WFE Webinar
The Role of Exchanges in Promoting a Low-Carbon, Sustainable Future
Date:Fri 05 Nov Time:10:00-10:45 GMT
WFE Webinar
WFE-Borsa Istanbul ESG Conference
Date:Fri 04 Nov Time:12:00-15:00 GMT
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.
This is a WFE-members and Affiliates only event. Feel free to share with colleagues in your organisation 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.
Ahead of COP27, this conference aims to bring together academics, industry, and policy makers to discuss some of the recent industry developments in Environmental, Social, and Governance (ESG) in capital and derivative markets. In the first part of the conference, researchers from the exchange industry will present and discuss some of their recent research work on different aspects of ESG. This will be followed by a panel discussion where industry representatives and policy makers will explore the evolving role that ESG data plays in ensuring robust ESG-related disclosures by issuers.
12:00 to 12:10 Opening remarks by Pedro Gurrola-Perez, Head of Research, The World Federation of Exchanges and Güzhan Gülay, Executive Vice President, Borsa Istanbul
12:10 to 12:30 The WFE Sustainability Survey: eight years of capturing the exchanges’ engagement with ESG issues (Pedro Gurrola-Perez, Head of Research, The World Federation of Exchanges)
12:30 to 13:30 Research papers presentation
Researchers from the industry will present and discuss their recent work on the following topics:
13:30 to 14:00 Research roundtable: a discussion of the research papers and time for audience Q&A
Moderator: Ali M. Kutan, Distinguished Research Professor of Economics and Finance, Southern Illinois University Edwardsville, USA. Editor of the Borsa Istanbul Review.
14:00 to 14:55 Panel discussion: ESG Data
The aim of the panel is to explore the evolving role that ESG data plays in ensuring robust ESG-related disclosures by issuers. Questions for consideration include: How is ESG data utilised by different stakeholders? What are the challenges surrounding availability of ESG data? Are there specific data challenges surrounding ESG-related indices? How can investors and other end-users gain assurance about the robustness and consistency of ESG data provided?
Panel Moderator: Christine Brentani, Senior Manager, Regulatory Affairs, Sustainability Lead, The World Federation of Exchanges
Speakers:
14:55 to 15:00 Closing remarks by Pedro Gurrola-Perez, Head of Research, The World Federation of Exchanges
This is an open event. Feel free to share with colleagues inside or outside your organisation who may be interested.
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.
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 lecturing and doing research at a range of well-regarded academic institutions, including the University of Barcelona and the Instituto Tecnológico Autónomo de México (ITAM).
Pedro holds two PhDs: one from the University of Barcelona, Spain, and one 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) for securities settlement, on the network structure of settlement fails and on market liquidity risk in CCPs. He has also published research on payment systems, 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).
Christine recently joined the World Federation of Exchanges as a Senior Manager, Regulatory Affairs leading on ESG/ Sustainability and Financial Literacy topics. She has worked on supporting the implementation of global ESG/Sustainability rules from a Risk & Compliance perspective at a large asset management firm and she has also previously worked as Head of Regulatory Developments at UK-based asset management firms. She has spent a number of years working at both the UK regulator (in policy and supervision) and at a trade association (on prudential matters). She has an MBA from the London Business School and is author of a book entitled “Portfolio Management in Practice.”
Ali M. Kutan is a Distinguished Research Professor of Economics and Finance at Southern Illinois University at Edwardsville. He received his Ph.D in Economics from Arizona State University. His research interests include international finance, financial markets and institutions. He has published extensively in over 190 peer review economics and finance journals.
His research is supported through several agencies, including The British Council, The National Council for Eurasian and East European Research, the U.S. Department of Education, and the William Davidson of Institute of the University of Michigan Business School. He was a visiting scholar at the Economic Research Department of the Federal Reserve Bank of St. Louis. He was a a consultant to the World Bank, Asian Development Bank, US Commerce Department, and private companies. He serves as the Director of Research and Development of the Society for the Study of Emerging Markets.
He is the editor of Borsa Istanbul Review (SSCI) and co-editor of Economic Systems. In addition, he serves as an associate editor of International Review of Financial Analysis and co-editor of Journal of Chinese Economic and Business Studies. He is the former editor of Emerging Markets Finance and Trade and Comparative Economic Studies. He advises universities and institutions to include journals in the Social Science Citation Index (SSCI) and conducts workshops regarding how to publish in international SSCI journals.
Dr. Aydogmus has previous experience in development finance at the World Bank’s Washington DC headquarters for nine years. He worked as a specialist and senior specialist at the Global Partnerships and Trust Funds Department at the World Bank from 2004 to 2012. He joined Borsa İstanbul in 2012 and held various managerial positions in international relations, strategic planning and investor relations. He graduated from Hacettepe University, Faculty of Engineering in Ankara. He completed his master’s degree on Management Information Systems at University of Baltimore in USA and his PhD on Finance at Istanbul University. He holds capital market activities advanced level license and corporate governance rating license from Capital Markets Board of Turkey.
Carlo M. Funk is the lead ESG Investment Strategist at State Street Global Advisors covering Europe, the Middle East and Africa regions (EMEA). Mr. Funk works with clients to identify solutions that align with their ESG objectives, including assessing the impact of integrating ESG into their portfolios. He works in close collaboration with the ESG research and development team across asset classes and investment styles and is also involved with ESG-related regulatory initiatives.
Before joining State Street Global Advisors, Mr. Funk was responsible for the design and distribution of passive ESG investment solutions at BlackRock and acted as its EMEA-wide ESG sales specialist. His prior experience also includes working at J.P. Morgan Private Bank in New York and Frankfurt.
Mr. Funk holds a BSc and MSc in international business and finance from Maastricht University and is part of various industry working groups on sustainable finance including the sustainable investment commission of DVFA in Germany. Additionally, he is a regular guest lecturer at the European Business School on sustainable finance. In 2020 he was awarded the Financial News "Asset Management Rising Stars Award".
Nick is a Sustainability Analyst at abrdn, with a sole focus on climate change, Nick is responsible for thematic research, managing and monitoring abrdn’s investment carbon target, the development of tools and data. He holds an MSc in Climate Finance and Investment from the University of Edinburgh and a BSc in Banking, Finance and Management from Loughborough University.
Till Jung is Managing Director and Global Head of ESG Products at ISS ESG, the responsible investment arm of Institutional Shareholder Services (ISS). Before taking on the lead of ESG Product Development at ISS, Till headed the Business Development, Client Services and Marketing & Communications departments as Chief Client Officer at oekom research AG, until the company joined ISS in 2018. Till has over 18 years of in-depth experience in the ESG market and started his career as an ESG Analyst at oekom research in 2004. He is a graduate of Political and Social Sciences of the Free University of Berlin and the Institut d’Etudes Politiques de Paris. His Master Thesis was published in 2007 and focused on CSR strategies of companies.
Ben Leale-Green is Associate Director, Research & Design at S&P Dow Jones Indices (S&P DJI), working in the Environmental, Social and Governance (ESG) Product Management team. This team helps innovate new and support existing ESG indices.
Prior to joining S&P DJI in 2019, Ben worked for the National Employment Savings Trust (Nest) and was responsible for ESG integration across asset classes, thematic research and voting and engagement.
Ben holds the Certificate of Quantitative Finance, an MSc in investment management from the ICMA Centre, Henley Business School, and the CFA Institute Certificate in ESG Investing.
Mark Manning leads the FCA’s policy work on sustainable finance and investor stewardship. In this role, he is responsible for several initiatives, including the FCA’s implementation of the TCFD’s recommendations and the FCA’s work with IOSCO on corporate reporting standards on sustainability. Prior to joining the FCA in 2018, Mark spent fifteen years as a central banker with the Bank of England (BoE) and the Reserve Bank of Australia (RBA). He held a number of senior roles, with a particular focus on policy, research and supervision in the field of financial market infrastructures (FMIs). Before joining the official sector, Mark spent several years as a fixed income and currency fund manager with Kleinwort Benson Investment Management and Goldman Sachs Asset Management. Mark holds Master’s degrees in Economics and Finance, from University College London and London Business School, respectively.
Gregor works in commodity research and product development at CME Group. He has been at the exchange since 2015, covering a wide range of product launches and initiatives. Prior to CME Group, Gregor worked at Commerzbank London in commodity derivatives structuring and at EDF Energy in power markets.
PhD in Economics, Chairman of Supervisory Board GPW Benchmark S.A. and Deputy Director the Information Products and Indicators Development Department at the Warsaw Stock Exchange, responsible for the implementation of the ESG strategy for the capital market. In 2009, he was responsible for launching the RESPECT Index, first Corporate Social Responsibility index in Central-Easter Europe. In 2013, on his initiative, the WSE became the eighth stock exchange in the world to join the United Nations Sustainable Stock Exchanges Initiative. In 2019, he was responsible for introducing the WIG-ESG index - the first ESG benchmark for a Polish Investment Fund. In first half of 2021, he coordinated the project “ESG Reporting Guidelines. Guide for issuers” and ESG Strategy for Capital Market.
A member of government teams for sustainable investment, ESG and CSR at the Ministry of Finance or Ministry of Development Funds and Regional Policy.
Actively involved in the education and promotion of ESG on capital market, among others by state administration and universities. Author and co-author of reports, articles and academic research focused on role of CSR on capital market, including report “Investment decisions and the ESG”.
Dr. Aydogmus has previous experience in development finance at the World Bank’s Washington DC headquarters for nine years. He worked as a specialist and senior specialist at the Global Partnerships and Trust Funds Department at the World Bank from 2004 to 2012. He joined Borsa İstanbul in 2012 and held various managerial positions in international relations, strategic planning and investor relations. He graduated from Hacettepe University, Faculty of Engineering in Ankara. He completed his master’s degree on Management Information Systems at University of Baltimore in USA and his PhD on Finance at Istanbul University. He holds capital market activities advanced level license and corporate governance rating license from Capital Markets Board of Turkey.
Christine recently joined the World Federation of Exchanges as a Senior Manager, Regulatory Affairs leading on ESG/ Sustainability and Financial Literacy topics. She has worked on supporting the implementation of global ESG/Sustainability rules from a Risk & Compliance perspective at a large asset management firm and she has also previously worked as Head of Regulatory Developments at UK-based asset management firms. She has spent a number of years working at both the UK regulator (in policy and supervision) and at a trade association (on prudential matters). She has an MBA from the London Business School and is author of a book entitled “Portfolio Management in Practice.”
Carlo M. Funk is the lead ESG Investment Strategist at State Street Global Advisors covering Europe, the Middle East and Africa regions (EMEA). Mr. Funk works with clients to identify solutions that align with their ESG objectives, including assessing the impact of integrating ESG into their portfolios. He works in close collaboration with the ESG research and development team across asset classes and investment styles and is also involved with ESG-related regulatory initiatives.
Before joining State Street Global Advisors, Mr. Funk was responsible for the design and distribution of passive ESG investment solutions at BlackRock and acted as its EMEA-wide ESG sales specialist. His prior experience also includes working at J.P. Morgan Private Bank in New York and Frankfurt.
Mr. Funk holds a BSc and MSc in international business and finance from Maastricht University and is part of various industry working groups on sustainable finance including the sustainable investment commission of DVFA in Germany. Additionally, he is a regular guest lecturer at the European Business School on sustainable finance. In 2020 he was awarded the Financial News "Asset Management Rising Stars Award".
Nick is a Sustainability Analyst at abrdn, with a sole focus on climate change, Nick is responsible for thematic research, managing and monitoring abrdn’s investment carbon target, the development of tools and data. He holds an MSc in Climate Finance and Investment from the University of Edinburgh and a BSc in Banking, Finance and Management from Loughborough University.
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.
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 lecturing and doing research at a range of well-regarded academic institutions, including the University of Barcelona and the Instituto Tecnológico Autónomo de México (ITAM).
Pedro holds two PhDs: one from the University of Barcelona, Spain, and one 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) for securities settlement, on the network structure of settlement fails and on market liquidity risk in CCPs. He has also published research on payment systems, 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).
Till Jung is Managing Director and Global Head of ESG Products at ISS ESG, the responsible investment arm of Institutional Shareholder Services (ISS). Before taking on the lead of ESG Product Development at ISS, Till headed the Business Development, Client Services and Marketing & Communications departments as Chief Client Officer at oekom research AG, until the company joined ISS in 2018. Till has over 18 years of in-depth experience in the ESG market and started his career as an ESG Analyst at oekom research in 2004. He is a graduate of Political and Social Sciences of the Free University of Berlin and the Institut d’Etudes Politiques de Paris. His Master Thesis was published in 2007 and focused on CSR strategies of companies.
Ali M. Kutan is a Distinguished Research Professor of Economics and Finance at Southern Illinois University at Edwardsville. He received his Ph.D in Economics from Arizona State University. His research interests include international finance, financial markets and institutions. He has published extensively in over 190 peer review economics and finance journals.
His research is supported through several agencies, including The British Council, The National Council for Eurasian and East European Research, the U.S. Department of Education, and the William Davidson of Institute of the University of Michigan Business School. He was a visiting scholar at the Economic Research Department of the Federal Reserve Bank of St. Louis. He was a a consultant to the World Bank, Asian Development Bank, US Commerce Department, and private companies. He serves as the Director of Research and Development of the Society for the Study of Emerging Markets.
He is the editor of Borsa Istanbul Review (SSCI) and co-editor of Economic Systems. In addition, he serves as an associate editor of International Review of Financial Analysis and co-editor of Journal of Chinese Economic and Business Studies. He is the former editor of Emerging Markets Finance and Trade and Comparative Economic Studies. He advises universities and institutions to include journals in the Social Science Citation Index (SSCI) and conducts workshops regarding how to publish in international SSCI journals.
Ben Leale-Green is Associate Director, Research & Design at S&P Dow Jones Indices (S&P DJI), working in the Environmental, Social and Governance (ESG) Product Management team. This team helps innovate new and support existing ESG indices.
Prior to joining S&P DJI in 2019, Ben worked for the National Employment Savings Trust (Nest) and was responsible for ESG integration across asset classes, thematic research and voting and engagement.
Ben holds the Certificate of Quantitative Finance, an MSc in investment management from the ICMA Centre, Henley Business School, and the CFA Institute Certificate in ESG Investing.
Mark Manning leads the FCA’s policy work on sustainable finance and investor stewardship. In this role, he is responsible for several initiatives, including the FCA’s implementation of the TCFD’s recommendations and the FCA’s work with IOSCO on corporate reporting standards on sustainability. Prior to joining the FCA in 2018, Mark spent fifteen years as a central banker with the Bank of England (BoE) and the Reserve Bank of Australia (RBA). He held a number of senior roles, with a particular focus on policy, research and supervision in the field of financial market infrastructures (FMIs). Before joining the official sector, Mark spent several years as a fixed income and currency fund manager with Kleinwort Benson Investment Management and Goldman Sachs Asset Management. Mark holds Master’s degrees in Economics and Finance, from University College London and London Business School, respectively.
Gregor works in commodity research and product development at CME Group. He has been at the exchange since 2015, covering a wide range of product launches and initiatives. Prior to CME Group, Gregor worked at Commerzbank London in commodity derivatives structuring and at EDF Energy in power markets.
PhD in Economics, Chairman of Supervisory Board GPW Benchmark S.A. and Deputy Director the Information Products and Indicators Development Department at the Warsaw Stock Exchange, responsible for the implementation of the ESG strategy for the capital market. In 2009, he was responsible for launching the RESPECT Index, first Corporate Social Responsibility index in Central-Easter Europe. In 2013, on his initiative, the WSE became the eighth stock exchange in the world to join the United Nations Sustainable Stock Exchanges Initiative. In 2019, he was responsible for introducing the WIG-ESG index - the first ESG benchmark for a Polish Investment Fund. In first half of 2021, he coordinated the project “ESG Reporting Guidelines. Guide for issuers” and ESG Strategy for Capital Market.
A member of government teams for sustainable investment, ESG and CSR at the Ministry of Finance or Ministry of Development Funds and Regional Policy.
Actively involved in the education and promotion of ESG on capital market, among others by state administration and universities. Author and co-author of reports, articles and academic research focused on role of CSR on capital market, including report “Investment decisions and the ESG”.
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