Day 1 -

• 08:30 - 09:00:

  Registration

  
  

  All Participants

  Venue: Taj Lands End, Mumbai

  Dress code for all events: Business casual

• 09:00 - 12:30:

  Working Committee Meeting

  WFE Members & Speakers only

  ---

  Speakers

  • 

    Nandini Sukumar Chief Executive Officer The World Federation of Exchanges
  • 

    Carlson Tong Chairman, Hong Kong Exchanges & Clearing Limited & Working Committee Chair, The World Federation of Exchanges
• 12:30 - 14:00:

  Lunch

  WFE Board of Directors, Working Committee Members and Speakers

• 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
  • 

    Nandini Sukumar Chief Executive Officer The World Federation of Exchanges
• 18:00 - 21:00:

  Welcome Reception

Day 2 -

• 08:30 - 09:00:

  Registration

  
  

  All Participants

  Venue: Taj Lands End, Mumbai

  Dress code for all events: Business casual

• 09:00 - 10:30:

  WFE General Assembly

  WFE Members only

  ---

  Speakers

  • 

    John McKenzie Chief Executive Officer, TMX Group & Chair, The World Federation of Exchanges
  • 

    Nandini Sukumar Chief Executive Officer The World Federation of Exchanges
• 10:30 - 10:45:

  Coffee

• 10:45 - 11:15:

  Opening Ceremony of the Annual Meeting and Welcome Remarks

  ---

  Speakers

  • 

    Ashishkumar Chauhan Managing Director & CEO National Stock Exchange of India
  • 

    John McKenzie Chief Executive Officer, TMX Group & Chair, The World Federation of Exchanges
  • 

    Nandini Sukumar Chief Executive Officer The World Federation of Exchanges
• 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.

• 12:15 - 13:30:

  Lunch

• 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.

• 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. 

• 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.

  
  
• 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
  • 

    Nandini Sukumar Chief Executive Officer The World Federation of Exchanges
• 18:30 - 22:00:

  Gala Dinner

Day 3 -

• 08:30 - 09:00:

  Registration

  
  

  All Participants

  Venue: Taj Lands End, Mumbai

  Dress code for all events: Business casual

• 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.  

• 10:00 - 10:30:

  Innovation in Artificial Intelligence Award Presentations

• 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.

• 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. 

  
  
• 12:30 - 14:00:

  Lunch

• 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. 

• 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.

• 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.

• 16:30 - 17:00:

  Closing Remarks & Invitation to the 2027 Annual Meeting

  ---

  • 

    Ashishkumar Chauhan Managing Director & CEO National Stock Exchange of India
  • 

    Nandini Sukumar Chief Executive Officer The World Federation of Exchanges
• 17:00 - 19:30:

  Farewell Reception