WFE Webinar

Global Developments in Market Data

Date:January 19, 2022 Time:13:00 PM-14:00 PM GMT

WFE Webinars are a forum for discussion and exchange of ideas on topics that are relevant to WFE members, fostering interaction with academics and regulators in an environment that facilitates an open and constructive discussion.

Event Summary

Global Developments in Market Data

Wed 19 Jan 13:00 - 14:00 PM GMT

Introduction: Nandini Sukumar, CEO, The World Federation of Exchanges

Moderator: Richard Fenner, Manager, Regulatory Affairs, The World Federation of Exchanges


Phil Mackintosh, Senior Vice President, Economic Research, Nasdaq

Christiane Baumgarten, Senior Vice President, Market Data + Services, Deutsche Börse 

Abstract: Within the last 18 months, the European Commission and the US Securities and Exchange Commission have proposed or passed major changes to the market for market data with significant impacts not only for exchange businesses but also for a wider set of market participants. IOSCO recently closed its consultation into the topic of market data and the UK looks forward to an in-depth review of the topic of the pricing of market data. Other evolving policy themes include latency, access to data, the consolidation and dissemination of market data and allocation of revenues from consolidated data.

This webinar will focus on developments in the EU and US, examining the real-world impact of (proposed) policy change on exchange-traded markets and considering the broader effect of market data reform.

Format: There will be 30 minutes for the presentation, followed by a 30-minute Q&A session.

This is a WFE-members and Affiliates only event. Feel free to share with colleagues in your organization who may be interested.

Please note that all webinars/conferences are recorded and will be available for the WFE members in the members’ area of the WFE website.

  • Nandini Sukumar Chief Executive Officer The World Federation of Exchanges
  • Richard Fenner Manager, Regulatory Affairs The World Federation of Exchanges
  • Christiane Baumgarten Senior Vice President, Market Data + Services Deutsche Börse
  • Phil Mackintosh Chief Economist and Senior Vice President Nasdaq

Speaker Profiles

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. WFE exchanges are home to nearly 45,000 listed companies, the market capitalization of these entities is over $82.5 trillion and around $81.8 trillion in trading annually passes through the infrastructures that the WFE members safeguard. Ms. Sukumar is Vice Chair of IOSCO’s Affiliate Members Consultative Committee and Chair of the AMCC’s DLT Workstream. 

Ms. Sukumar has been CEO of the WFE since March 2015. Prior to this, she served as Acting Chief Executive Officer from November 2014, having been recruited by the WFE Board as Chief Administrative Officer in May 2014 to run the Federation on a daily basis and work with its global network of members as a proponent of the benefits of fair, orderly, public markets. Ms. Sukumar came to the WFE after a 14-year career at Bloomberg where she created, grew and ran their coverage of market structure, exchanges and UK regulation.

Richard Fenner

Manager, Regulatory Affairs, The World Federation of Exchanges

Richard Fenner is a manager on The WFE’s Regulatory Affairs team and responsible for workstreams on international regulatory coherence and market integrity.

Richard began his career as an advisor on economic and foreign policy at the UK Parliament’s House of Commons. He then served as Head of Public Affairs at TheCityUK and latterly worked as a public policy and strategic communications consultant for a wide variety of financial institutions, including Bank of America Merrill Lynch, Carlyle Group, Seedrs and RSA Group.

Richard studied at St Paul’s School in Concord, New Hampshire and holds an MA in International Relations from the University of St Andrews, and a Certificate in Risk from the Chartered Institute of Securities & Investment. He was born in Orange County, California and is a dual British/American citizen.

Phil Mackintosh

Chief Economist and Senior Vice President, Nasdaq

Phil Mackintosh is Chief Economist and a Senior Vice President at Nasdaq. His team is responsible for a variety of projects and initiatives in the U.S. and Europe to improve market structure, encourage capital formation, and enhance trading efficiency.

Phil has over 30 years of experience in the Finance industry. Prior to joining Nasdaq, he was the Head of Trading Strategy & Analysis at KCG/Virtu Financial. He has also served as the Global Head of Trading Strategy at Credit Suisse, and the Head of Index Portfolios at County Investment Management. He started his career at KPMG and is also a Chartered Accountant.

Phil has a unique blend of operational risk, buy-side and sell-side experience. Over the past 20 years, he has published research on indexes, ETFs, market structure, trading and retail investors.

Christiane Baumgarten

Senior Vice President, Market Data + Services, Deutsche Börse

Christiane Baumgarten is Head of Regulation, Market Data + Services of Deutsche Börse AG. In her role she takes care of Financial Markets Regulations affecting the market data business of Deutsche Börse. Before resuming her role in 2014, she headed Deutsche Börse’s Market Data + Services Product Development. In total Christiane has spent over 24 years in the Exchange Market Data Business, and 13 years in Investment Banking in EU and UK. Christiane studied Economics and Business Administration and holds a Degree in Business Administration from the Johann-Wolfgang-Goethe University in Frankfurt.


Click on the button below to register for the webinar. Please note that this is an external link.

Register for Webinar