Conference Programme
-
-
08:30 - 09:00
Registration
All participants
Venue: Rixos Tersane Istanbul
Dress code for all events: Business casual
-
09:00 - 13:00
Working Committee Meeting
WFE Members & Speakers only
-
13:00 - 14:00
Lunch
WFE Board of Directors, Working Committee Members, Speakers, Special Guests, and LTPs only
-
14:00 - 17:00
WFE Board of Directors Meeting
WFE Board of Directors only
Speakers
Boon Chye Loh
Chief Executive Officer, Singapore Exchange Group & Chairman, The World Federation of Exchanges
Mr Loh Boon Chye joined SGX as CEO on 14 July 2015. He is also an Executive and Non-Independent Director on the SGX Board. As CEO, he drives SGX’s growth strategy, with the aim of transforming SGX into a world-class multi-asset exchange.Over the years, Mr Loh has played a key role in the development of Southeast Asia’s capital markets, having held a number of senior advisory positions. Apart from his directorship on the SGX Board from 2003 to 2012, he has been on the Boards of GIC Pte Ltd since November 2012, Economic Development Board Singapore since February 2017 and the World Federation of Exchanges since September 2017. He is also Chairman of the Sim Kee Boon Institute for Financial Economics Advisory Board and Co-Chair of the Council for Board Diversity.
With a career in the financial industry that spans three decades, Mr Loh was most recently Deputy President and Head of Asia Pacific Global Markets at Bank of America-Merrill Lynch from December 2012 to May 2015. He was also the bank’s Country Executive for Singapore and Southeast Asia and a member of its Asia Pacific Executive Committee. From 1995 to 2012, Mr Loh was with Deutsche Bank AG, where he held various leadership roles including Head of Corporate & Investment Banking for Asia Pacific and Head of Global Markets for Asia.
Mr Loh is a council member and Distinguished Fellow at the Institute of Banking & Finance Singapore and a council member at the Singapore Business Federation. He was also previously Chairman of the Singapore Foreign Exchange Market Committee, as well as Deputy President of ACI Singapore.
Mr Loh holds a Bachelor of Engineering degree from the National University of Singapore.
John McKenzie
Chief Executive Officer, TMX Group & Vice-Chairman, The World Federation of Exchanges
Mr. McKenzie is a member of the TMX Group Board of Directors and also a member of the Board of Directors of several TMX Group subsidiaries.
Mr. McKenzie has worked for TMX for over 20 years; prior to his appointment as CEO on August 17, 2020, he served as Chief Financial Officer and was responsible for corporate strategy, corporate development, investor relations and the financial management of the company as well as for the administrative oversight of TMX Group’s Capital Formation business. He has led various TMX acquisitions, including the Maple transaction, and the acquisitions of Montréal Exchange and Trayport.
From July 2015 to August 2016, Mr. McKenzie served as President of CDS, Canada’s equity and fixed income clearing house and a wholly-owned subsidiary of TMX Group. Prior to that he was the Chief Operating Officer (COO) and CFO of CDS.
Mr. McKenzie is a Chartered Professional Accountant (CPA, CMA) and has an MBA from Edinburgh Business School, Heriot-Watt University and an Honours BA from Wilfrid Laurier University. He has served on a number of boards, and is currently the Vice-Chairman of the World Federation of Exchanges, and a Board Member and Treasurer for the Hamilton Health Sciences Foundation.
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 its members, 35% are in Asia-Pacific, 45% in EMEA and 20% in the Americas. WFE exchanges are home to 47,919 listed companies, and the market capitalisation of these entities is over $109 trillion; around $137 trillion (EOB) in trading annually passes through WFE members (at end 2020). WFE’s 57 member CCPs collectively ensure that risk takers post some $800bn (equivalent) of resources to back their positions, in the form of initial margin and default fund requirements. Ms. Sukumar is Vice Chair of IOSCO’s Affiliate Members Consultative Committee and Chair of the AMCC’s Sustainability Taskforce.
-
-
17:00 - 18:30
Journey to the Opening Reception
All participants
-
18:30 - 20:00
Opening Reception
All participants
-
-
-
07:30 - 08:00
Registration
All participants
Venue: Rixos Tersane Istanbul
Dress code for all events: Business casual
-
08:00 - 10:00
WFE General Assembly
WFE Members only
-
10:00 - 10:15
Coffee Break
-
10:15 - 10:30
Opening Ceremony of the Annual Meeting and Welcome Remarks
All participants
Speakers
Korkmaz Ergun
Chief Executive Officer Borsa Istanbul
Korkmaz Ergun earned his undergraduate degree at Ankara University Faculty of Political Science, Department of Business Administration and started his career at Borsa İstanbul the same year. He completed his masters’ degree and PhD at Marmara University, Faculty of Economics. Having 25 years of Stock Exchange and Capital Markets experience, Ergun has administered the evaluation of the initial public offerings of numerous companies, and the examination and market activities of the companies listed on Borsa İstanbul. Moreover, Ergun is the Deputy Chairman of Takasbank Board of Directors. He is also a Board Member of the World Federation of Exchanges (WFE).
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 its members, 35% are in Asia-Pacific, 45% in EMEA and 20% in the Americas. WFE exchanges are home to 47,919 listed companies, and the market capitalisation of these entities is over $109 trillion; around $137 trillion (EOB) in trading annually passes through WFE members (at end 2020). WFE’s 57 member CCPs collectively ensure that risk takers post some $800bn (equivalent) of resources to back their positions, in the form of initial margin and default fund requirements. Ms. Sukumar is Vice Chair of IOSCO’s Affiliate Members Consultative Committee and Chair of the AMCC’s Sustainability Taskforce.
-
-
10:30 - 11:30
Session 1: The Winds of Change: Are Exchange Groups About to Enter the Next Chapter?
Each year brings change, but the pace of change seems to be speeding up for exchange groups. What have been the key drivers over the last year and what will they be for the next 18 months? What is likely to influence the the market infrastructure of the future? What are the key factors that will be shape our industry over the coming years?
-
11:30 - 12:30
Session 2: 24/7 Market Infrastructure: Are We There Yet?
It’s the hottest topic of the year. Why is 24/7 trading back in fashion? Will it succeed this time after many dawns? Continuous or near-continuous trading already exists in some markets, but should this be reflected across more asset classes? As we explore the implications of 24/7 clearing, trading, and settlement, what does an “always on” markets mean for operational resilience and market efficiency?
-
12:30 - 13:30
Lunch
All Participants
-
13:30 - 14:30
Session 3: Financing The Future: How Can Private & Public Markets Work Together?
All Participants
Exchanges have seen a decline in listings while private markets grow. How can exchanges attract large companies to market? What is the interplay today between public and private markets? Has the dynamic changed? How should the two work together to complement each other while supporting healthy, informed and efficient capital markets. What are the key trends being observed in private and public markets? What is driving those trends? What impacts and risks do they pose for capital markets and economies more broadly? What are the respective roles of private and public markets in a healthy capital markets ecosystem? Should disclosure change in either market? How should regulation and policy evolve to ensure that public and private markets each play their respective roles effectively?
-
14:30 - 14:45
Coffee Break
-
14:45 - 15:15
Session 4: A Millenia of Exchanges
We look back the history of organised exchanges, tracing our industry’s origins in ceramic, spice, and bullion trading and exploring what this heritage tells us about the enduring social and economic role of exchanges as marketplaces, information hubs, and trust mechanisms.
Speaker
William J. Brodsky
Chairman Cedar Street Asset Management
William J. Brodsky has been in the investment business since 1968 and joined Cedar Street Asset Management LLC in 2016 to serve as on its Advisory Board.
From 1997 to 2017, Bill served as Chairman of CBOE Holdings, Inc. and its predecessor firms. Bill also served as the Chief Executive Officer of the CBOE from 1997 to 2013 overseeing its demutualization leading to an IPO in 2010 and the creation of futures and options on VIX (the CBOE Volatility Index).
Bill has served on the board of Northwestern Memorial Hospital and its affiliates for 22 years including 14 years as chairman of its investment committee and Chairman of the Hospital board from 2012 to 2016. He is currently the Chairman of Navy Pier, Inc. and an advisor at Madison Dearborn Partners and serves on the Board of Directors of WEC Energies, an S&P 500 company.
-
-
15:15 - 16:15
Session 5: Equity Markets for Growth Companies
Speaker
Carmine Di Noia
Director for Financial and Enterprise Affairs OECD
Carmine Di Noia has been the Director for Financial and Enterprise Affairs at the OECD since 2022.
Previously, he was Commissioner of the Italian Securities and Exchange Commission (CONSOB), beginning in 2016. He was also alternate member of the Board of IOSCO and the Board of Supervisor at the European Securities and Markets Authority (ESMA), Chair of the Committee of Economic and Markets Analysis (CEMA) and of the Post-Trading Standing Committee at ESMA, and Vice Chair of the Corporate Governance Committee at OECD.
He had been Deputy Director General at Assonime, member of the Board of the Italian Stock Exchange, Chairman of the Policy Committee of EuropeanIssuers and Head of the technical secretariat of the Italian Corporate Governance Committee.
He was a member of various working groups at the European Commission: European Securities Market Expert Group (ESME), Clearing and Settlement Advisory Monitoring Expert Group (CESAME), Forum Group on Auditors Liability, Securities Expert Group on FSAP.
He is Full Professor of Financial Markets and Banking at the Business School of Luiss University in Rome.
He holds a Ph.D. in Economics at the University of Pennsylvania and a Doctorate in Economic Theory and Institutions at Tor Vergata University.
-
-
16:15 - 16:30
Coffee Break
-
16:30 - 17:30
WFE Board of Directors Meeting
WFE Board Members only
-
17:30 - 19:00
Cocktail Reception
All Participants
-
19:00 - 22:00
WFE Gala Dinner
All Participants
-
-
-
08:30 - 09:00
Registration
All Participants
Venue: Rixos Tersane Istanbul
Dress code for all events: Business casual
-
09:00 - 10:00
Session 6: Award – Exchange Group Innovation in Market Infrastructure
-
10:00 - 10:15
Coffee Break
-
10:15 - 11:00
Session 7: The Role of The Regulator in Market Development
What is the role of the securities market regulator in the development of markets? While there has been a traditional focus on supervision, enforcement and monitoring resilience, some, though not all, regulators are recognising their fundamental role in helping the markets they supervise, develop and evolve. How can, and should, regulators enable market evolution without compromising their core mandate? How should regulators consider the rise of “Finfluencers”? Should regulators be neutral referees, or active participants steering innovation? How can regulators balance fostering competition with maintaining systemic stability? At what point does regulatory caution become a brake on progress, and when does permissiveness turn into regulatory capture?
-
11:00 - 11:15
Coffee Break
-
11:15 - 12:00
Session 8: T+1: Convergence, Fragmentation, and What Comes Next
As India and North America settle into T+1 and Europe and the UK prepare for a 2027 shift, the conversation turns to global synchronisation, cross-border frictions, and operational readiness. What are the consequences of an asynchronous global landscape? What is the readiness of Asian markets? What is the readiness of emerging & frontier markets? What is the evolving role of CCPs and CSDs? Is T+0 or atomic settlement a logical next step. Does a patchwork of settlement cycles increase operational risk? What role should FMIs play in fostering convergence? And as per the WFE’s recent white paper, what factors should different jurisdictions decide whether to move their settlement cycles?
-
12:00 - 13:00
Lunch
All Participants
-
13:00 - 13:45
Session 9: Gold Reimagined: Market Infrastructure and Investor Demand in a New Era
“Gold is a treasure, and he who possesses it does all he wishes to in this world” - Christopher Columbus
Gold has become fashionable again and continues to play a pivotal role in global financial markets as a hedge, a reserve asset, and increasingly, as a digital or securitised product. What is driving the return of gold? How is the market structure evolving to meet the demands of this decade? What trends in investor demand are driving interest in this asset class? How are exchanges innovating to meet this investor demand?
-
13:45 - 14:00
Coffee Break
-
14:00 - 14:45
Session 10: The Next Implosion? Tokenised Securities on Non-Exchange Platforms
Tokenised securities are being pitched as the next frontier of capital markets, but serious questions remain on those issued on non-exchange platforms. Who actually owns the underlying asset when a token is issued without company authorisation? Are these structures offering regulatory arbitrage under the guise of innovation? How can AML and investor protection obligations be meaningfully upheld when tokens are continuously traded across global platforms? And is this really about democratising access, or just repackaging private equity for retail consumption?
-
14:45 - 15:00
Coffee Break
-
15:00 - 15:45
Session 11: The Machines are Coming: Are the Markets As We Know Them Over?
Artificial Intelligence is reshaping how exchanges, CCPs, and regulators monitor markets, manage risk, and serve participants. But alongside this, there is other innovation in traditional market structure, technology, and new markets. How are markets changing today and what are the implications of that change for trust, transparency, and systemic risk? As FMIs deploy AI tools, what are the risks they are mitigating or introducing, and how is the regulatory frameworks evolving to govern them? Is there a tension between the ideal of market efficiency and the unpredictable nature of the real world? How can exchanges balance the need for stability with the principle of open, continuous markets? And what tools should they employ to maintain order without undermining trust?
-
15:45 - 16:15
Closing Remarks, thanks to the host, and invitation to the 2026 Annual Meeting
Speakers
Korkmaz Ergun
Chief Executive Officer Borsa Istanbul
Korkmaz Ergun earned his undergraduate degree at Ankara University Faculty of Political Science, Department of Business Administration and started his career at Borsa İstanbul the same year. He completed his masters’ degree and PhD at Marmara University, Faculty of Economics. Having 25 years of Stock Exchange and Capital Markets experience, Ergun has administered the evaluation of the initial public offerings of numerous companies, and the examination and market activities of the companies listed on Borsa İstanbul. Moreover, Ergun is the Deputy Chairman of Takasbank Board of Directors. He is also a Board Member of the World Federation of Exchanges (WFE).
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 its members, 35% are in Asia-Pacific, 45% in EMEA and 20% in the Americas. WFE exchanges are home to 47,919 listed companies, and the market capitalisation of these entities is over $109 trillion; around $137 trillion (EOB) in trading annually passes through WFE members (at end 2020). WFE’s 57 member CCPs collectively ensure that risk takers post some $800bn (equivalent) of resources to back their positions, in the form of initial margin and default fund requirements. Ms. Sukumar is Vice Chair of IOSCO’s Affiliate Members Consultative Committee and Chair of the AMCC’s Sustainability Taskforce.
-
-
16:15 - 19:30
WFE Farewell Reception
All Participants
-
