE)

Kaitao joined the World Federation of Exchanges in May 2020 and currently holds the position of senior financial economist in the Research Team. Kaitao holds a Ph.D. in Finance from the University of Houston and is a Chartered Financial Analyst® (CFA®) charterholder. His research focuses on market microstructure issues, such as trading rules, their effects on market participants, and market quality.  His current work includes ESG and crypto assets. Kaitao’s papers have been accepted for publication in well-regarded academic journals, such as the Quarterly Journal of Finance, and presented in various international conferences, including the U.S. SEC Ph.D. Symposium, the China International Conference in Finance, and the Financial Management Association Annual Meeting.

Julie Schoening

Global Head of Risk and Compliance Graviton Research Capital

Dr. Julie Schoening is the current Global Head of Risk and Compliance at Graviton Research Capital.

Previously, Julie was the Chief Risk Officer of FTX US Derivatives, also known as LedgerX, a CFTC regulated derivatives exchange and clearing house. She led the development of the Initial Margin model, risk management policy and procedures for the CFTC application using direct clearing and real time de-risking methodologies in 2022. Prior to joining FTX, Julie spent the past 15 years of her career at Alphadyne Asset Management, a global macro hedge fund based in NYC, the CFTC, and the Nasdaq Stock Exchange.

Angelina Kwan

Senior Advisor IMC Asia Pacific

Angelina is the Senior Advisor to IMC Asia Pacific, a leading global market making and proprietary trading firm, where she serves as the Responsible Officer overseeing the company's Hong Kong operations. She is an experienced financial services executive, having previously held senior management roles at organizations including Hong Kong Exchanges and Clearing Limited (HKEX), the Securities and Futures Commission (SFC), and Cantor Fitzgerald. 

Angelina is particularly versed in the digital asset space, previously serving as the Global Chief Operating Officer of BitMex and HashKey. In this capacity, she also consults /advises brokerages, fund managers, and technology providers on regulatory and operational matters. 

Concurrently, Angelina lends her expertise to various Hong Kong Government Boards and committees, such as the New Business Committee of the Financial Services Development Council. She also chairs The Women's Foundation and serves on the boards of the Ebenezer School for the Blind, University of Wollongong Hong Kong, Web3 Harbour, as well as Chevalier HK and Zurich Life Insurance. 

Angelina is a Certified Public Accountant in the United States, Hong Kong, Australia, and New Zealand. She holds a bachelor’s degree from the University of Southern California, an MBA from Pepperdine University, an LLB from HKU/Manchester Metropolitan University, and an LLM from Harvard Law School.

Julie Schoening

Global Head of Risk and Compliance Graviton Research Capital

Dr. Julie Schoening is the current Global Head of Risk and Compliance at Graviton Research Capital.

Previously, Julie was the Chief Risk Officer of FTX US Derivatives, also known as LedgerX, a CFTC regulated derivatives exchange and clearing house. She led the development of the Initial Margin model, risk management policy and procedures for the CFTC application using direct clearing and real time de-risking methodologies in 2022. Prior to joining FTX, Julie spent the past 15 years of her career at Alphadyne Asset Management, a global macro hedge fund based in NYC, the CFTC, and the Nasdaq Stock Exchange.

Dr. Christian Chamorro-Courtland

Senior Lecturer, School of Law Western Sydney University

With over 17 years of international experience across the UK, Canada, Australia, the UAE, the EU, and the US, Dr. Christian Chamorro-Courtland is a legal scholar specialising in Central Counterparties (CCPs), clearing and settlement systems, payment systems, consumer protection, financial regulation, and international financial markets. Additionally, he studies FinTech, focusing on legal and regulatory challenges in payment systems, crypto-exchanges, crypto-assets, Central Bank Digital Currencies (CBDCs), stablecoins, and AI regulation.

Christian holds an LLB and an LLM from King's College London, and a PhD from Osgoode Hall Law School, York University. Christian is an active member of the New York State Bar (USA) and the Law Society of New South Wales (Australia).

Massimo Morini

Professor of Blockchain & Cryptocurrencies, USI Lugano Università della Svizzera italiana

Massimo served as Head of Fixed Income Quants at Intesa Sanpaolo Bank for 15 years and Chief Economist at Algorand Blockchain for 5 years. He is Professor of Blockchain and Cryptocurrencies at USI Lugano University and of Fixed Income at Bocconi University. Massimo has advised various institutions, including the World Bank and the Monetary Authority of Singapore. Currently, he is an advisor to Cardano, the 8th largest public blockchain, and other DeFi and DeSci projects.

Randy Priem

Markets & Post-Trading Unit Coordinator Belgian Financial Services & Markets Authority (FSMA)

Randy Priem is the coordinator of the markets and post-trading unit at the Belgian Financial Services and Markets Authority (FSMA) where he supervises - and coordinates a team supervising - the Belgian trading venues, multilateral trading facilities, and central securities depositories. 

He is a member of various ESMA standing committees and working groups, such as the markets standing committee, the data standing committee, the European supervisory policy committee, the post-trading working group, the CCP policy committee, and the DLT working group. He further represents the FSMA at the CPMI-IOSCO Steering Group. He is a member of six EMIR colleges of central counterparties, four CCP resolution colleges, and also represents the FSMA at the T2S cooperative oversight college. He often represents Belgium as a national expert at the European Council when new legislation (EMIR, BMR, CSDR, etc.) is drafted and was a member of the Belgian presidency when EMIR 3.0 was drafted. 

In addition, he is a finance professor at UBI Business School and Antwerp Management School where he teaches financial and FinTech courses and published in various international academic journals. He holds a PhD from the Katholieke Universiteit Leuven.

Charlie Ryder

Regulatory Affairs Manager World Federation of Exchanges (WFE)

Burak Akan

CCP Director, Takasbank Borsa Istanbul

Burak Akan joined Takasbank in 2013 as CCP Director. As such, he is responsible for the design and execution of risk, collateral and default management processes for the CCP. 

Prior to joining Takasbank, Burak served in banking sector who is responsible from various risk management roles including market risk, liquidity risk, interest rate risk and model risk management. 

Before risk management, Akan also worked as Treasurer and Dealer in Turkish and Russian banks. 

He holds a bachelor's degree in engineering and a master's degree in economics.

Tao Chen

Group Head of Quantitative Risk Management Hong Kong Exchanges & Clearing (HKEX)

Tao Chen is the Group Head of Quantitative Risk Management at Hong Kong Exchanges & Clearing Limited. He worked at the London Metals Exchange prior to his relocation to Hong Kong in 2020, where he established and headed the Quantitative Risk department. Prior to his role at the LME, he has worked extensively in the investment banking industry – primarily in London.

Dr. Alicia Greenwood

Chief Executive Officer, JSE Clear, and Director of Post Trade Services Johannesburg Stock Exchange (JSE)

Alicia joined the JSE in February 2016, as Director of the Post Trade Services division, and is responsible for risk management, clearing and guaranteeing the settlement of central order book equity and bond transactions. Alicia is also the CEO of JSE Clear, the central counterparty clearing house (CCP) for listed derivatives in the equities, interest rate, foreign exchange and commodities markets.

Alicia’s business career spans more than 20 years working in management consulting, investment banking and capital markets. Her experience has been acquired at some of South Africa’s leading companies in these fields, including Accenture, Discovery, Standard Bank and the JSE. Alicia has worked extensively in strategy development, risk management, capital management, and clearing and settlement, both in South Africa and across numerous African countries. She has experience in portfolio optimisation and regulatory transformation, and has overseen large-scale business and IT projects, and joint ventures.

Alicia holds a PhD in Chemistry from the University of Cape Town, having majored in Chemistry and Mathematics, and is published in various scientific journals.

Boon Gin Tan

Chief Executive Officer, Singapore Exchange Regulation SGX

Mr. Tan Boon Gin joined SGX as Chief Regulatory Officer on 15 June 2015. He now heads Singapore Exchange Regulation, an independent regulatory subsidiary of SGX, which undertakes all front-line regulatory functions to promote a fair, orderly and transparent market.

Before joining SGX, Mr. Tan was the Director of the Commercial Affairs Department of the Singapore Police Force. Prior to this, Mr. Tan held several appointments at the Monetary Authority of Singapore (MAS) including Director of the Enforcement Division, Director of the Corporate Finance Division and Executive Director of the Investment Intermediaries Department. Mr. Tan was seconded to MAS after serving as a District Judge at Singapore’s Subordinate Courts.

Mr. Tan’s earlier roles include serving as a Justices’ Law Clerk at Singapore’s Supreme Court and a Deputy Public Prosecutor at the Attorney General’s Chamber, where he specialised in corruption and white collar crime, before leaving to practise at Messrs Sullivan & Cromwell in New York. He is chairman of SATA CommHealth.

Mr. Tan is an advocate and solicitor and holds degrees from the University of Cambridge and Harvard Law School. Mr. Tan was awarded the Public Administration (Silver) Medal in 2010.

Nicola Zaugg

Senior Researcher & Quant Engineer swissQuant

Nicola Zaugg is a senior researcher and quant engineer at swissQuant, a Swiss software company and leading global provider of counterparty clearing software solutions. As a quant in the capital markets team, he drives the design and development of the clearing methodology for swissQuant's CleaRisQ—an award-winning, data-driven clearing software that calculates real-time margin requirements for clearing members. Alongside his work at swissQuant, Nicola is pursuing a PhD in Mathematics at Utrecht University in the Netherlands, where he conducts research in financial mathematics and contributes to innovative academic advancements in the field. Prior to joining swissQuant, he worked as a quant for the Dutch investment bank Rabobank.

Aniket Bhanu

Vice President NSE Clearing, National Stock Exchange of India

Mr. Aniket Bhanu has been associated in various capacities with the National Stock Exchange of India group since 2009. His areas of expertise are risk management, derivatives, regulation and policy and has been instrumental in implementation of several market reforms in the CCP space in India. He holds an MBA from the Indian Institute of Management Kozhikode.

Jay Rajarathinam

Chief Operating Officer TMX Group

Jay Rajarathinam is Chief Operating Officer, TMX Group. Jay is responsible for the development and execution of the overall enterprise strategy for TMX, focusing on enabling business growth through technology, innovation and optimizing operations. He oversees TMX Datalinx, the enterprise’s data division, with a focus on the design and delivery of new client-centric, data-driven solutions, and TMX VettaFi, a leading US-based, indexing, digital distribution, analytics and thought leadership company, acquired in January 2024. Jay’s mandate also includes enterprise technology and integrated operations.

Since joining the organization as Chief Information Officer in July 2016, Jay has helped TMX to take important strides as a technology-driven solutions provider. From 2019 to 2021, he served as President of CDCC and CDS, TMX’s derivatives and cash equities and fixed income clearing businesses, where his responsibilities included strategic planning and execution, as well as technology operations and incident management.

Mr. Rajarathinam has more than 20 years of financial services technology experience and has managed global teams across a wide range of infrastructure and application domains, including trading, clearing, e-commerce, security and surveillance systems, and networks. Prior to joining TMX Group, he served as Senior Vice President, Global Head of Infrastructure at NYSE/Intercontinental Exchange and earlier in his career, he held senior technology leadership positions at Barclays and at Wells Fargo.

Mr. Rajarathinam holds an MS in Computer Science from the University of Illinois and an MBA in Finance and Strategy from the University of Chicago.

Felicity Gibson

General Manager, Market Operations NZX

Felicity joined NZX in March 2014 and leads the Market Operations team, covering the capital and energy markets' clearing businesses. Before joining NZX, Felicity held capital markets legal and regulatory roles in New Zealand and the United Kingdom, including with the FMA in New Zealand and FCA in the United Kingdom. Felicity holds an LLB and BA (Geography major) from the University of Otago.

Dulani Warnakulasooriya

Head of Enterprise Risk Management & Post Trade Settlement Colombo Stock Exchange (CSE)

Dulani Warnakulasooriya is a capital markets specialist with extensive expertise in risk management, post-trade settlement, and business continuity planning. As the Head of Enterprise Risk Management & Post-Trade Settlement at the Colombo Stock Exchange, she has led critical initiatives, ensuring seamless clearing and settlement operations while mitigating financial and operational risks.

Dulani has played a pivotal role in implementing key projects at the Colombo Stock Exchange, such as the Central Counterparty (CCP) implementation, the Delivery vs. Payment (DvP) settlement mechanism, and the shortening of the settlement cycle to T+2, reinforcing the resilience of Sri Lanka's financial markets. Her leadership, strategic thinking, and adaptability have made her an integral part of the exchange. Dulani’s dedication to strengthening financial market integrity, along with her expertise in disaster recovery and business continuity, has further supported her in serving in her current role as a Senior Vice President.

With an MBA in Finance and a BSc in Statistics from the University of Colombo, Dulani combines strong academic credentials with over 15 years of hands-on experience in trading operations, market surveillance, risk management, and regulatory compliance. She actively contributes to global financial dialogues through her involvement with the WFE Enterprise Risk Working Group and the CCP Working Group. Additionally, she has presented research at international conferences, demonstrating her commitment to advancing risk management frameworks.

Meshal Al-Homaid

Chief of Risk Management, Muqassa Saudi Tadawul Group

Meshal is currently the Chief of Risk Management at Muqassa, the Securities Clearing Center Company. Meshal brings with him around 17 years of experience in Risk Management in the financial sector where he held a number of positions across leading banks in Saudi Arabia. Prior to becoming Chief of Risk, Meshal was Head Risk Modelling and Methodology at Muqassa where he was responsible for model development, calibration, monitoring and documentation. Meshal holds a BSc in Information Systems from King Saud University and a Master’s Degree in Information Systems Management from The University of Sheffield.

Rama Kumanduri

Managing Director & Head of Model Risk Management Options Clearing Corporation (OCC)

Rama Kumanduri is Managing Director and Head of Model Risk Management at the Options Clearing Corporation (OCC). He has extensive experience in model development in option pricing and risk management methodologies. His prior experience includes UBS, Credit Suisse and model development at the OCC.

Aniket Bhanu

Vice President NSE Clearing, National Stock Exchange of India

Mr. Aniket Bhanu has been associated in various capacities with the National Stock Exchange of India group since 2009. His areas of expertise are risk management, derivatives, regulation and policy and has been instrumental in implementation of several market reforms in the CCP space in India. He holds an MBA from the Indian Institute of Management Kozhikode.

Dr. Kaitao Lin

Senior Financial Economist World Federation of Exchanges (WFE)

Kaitao joined the World Federation of Exchanges in May 2020 and currently holds the position of senior financial economist in the Research Team. Kaitao holds a Ph.D. in Finance from the University of Houston and is a Chartered Financial Analyst® (CFA®) charterholder. His research focuses on market microstructure issues, such as trading rules, their effects on market participants, and market quality.  His current work includes ESG and crypto assets. Kaitao’s papers have been accepted for publication in well-regarded academic journals, such as the Quarterly Journal of Finance, and presented in various international conferences, including the U.S. SEC Ph.D. Symposium, the China International Conference in Finance, and the Financial Management Association Annual Meeting.

Laura Bayley

CEO SIX x-clear AG, Head of Clearing Services SIX Group

Laura Bayley is originally a lawyer and has extensive experience in regulatory topics and projects related to financial market infrastructures. She has worked at SIX since 2016 and at SIX x-clear since 2020. As responsible for regulatory and strategic topics within SIX x-clear she has gained insights into the functioning of the clearing market and has been heavily involved in various integration projects between SIX x-clear and BME Clearing. On 01 May 2022, Laura took over the management of SIX x-clear at a legal entity level and continues to be responsible for regulatory and governance topics across BME and SIX on a functional level within the area of clearing. She is also a permanent guest on the Management Board of the Securities Services Business Unit. Prior to working at SIX, Laura worked for a large Swiss law firm after finalising her double degrees in Law and Sinology from the Universities of Zurich and Berne.

Dr. Pedro Gurrola Perez

Head of Research World Federation of Exchanges (WFE)

Pedro joined the World Federation of Exchanges in October 2019 from the Bank of England, where he led the Financial Market Infrastructures Directorate’s Research Team. He had joined the Bank of England in 2013, after two years at the UK Financial Services Authority. Previously, Pedro spent more than 15 years lecturing and doing research at a range of well-regarded academic institutions, including the University of Barcelona and the Instituto Tecnológico Autónomo de México (ITAM). 

Pedro holds two PhDs: one from the University of Barcelona, Spain, and one from the University of Montpellier, France, and has published across key academic journals, including the Journal of Financial Market Infrastructures, the Journal of Risk, International Finance and the Journal of Futures Markets. His recent work includes research on the economics of distributed ledger technologies (DLT) for securities settlement, on the network structure of settlement fails and on market liquidity risk in CCPs. He has also published research on payment systems, back-testing methodologies and on the structure of interest rate futures markets. In 2007 he received the National Award on Derivatives Research, awarded by the Mexican Derivatives Exchange (MexDer).

Cristina Di Luigi

Deputy Head of Post Trading Division, Markets and Payment Systems Oversight Directorate Banca d’Italia

Cristina is Deputy Head of the Post Trading Division of the Markets and Payment Systems Oversight Directorate at Banca d’Italia. Her primary focus is on central clearing, and she has participated in various international policy-making groups addressing central counterparties and, more generally, financial market infrastructures at both European and global level. She represents Banca d’Italia in the CPMI-IOSCO Policy Standing Group. Cristina holds a BSc in Economics and a MSc in International Relations, both from LUISS Guido Carli University in Rome. She is currently a DPhil candidate in Economic Geography at the University of Oxford.

Sebastijan Hrovatin

Deputy Head of Unit in the Financial Markets Infrastructure Unit, DG FISMA European Commission

Sebastijan Hrovatin joined the European Commission in 2005. He is currently the Deputy Head of Unit of the Financial Markets Infrastructure Unit in the Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA). The unit is responsible for several legislative files, including the European Market Infrastructure Regulation (EMIR). In former positions, Sebastijan worked as a Deputy Head of Unit and a policy officer in the Bank Regulation and Supervision Unit in DG FISMA and as a policy officer in the Financial Markets Infrastructure Unit in DG MARKT. Prior to joining the Commission he worked as an economist/chief economist in the private sector. Sebastijan holds a first degree in economics from the University of Ljubljana and an MSc in Finance and Economics from the London School of Economics and Political Science.

Vikram Kothari

Managing Director & CEO, NSE Clearing National Stock Exchange of India

Mr. Vikram Kothari has worked in areas of product development, operations, risk management, sales in the stock exchange, custody, clearing and banking space for more than 20 years. Prior to his current role as Managing Director of NSE Clearing Limited (formerly known as National Securities Clearing Corporation Limited) in India, he worked with organizations like JP Morgan Chase, HSBC, and NSE in various capacities. He joined NSE Clearing Limited in November 2017. He is a graduate from Mumbai University and a Member of the Institute of Chartered Accountants of India.

Xintong Zhan

Professor of Finance Fudan University School of Management

Xintong Zhan is currently a Professor of Finance and holds the Li-Dasan Endowed Chair at the Fudan University School of Management. She is a fellow at the Asian Bureau of Finance and Economic Research (ABFER), a Chartered Financial Analyst (CFA), and a Chartered Alternative Investment Analyst (CAIA). Prof. Zhan's interdisciplinary research focuses on sustainability and ESG, encompassing finance, accounting, real estate, and strategy. Her research has been published in leading international journals in business, with seven papers appearing in the 24 academic journals ranked by the UTD Global Business School Research Rankings (UTD24) and nine papers in the 50 top business school journals identified by the Financial Times (FT50). Her papers have been selected 14 times for the three major international conferences in finance: the American Finance Association Annual Meeting (AFA), the Western Finance Association Annual Meeting (WFA), and the European Finance Association Annual Meeting (EFA). She received multiple research project funds from the Hong Kong Research Grants Council, and has received research support from several overseas research institutions, including the Geneva Wealth Institute in Switzerland and the Canadian Derivatives Institute. She has received various research awards including multiple best paper awards at international academic/practitioner conferences and prizes from well-known financial institutes such as Lyxor Asset Management and Chicago Quantitative Alliance (CQA).

Selina Han

Economist Cboe Global Markets

Selina Han is an Economist in the Public Policy department at Cboe Global Markets, where she applies her strong quantitative research and data science background to analyze U.S. market structure, focusing on options and equities. Her work includes assessing market dynamics, evaluating regulatory proposals, and conducting economic analysis to support the firm’s policy initiatives and senior leadership.

At Cboe, Selina contributes to critical research topics such as order competition, tick size adjustments, and access fee changes. She leverages advanced data analysis techniques to provide evidence-based insights that help the organization navigate evolving regulatory landscapes and better understand market efficiency and liquidity.

With a foundation in quantitative research and experience as a data scientist, Selina combines analytical rigor with practical solutions. She has worked on developing automated trading prototypes, optimizing trading algorithms, and enhancing data products to support decision-making and improve operational efficiency.

Selina brings over 15 years of experience spanning academia and the financial industry. Her curiosity and collaborative approach drive her work, as she aims to translate complex data into actionable insights that benefit both market participants and policymakers.

Ki-Kyung Kim

President, Management Strategy Division Korea Exchange (KRX)

Ki-Kyung Kim is President at the Management Strategy Division at Korea Exchange, having worked at KRX since 2016, in roles such as Director General of the Market Surveillance Department,  Executive Director of the KOSDAQ Market Division, and Director General of the KOSDAQ Listing Department. Mr. Kim has a Bachelor of Laws from Seoul National University.

Nandini Sukumar

Chief Executive Officer World Federation of Exchanges (WFE)

Nandini Sukumar is the Chief Executive Officer of the World Federation of Exchanges, the global association for exchanges and CCPs. The WFE represents more than 250 exchanges and clearing houses globally, educating stakeholders on the vital role played by market infrastructures in the real economy and as a standard setter, finding the consensus on issues among the global membership. Of our members, 37% are in Asia-Pacific, 44% in EMEA and 19% in the Americas. 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). Ms. Sukumar is Vice Chair of IOSCO’s Affiliate Members Consultative Committee and Chair of the AMCC’s Sustainability Taskforce.

Dr. Pedro Gurrola Perez

Head of Research World Federation of Exchanges (WFE)

Pedro joined the World Federation of Exchanges in October 2019 from the Bank of England, where he led the Financial Market Infrastructures Directorate’s Research Team. He had joined the Bank of England in 2013, after two years at the UK Financial Services Authority. Previously, Pedro spent more than 15 years lecturing and doing research at a range of well-regarded academic institutions, including the University of Barcelona and the Instituto Tecnológico Autónomo de México (ITAM). 

Pedro holds two PhDs: one from the University of Barcelona, Spain, and one from the University of Montpellier, France, and has published across key academic journals, including the Journal of Financial Market Infrastructures, the Journal of Risk, International Finance and the Journal of Futures Markets. His recent work includes research on the economics of distributed ledger technologies (DLT) for securities settlement, on the network structure of settlement fails and on market liquidity risk in CCPs. He has also published research on payment systems, back-testing methodologies and on the structure of interest rate futures markets. In 2007 he received the National Award on Derivatives Research, awarded by the Mexican Derivatives Exchange (MexDer).

Jay Rajarathinam

Chief Operating Officer TMX Group

Jay Rajarathinam is Chief Operating Officer, TMX Group. Jay is responsible for the development and execution of the overall enterprise strategy for TMX, focusing on enabling business growth through technology, innovation and optimizing operations. He oversees TMX Datalinx, the enterprise’s data division, with a focus on the design and delivery of new client-centric, data-driven solutions, and TMX VettaFi, a leading US-based, indexing, digital distribution, analytics and thought leadership company, acquired in January 2024. Jay’s mandate also includes enterprise technology and integrated operations.

Since joining the organization as Chief Information Officer in July 2016, Jay has helped TMX to take important strides as a technology-driven solutions provider. From 2019 to 2021, he served as President of CDCC and CDS, TMX’s derivatives and cash equities and fixed income clearing businesses, where his responsibilities included strategic planning and execution, as well as technology operations and incident management.

Mr. Rajarathinam has more than 20 years of financial services technology experience and has managed global teams across a wide range of infrastructure and application domains, including trading, clearing, e-commerce, security and surveillance systems, and networks. Prior to joining TMX Group, he served as Senior Vice President, Global Head of Infrastructure at NYSE/Intercontinental Exchange and earlier in his career, he held senior technology leadership positions at Barclays and at Wells Fargo.

Mr. Rajarathinam holds an MS in Computer Science from the University of Illinois and an MBA in Finance and Strategy from the University of Chicago.