The WFE's capacity building series on market infrastructures

Richard Metcalfe

Head of Regulatory Affairs, WFE

Richard Metcalfe is Head of Regulatory Affairs at the World Federation of Exchanges (WFE). Before taking up his WFE post in March 2018, he worked on MiFID implementation at the Markets Division of BNY Mellon in London. He also has extensive experience in wholesale financial services and policy issues, with particular emphasis on derivatives and central clearing; and on asset management. In addition to working at ISDA and the IA, he has worked for SWIFT. Earlier in his career, he wrote for and edited various financial publications. He lives in London and studied languages at university.

Harun Ozay

Director of Derivatives Market, Borsa Istanbul

Harun Ozay graduated from Electrical and Electronics Engineering Department at Middle East Technical University in 1993. He completed Ziraat Bank Banking School in 1994 and worked for the bank for 2 years. He got his executive MBA degree from Istanbul Technical University and MSc Degree in International Securities, Investment and Banking from ICMA Centre, University of Reading, UK. He has been working for Borsa Istanbul since 1996 at various positions and departments including International Market, Fixed Income Securities Market, Product Development, Strategic Planning and Business Development. Currently, he is the Director of Borsa Istanbul Derivatives Market.

Sriram Krishnan

Chief Business Development Officer, NSE

Felipe Almeida Gonçalves

Head of Crypto, Interest Rates and FX Products, B3

Felipe is the head of interest rates, FX, crypto and market structure at B3 - Brasil, Bolsa, Balcão, with 15 years of experience in the financial market, having also worked with equities and commodities products. Before B3, he worked at Banco Itaú in the market risk modeling department.

Graduated in Mechatronics Engineering from the University of São Paulo (POLI-USP) and Politecnico di Milano (TIME double-degree program) and CFA charterholder (Chartered Financial Analyst) since 2017.

Richard Metcalfe

Head of Regulatory Affairs, WFE

Richard Metcalfe is Head of Regulatory Affairs at the World Federation of Exchanges (WFE). Before taking up his WFE post in March 2018, he worked on MiFID implementation at the Markets Division of BNY Mellon in London. He also has extensive experience in wholesale financial services and policy issues, with particular emphasis on derivatives and central clearing; and on asset management. In addition to working at ISDA and the IA, he has worked for SWIFT. Earlier in his career, he wrote for and edited various financial publications. He lives in London and studied languages at university.

Harun Ozay

Director of Derivatives Market, Borsa Istanbul

Harun Ozay graduated from Electrical and Electronics Engineering Department at Middle East Technical University in 1993. He completed Ziraat Bank Banking School in 1994 and worked for the bank for 2 years. He got his executive MBA degree from Istanbul Technical University and MSc Degree in International Securities, Investment and Banking from ICMA Centre, University of Reading, UK. He has been working for Borsa Istanbul since 1996 at various positions and departments including International Market, Fixed Income Securities Market, Product Development, Strategic Planning and Business Development. Currently, he is the Director of Borsa Istanbul Derivatives Market.

Sriram Krishnan

Chief Business Development Officer, NSE

Felipe Almeida Gonçalves

Head of Crypto, Interest Rates and FX Products, B3

Felipe is the head of interest rates, FX, crypto and market structure at B3 - Brasil, Bolsa, Balcão, with 15 years of experience in the financial market, having also worked with equities and commodities products. Before B3, he worked at Banco Itaú in the market risk modeling department.

Graduated in Mechatronics Engineering from the University of São Paulo (POLI-USP) and Politecnico di Milano (TIME double-degree program) and CFA charterholder (Chartered Financial Analyst) since 2017.

Victoria Powell

Senior Manager, Regulatory Affairs, WFE

Victoria Powell leads WFE’s sustainability work.

Victoria has decades of experience in financial services regulation gained both in the UK regulator, the Financial Conduct Authority where she held various positions and as a founding member and Director at the European Securities Markets Authority (ESMA). More recently she was a Director of Regulatory Policy at Ruffer LLP an active asset manager with over 19 billion assets under management, where she managed the implementation of numerous regulatory projects and contributed to Ruffer’s ESG strategy and processes.

Rona Nairn

Manager, Regulatory Affairs, WFE

Rona joined the WFE in 2024 to work on listings and sustainability-related regulatory affairs. In her role at the WFE, Rona supports exchanges on some of the most pressing public-markets and sustainability-related challenges facing their industry - from harnessing sustainable finance and facilitating the transition of their own operations and those of their listed issuers, to determining the appropriate balance of issuer disclosure and assessing the implications of expanding private markets. 

Rona started out her career at HM Treasury where she led on the design and delivery of several key sustainability regulations, including UK implementation of the TCFD Recommendations, development of the UK Sustainability Disclosure Requirements regime, sustainable labels for investment products and transition plan disclosure policy. She also worked to promote the UK approach to sustainability regulation at international fora including the G7 and COP 26. After leaving HM Treasury, Rona worked at PwC UK as an ESG regulatory insights specialist helping clients navigate and respond to emerging sustainability regulations.

Chhavi Sinha

Manager, Regulatory Affairs, WFE

Chhavi Sinha is currently leading the Enterprise Risk and Cyber-security work at the WFE.

Chhavi joined the WFE from the UK’s Financial Market Law Committee (FMLC) where she identified and addressed issues of legal uncertainty in the framework of wholesale financial markets. She has previously worked at the Indian Securities Market Regulator, Securities and Exchange Board of India (SEBI) and the Bank of New York Mellon.

Chhavi holds a B.A.LL.B (Hons) from National Law Institute University, India and an LL.M (Masters of Law) in International Financial Law from King’s College London, Dickson Poon School of Law.

Loshni Naidoo

Chief Sustainability Officer, JSE

Loshni Naidoo is a Senior Director in the Business Transformation segment of FTI in South Africa. She recently joined FTI and specialises in Sustainability and ESG. She has experience in providing clients with solutions that respond to shifting environmental, social and governance (ESG) or sustainability challenges to ensure long- term value creation. Before joining FTI, Loshni was at the South African Institute of Chartered Accountants (SAICA), focusing on sustainability, ESG and integrated thinking. In SAICA’s technical team, she supported members through her advocacy efforts, awareness- raising, thought leadership and technical guidance on a range of aspects related to sustainability, integrated thinking and ESG.

Loshni began her career as a chemical engineer, working for several years in the production and project environments, mainly in mining and chemicals manufacturing. Later, she moved into the ESG, sustainability and climate change consulting space, providing both advisory and assurance solutions to a diverse array of organisations in the mining, telecommunications, retail, financial services and real estate sectors. Loshni has a chemical engineering degree, a B Com degree specialising in informatics, a post- graduate diploma in future studies and an MBA.

Timothy Tan

Vice President for Sustainability and Sustainable Finance, SGX

To be added.

Victoria Powell

Senior Manager, Regulatory Affairs, WFE

Victoria Powell leads WFE’s sustainability work.

Victoria has decades of experience in financial services regulation gained both in the UK regulator, the Financial Conduct Authority where she held various positions and as a founding member and Director at the European Securities Markets Authority (ESMA). More recently she was a Director of Regulatory Policy at Ruffer LLP an active asset manager with over 19 billion assets under management, where she managed the implementation of numerous regulatory projects and contributed to Ruffer’s ESG strategy and processes.

Rona Nairn

Manager, Regulatory Affairs, WFE

Rona joined the WFE in 2024 to work on listings and sustainability-related regulatory affairs. In her role at the WFE, Rona supports exchanges on some of the most pressing public-markets and sustainability-related challenges facing their industry - from harnessing sustainable finance and facilitating the transition of their own operations and those of their listed issuers, to determining the appropriate balance of issuer disclosure and assessing the implications of expanding private markets. 

Rona started out her career at HM Treasury where she led on the design and delivery of several key sustainability regulations, including UK implementation of the TCFD Recommendations, development of the UK Sustainability Disclosure Requirements regime, sustainable labels for investment products and transition plan disclosure policy. She also worked to promote the UK approach to sustainability regulation at international fora including the G7 and COP 26. After leaving HM Treasury, Rona worked at PwC UK as an ESG regulatory insights specialist helping clients navigate and respond to emerging sustainability regulations.

Chhavi Sinha

Manager, Regulatory Affairs, WFE

Chhavi Sinha is currently leading the Enterprise Risk and Cyber-security work at the WFE.

Chhavi joined the WFE from the UK’s Financial Market Law Committee (FMLC) where she identified and addressed issues of legal uncertainty in the framework of wholesale financial markets. She has previously worked at the Indian Securities Market Regulator, Securities and Exchange Board of India (SEBI) and the Bank of New York Mellon.

Chhavi holds a B.A.LL.B (Hons) from National Law Institute University, India and an LL.M (Masters of Law) in International Financial Law from King’s College London, Dickson Poon School of Law.

Loshni Naidoo

Chief Sustainability Officer, JSE

Loshni Naidoo is a Senior Director in the Business Transformation segment of FTI in South Africa. She recently joined FTI and specialises in Sustainability and ESG. She has experience in providing clients with solutions that respond to shifting environmental, social and governance (ESG) or sustainability challenges to ensure long- term value creation. Before joining FTI, Loshni was at the South African Institute of Chartered Accountants (SAICA), focusing on sustainability, ESG and integrated thinking. In SAICA’s technical team, she supported members through her advocacy efforts, awareness- raising, thought leadership and technical guidance on a range of aspects related to sustainability, integrated thinking and ESG.

Loshni began her career as a chemical engineer, working for several years in the production and project environments, mainly in mining and chemicals manufacturing. Later, she moved into the ESG, sustainability and climate change consulting space, providing both advisory and assurance solutions to a diverse array of organisations in the mining, telecommunications, retail, financial services and real estate sectors. Loshni has a chemical engineering degree, a B Com degree specialising in informatics, a post- graduate diploma in future studies and an MBA.

Timothy Tan

Vice President for Sustainability and Sustainable Finance, SGX

To be added.

Dr. Erfan Ghofrani

Financial Economist, WFE

Paula Redondo Pereira

Head of Government Relations and Regulatory Strategy at Luxembourg Stock Exchange

Paula Redondo Pereira is Head of Government Relations & Regulatory Strategy at the Luxembourg Stock Exchange (LuxSE), leading its engagement with regulators, policymakers, and international organisations to advance sustainable finance and capital markets development. Since joining LuxSE in 2017, she has overseen listing and regulatory activities and strengthened the exchange’s role in global policy discussions.

She represents LuxSE and the Luxembourg Green Exchange (LGX) in forums such as FESE, WFE, and ICMA, and previously served on the European Commission’s Technical Expert Group on Sustainable Finance. Before LuxSE, she held senior roles at Portugal’s CMVM and Ministry of Foreign Affairs and practiced law at Uría Menéndez and Simpson Thacher & Bartlett. Paula holds degrees from Universidade Nova de Lisboa, Georgetown University, and Universidade Católica Portuguesa, and completed INSEAD’s executive programme.

Dr. Erfan Ghofrani

Financial Economist, WFE

Paula Redondo Pereira

Head of Government Relations and Regulatory Strategy at Luxembourg Stock Exchange

Paula Redondo Pereira is Head of Government Relations & Regulatory Strategy at the Luxembourg Stock Exchange (LuxSE), leading its engagement with regulators, policymakers, and international organisations to advance sustainable finance and capital markets development. Since joining LuxSE in 2017, she has overseen listing and regulatory activities and strengthened the exchange’s role in global policy discussions.

She represents LuxSE and the Luxembourg Green Exchange (LGX) in forums such as FESE, WFE, and ICMA, and previously served on the European Commission’s Technical Expert Group on Sustainable Finance. Before LuxSE, she held senior roles at Portugal’s CMVM and Ministry of Foreign Affairs and practiced law at Uría Menéndez and Simpson Thacher & Bartlett. Paula holds degrees from Universidade Nova de Lisboa, Georgetown University, and Universidade Católica Portuguesa, and completed INSEAD’s executive programme.

Dr Ishak Demir

Economist, WFE

Before joining the World Federation of Exchanges (WFE). Ishak worked at Middlesex University, the International Monetary Fund (IMF), and the University of Lincoln. He holds a PhD in economics from Birkbeck, University of London.

He has published in various international academic journals, including Journal of Money, Credit, and Banking,  International Journal of Finance & Economics, Economic Modelling and IMF Regional Economic Outlook. His recent work includes research on monetary policy interaction with financial markets, IPO landscape and the role of exchanges in the economy.

Dr. Erfan Ghofrani

Financial Economist, WFE

Elwin Jose

Head, Product Strategy and Services, NSE

Elwin Jose is responsible for managing Product Strategy and Services at NSE, India. In this role, he heads the product development strategy and the services verticals, for the suite of products available on NSE. He is a senior product and client solutions expert with significant experience in Capital markets, having worked in all areas related to the Equity and Derivatives markets, including Trading platforms, new product development, risk management and client clearing solutions.

Prior to NSE, Elwin was the Head of Product for Futures and Options, India at Deutsche Bank, where he managed the Futures and Options business for Deutsche Bank in India.

Yukti Sharma

Vice President and Head of Listing, NSE

Yukti is a seasoned financial market professional with 20+ years of experience in the capital markets and banking sector. In her tenure of 16 years with NSE she has been in various regulatory functions such as Investigation, Inspection and Enforcement, Exchange Compliance, Member Compliance and Listing. She has been a part of various working groups and committees that have submitted reports contributing to policy formation such as enhanced supervision of brokers, risk-based supervision, review of regulations governing listed corporates etc.

Yukti holds a Chartered Accountancy qualification, a DISA certification from ICAI and a Bachelor of Commerce degree. In 2015, as a budding leader she was identified as high potential candidate under the Hogan assessment undertaken across the organisation. Her leadership skills were recognised as a winner of top 10% of the Jombay 1000 women leader program, 2023. 

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Dr Ishak Demir

Economist, WFE

Before joining the World Federation of Exchanges (WFE). Ishak worked at Middlesex University, the International Monetary Fund (IMF), and the University of Lincoln. He holds a PhD in economics from Birkbeck, University of London.

He has published in various international academic journals, including Journal of Money, Credit, and Banking,  International Journal of Finance & Economics, Economic Modelling and IMF Regional Economic Outlook. His recent work includes research on monetary policy interaction with financial markets, IPO landscape and the role of exchanges in the economy.

Dr. Erfan Ghofrani

Financial Economist, WFE

Fabian Gerber 

Head Origination, Primary Markets, SIX Swiss Exchange AG

Dr. Ying Liu  

Financial Economist, WFE

Tracey Stern

Chief Legal Officer, General Counsel & Corporate Secretary, The Canadian Securities Exchange (CSE)

Tracey and her team are responsible for risk, legal and compliance matters relating to the exchange and its operations. She joined CSE after more than two decades at the Ontario Securities Commission where she led the team responsible for market structure policy and the regulation of exchanges and alternative trading systems. She has deep expertise regarding the Canadian and global market structure and regulatory environment, as a regulatory participant in most of the key market structure initiatives over the past 20 years and as Chair of IOSCO Committee 2 on the Regulation of Secondary Markets, a committee of global market structure experts.

She is a member of the Market Structure Advisory Committee of the Ontario Securities Commission and the Master of Financial Innovation & Technology Advisory Board at Smith School of Business at Queen’s University. She co-authored of A Framework for Responsive Market Regulation, published in 2019 by the University of Oxford Press. She is also the Chair of the Term CORRA Oversight Committee.

She received her B.A in Economics from Western University and her J.D. from Osgoode Hall Law School.

Dr. Ying Liu  

Financial Economist, WFE

Tracey Stern

Chief Legal Officer, General Counsel & Corporate Secretary, The Canadian Securities Exchange (CSE)

Tracey and her team are responsible for risk, legal and compliance matters relating to the exchange and its operations. She joined CSE after more than two decades at the Ontario Securities Commission where she led the team responsible for market structure policy and the regulation of exchanges and alternative trading systems. She has deep expertise regarding the Canadian and global market structure and regulatory environment, as a regulatory participant in most of the key market structure initiatives over the past 20 years and as Chair of IOSCO Committee 2 on the Regulation of Secondary Markets, a committee of global market structure experts.

She is a member of the Market Structure Advisory Committee of the Ontario Securities Commission and the Master of Financial Innovation & Technology Advisory Board at Smith School of Business at Queen’s University. She co-authored of A Framework for Responsive Market Regulation, published in 2019 by the University of Oxford Press. She is also the Chair of the Term CORRA Oversight Committee.

She received her B.A in Economics from Western University and her J.D. from Osgoode Hall Law School.

Dr Ishak Demir

Economist, WFE

Before joining the World Federation of Exchanges (WFE). Ishak worked at Middlesex University, the International Monetary Fund (IMF), and the University of Lincoln. He holds a PhD in economics from Birkbeck, University of London.

He has published in various international academic journals, including Journal of Money, Credit, and Banking,  International Journal of Finance & Economics, Economic Modelling and IMF Regional Economic Outlook. His recent work includes research on monetary policy interaction with financial markets, IPO landscape and the role of exchanges in the economy.

Dr Guzhan Gulay 

Executive Vice President, Borsa Istanbul

After graduating from the Faculty of Business Administration of Istanbul University in 1993, Güzhan Gülay completed Ziraat Bank Banking School and worked as a specialist in the Capital Markets Directorate of the same bank. He joined Borsa İstanbul family as an assistant specialist in the Equity Markets Directorate in 1995, became a specialist in 1998 and a manager in 2014 in the same department. He was appointed as the Business Development Director in 2018 and as the Precious Metals and Precious Stones Director in 2019. He has acted in many projects by taking fundamental positions in designing, configuration, testing, legislation and development for the improvement of the markets and infrastructure of Borsa Istanbul. After his master’s and doctorate education, he acted as a visiting lecturer for a year at the City University of London Cass Business School and taught part-time at various universities.

Eric Norland 

Executive Director & Chief Economist, CME Group

Erik Norland is Chief Economist and Executive Director of CME Group. He is responsible for generating economic analysis on global financial markets by identifying emerging trends, evaluating economic factors and forecasting their potential impact on CME Group's various asset classes, ranging from interest rate products to energy and agriculture. He is also one of CME Group’s spokespeople on global economic, financial and geopolitical developments.

Erik has been working in the financial services industry since 1996.  Prior to joining CME Group in 2015, he worked for investment banks and hedge funds both in the United States and France, with coverage including the field of quantitative research. He was in sales roles at BEAM Bayesian Efficient Asset Management LLC, and was Head of Research at EQA Partners, both of which are global macro hedge funds. He also worked with IXIS Corporate & Investment Bank in Paris (now called Natixis), covering central banks and supranational institutions for the fixed income sales business, and also worked as a market economist and strategist. Erik began his career at Bankers Trust, Global Investment Management in New York with the tactical asset allocation group.

Erik holds a bachelor’s degree in Economics and Political Science from St. Mary’s College of Maryland and an M.A. in Statistics with a concentration in finance from Columbia University. He is also a CFA Charterholder.

Dr Ishak Demir

Economist, WFE

Before joining the World Federation of Exchanges (WFE). Ishak worked at Middlesex University, the International Monetary Fund (IMF), and the University of Lincoln. He holds a PhD in economics from Birkbeck, University of London.

He has published in various international academic journals, including Journal of Money, Credit, and Banking,  International Journal of Finance & Economics, Economic Modelling and IMF Regional Economic Outlook. His recent work includes research on monetary policy interaction with financial markets, IPO landscape and the role of exchanges in the economy.

Dr Guzhan Gulay 

Executive Vice President, Borsa Istanbul

After graduating from the Faculty of Business Administration of Istanbul University in 1993, Güzhan Gülay completed Ziraat Bank Banking School and worked as a specialist in the Capital Markets Directorate of the same bank. He joined Borsa İstanbul family as an assistant specialist in the Equity Markets Directorate in 1995, became a specialist in 1998 and a manager in 2014 in the same department. He was appointed as the Business Development Director in 2018 and as the Precious Metals and Precious Stones Director in 2019. He has acted in many projects by taking fundamental positions in designing, configuration, testing, legislation and development for the improvement of the markets and infrastructure of Borsa Istanbul. After his master’s and doctorate education, he acted as a visiting lecturer for a year at the City University of London Cass Business School and taught part-time at various universities.

Eric Norland 

Executive Director & Chief Economist, CME Group

Erik Norland is Chief Economist and Executive Director of CME Group. He is responsible for generating economic analysis on global financial markets by identifying emerging trends, evaluating economic factors and forecasting their potential impact on CME Group's various asset classes, ranging from interest rate products to energy and agriculture. He is also one of CME Group’s spokespeople on global economic, financial and geopolitical developments.

Erik has been working in the financial services industry since 1996.  Prior to joining CME Group in 2015, he worked for investment banks and hedge funds both in the United States and France, with coverage including the field of quantitative research. He was in sales roles at BEAM Bayesian Efficient Asset Management LLC, and was Head of Research at EQA Partners, both of which are global macro hedge funds. He also worked with IXIS Corporate & Investment Bank in Paris (now called Natixis), covering central banks and supranational institutions for the fixed income sales business, and also worked as a market economist and strategist. Erik began his career at Bankers Trust, Global Investment Management in New York with the tactical asset allocation group.

Erik holds a bachelor’s degree in Economics and Political Science from St. Mary’s College of Maryland and an M.A. in Statistics with a concentration in finance from Columbia University. He is also a CFA Charterholder.

Dr. Kaitao Lin

Senior Financial Economist, The World Federation of Exchanges

Kaitao joined the World Federation of Exchanges in May 2020 and currently holds the position of senior financial economist in the Research Team. Kaitao holds a Ph.D. in Finance from the University of Houston and is a Chartered Financial Ana-lyst® (CFA®) charterholder. His research focuses on market microstructure issues, such as trading rules, their effects on market participants, and market quality.  His current work includes ESG and crypto assets. Kaitao’s papers have been accepted for publication in well-regarded academic journals, such as the Quarterly Journal of Finance, and presented in various international conferences, including the U.S. SEC Ph.D. Symposium, the China International Conference in Finance, and the Financial Management Association Annual Meeting.

Sally Kwok

Co-Head of Trading and Managing Director, HKEX

Sally currently leads the Cash Trading and Client Services teams, overseeing Hong Kong cash market trading and the development of the groundbreaking Stock Connect Program. Her responsibilities include reviewing the cash market structure, rules, and policies, as well as the ongoing enhancement and expansion of the Stock Connect Program.

For almost two decades, under Sally’s leadership, HKEX has launched new cash trading platforms for both the Hong Kong market and Stock Connect. She has also delivered numerous market structure enhancements, such as opening and closing auctions, volatility control mechanisms, market access schemes, and the introduction of new cash-settled product types, benefiting various market participants and investors.

Before joining HKEX, Sally was a change specialist in Cash Equities at UBS Investment Bank. Prior to that, she was a management consultant serving global clients for many years. Sally graduated from the University of Oxford with a first-class Master’s degree in Engineering and Computer Science.

Dr. Kaitao Lin

Senior Financial Economist, The World Federation of Exchanges

Kaitao joined the World Federation of Exchanges in May 2020 and currently holds the position of senior financial economist in the Research Team. Kaitao holds a Ph.D. in Finance from the University of Houston and is a Chartered Financial Ana-lyst® (CFA®) charterholder. His research focuses on market microstructure issues, such as trading rules, their effects on market participants, and market quality.  His current work includes ESG and crypto assets. Kaitao’s papers have been accepted for publication in well-regarded academic journals, such as the Quarterly Journal of Finance, and presented in various international conferences, including the U.S. SEC Ph.D. Symposium, the China International Conference in Finance, and the Financial Management Association Annual Meeting.

Bill Speth

Advisor to the CEO & Senior Advisor, WFE Membership, WFE

Bill has over 35 years options and futures markets experience. Prior to joining WFE, Bill was Senior Vice President, Global Head of Research for Cboe Holdings, Inc., and was responsible for product development (primarily focusing on volatility and VIX innovations).  He also worked on policy issues related to liquidity, capital and tax treatment for options, as well as the use of options and futures in investment funds.  He founded Cboe’s index business, and pioneered options-based strategy benchmark indexes.  

Prior to joining Cboe, Bill was an independent options market maker, trading both index options and commodity options.   

Manuel Batista

VP Finance & Strategic Innovation, Latinex

Manuel holds a Bachelor of Science in Finance from the University of Louisville, USA, with seven years of experience in capital markets. Serves as Vice President of Finance and Strategic Innovation at Latinex, which operates the national Exchange and Central Securities Depository, overseeing the Group’s financial management and product development initiative

Miguel Angel Zapatero

Head of Clients, nuam

Miguel A. Zapatero is the Head of Clients at nuam, a regional leader in capital market infrastructure services in Chile, Peru and Colombia.  Mr Zapatero also serves as CEO at the Lima Stock Exchange Group in Peru. He is also board member at currency and rates OTC market Datatec and other entities in Peru.

Pedro Gurrola-Perez

Head of Research, WFE

Pedro joined the World Federation of Exchanges in October 2019 from the Bank of England, where he led the Financial Market Infrastructures Directorate’s Research Team. He had joined the Bank of England in 2013, after two years at the UK Financial Services Authority. Previously, Pedro spent more than 15 years as a lecturer and researcher at various academic institutions, including the University of Barcelona and the Instituto Tecnológico Autónomo de México (ITAM).

Pedro holds a PhD in Mathematics from the University of Montpellier, France, and has published across key academic journals, including the Journal of Financial Market Infrastructures, the Journal of Risk, International Finance and the Journal of Futures Markets. His recent work includes research on the economics of distributed ledger technologies (DLT), on the network structure of settlement fails, and on the procyclicality of CCP margin models. He has also published research on payment systems, on back-testing methodologies, and on the structure of interest rate futures markets. In 2007 he received the National Award on Derivatives Research, awarded by the Mexican Derivatives Exchange (MexDer). He currently serves as a member of the Board of Advisors of the Robert A. Schwartz Center for Trading and Financial Markets Research at Baruch College.

Pedro Gurrola-Perez

Head of Research, WFE

Pedro joined the World Federation of Exchanges in October 2019 from the Bank of England, where he led the Financial Market Infrastructures Directorate’s Research Team. He had joined the Bank of England in 2013, after two years at the UK Financial Services Authority. Previously, Pedro spent worked as a lecturer and researcher at various academic institutions, including the University of Barcelona and the Instituto Tecnológico Autónomo de México (ITAM).

Pedro holds a PhD in Mathematics from the University of Montpellier, France, and has published across key academic journals. His recent work includes research on the economics of distributed ledger technologies (DLT), on the network structure of settlement fails, and on the procyclicality of CCP margin models.  He currently serves as a member the Board of Advisors of the Robert A. Schwartz Center for Trading and Financial Markets Research at Baruch College.

Manuel Batista

VP Finance and Strategic Innovation, Latinex

Manuel holds a Bachelor of Science in Finance from the University of Louisville, USA, with seven years of experience in capital markets. Serves as Vice President of Finance and Strategic Innovation at Latinex, which operates the national Exchange and Central Securities Depository, overseeing the Group’s financial management and product development initiative.

Fernanda Hermosilla B.

Business Director, nuam

Based in Chile, Fernanda Hermosilla has worked over 10 years in the Business and Client area from Santiago Exchange. Started at 2011 as Relationship Manager, currently Business Director of nuam exchange. She leads the relationship and business with local clients and, since nuam, with international clients as well. Ms. Hermosilla holds the title of Tourism Business Administration in Universidad Austral de Chile and an MBA of International Management in Berlin School of Economics and Law.

Previously, she worked at Santiago Marriott Hotel as Account Manager, developing proactive sales and representing the brand in many countries.