Market Infrastructure Certificate (MIC) programme


The World Federation of Exchanges Market Infrastructure Certificate (MIC) programme, the only one of its kind, is a qualification purpose-built to serve the learning needs of all senior managers and mid-career professionals at central banks, buy-side and sell-side firms, exchanges, clearing houses, CSD and regulatory bodies who need to engage with, and understand, the functioning and role of the organisations that underpin public markets. 

The programme focuses equally on both the theoretical and on the practical aspects of market infrastructures (MIs). It features two components: an online and a residential component. The residential component consists of one residential academic week in London and one industry residential week which this year will be hosted by the Cboe, in Chicago, US. Founded in 1973,  Cboe is located in the heart of Chicago’s financial district and has played a pivotal role in shaping the options market.

The WFE works with Bayes Business School (formerly Cass) as the university educational partner for the programme. Bayes Business School is a leading global business school in the City of London, with state-of-the-art facilities on the executive education campus where the London residential week of the MIC programme will be held. Bayes is known for their world-class business education, excellent research reputation, and their deep engagement with practice. Bayes is part of City, University of London.

Learning outcomes

On successful completion of the programme, you will have: 

  • Developed a broader and deeper knowledge of how MIs operate, their interrelations, their regulatory environment, and their role in achieving financial stability and supporting sustainable and inclusive economic growth.

  • An updated knowledge of the current best practices in MIs.

  • A deeper understanding of how different risks are managed by each MI.    

  • Assessed the implications of recent financial and technological innovations.  

  • Studied the role of ESG and ethics in the working of modern MIs.

Entry requirements

To qualify for the MIC, applicants must have at least 4 years of full-time relevant work experience or a graduate degree (BSc, BA, BEng, or equivalent). In cases where participants do not possess a graduate degree in a quantitative field such as Economics, Finance, Mathematics, or Engineering, it is essential they feel comfortable accessing algebraic expressions in order to engage effectively with the programme content. Additional examples illustrating this requirement can be found in the Frequently Asked Questions (FAQs) section below.

The selection process will be conducted by the World Federation of Exchanges and aims to identify candidates who exhibit not only a strong academic background or relevant work experience, but also leadership potential and motivation to drive positive change in their home countries.


Participants who successfully complete the programme will be awarded a postgraduate certificate, the Market Infrastructure Certificate, and receive 60 credits from Bayes Business School, City University of London.

The MIC is a rigorous study programme for committed part-time participants. A postgraduate certificate (PG cert) is at the same academic level as an MSc but is shorter, requiring fewer credits, and does not require the completion of a research project or dissertation. PG cert programmes are designed to provide specialised knowledge and enhance skills without committing to a full master’s programme. Upon successful completion of this programme, you will be awarded a PG cert. These qualifications are useful for those looking to improve their skills and develop their CV.

The programme draws from the following topics:

Exchanges and market microstructure

  • Asset classes
  • Primary markets and listings
  • Contract design
  • Trading organisation
  • Market microstructure
  • Determinants and measures of liquidity
  • Electronification of trading and its impact on the markets

Market infrastructures

  • Central clearing (CCPs)
  • Risk management, margining practices and models
  • Central Securities Depositories (CSDs) and Securities Settlement Systems (SSSs)
  • Payment systems
  • Trade repositories (TRs)
  • Differences between developed and emerging & frontier markets. 
  • MIs and national development

Regulation and governance

  • Regulation of MIs: International approaches and challenges
  • Evolution of MIs governance
  • MIs role in managing conflict of interests
  • Role of international organizations


  • Incorporating ESG into the exchange industry value chain
  • Shareholder and investor engagement
  • ESG data and ratings
  • The role of MIs in advancing the sustainability agenda

Technological innovation

  • DLT and crypto-currencies
  • Central bank digital currencies (CBDC)
  • Cloud solutions
  • Key issues with emerging technologies, ranging from security to scale to cyber risk and financial stability


  • The significance of ethics within financial institutions
  • Frameworks in moral philosophy to guide decision making
  • Adopting ethical frameworks to the setting of market infrastructures
  • Ethical issues facing market infrastructures

The MIC will operate a blended learning approach, with both online and face to face elements, including two residential weeks: one at Bayes Business School in London with teaching by faculty and the other at the Chicago Board of Options Exchange (Cboe) for a direct interaction with industry leaders and senior regulators.

The teaching will run from 2 September 2024 - 13 December 2024 with the projects submitted in January 2025.

The academic programme will consist of online webinars covering the theory of the core principles, case-based examples, and in-person academic led sessions. The online component will include recorded sessions which participants can access at a time that suits them and a series of live webinars which will be highly interactive. There is one Academic Residential Week in London.

Market Infrastructure Certificate

Online webinars (live and recorded)

Modules 1 & 2

Module 4 induction - Industry Project

Academic Residential (London)

Modules 1 to 3

Online assessment

Revision and assessment for

Modules 1 & 2

Online webinars (live and recorded)

Module 3

Live webinars for Module 4

Industry Residential (Chicago)

Module 4: Work on Industry Project and mentoring sessions


Industry lectures and panel sessions

Online webinars (live) and assessment

Revision and assessment (online) for
Modules 3 & 4

15 weeks, part-time, online and in-person

The Academic Programme will be structured in four modules:

  • Module 1: Payments and market infrastructures (CCPs, CSDs, SSSs, TRs)
  • Module 2: Exchanges (cash, derivatives and commodities) and market microstructure 
  • Module 3: Regulation, ESG and ethics 
  • Module 4: Industry Project on market infrastructures

All four modules are designed and taught by leading Bayes academics. The online component of the programme is delivered through Bayes’ virtual learning platform so that everything you need is online and in one place. Modules are broken down into topics. Within each topic, online lectures and presentations are supplemented by core readings and other resources to prepare you for weekly live lectures.

The industry residential week will consist of a series of lectures,  panel sessions, and mentoring hosted by Cboe Global Markets. Industry leaders and senior regulators will lead the discussions, which will focus on the practical aspects of the industry. These will draw from:

  • Markets and product design
  • Primary markets and listings
  • Risk management in clearing  (margining practices and models)
  • Operational risk (e.g., transition to the cloud)
  • Current regulatory challenges
  • The impact of new technologies (crypto platforms, AI, cloud solutions)
  • Differences between developed and emerging & frontier markets. Sequencing 
  • Managing conflict of interests: the role of governance
  • MIs and national development
  • The role of MIs in advancing the sustainability agenda
  • Role of international organizations

Fireside chats with leaders and experts in the finance industry will also be part of the industry residential week. These intimate sessions will allow participants to engage in open and candid discussions, gaining insider perspectives on market infrastructures. Together with the panels and lectures, they will provide a unique opportunity for participants to ask questions, exchange ideas, and learn from other markets' experiences.

The Industry Project is the final component of the Market Infrastructure Certificate, taking place after the taught modules have been completed and with work on it being conducted during and after your industry residential week. By considering problems based on MI experiences, the module is designed to help you integrate your learning from across the programme and to join the dots between theory and practice.

To complete the programme, attendants will have to obtain at least a 50% mark in the assessment of each of the modules. Forms of assessment will include coursework, group projects, presentations, multiple-choice question online tests and class participation.

The programme dates are 2 September 2024 – 13 December 2024.

The fee to attend the MIC is: 

  • WFE-members: GBP 10,220
  • Non WFE-members:  GBP 11,360

Accommodation, flights, visas, dinners, and any other living expenses are not included in the fee.

The residential week courses are delivered in-person at each specified location. 

The London residential week  consists of 5 full days of lectures which will be delivered at Bayes Business School, in the City of London.

  • Address: Bayes Business School, Executive Education Suite, 33 Finsbury Square, London, EC2A 1PL, United Kingdom (see map). 
  • Dates and times: from 23-27 September 2024, the days will run from 09:00 to 17:00 with a 1 hour lunch break and 2 short breaks.
  • Hospitality: Tea, coffee, and light refreshments will be provided during these days. Lunch will also be provided. If you have any dietary requirements, please let us know when you complete the registration form.

For the virtual sessions, delegates will be given access to the course materials before the live sessions and will have access to those for the duration of the programme. During this time, you will have the option to keep working through the course materials at your own pace. Live sessions will be delivered at 13:00 hrs London time.

The industry residential week consists of 5 full days of activities (including team work on the industry project). This year it will be delivered at the Chicago Board of Options Exchange (Cboe).  

  • Address: The Old Post Office, 433 W. Van Buren Street, Chicago, IL. USA (see map).
  • Dates and times: from 28 October to 1 November 2024, the days will run from 09:00 to 17:00 with a 1-hour lunch break and 2 short breaks.
  • Hospitality: Tea, coffee, and light refreshments will be provided during the course. Lunch will also be provided.

Are there any prerequisites or recommended courses that students should have completed prior to enrolment?

There are no prerequisite courses that students will need to complete prior to enrolment but please refer to eligibility and English and Math’s requirements for the programme in the FAQs below.

Who is providing the certification?

Bayes Business School, formerly known as Cass Business School, is the business school of City, University of London. Your certification will be awarded by City, University of London.

Will there be a graduation ceremony for the MIC programme?

No, there will not be a graduation ceremony.

Is in-person attendance required to the academic week and/or the industry immersion week?

Yes, in-person attendance is required at both the academic week and the industry immersion week. There will be no virtual attendance option for these two in-person weeks.

Are accommodation, travel, or visa expenses included in the MIC tuition fees?

No. The accommodation, travel, or visa expenses are to be paid by the candidate and are in addition to the MIC tuition fees. Candidates are expected to make their own accomodation arrangements. A list of recommended accommodations for the Bayes academic week in London and for the Cboe Industry week in Chicago will be provided.

Who should I contact with visa questions for entry into the UK and/or the US?

For questions regarding visas, please contact [email protected]

What travel documents do I need for attending the academic week in London, UK?

If you are coming to Bayes Business School, City, University of London (in the UK) to do a short course or programme for less than six months, you can enter the UK with immigration permission as a visitor . If you are a visa national, you will need to apply for a visitor visa before travelling into the UK. As a non-visa visitor or EU national travelling with a passport you can apply for permission to enter on arrival in the UK. Please see the following websites for more information and to check the most up to date arrival requirements:

Home Office website

City, University of London website

The programme office will provide all programme attendees with a letter on headed paper confirming your place on the programme. This will be sent to you electronically once the programme has commenced.

What travel documents do I need for attending the industry immersion week in Chicago, USA?

A: The process for entry into the US is complex and each candidate is responsible for obtaining the necessary travel documents to attend the industry immersion week in Chicago.
Because of the length of time that can be associated with obtaining a visa, candidates should check the information at the link below to determine whether they should begin the process as soon as they are accepted into the program.
Information on the US visa process may be found here:

Candidates who are citizens of countries participating the Visa Waiver Program should still confirm that they have the necessary travel documents to attend the industry immersion week. A list of Visa Waiver Program countries may be found here:

Who should I contact with questions?

If you have questions, please contact the following email addresses. The mailboxes are monitored regularly and there is no need to contact both, as messages will be forwarded to the correct party as necessary.

  • For questions related to the academic programme (e.g., content/ accessing materials and webinars/ assessments and extensions/ logistics, industry project); [email protected]

  • For pre-programme questions and for questions related to the application stage or to the Industry week at Cboe: [email protected]

What is the level of English language skills required by the MIC programme?

The programme will be delivered in English so a good understanding of written and spoken English is required. Technical language will be used, so please see the programme curriculum for an outline of the topics which will be covered.

What is the level of Mathematics required by the MIC program?

Participants will be required to have a secure understanding of simple algebraic expressions to access the course content. Below are some examples that participants will encounter.

Will there be examinations ?

There will be no timed examinations; however, each module will be formally assessed. Forms of assessment will include coursework, group projects, presentations, multiple-choice question online tests and class participation.

Can I retake an assessment?

Any module with an aggregate mark of less than 50% is deemed to have been failed and must be re-sat. If a candidate is required to undertake a resit they are required to retake all assessment components in which they achieved a mark of less than 50%. Candidates may resit a module only once. A candidate who successfully completes a resit shall be awarded the credits for the module. The mark awarded for the components will be capped at 50%. The mark awarded for other components will be the original mark. This mark will also be used in calculating the overall degree mark. A candidate who does not pass his or her resit by the date specified by the Assessment Board will not progress on the programme and may not be eligible for the certification. Under such circumstances the Assessment Board will normally make a recommendation that they withdraw from the programme.

Do you provide feedback on assessments?

Grades and comments (where applicable) will be provided by the module faculty.

What happens if I do not submit an assessment due to illness or extenuating circumstances?

The University has an Extenuating Circumstances Policy where you can formally apply for an extension to an assessment as circumstances which are unforeseen and outside your control can be shown to have had a direct and substantial impact on your academic results. It is important that you notify your course officer as soon as possible and continue to let us know of any circumstances that are affecting your studies so that we can support you.

How will I be communicated with once I become a student?

Once you complete your registration, you’ll be assigned a City email address to use during your studies. It’s important to check this inbox regularly as this is the main way the University will contact you. You can also use your City email address to communicate with other students and staff.

How can I access my programme materials and links to join webinars?

Moodle is the Virtual Learning Environment (VLE) used at City, University of London and it is essential for students to engage with Moodle and to regularly access the VLE. Moodle provides a wide variety of information and interactive environments to students, including the following:

  • Module material and supplementary learning documents, pre-recorded webinars and links to join the live webinars
  • Areas for the submission of coursework and the release of coursework results.
  • Timetables, including teaching and assessment
  • Links to the Learning Resource Centre, IT

Students are responsible for checking their Moodle pages and their City email account Regularly as this is how all information, including changes to teaching, will be communicated.

What support will I receive on the programme both pastoral and academic?

Your course officer will be the first point of contact during your studies and you will be able to contact your academic faculty. You will also have access to a number of resources including academic skills guides and tutorials, guides on citing and referencing in your work, health and wellbeing and help if things go wrong (extenuating circumstances, student appeals and complaints).

At what time will the live online seminars be happening and what will be their duration?

Online live seminars will be delivered at 13:00 hrs GMT. They will range from 60 minutes to 120 minutes per session.

Will there be an opportunity to provide feedback during the programme?

There will be an opportunity to give formal feedback after every module. We also welcome informal feedback at any point during a programme. Please contact your course officer (details will be provided to you at the start of the programme) with any comments you have.


To apply to the MIC, please complete the application form, which includes:

  • A motivation letter stating why you are interested in the programme, what you will contribute to it, and how you expect to benefit from it.
  • An up-to-date CV

Places are limited to 25 candidates.  Applications will be considered for the selection process on a first come, first served basis. 

Applications will close as soon as all places have been filled. 

Confirmation of acceptance and the registration form will be sent by email to the applicants in the next 10 working days after their application is received.

To secure a place, a 15% deposit (non-refundable) should be received within the next 15 calendar days after the confirmation of acceptance. An invoice will be sent with the balance due, payable within 30 calendar days or before the start of the programme, whichever comes first.

If you have any questions please contact the WFE MIC team at [email protected]