Introduction: Nandini Sukumar, CEO, The World Federation of Exchanges
Moderator: Sana Awan, Manager, Regulatory Affairs, The World Federation of Exchanges
Speakers: Chris Clark, Partner, Derivatives and Capital Markets, CMS, Owain Johnson, Global Head of Product Development and Research, CME Group, Tom Enger, Head of Product, Climate Impact Exchange.
Abstract: Exchanges and CCPs have been integral to the development of sustainable finance from its inception, taking the leading role in the design, trading and clearing of products. We are now seeing momentum building in support of pricing carbon, with new venues being established to trade carbon credits, and innovation from listed derivatives exchanges, to facilitate a low-carbon, economy-wide transition. A panel of experts will examine the role that exchanges, and the derivatives markets can play in supporting mandatory schemes, as well as scaling up voluntary carbon markets.
Format: There will be a panel discussion followed by a Q&A session.
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Sana is responsible for the WFE’s work on sustainability and listings and is currently leading several initiatives with the IOSCO Associate Member Consultative Committee (AMCC). Prior to joining the WFE Sana spent several years within the UK Government, drafting policy and legislative proposals relating to corporate governance (including executive pay and shareholder rights), investor stewardship and UK audit reform.
Sana holds an LLB from the London School of Economics.
Chris has a broad range of experience in advising leading investment banks, corporates and other financial institutions on a wide range of OTC derivatives, debt capital markets transactions, structured products linked to a wide range of asset classes and structured finance transactions. Chris is ranked as a Next Generation Partner in Debt Capital Markets by The Legal 500 (2022). Chris specialises in derivative securities and advises on, amongst other things, the drafting and structuring of proprietary indices including advising on regulatory considerations in respect thereof and the drafting of structured products or transactions referencing such indices/strategies. Chris also regularly assists clients in the negotiation of a wide range of master agreements, bespoke structured transactions entered into in connection with such agreements and various forms of hedging transactions. In addition, Chris advises both issuers and dealers on the issue and restructuring of standalone and programme-based debt issues including retail bonds, note programmes, secured bonds and securitisation transactions.
Tom Enger is Head of Product for Climate Impact X, a new global exchange based in Singapore for voluntary carbon market credits and environmental contracts. Tom previously developed derivatives strategy for Singapore Exchange (SGX) and the Baltic Exchange.
Prior to this, Tom designed price benchmarks, platforms and analytics for commodity index specialist S&P Global Platts. Tom has working experience of over 50 different markets.
He holds a degree from Oxford University and an MBA from the National University of Singapore (NUS).
Owain Johnson is the Global Head of Research and Product Development at the CME Group.
The research and product development team develops new risk management products as well as ensuring the continued relevance of CME Group’s current suite of key benchmarks. The team also produces original research into financial and commodity derivatives and their underlying markets around the world.
Johnson previously served as CME Group’s Managing Director of Energy Research and Product Development where he ensured the integrity of CME Group's existing energy futures benchmarks, which include WTI, Henry Hub, DME Oman, RBOB and NYH ULSD.
Within CME Group, Johnson was previously the Managing Director of the Dubai Mercantile Exchange as well as Executive Director of CME Group Singapore. Before joining CME Group in 2010, Johnson served as Asia Business Development Manager for Argus Media.
Johnson is the author of “The Price Reporters: A Guide to PRAs and Commodity Benchmarks” and co-edited the Oxford Energy Forum’s report on oil benchmarks. Johnson is a member of the International Association for Energy Economics and earned his master’s degree from Cambridge University.
Johnson is chair of the CME Group’s ESG Product Committee; co-chair of the UN’s Sustainable Derivatives Markets Committee; deputy chair of the World Federation of Exchange’s Sustainability Working Group; and a member of the International Regulatory Strategy Group’s ESG Workstream.
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.
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