The WFE's Annual Meeting
Conference Programme
DAY 1 - Tue 19 Sep
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08:00 - 20:00:
Registration
All participants
Venue: Hamilton Princess & Beach Club
Registration will take place in the lobby of the hotel
Dress code for all events: Business casual
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08:00 - 12:30:
WFE Working Committee Meeting
WFE Members only
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12:30 - 14:00:
Lunch
WFE Working Committee Members and Board of Directors only
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14:00 - 17:00:
WFE Board of Directors Meeting
WFE Board Members only
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18:00 - 21:00:
Welcome Reception
All participants
DAY 2 - Wed 20 Sep
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08:00 - 16:00:
Registration
All Participants
Venue: Hamilton Princess & Beach Club
Dress code for all events: Business casual
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08:00 - 10:00:
WFE General Assembly
WFE Members only
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10:30 - 10:45:
Opening Ceremony of the Annual Meeting and Welcome Remarks
All Participants
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Nandini Sukumar Chief Executive Officer The World Federation of Exchanges
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Gregory A. Wojciechowski President & Chief Executive Officer Bermuda Stock Exchange (BSX)
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10:45 - 11:00:
Session 1: Opening Address: Premier of Bermuda, The Hon. E. David Burt, JP, MP
Speaker
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The Hon. E. David Burt, JP, MP Premier of Bermuda
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11:00 - 12:00:
Session 2: Fireside Chat with Governor Jeb Bush
Governor Jeb Bush, and Commissioner George P. Bush have a lively discussion with BSX Chairman Tom Gallagher on the global geo-political landscape and their observations on the upcoming US presidential elections.
Speakers
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Thomas P. Gallagher Chairman & CEO Miami International Holdings, Inc. and Chairman Bermuda Stock Exchange
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Jeb Bush 43rd Governor of the State of the Florida
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George P. Bush 28th Land Commissioner for the State of Texas
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12:00 - 12:40:
Session 3: The Market Infrastructure Universe in 2023 & Beyond (Part 1)
What does the exchange group and the market infrastructure of the future look like? As, markets look past the lessons of the pandemic and settle into the new normal, what are the themes in technology, new product, regulation and culture that will shape the next decade? Most large WFE Members are now diversified groups, with the public markets they operate via exchange and CCP just one division within a larger entity. What does this mean for the industry? As regulation continues to drive diversification, what is the next frontier? What is the future of digital asset trading on exchange? How do exchanges balance the competitive pressures to introduce new technologies while safeguarding the integrity and stability of their markets? As markets move to the cloud, what should exchange groups consider? What are the opportunities and what are the challenges of AI? What will stay and what will remain of the industry we see today?
Moderator
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Nandini Sukumar Chief Executive Officer The World Federation of Exchanges
Speakers
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Jos Dijsselhof Chief Executive Officer SIX Group
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Boon Chye Loh CEO Singapore Exchange
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12:40 - 14:00:
Lunch
All Participants
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14:00 - 14:45:
Session 4: Fireside Chat with CFTC Commissioner Summer Mersinger
Speakers
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Summer Mersinger Commissioner Commodity Futures Trading Commission (CFTC)
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Thomas Book Member of the Executive Board Deutsche Börse AG
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14:45 - 15:45:
Session 5: Moving Down the T’s: From T+5 to T+1
The settlement cycle, a key lever in a a market’s efficiency, is much in focus as the US moves to T+1. Exchanges around the world are thinking strategically about the best settlement cycles for their own markets and how to optimise process. What are the key levers for success? Should settlement globally drop to T+1? What are the challenges? What are the opportunities? Answering the question about T+n requires finding an optimal balance between liquidity (including netting) and credit and settlement risks. But then, is the shortest possible n also the optimal one? Can we find the optimal?
Moderator
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Gilson Finkelsztain Chief Executive Officer B3 - Brasil Bolsa Balcão
Speakers
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Emil Framnes Global Head of Equity Trading and Transition Norges Bank Investment Management
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Jim McCaughan Asset Manager & Board Director
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Umesh Gajria Global Head of Index-Linked Products Bloomberg
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Oscar N. Onyema, OON Group Managing Director & Chief Executive Officer Nigerian Exchange Group
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15:45 - 16:45:
Session 6: The Dream of 24-Hour Trading: Desire, Design, & Liquidity
Markets that have liquidity 24 hours, enabling successful round the clock trading, are the holy grail of public markets but have so far remained a dream. But as new markets such as crypto reignite the flame, and over the counter continues to trade 24 hours, is there a new opportunity for exchange-traded markets? If so, what’s driving it now? What would be the measure of success for such markets: Liquidity? Volumes? Trading cost? Retail participation? What structural changes must occur to make 24-hour trading a true and sustained reality? Why are some markets able to trade 24 hours while others are not? How do you build liquidity round the clock? What products are suitable, and which will never be? And – given we have been discussing the concept for what seems like millennia, are we really any closer to reality?
Moderator
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Mark Peterson Chief Executive Officer NZX Limited
Speakers
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Steve Sosnick Chief Strategist Interactive Brokers
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Josephine Wang President & CEO Securities Investor Protection Corporation
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Paul Jiganti Managing Director of Business Development IMC
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Tim Brennan Head of Capital Markets & Exchange Strategy Standard and Poor Dow Jones Indices (S&P DJI)
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17:00 - 18:00:
WFE Board of Directors Meeting
WFE Board Members only
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18:30 - 22:00:
WFE Gala Dinner
All Participants
DAY 3 - Thu 21 Sep
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08:30 - 16:00:
Registration
All Participants
Venue: Hamilton Princess & Beach Club
Dress code for all events: Business casual
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09:30 - 10:30:
Session 7: The Evolution of Exchange Regulation: What We’ve Learned and What’s Next
Over the last few decades, we have seen unregulated failures that resulted in significant losses to both institutions and individuals, such as the Savings and Loan Crisis, the Credit Default Swap breakdown, MF Global, and, most recently, the crypto and token failures. As we look back at these events, what lessons have we have learned from these failures? What have we learned from the largely unregulated crypto world? As new asset classes emerge, is it the responsibility of regulated exchanges to work together and with their regulators when there is no regulatory solution? What else can the world’s regulated exchanges do to better anticipate and protect the world’s capital markets?
Moderator
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John Smollen Executive Vice President, Head of Exchange Traded Products and Strategic Relations MIAX
Speakers
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Thomas P. Gallagher Chairman & CEO Miami International Holdings, Inc. and Chairman Bermuda Stock Exchange
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Brett W. Redfearn Founder and CEO Panorama Financial Markets Advisory
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Kurt Eckert Director Bermuda Stock Exchange
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10:30 - 10:45:
Session 8: Keynote Speech: CFTC Commissioner Kristin Johnson
Moderator
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Kristin N. Johnson Commissioner Commodity Futures Trading Commission (CFTC)
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10:45 - 11:45:
Session 9: Optimal Market Design for Digital Assets
What is the optimal market design for digital assets that are traded in a public market? How can these new markets continue to innovate while also meeting basic standards of integrity and investor protection that current exchange-led markets uphold? What has FTX and the subsequent wave of crypto failures illustrated? Which existing regulatory constructs are suitable for a broader use and which are not? What are the best structures to ensure there is appropriate corporate governance and conflict of interest management? How can we build safe and sustainable liquidity in these markets?
Moderator
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Joseph Portelli Executive Chairman Malta Stock Exchange
Speakers
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Kristin N. Johnson Commissioner Commodity Futures Trading Commission (CFTC)
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John McPartland Senior Advisor Hidden Road Partners LP
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Moad Fahmi, Chief Digital Officer Senior Advisor, Supervision (Financial Technology) Bermuda Monetary Authority
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Guy Melamed Co-Founder & CEO Exberry
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11:45 - 12:15:
Coffee Break
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12:15 - 13:15:
Session 10: The Market Infrastructure Universe in 2023 & Beyond (Part 2)
As emerging market exchanges continue to grow, will their path to maturity look like the developed markets of today or will they go in a different direction? Many of the world’s largest exchanges and markets are in emerging economies: China, Brazil and India to name a few WFE Members. As technology, new product, regulation and culture remain abiding themes for all exchange groups, how does that play out in emerging and frontier markets? How can smaller markets attract institutional investors both international and domestic? What should emerging market exchanges do to differentiate themselves and position for success?
Moderator
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William Brodsky Chairman Cedar Street Asset Management
Speakers
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Abena Amoah Managing Director Ghana Stock Exchange
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Alina Aldambergen Chairman of the Management Board Kazakhstan Stock Exchange JSC (KASE)
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Olga Cantillo Executive President Latinex - Latin American Stock Exchange
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13:15 - 14:15:
Lunch
All Participants
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14:15 - 15:15:
Session 11: ESG: E is for Exchanges
As an industry, exchanges both large and small have led the move to greater recognition of the value of ESG and its adoption in financial markets. As momentum has gathered in the last 3 years, reaching a fever pitch in 2023, how has the role of the exchange changed and what should exchanges do to ensure they remain at the frontline of the conversation? How will the WFE’s Green Equity Principles help curtail greenwashing? What is the role of the exchange in Just Transition? In the S in ESG? What are the new themes playing out in the debate?
Moderator
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Sunil Benimadhu Chief Executive Stock Exchange of Mauritius
Speakers
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Dr. Leila Fourie Group Chief Executive Officer Johannesburg Stock Exchange
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Alex Matturri Board Member Cboe Global Markets
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Ariane West COO and Head of Structured Finance Re2
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Sandy Frucher OCC Board of Directors Member OCC (Options Clearing Corporation)
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15:15 - 16:15:
Session 12: How to Ensure Markets Have Integrity – An Ecosystem Approach
The integrity of markets is the foundation of capital markets and an enduring, evolving,challenge is to identify and operationalise the pillars on which that should rest. What are these pillars today? And what are the key policy recommendations that will help us build them? How important is the role of the exchange and market infrastructure in ensuring a balance between different constituencies: issuers, investors, dealers and other stakeholders? How can price formation be protected and nurtured, when fragmentation threatens it? What is the importance of market integrity to the wider financial system? How do you measure Integrity? In the current environment, how do investors navigate the complexity of differing sanctions regimes?
Moderator
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Gregory A. Wojciechowski President & Chief Executive Officer Bermuda Stock Exchange (BSX)
Speakers
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Paul Leder Of Counsel Miller & Chevalier Chartered
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Tom Skinner Managing Director pTools Software
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Eric W. Noll CEO of Stone Ridge Capital Partners and Chair of the Board FINRA
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16:15 - 16:30:
Closing Remarks, thanks to the host and invitation to the 2024 Annual Meeting
All Participants
Venue: Hamilton Princess & Beach Club, A Fairmont Managed Hotel
Speakers
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Nandini Sukumar Chief Executive Officer The World Federation of Exchanges
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Gregory A. Wojciechowski President & Chief Executive Officer Bermuda Stock Exchange (BSX)
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Muhamad Umar Swift Chief Executive Officer Bursa Malaysia
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16:30 - 19:00:
WFE Farewell Reception
All Participants
Day 4 - Fri 22 Sep
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09:00 - 17:30:
Post-Conference Tour
Following the WFE General Assembly, delegates are invited to participate in a 1-day tour at an additional cost to the conference fee to experience the beauty, culture and all that the host destination has to offer. Delegates will remain in residence at the Hamilton Princess for the additional day excursion, with a full day of activities on offer.
If you would like to participate in the Post-Conference Tour, please choose the Post-Conference Tour option on the registration page. We will get back to you with more details.