The World Federation of Exchanges (WFE), the global industry group for exchanges and CCPs, has announced the 2024 priorities for the exchange and clearing industry.
The federation writes that as the foundation of the financial system, regulated market infrastructure providers seek to engender the trust of all those who depend on neutral, responsible public markets. Each new year offers an opportunity to underscore this mandate and reaffirm this commitment, the federation says.
“In 2024, the WFE’s priorities will focus on fostering efficient market structures that are resilient, robust, fair, transparent and stable in the midst of both uncertainty and innovation.”
The priorities:
1. Fostering better corporate governance in the entire financial ecosystem. At present, scrutiny focuses largely on those entities that are already regulated and within legal parameters.
2. The CCPs’ reassurance promise. Fifteen years on from the biggest financial crisis in living memory, and four years after a global pandemic, central clearing remains the steadying influence in markets. The WFE’s focus in 2024 will be on procyclicality, recovery & resolution and transparency and proportionate capital rules.
3. How market infrastructures can lead on ESG issues such as standardisation, harmonisation and reporting frameworks, as has been the case with the creation of the WFE Green Equities principles.
4. WFE Education: As the WFE’s Market Infrastructure Certificate continues to gather momentum, entering its second year, we’ll focus on rolling out the educational qualifications that will be vital to the next generation of leaders.
5. New technologies, including the evolution of crypto market design, as these new markets begin to grow closer to regulated exchange markets, and the role of AI.
Nandini Sukumar, CEO at the WFE, says: “The WFE Board has determined the key priorities and issues we will focus on this year. With the WFE’s unique position and global view of market structures, our access to data and information, reinforced by our own analysis & research, and the expertise we have built up through experience, we look forward to engaging with stakeholders in 2024 and championing the role of public markets and market-based finance.”
