WFEClear 2025
Conference Programme
Day 1 - Tue 01 Apr
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08:30 - 09:00:
Registration
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09:00 - 09:30:
Opening Remarks
Speakers
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Nandini Sukumar Chief Executive Officer World Federation of Exchanges (WFE)
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Eun-Bo Jeong Chairman & CEO Korea Exchange (KRX)
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Yunsu Rhee SFC Commissioner Financial Services Commission
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Dr. Pedro Gurrola Perez Head of Research World Federation of Exchanges (WFE)
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09:30 - 09:40:
Speech
Changes in the Global Financial Environment and the Role of CCPs
Moderator
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Chan-Soo Park President, Clearing Division Korea Exchange (KRX)
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09:40 - 10:55:
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.
Moderator
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Nandini Sukumar Chief Executive Officer World Federation of Exchanges (WFE)
Speakers
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Huan Zhang Chief Risk Officer Nodal Clear
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Sang Uk Park Executive Director, Derivatives Market Division Korea Exchange (KRX)
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Vikram Kothari Managing Director & CEO, NSE Clearing National Stock Exchange of India
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10:55 - 11:10:
Coffee Break
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11:10 - 12:25:
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.
Moderator
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Jiyouji Ueda Executive Director of CCPs, Securities and Derivatives Grupo Bolsa Mexicana de Valores (Grupo BMV)
Speakers
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Randy Priem Markets & Post-Trading Unit Coordinator Belgian Financial Services & Markets Authority (FSMA)
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Shohei Yamagata Chief Manager, Listed Products Clearing Service, Japan Securities Clearing Corporation (JSCC) JPX
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Abdul Hadie Head of Strategic Planning and Enterprise Risk Management IDClear
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12:25 - 13:40:
Lunch
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13:40 - 14:00:
Fireside Chat with CFTC Commissioner Christy Goldsmith Romero
Speakers
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Nandini Sukumar Chief Executive Officer World Federation of Exchanges (WFE)
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Christy Goldsmith Romero Commissioner Commodity Futures Trading Commission (CFTC)
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14:00 - 15:15:
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.
Moderator
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Richard Metcalfe Head of Regulatory Affairs World Federation of Exchanges (WFE)
Speakers
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Laura Bayley CEO SIX x-clear AG, Head of Clearing Services SIX Group
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Boon Gin Tan Chief Executive Officer, Singapore Exchange Regulation SGX
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Sebastijan Hrovatin Deputy Head of Unit in the Financial Markets Infrastructure Unit, DG FISMA European Commission
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15:15 - 15:30:
Coffee Break
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15:30 - 16:45:
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.
Moderator
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Dr. Pedro Gurrola Perez Head of Research World Federation of Exchanges (WFE)
Speakers
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Richard Wise Group Chief Risk Officer Hong Kong Exchanges & Clearing (HKEX)
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Udesh Jha Managing Director, Head of Post-Trade Services CME Group
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18:00 - 20:30:
Opening Reception
Day 2 - Wed 02 Apr
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08:30 - 09:00:
Registration
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09:00 - 09:45:
Speech
Speaker
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Angelina Kwan Senior Advisor IMC Asia Pacific
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09:45 - 10:00:
Coffee Break
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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.
Moderator
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Richard Metcalfe Head of Regulatory Affairs World Federation of Exchanges (WFE)
Speakers
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Stéphane Janin Head of Global Regulatory Developments and Public Affairs AXA Investment Managers
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Dr. Jutaro Kaneko Deputy Commissioner for International Affairs Financial Services Agency Japan
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Tetsuo Otashiro Director, Global Policy & Regulation, OTC Derivative Clearing Service, Japan Securities Clearing Corporation (JSCC) JPX
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Summer Mersinger Commissioner Commodity Futures Trading Commission (CFTC)
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11:00 - 11:15:
Coffee Break
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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.
Moderator
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Selina Han Economist Cboe Global Markets
Discussant
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Dr. Jie (Jay) Cao Professor, School of Accounting and Finance Hong Kong Polytechnic University
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12:00 - 13:30:
Lunch
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12:30 - 13:30:
CCP Working Group Meeting
(CCPWG Members Only)
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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.
Moderator
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Gerard Smith Vice President, Head of Post Trade Product Strategy Nasdaq
Speakers
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Huan Zhang Chief Risk Officer Nodal Clear
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Pataravasee Suvarnsorn Senior Executive Vice President, Head of Operation Management Division, and Managing Director, Thailand Clearing House The Stock Exchange of Thailand (SET)
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Viacheslav Fradin EVP, Chief Risk Officer Tel-Aviv Stock Exchange
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Olivier Léon Vice-President & Chief Risk Officer, TMX Post-Trade Services TMX Group
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14:30 - 14:45:
Coffee Break
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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.
Moderator
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Dr. Kaitao Lin Senior Financial Economist World Federation of Exchanges (WFE)
Discussant
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Julie Schoening Global Head of Risk and Compliance Graviton Research Capital
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15:30 - 15:45:
Coffee Break
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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?
Moderator
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Angelina Kwan Senior Advisor IMC Asia Pacific
Speakers
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Randy Priem Markets & Post-Trading Unit Coordinator Belgian Financial Services & Markets Authority (FSMA)
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Massimo Morini Professor of Blockchain & Cryptocurrencies, USI Lugano Università della Svizzera italiana
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Julie Schoening Global Head of Risk and Compliance Graviton Research Capital
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Dr. Christian Chamorro-Courtland Senior Lecturer, School of Law Western Sydney University
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18:00 - 21:30:
Gala Dinner
Day 3 - Thu 03 Apr
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08:30 - 09:00:
Registration
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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.
Moderator
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Charlie Ryder Regulatory Affairs Manager World Federation of Exchanges (WFE)
Speakers
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Burak Akan CCP Director, Takasbank Borsa Istanbul
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Dr. Alicia Greenwood Chief Executive Officer, JSE Clear, and Director of Post Trade Services Johannesburg Stock Exchange (JSE)
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Boon Gin Tan Chief Executive Officer, Singapore Exchange Regulation SGX
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Tao Chen Group Head of Quantitative Risk Management Hong Kong Exchanges & Clearing (HKEX)
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10:00 - 10:15:
Coffee Break
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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.
Moderator
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Nicola Zaugg Senior Researcher & Quant Engineer swissQuant
Discussant
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Aniket Bhanu Vice President NSE Clearing, National Stock Exchange of India
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11:00 - 11:15:
Coffee Break
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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.
Moderator
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Jay Rajarathinam Chief Operating Officer TMX Group
Speakers
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Meshal Al-Homaid Chief of Risk Management, Muqassa Saudi Tadawul Group
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Rama Kumanduri Managing Director & Head of Model Risk Management Options Clearing Corporation (OCC)
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Felicity Gibson General Manager, Market Operations NZX
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Dulani Warnakulasooriya Head of Enterprise Risk Management & Post Trade Settlement Colombo Stock Exchange (CSE)
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12:15 - 13:30:
Lunch
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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.
Moderator
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Aniket Bhanu Vice President NSE Clearing, National Stock Exchange of India
Discussant
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Dr. Kaitao Lin Senior Financial Economist World Federation of Exchanges (WFE)
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14:15 - 14:30:
Coffee Break
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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.
Moderator
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Laura Bayley CEO SIX x-clear AG, Head of Clearing Services SIX Group
Speakers
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Cristina Di Luigi Deputy Head of Post Trading Division, Markets and Payment Systems Oversight Directorate Banca d’Italia
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Vikram Kothari Managing Director & CEO, NSE Clearing National Stock Exchange of India
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Sebastijan Hrovatin Deputy Head of Unit in the Financial Markets Infrastructure Unit, DG FISMA European Commission
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Dr. Pedro Gurrola Perez Head of Research World Federation of Exchanges (WFE)
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15:30 - 15:45:
Coffee Break
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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.
Moderator
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Xintong Zhan Professor of Finance Fudan University School of Management
Discussant
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Selina Han Economist Cboe Global Markets
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16:30 - 16:45:
Concluding Remarks & Announcement of WFEClear 2026
Moderators
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Nandini Sukumar Chief Executive Officer World Federation of Exchanges (WFE)
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Dr. Pedro Gurrola Perez Head of Research World Federation of Exchanges (WFE)
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Ki-Kyung Kim President, Management Strategy Division Korea Exchange (KRX)
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Jay Rajarathinam Chief Operating Officer TMX Group
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17:00 - 20:00:
Farewell Reception
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17:00 - 18:00:
Optional KRX Tour