The WFE Launches New Academic Journal for Exchange and Post-Trade Research

 

PRESS RELEASE

The WFE Launches New Academic Journal for Exchange and Post-Trade Research

The Journal of Exchanges, Clearing & Settlement (JECS) will provide a forum for research on financial market infrastructure from academics, practitioners and policymakers 

London, 27 July 2026 – The World Federation of Exchanges (WFE), the global industry association for exchanges and central counterparties (CCPs), today announced the launch of the Journal of Exchanges, Clearing & Settlement (JECS), a new international, peer-reviewed, open-access journal focused on financial market infrastructure. 

The journal will publish research on the institutions and systems that support global capital markets, including exchanges, trading venues, central counterparties, central securities depositories, settlement systems and related market infrastructure. 

JECS has been created to provide a dedicated publication for research on the exchange and post-trade industry. It will publish contributions from academics, practitioners and policymakers, offering a space for research that is academically rigorous and relevant to the operation and regulation of financial markets. Articles published in JECS are freely available immediately upon publication, without paywalls. 

The journal covers the full lifecycle of financial market activity, from trading through clearing, settlement and custody. Areas of interest include market structure, risk management, regulation, cross-border links and regional integration, impact of new technologies, post-trade innovation, and development of financial market infrastructures in emerging and developing markets. 

Professor Rodney Garratt of the University of California Santa Barbara will lead JECS as founding Editor-in-Chief. He is supported by an Editorial Board comprising academics, regulators and industry experts from across different regions and disciplines. 

Nandini Sukumar, Chief Executive Officer of the World Federation of Exchanges, said: "Exchanges and clearing houses are central to the economy and to understanding the vital role of fair, orderly and efficient public markets. But there is still too little research dedicated to the issues and the institutions that underpin and enable the wider financial market. WFE Research, with a team of researchers dedicated to these topics, has focused on doing just this for the last decade and has focused also on trying to bring the academic work closer to the practitioner’s reality. In the next chapter of fostering academic excellence and growing understanding of the issues, we are creating JECS. 

"JECS will provide a home for cutting-edge research on the exchange and post-trade industry and create opportunities for greater engagement between academics, market participants and policymakers." 

Dr. Pedro Gurrola-Perez, Head of Research at the World Federation of Exchanges, said: “Research on exchanges, clearing houses and central securities depositories has lacked a dedicated, open-access international forum that brings together academics, practitioners and policymakers. JECS was created to fill that gap. As a fully open-access journal, it will make all published research immediately and freely available, ensuring that scholars, practitioners and policymakers in markets of all sizes - from the world's largest financial centres to the smallest emerging markets - can benefit from the latest advances in research on financial market infrastructures, helping translate research into better market practice and public policy.” 

Professor Rodney Garratt, Editor-in-Chief of JECS, said: "Too little of the cutting-edge research on financial market infrastructures reaches the people who actually build and operate them. JECS seeks to change that by providing a dedicated, open-access outlet for rigorous work on these institutions." 

 

All articles published in JECS will be freely available upon publication, with no subscription fees for readers and no article processing charges for authors. The journal will operate a continuous online publication model, allowing accepted papers to be published as soon as the review and production process has been completed. 

Editorial decisions will be made independently by the journal's Editorial Board, and all submissions will be subject to a double-blind peer-review process. 

The journal is now accepting submissions. Author guidelines and further information are available at xcsjournal.org. 

EDITORIAL BOARD* 

• Fernando Avalos, Bank for International Settlements (BIS), Switzerland 
• Evangelos Benos, University of Cyprus, Cyprus 
• Christopher P. Buttigieg, Malta Financial Services Authority, Malta 
• Jie Jay Cao, Hong Kong Polytechnic University, Hong Kong 
• Fernando Cerezetti,  ClearToken, UK 
• Christian Chamorro-Courtland, Western Sydney University School of Law, Australia
• Carole Comerton-Forde, University of Melbourne, Australia 
• Jorge Cruz-Lopez, Global Risk Institute, Canada 
• Gerardo Ferrara, Bank of England, UK 
• Alicia Greenwood, Johannesburg Stock Exchange, South Africa 
• Phil Mackintosh, Nasdaq, USA 
• John McPartland, Independent Policy Advisor, USA
• Travis Nesmith, Federal Reserve Board, USA 
• Mark Paddrik, Office for Financial Research (OFR), USA 
• Radoslav Raykov, Bank of Canada, Canada 
• Paolo Saguato, George Mason University, USA 
• Robert Steigerwald, Independent Policy Advisor, USA 
• Dermot Turing, University of Oxford, UK 
• Froukelien Wendt, European Securities and Markets Authority (ESMA), France 
• Haoxiang Zhu, Massachusetts Institute of Technology (MIT), USA 

*The members of the Editorial Board participate in their personal capacity; their views do not necessarily represent the views of their institution. 

 

For more information, please contact:

Oonagh Shiel
Communications Manager
Email: communications@world-exchanges.org

About the World Federation of Exchanges (WFE):

Established in 1961, the WFE is the global industry association for exchanges and clearing houses. Headquartered in London, it represents the providers of over 250 pieces of market infrastructure, including standalone CCPs that are not part of exchange groups. Of our members, 39% are in Asia Pacific, 41% in EMEA and 19% in the Americas region. The WFE’s 74 member CCPs and clearing services collectively ensure that risk takers post some USD 1.4 trillion (equivalent) of resources to back their positions, in the form of initial margin and default fund requirements. WFE exchanges are home to over 41,000 listed companies, and the market capitalization of these entities is over $137 trillion; around $198.5 trillion in trading annually passes through WFE members (at end-2025). 

The WFE is the definitive source for exchange-traded statistics and publishes over 350 market data indicators. Its free statistics database stretches back 50 years and provides information and insight into developments on global exchanges. The WFE works with standard-setters, policy makers, regulators and government organisations around the world to support and promote the development of fair, transparent, stable and efficient markets. The WFE shares regulatory authorities’ goals of ensuring the safety and soundness of the global financial system. 

With extensive experience of developing and enforcing high standards of conduct, the WFE and its members support an orderly, secure, fair and transparent environment for investors; for companies that raise capital; and for all who deal with financial risk. We seek outcomes that maximise the common good, consumer confidence and economic growth. And we engage with policymakers and regulators in an open, collaborative way, reflecting the central, public role that exchanges and CCPs play in a globally integrated financial system. If you have any further questions, or wish to follow-up on our contribution, the WFE remains at your disposal. ^[1] 

Website: www.world-exchanges.org

Follow the WFE on X: @TheWFE 

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^[1] Our EU Transparency Register number is 973382524675-69

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