Conference Programme
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08:30 - 09:00
Registration
All Participants
Venue: Taj Lands End, Mumbai
Dress code for all events: Business casual
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09:00 - 12:30
Working Committee Meeting
WFE Members & Speakers only
Speakers
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, 43% in EMEA and 20% in the Americas. WFE’s 87 member CCPs and clearing services collectively ensure that risk takers post some $1.1 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 49,054 listed companies, and the market capitalisation of these entities is $116.58 trillion; around $155 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.
Carlson Tong
Chairman, Hong Kong Exchanges & Clearing Limited & Working Committee Chair, The World Federation of Exchanges
Mr Carlson Tong is Chairman of Hong Kong Exchanges and Clearing Limited.
Mr Tong is also an Independent Non-Executive Director of MTR Corporation Limited, Standard Chartered Bank (Hong Kong) Limited and the Hong Kong Investment Corporation Limited; and a director of the World Federation of Exchanges. He is also a member of the International Advisory Council of National Financial Regulatory Administration.
He was Chairman of KPMG China and Hong Kong from 2007 to 2011 and was Chairman of the Asia-Pacific region and a member of KPMG’s global board from 2009 to 2011. He was also an independent non-executive director of Standard Chartered PLC from 2019 to 2024.
Mr Tong has been actively involved in capital markets throughout his career, with deep expertise in corporate governance and regulatory compliance. He served as a member of the Main Board and Growth Enterprise Market Listing Committee of The Stock Exchange of Hong Kong Limited from 2002 to 2006, before becoming the chair from 2006 to 2008.
Mr Tong was appointed Chairman of the Securities and Futures Commission from 2012 to 2018. He oversaw the launch of several major policy initiatives during his term, including the introduction of the landmark Stock Connect programme and the mutual recognition of funds between Mainland China and Hong Kong.
Mr Tong has also been devoting his time to the local community, and was very active in Hong Kong’s education and youth sectors. He was Chairman of the English Schools Foundation, the Hong Kong Sports Institute and the University Grants Committee of Hong Kong.
Mr Tong is a Fellow of both the Institute of Chartered Accountants in England and Wales (ICAEW) and the Hong Kong Institute of Certified Public Accountants. He received the 2022 ICAEW Outstanding Achievement Award, and was awarded an honorary Doctor of Business Administration by the Hong Kong University of Science and Technology, an honorary Doctor of Social Science by the Chinese University of Hong Kong, as well as an honorary Doctor of Social Sciences by the Education University of Hong Kong.
Mr Tong was awarded the Silver Bauhinia Star and the Gold Bauhinia Star by the Hong Kong Special Administrative Region Government in 2014 and 2019, respectively.
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12:30 - 14:00
Lunch
WFE Board of Directors, Working Committee Members and Speakers
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14:00 - 17:00
WFE Board of Directors Meeting
WFE Board of Directors only
Speakers
John McKenzie
Chief Executive Officer, TMX Group & Chair, The World Federation of Exchanges
John McKenzie is the Chief Executive Officer (CEO) of TMX Group.
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 25 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 Fellow of the Institute of Chartered Professional Accountants of Ontario (FCPA, FCMA) and has an MBA from Edinburgh Business School, HeriotWatt University and an Honours BA from Wilfrid Laurier University. He has served on a number of boards, and is currently the Chair 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 our members, 37% are in Asia-Pacific, 43% in EMEA and 20% in the Americas. WFE’s 87 member CCPs and clearing services collectively ensure that risk takers post some $1.1 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 49,054 listed companies, and the market capitalisation of these entities is $116.58 trillion; around $155 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.
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18:00 - 21:00
Welcome Reception
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08:30 - 09:00
Registration
All Participants
Venue: Taj Lands End, Mumbai
Dress code for all events: Business casual
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09:00 - 10:30
WFE General Assembly
WFE Members only
Speakers
John McKenzie
Chief Executive Officer, TMX Group & Chair, The World Federation of Exchanges
John McKenzie is the Chief Executive Officer (CEO) of TMX Group.
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 25 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 Fellow of the Institute of Chartered Professional Accountants of Ontario (FCPA, FCMA) and has an MBA from Edinburgh Business School, HeriotWatt University and an Honours BA from Wilfrid Laurier University. He has served on a number of boards, and is currently the Chair 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 our members, 37% are in Asia-Pacific, 43% in EMEA and 20% in the Americas. WFE’s 87 member CCPs and clearing services collectively ensure that risk takers post some $1.1 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 49,054 listed companies, and the market capitalisation of these entities is $116.58 trillion; around $155 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.
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10:30 - 10:45
Coffee
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10:45 - 11:15
Opening Ceremony of the Annual Meeting and Welcome Remarks
Speakers
Ashishkumar Chauhan
Managing Director & CEO National Stock Exchange of India
Shri Ashishkumar Chauhan is the MD & CEO of the National Stock Exchange of In-dia (NSE). A technocrat from IIT Bombay and IIM Calcutta, he was part of the found-ing team at NSE. He is credited with setting up first screen-based trading in India, mobile trading, mutual fund distribution through exchanges, markets for SME shares, satellite telecom, the NIFTY index, derivatives trading and many other modern developments in the Indian stock markets. He is considered as the father of modern financial derivatives in India.
Ashish has been fulfilling NSE’s mandate of being a frontline regulator that ex-tends well beyond any comparable exchange in the world. NSE, today, is the larg-est exchange in the world in terms of the number of orders and trades per day. He has been instrumental in the success of NSE IFSC and in bringing SGX NIFTY to GIFT IFSC which is a pivotal moment in Indian Financial Markets in line with Prime Minister Narendra Modiji’s vision for Amrit Kaal. He has also played a significant role in the establishment of the Social Stock Exchange.
Prior to joining NSE back in 2022, he was the MD and CEO of the Bombay Stock Ex-change for 10 years. He is a member of the University Grants Commission and the Chancellor of the University of Allahabad. He is on the board of IIM Calcutta, ONDC and other institutions of repute. He is a faculty at Nottingham University, UK and Toronto Metropolitan University, Canada. He has also worked in the Reliance group and as the CEO of Mumbai Indians IPL cricket team in its formative years.
A Book titled ‘Sthithpragya: The Process of Maintaining an Equilibrium’ addresses his life’s journey. He has been awarded many awards in India and abroad including the Most Influential CEO Award by CEO Monthly in 2024, lifetime achievement award from Global Custodian at Singapore in 2023, Lifetime Achievement award in the field of Information Technology by CTO Magazine, Istanbul, Top 50 CIOs in the world by Information Week, US, Digital Icon of the Year, Asian Banker of the Year and many more.
John McKenzie
Chief Executive Officer, TMX Group & Chair, The World Federation of Exchanges
John McKenzie is the Chief Executive Officer (CEO) of TMX Group.
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 25 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 Fellow of the Institute of Chartered Professional Accountants of Ontario (FCPA, FCMA) and has an MBA from Edinburgh Business School, HeriotWatt University and an Honours BA from Wilfrid Laurier University. He has served on a number of boards, and is currently the Chair 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 our members, 37% are in Asia-Pacific, 43% in EMEA and 20% in the Americas. WFE’s 87 member CCPs and clearing services collectively ensure that risk takers post some $1.1 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 49,054 listed companies, and the market capitalisation of these entities is $116.58 trillion; around $155 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.
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11:15 - 12:15
Panel 1: State of Play: The Market Infrastructure Institution of Today
As capital markets undergo rapid technological and competitive change, exchanges are no longer simply venues for trading. They are increasingly integrated, offering services across the trading lifecycle while supporting resilience, transparency, and economic growth. This panel will analyse the exchange ecosystem of today and ask: What new services have become core to the exchange business model? Which capabilities or technologies matter most? And wherein lie the greatest risks? With these questions in mind, the panel will explore how exchanges can continue to preserve the trust, integrity, and stability that underpins public markets.
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12:15 - 13:30
Lunch
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13:30 - 14:30
Panel 2: The New Age of Retail Investing
Retail participation has become one of the defining trends of modern capital markets. New technologies, digital platforms, and changing investor behaviour have brought millions of first-time investors into markets around the world. As retail participation continues to grow, how can exchanges support the next generation of retail investors? How can public markets continue to evolve to meet the needs of retail investors? What role should exchanges, regulators, and market participants play in supporting long-term retail participation? Our panellists will outline how exchanges can encourage greater participation while preserving trust, integrity, and long-term market health.
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14:30 - 15:30
Panel 3: Tokenisation: What Problems Are We Solving?
Tokenisation is increasingly shaping discussions about the future of capital markets. In this panel, we ask - where can tokenisation deliver meaningful benefits for market participants and the broader financial system? Where might tokenisation not be as useful to market participants, and what role should market infrastructures play in such developments? The discussion will separate practical opportunities from theoretical promise and identify where tokenisation can add genuine value.
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15:30 - 16:30
Panel 4: Price Discovery in Fragmented Markets
Price formation in financial markets is evolving, as high-frequency trading, payment for order flow, novel markets, and increasingly fragmented liquidity pools reshape the market structure landscape. As trading activity becomes increasingly dark and segmented across multiple venues, how can exchanges continue to support robust price discovery and ensure that market makers can function on exchange? Has off-exchange trading reached a point where it risks undermining the resilience of public markets? As we debate these questions, the panel will examine how exchanges can preserve fairness, transparency, and investor confidence in an increasingly complex execution environment.
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16:30 - 17:30
WFE Board of Directors Meeting
WFE Board Members only
Speakers
John McKenzie
Chief Executive Officer, TMX Group & Chair, The World Federation of Exchanges
John McKenzie is the Chief Executive Officer (CEO) of TMX Group.
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 25 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 Fellow of the Institute of Chartered Professional Accountants of Ontario (FCPA, FCMA) and has an MBA from Edinburgh Business School, HeriotWatt University and an Honours BA from Wilfrid Laurier University. He has served on a number of boards, and is currently the Chair 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 our members, 37% are in Asia-Pacific, 43% in EMEA and 20% in the Americas. WFE’s 87 member CCPs and clearing services collectively ensure that risk takers post some $1.1 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 49,054 listed companies, and the market capitalisation of these entities is $116.58 trillion; around $155 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.
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18:30 - 22:00
Gala Dinner
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08:30 - 09:00
Registration
All Participants
Venue: Taj Lands End, Mumbai
Dress code for all events: Business casual
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09:00 - 10:00
Panel 5: The Next Generation of Market Technology
Artificial intelligence is already transforming our industry as attention turns to the next wave of innovation, including quantum computing. This session will ask: which technologies are likely to deliver meaningful value for exchanges? How should the industry prepare for a future in which today's assumptions around computing power, cybersecurity and encryption may no longer hold? Against this backdrop, the discussion will explore how exchanges, regulators, and market participants can work together to support the responsible adoption of emerging technologies while preserving the resilience, integrity and efficiency of capital markets.
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10:00 - 10:30
Innovation in Artificial Intelligence Award Presentations
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10:30 - 11:30
Panel 6: Unlocking Public Markets for Smaller Issuers
Public markets remain central to economic growth and capital formation – but as exchanges seek to broaden the range of companies they serve, how can they make public capital raising more accessible to smaller businesses and impact-driven organisations? Can innovations such as social stock exchanges and small-scale IPOs expand access without compromising market quality? The panel will highlight how exchanges can foster more inclusive capital markets while preserving the trust and integrity on which public markets depend.
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11:30 - 12:30
Panel 7: Extended Hours: Implications of Near-Continuous Trading
As digital technologies and investor expectations evolve, market infrastructures are increasingly considering longer trading hours. In this panel, we ask - which markets should move towards an always-on future? What do longer trading hours mean for liquidity, risk management, and settlement? How should exchanges, market participants, and regulators balance innovation with market integrity and resilience? Together, our panellists will explore the opportunities and challenges associated with extended trading hours and the implications for the future of market infrastructure.
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12:30 - 14:00
Lunch
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14:00 - 14:45
Fireside Discussion: The Benefits of Listing
With companies remaining private for longer and alternative sources of capital continuing to expand, what makes an IPO the right choice? This fireside conversation will explore why a recently listed company chose to access the public markets, what it learned throughout the listing process, and whether becoming a public company has delivered the benefits it expected. Through this lived experience, the discussion will examine the value proposition of public markets in today's capital raising environment.
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14:45 - 15:30
Fireside Discussion: Global Connectivity & Growth
International financial centres play an increasingly important role in connecting capital, facilitating cross-border investment and supporting economic growth. As competition for global capital intensifies, how can emerging financial centres foster deep, resilient, and internationally connected markets? In this fireside conversation, we will hear from the leaders of GIFT City and the International Financial Services Centres Authority on the vision behind India's international financial centre, the opportunities it presents for issuers and investors, and the role international collaboration can play in shaping the next generation of global financial markets.
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15:30 - 16:30
Panel 8: The Next Frontier for Capital Markets
Public markets are entering a period of profound change, shaped by advances in technology, evolving regulation, shifting investor expectations and a rapidly changing geopolitical landscape. Which developments are likely to have the greatest impact on exchanges and market infrastructure over the coming decades? Where should the industry be investing its attention today, and how can it distinguish long term structural change from short term hype? Our panellists will explore the forces most likely to define the next frontier, and what they mean for the resilience, competitiveness and future evolution of capital markets.
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16:30 - 17:00
Closing Remarks & Invitation to the 2027 Annual Meeting
Ashishkumar Chauhan
Managing Director & CEO National Stock Exchange of India
Shri Ashishkumar Chauhan is the MD & CEO of the National Stock Exchange of In-dia (NSE). A technocrat from IIT Bombay and IIM Calcutta, he was part of the found-ing team at NSE. He is credited with setting up first screen-based trading in India, mobile trading, mutual fund distribution through exchanges, markets for SME shares, satellite telecom, the NIFTY index, derivatives trading and many other modern developments in the Indian stock markets. He is considered as the father of modern financial derivatives in India.
Ashish has been fulfilling NSE’s mandate of being a frontline regulator that ex-tends well beyond any comparable exchange in the world. NSE, today, is the larg-est exchange in the world in terms of the number of orders and trades per day. He has been instrumental in the success of NSE IFSC and in bringing SGX NIFTY to GIFT IFSC which is a pivotal moment in Indian Financial Markets in line with Prime Minister Narendra Modiji’s vision for Amrit Kaal. He has also played a significant role in the establishment of the Social Stock Exchange.
Prior to joining NSE back in 2022, he was the MD and CEO of the Bombay Stock Ex-change for 10 years. He is a member of the University Grants Commission and the Chancellor of the University of Allahabad. He is on the board of IIM Calcutta, ONDC and other institutions of repute. He is a faculty at Nottingham University, UK and Toronto Metropolitan University, Canada. He has also worked in the Reliance group and as the CEO of Mumbai Indians IPL cricket team in its formative years.
A Book titled ‘Sthithpragya: The Process of Maintaining an Equilibrium’ addresses his life’s journey. He has been awarded many awards in India and abroad including the Most Influential CEO Award by CEO Monthly in 2024, lifetime achievement award from Global Custodian at Singapore in 2023, Lifetime Achievement award in the field of Information Technology by CTO Magazine, Istanbul, Top 50 CIOs in the world by Information Week, US, Digital Icon of the Year, Asian Banker of the Year and many more.
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, 43% in EMEA and 20% in the Americas. WFE’s 87 member CCPs and clearing services collectively ensure that risk takers post some $1.1 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 49,054 listed companies, and the market capitalisation of these entities is $116.58 trillion; around $155 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.
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17:00 - 19:30
Farewell Reception
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