Conference Programme

    • 08:30 - 09:00

      Registration

    • 09:00 - 09:20

      Opening Remarks

      Speakers
      • Nandini
        Nandini Sukumar Chief Executive Officer The World Federation of Exchanges
      • Nandini Sukumar

        Chief Executive Officer The World Federation of Exchanges

        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
        Dr. Pedro Gurrola Perez Head of Research The World Federation of Exchanges
      • Dr. Pedro Gurrola Perez

        Head of Research The World Federation of Exchanges

        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).

      • Eun-bo Jeong

        Chairman & CEO Korea Exchange (KRX)
    • 09:20 - 09:30

      Speech


      Speaker
      • Chan-soo Park

        President, Clearing Division Korea Exchange (KRX)
    • 09:30 - 10:45

      Capacity Building Session 1: The Role, Function & Workings of the CCP

      The core principles of clearing presented by experts from industry. What is the role of Central Counterparties (CCPs) and their dynamics within the market? Covering the CCP rulebook, strategies for risk management, understanding the default waterfall, the pivotal role of governance practices, the advantages of multilateral netting, the influence of incentives, and the proactive function of margin practices that provide knock-on benefits for the wider financial system.


      Chair
      • Nandini
        Nandini Sukumar Chief Executive Officer The World Federation of Exchanges
      • Nandini Sukumar

        Chief Executive Officer The World Federation of Exchanges

        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.

      Speakers
      • Christopher
        Christopher Jones Chief Operating Officer LME Clear
      • Christopher Jones

        Chief Operating Officer LME Clear

        Chris is Chief Operating Officer at LME Clear, following his tenure as Chief Risk Officer of LME Group in 2017. He was previously a managing director and chief risk officer at LCH.Clearnet Group Ltd, where he was at the forefront of developments in the risk and clearing space, including regulatory change, the launch of several clearing services in new markets, and the active management of major defaults such as Lehman Brothers and MF Global.

      • Huan
        Huan Zhang Chief Risk Officer Nodal Clear
      • 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).

      • Sangwook Park

        Executive Director, Derivatives Division Korea Exchange (KRX)
    • 10:45 - 11:00

      Coffee Break

    • 11:00 - 12:15

      Capacity Building Session 2: From CSD to CCP: At what stage is creating a CCP beneficial?

      This session will offer a roadmap for financial markets in their shift to incorporating a CCP. Delving into the transition, we will focus on assessing the viability, advantages, risks, and impacts associated with integrating a CCP into the market framework. We will highlight crucial steps for a seamless transition, including the establishment or modification of operational systems and processes, collaboration with regulators, execution of testing and simulations to guarantee system and procedure preparedness, and provision of comprehensive education and training to market participants.

      Speakers
      • Randy
        Randy Priem Markets & Post-Trading Unit Coordinator Belgian Financial Services & Markets Authority (FSMA)
      • 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
    • 12:15 - 13:30

      Lunch

    • 13:30 - 14:45

      Capacity Building Session 3: The Legal & Regulatory Framework

      This session covers the legal and supervisory arrangements that provide a solid foundation for capital markets generally, and CCPs in particular. We will set out the main features of the regulatory regime relating to CCPs, including the Principles for Financial Market Infrastructures (PFMI) and the 2009 G20 reforms. We’ll also cover current policy discussions on margin practices, non-default loss arrangements, and recovery and resolution mechanisms.


      Chair
      • Richard
        Richard Metcalfe Head of Regulatory Affairs The World Federation of Exchanges
      • Richard Metcalfe

        Head of Regulatory Affairs The World Federation of Exchanges

        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.

      Speakers
      • Laura
        Laura Bayley Head of Clearing Services SIX
      • Laura Bayley

        Head of Clearing Services SIX

        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.

    • 14:45 - 15:00

      Coffee Break

    • 15:00 - 16:15

      Capacity Building Session 4: An Introduction to Modelling and Methodologies

      This session will outline how risk managers at CCPs approach clearing risk management, focusing specifically on risk modelling as part of the overall risk methodology. We will illustrate the calculation methodologies behind initial margin requirements for cleared portfolios and how these interact with market volatility to ensure the stability and robustness of a CCP. Discussions will cover the ongoing debate on procyclicality and the factors influencing margin requirements in times of market upheaval.


      Chair
      • Dr. Pedro
        Dr. Pedro Gurrola Perez Head of Research The World Federation of Exchanges
      • Dr. Pedro Gurrola Perez

        Head of Research The World Federation of Exchanges

        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).

      Speakers
      • Richard
        Richard Wise Group Chief Risk Officer Hong Kong Exchanges & Clearing (HKEX)
      • 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.

      • Tao
        Tao Chen Group Head of Quantitative Risk Management Hong Kong Exchanges & Clearing (HKEX)
      • 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. David
        Dr. David Murphy Visiting Professor, Department of Law London School of Economics (LSE)
      • 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.

    • 17:00 - 20:00

      Opening Reception

    • 08:30 - 09:00

      Registration

    • 09:00 - 09:45

      Academic Keynote

      It must be clearing? The mandatory central clearing of OTC derivatives at fifteen

      Speaker
      • Dr. David
        Dr. David Murphy Visiting Professor, Department of Law London School of Economics (LSE)
      • 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.

    • 09:45 - 10:00

      Coffee Break

    • 10:00 - 11:00

      Panel: Pittsburgh, 15 years and counting – how is the clearing mandate working?

      This discussion will reflect on lessons learned from the implementation of mandatory clearing for OTC derivatives and assess its implications for broader financial markets, such as treasuries. Key topics include impacts on systemic resilience and market transparency, as well as considerations for market participants, and the potential effects of mandates on liquidity, pricing, and operations in both primary and secondary markets. Was the OTC derivatives mandate calibrated correctly? Where are the natural limits of clearing mandates? We will also discuss the integration of treasury securities clearing with futures, swaps, and other products to optimise margin efficiency and reduce risk across asset classes, analyse the feasibility and implications of government bond clearing in jurisdictions beyond the US, and conduct a forward-looking examination of whether additional instruments should fall under mandatory clearing requirements.


      Chair
      • Richard
        Richard Metcalfe Head of Regulatory Affairs The World Federation of Exchanges
      • Richard Metcalfe

        Head of Regulatory Affairs The World Federation of Exchanges

        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.

      Speakers
      • Stéphane
        Stéphane Janin Head of Global Regulatory Developments and Public Affairs AXA Investment Managers
      • 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.

      • Summer
        Summer Mersinger Commissioner Commodity Futures Trading Commission (CFTC)
      • 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.

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



      • Jutaro
        Jutaro Kaneko Deputy Commissioner for International Affairs Financial Services Agency (FSA)
      • Jutaro Kaneko

        Deputy Commissioner for International Affairs Financial Services Agency (FSA)

        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.

    • 11:00 - 11:15

      Coffee Break

    • 11:15 - 12:00

      Academic Paper Presentation

      Unveiling the Sophistication: Understanding Retail Investors' Trading Behavior in the U.S. Options Market

      This paper explores retail trading in U.S. options markets, addressing key limitations in existing research, including flawed data proxies, calculation missteps, and assumptions about market dynamics. Challenging the notion that retail investors primarily engage in simple long options, we highlight their use of complex orders and risk management techniques. Using Cboe data and an extended timeframe, this study offers insights that refine our understanding of retail trading sophistication and behavior.


      Presenter
      • Selina
        Selina Han Economist Cboe Global 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.

      Discussant
      • Dr. Jie (Jay)
        Dr. Jie (Jay) Cao Professor, School of Accounting and Finance Hong Kong Polytechnic University
      • 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.

    • 12:00 - 13:30

      Lunch

    • 12:30 - 13:30

      CCP Working Group Meeting

       (CCPWG Members Only)

    • 13:30 - 14:30

      Panel: Clearing 24/7 Trading - Challenges & Prerequisites

      This panel explores the challenges and prerequisites for CCPs for 24/7 clearing, focusing on operational resilience, liquidity management, and technology. Does the cost/benefit analysis make sense? How is margin collected overnight? Will different risk models be needed for different times of the day? What is the optimal frequency for netting? The panel will discuss required enhancements to operational resilience to ensure round-the-clock system stability and effective default management outside traditional market hours, as well as liquidity management vis a vis the complexities of intraday and overnight margin calls, and liquidity provision across different time zones. Our panellists will also address whether CCPs would need access to central bank deposit accounts to enhance liquidity, reduce settlement risk, and support continuous clearing, while weighing the regulatory and systemic implications.

      Speakers
      • Christopher
        Christopher Jones Chief Operating Officer LME Clear
      • Christopher Jones

        Chief Operating Officer LME Clear

        Chris is Chief Operating Officer at LME Clear, following his tenure as Chief Risk Officer of LME Group in 2017. He was previously a managing director and chief risk officer at LCH.Clearnet Group Ltd, where he was at the forefront of developments in the risk and clearing space, including regulatory change, the launch of several clearing services in new markets, and the active management of major defaults such as Lehman Brothers and MF Global.

      • Huan
        Huan Zhang Chief Risk Officer Nodal Clear
      • 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).

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

      • Val
        Val Wotton Managing Director, General Manager of Equity Clearing, Settlement, and Institutional Trade Processing Depository Trust and Clearing Corporation (DTCC)
      • Val Wotton

        Managing Director, General Manager of Equity Clearing, Settlement, and Institutional Trade Processing Depository Trust and Clearing Corporation (DTCC)

        Valentino (Val) Wotton is Managing Director and General Manager of NSCC’s Equity Clearing, DTC’s Settlement Service and DTCC’s Institutional Trade Processing (ITP). In this role, he oversees equity clearing for trades executed on major U.S. exchanges and other equity trading venues and the central securities depository which completes the transfer between trading parties of securities and cash. He also leads the firm’s global middle-office trade processing solutions, including CTM, ALERT and TradeSuite ID. Working closely with his global team, clients, industry organizations and his peers, Val focuses on setting business strategy, growing and enhancing services, and delivering increased value to clients, enabling them to meet evolving operational, risk and regulatory compliance demands such as global accelerated settlement efforts. Additionally, Val is the Regional Administrative Manager for DTCC EMEA, Chairman of the DTCC EMEA Operating Committee, and a voting member on the DTCC ITP LLC Board.

        Prior to this role, Val was Managing Director of Product Development and Strategy, Repository and Derivatives Services, where he was responsible for overseeing the firm’s Global Trade Repository (GTR), Trade Information Warehouse (TIW) and Report Hub services.

        Before DTCC, Val served as Global Head of Markets, Post-Trade Services and Europe Markets Operations at Barclays, with oversight for all post-trade processing including U.S. and internal securities settlement and asset servicing. Previously, Val held several senior roles at Citigroup.

        During his career, Val has served on several Boards and Committees, including DTCC’s Deriv/SERV Board, LCH OTC Deriv Net, and the International Swaps & Derivatives Organization’s (ISDA) Market Infrastructure & Technology Committee (MITOC).

        Val holds a Bachelor of Law (with French) degree from Nottingham Trent University.

    • 14:30 - 14:45

      Coffee Break

    • 14:45 - 15:30

      Academic Paper Presentation

      The Effect of DLT Settlement Latency on Market Liquidity

      This paper investigates the causal relationship between settlement latency introduced by permissionless Distributed Ledger Technology (DLT) and cryptocurrency market liquidity. We identify blockchain mining power as an instrumental variable for DLT settlement latency and find that settlement latency significantly lowers liquidity. We also document that such latency reduces the adverse selection costs and increases the inventory management costs faced by liquidity suppliers. The findings highlight the trade-off between decentralized, near instantaneous settlement cycles offered by DLT and the potential adverse impacts on market quality.


      Presenter
      • Dr. Kaitao
        Dr. Kaitao Lin Senior Financial Economist The World Federation of Exchanges
      • Dr. Kaitao Lin

        Senior Financial Economist The World Federation of Exchanges

        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.

      Discussant
      • Julie
        Julie Schoening Global Head of Risk and Compliance Graviton Capital Research
      • Julie Schoening

        Global Head of Risk and Compliance Graviton Capital Research

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

        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.

    • 15:30 - 15:45

      Coffee Break

    • 15:45 - 16:45

      Panel: Predicting The Future CCP: DLT, Atomic Settlement, Disintermediation, and Auto-Liquidation

      This panel will examine how emerging technologies—such as Distributed Ledger Technology (DLT), disintermediated clearing, and auto-liquidation—may reshape the future of CCPs. What efficiencies and cost savings could blockchain and smart contracts unlock? How can interoperability between DLT platforms and traditional clearinghouses be achieved? Discussions will also address the sustainability of disintermediated models, regulatory gaps, and the effects of automation on market stability. Is there market demand for such services? Which market segments are most likely to embrace these innovations, and where will resistance be strongest? If intermediaries are displaced, how will CCPs evolve, and will this lead to greater market fragmentation or improved efficiency?

      Speakers
      • Randy
        Randy Priem Markets & Post-Trading Unit Coordinator Belgian Financial Services & Markets Authority (FSMA)
      • 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.

      • Julie
        Julie Schoening Global Head of Risk and Compliance Graviton Capital Research
      • Julie Schoening

        Global Head of Risk and Compliance Graviton Capital Research

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

        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.

    • 19:00 - 22:00

      Gala Dinner

    • 08:30 - 09:00

      Registration

    • 09:00 - 10:00

      Panel: Artificial Intelligence in Clearing

      This panel explores the role of Artificial Intelligence at CCPs, and how AI-driven solutions may influence operational efficiency and decision-making in central clearing. Attendees will gain insights on potential uses in areas such as margining practices and predictive analytics, as well the challenges of integrating AI into traditional clearing systems. How should AI models be monitored? To what extent can AI models operate on their own? The panel will discuss how to maintain transparency in AI models, manage regulatory compliance in a rapidly evolving technological environment, and navigate the associated complexities of data governance and cybersecurity.

      Speakers
      • Burak
        Burak Akan CCP Director, Takasbank Borsa Istanbul
      • 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.

      • Dr. Alicia
        Dr. Alicia Greenwood Chief Executive Officer, JSE Clear, and Director of Post Trade Services Johannesburg Stock Exchange
      • Dr. Alicia Greenwood

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

        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.

    • 10:00 - 10:15

      Coffee Break

    • 10:15 - 11:00

      Academic Paper Presentation

      Covariance-Filtered Historical Simulation using Simultaneous Diagonalization

      We introduce an extension to filtered historical simulation (FHS) for risk-measure calculation, called Orthogonal-FHS. By applying an orthogonal transformation to the returns of the classical FHS, the Orthogonal-FHS automatically filters the correlation of the risk factors. We describe a generic framework for the Orthogonal-FHS and show under which conditions it offers robust risk measures. Using a simultaneous diagonalization algorithm we implement an Orthogonal-VaR and show its effectiveness on both simulated and empirical data.


      Presenter
      • Nicola
        Nicola Zaugg Senior Researcher & Quant Engineer swissQuant
      • 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.

      Discussant
      • Aniket
        Aniket Bhanu Vice President NSE Clearing, National Stock Exchange of India
      • 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.

    • 11:00 - 11:15

      Coffee Break

    • 11:15 - 12:15

      Panel: Aligning CCP Enterprise Risk Management at Group Level

      This panel explores how CCPs within market infrastructure groups align enterprise risk management (ERM) at the group level while maintaining subsidiary autonomy. Discussions will cover governance, risk identification, operational resilience, regulatory alignment, and technology integration. Key questions include how subsidiaries share risk practices, balance local and group oversight, and ensure consistency across diverse markets. What are the fundamental principles of ERM? How does the group model compare with the ERM for standalone CCPs? The audience will gain insights into fostering unified risk cultures, leveraging technology, and managing cross-border regulatory challenges to enhance overall group resilience.

      Speakers
      • Serhan Gokturk

        Chairman, Abu Dhabi Clear, and Chief Risk Officer Abu Dhabi Securities Exchange (ADX)
      • Dulani Warnakulasooriya

        Senior Vice President, Enterprise Risk Management & Post Trade Settlement Colombo Stock Exchange (CSE)
    • 12:15 - 13:30

      Lunch

    • 13:30 - 14:15

      Academic Paper Presentation

      The effect of clearing de-fragmentation on fragmented trading

      In many markets, trading occurs across multiple exchanges or trading venues, leading to fragmentation. Central counterparty (CCP) clearing can either mirror this fragmentation or be consolidated through a single CCP or multiple interoperable CCPs. This paper examines the impact of choice of clearing model on trader behaviour under trading fragmentation. The paper shows that when the inter-exchange arbitrage costs are high, informed traders may prefer supplying liquidity on less liquid exchange. However, when such costs are reduced on account of netting after consolidation of clearing, they prefer supplying liquidity on more liquid exchange instead. Using data from implementation of CCP interoperability in India, the paper shows that clearing de-fragmentation improves price informativeness, narrows bid-ask spreads, and improves welfare by reducing adverse selection for uninformed traders.


      Presenter
      • Aniket
        Aniket Bhanu Vice President NSE Clearing, National Stock Exchange of India
      • 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.

      Discussant
      • Dr. Kaitao
        Dr. Kaitao Lin Senior Financial Economist The World Federation of Exchanges
      • Dr. Kaitao Lin

        Senior Financial Economist The World Federation of Exchanges

        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.

    • 14:15 - 14:30

      Coffee Break

    • 14:30 - 15:30

      Panel: Consolidation, Integration, and Interoperability

      This panel will explore the future of post-trade infrastructure, weighing the benefits of market consolidation and integration versus fostering interoperability and open access. What challenges exist? How do legislative frameworks impact prospects for consolidation? Our panellists will also discuss the impact of vertical integration on transparency, risk management, and clearing members, and outline whether post-trade consolidation is a viable route to boost competitiveness in Europe.

      Speakers
      • Vikram
        Vikram Kothari Managing Director, NSE Clearing National Stock Exchange of India
      • Vikram Kothari

        Managing Director, 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.

      • Cristina
        Cristina Di Luigi Senior Expert, Post Trading Division, Markets and Payment Systems Oversight Directorate Banca d’Italia
      • Cristina Di Luigi

        Senior Expert, Post Trading Division, Markets and Payment Systems Oversight Directorate Banca d’Italia

        Cristina Di Luigi is a Senior Expert in the Post Trading Division of the Markets and Payment Systems Oversight Directorate at the Bank of Italy. Her primary focus is on central clearing, and she participates in various international policy-making groups that address central counterparties and, more generally, financial market infrastructures. Cristina holds a BSc in Economics and an MSc in International Relations, both from LUISS Guido Carli University in Rome. She is also a DPhil candidate in Economic Geography at the University of Oxford.

      • Laura
        Laura Bayley Head of Clearing Services SIX
      • Laura Bayley

        Head of Clearing Services SIX

        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.

    • 15:30 - 15:45

      Coffee Break

    • 15:45 - 16:30

      Academic Paper Presentation

      Betting Against the Crowd: Option Trading and Market Risk Premium

      We find aggregate equity call options order imbalance (ACIB) is a strong predictor of stock market returns from days to months. Further evidence indicates that ACIB tends to reflect sentiment from retail investors. Market timing strategies based on ACIB can achieve superior performance compared to the buy-and-hold investment. We document consistent results using stock market returns from fourteen alternative financial markets.


      Presenter
      • Dr. Jie (Jay)
        Dr. Jie (Jay) Cao Professor, School of Accounting and Finance Hong Kong Polytechnic University
      • 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.

      • Xintong
        Xintong Zhan Professor of Finance Fudan University School of Management
      • 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).

    • 16:30 - 16:45

      Concluding Remarks & Announcement of WFEClear 2026


      Speakers
      • Nandini
        Nandini Sukumar Chief Executive Officer The World Federation of Exchanges
      • Nandini Sukumar

        Chief Executive Officer The World Federation of Exchanges

        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
        Dr. Pedro Gurrola Perez Head of Research The World Federation of Exchanges
      • Dr. Pedro Gurrola Perez

        Head of Research The World Federation of Exchanges

        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).

      • Kikyung
        Kikyung Kim President, Management Strategy Division Korea Exchange (KRX)
      • Kikyung 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.

    • 16:45 - 19:30

      Farewell Reception