The WFE Publishes 12th Annual Sustainability Survey: Exchanges See Sustainability as a Strategic Opportunity to Create and Protect Value

 

PRESS RELEASE

The WFE Publishes 12th Annual Sustainability Survey: Exchanges See Sustainability as a Strategic Opportunity to Create and Protect Value

London, 16 September 2026 – The World Federation of Exchanges (WFE), the global industry association for exchanges and central counterparties (CCPs), today published the 12th edition of its Annual Sustainability Survey. It confirms a clear trend towards transition finance, involving equity as well as bonds. 

Covering activity during 2025, the survey draws on responses from 58 exchange groups from markets all round the world, of all sizes and stages of development. It captures the progress exchanges are making on sustainability, the evolution in product focus and challenges they face and the ways they are supporting issuers and investors. 

Key findings from this year's survey include: 

• Transition is gaining momentum: The most common priority for product development is financial instruments that support listed companies in the transition to a low-carbon economy. Exchanges are also prioritising their own transition. In the 2025 survey, 22 respondents had published or were developing such plans for their own business. This year, that number has nearly doubled, with 20 exchanges having already developed plans and a further 22 indicating that they intend to do so. In financial product development, five exchanges have already introduced transition designations, while another 20 plan to. The WFE's Draft Transition Equity Principles will support this developing area of the market. 
• Broad participation in sustainability initiatives: Almost all respondents report having at least one sustainability initiative. 
• Exchanges' action is driven by value: Expanded opportunities are the most important motivating factor, cited by 88% of respondents, followed by risk management. 
• Exchanges are responding to investor demand: 93% of respondents report investor demand for sustainability-related products in their markets. Exchanges are meeting that demand, with green bonds remaining the most common product offered, followed by sustainability bonds and social bonds. Sustainability indices, ETFs, carbon markets and ESG ratings are also widely available. 
• Exchanges continue to consider sustainability factors beyond climate: While 89% of respondents have Net Zero targets, 62% have gender diversity targets, 41% have social equity and inclusion targets and 41% have health and wellbeing targets. More than half include the UN Sustainable Development Goals (SDGs) in their own sustainability reporting. 
• Supporting issuers remains a priority: Education and capacity building continue to be important areas of activity, as is guidance for issuers on sustainability reporting and materiality assessments. 
• Exchanges are managing their own operations: 86% of respondents publish sustainability reports for their business. Gender equality continues to be a high priority and several exchanges are themselves included in sustainability indices. 
• Political uncertainty and data remain the biggest challenges: Respondents identified the lack of reliable data and the changing political landscape as their main concerns, reflecting the challenges created by fragmented regulatory approaches and changing policy priorities across jurisdictions. 

Nandini Sukumar, CEO of the World Federation of Exchanges, said: "The findings show that exchanges remain committed to sustainable finance despite a more uncertain policy environment. 

“Respondents continue to report strong investor demand for sustainability-related products while highlighting the practical challenges created by changing regulation and inconsistent data. It is particularly encouraging to see transition finance emerging as the leading area for future product development, demonstrating how exchanges are responding to the changing needs of issuers and investors.” 

The WFE Sustainability Survey is the only comprehensive annual review of sustainability-related activity across the global exchange industry. It provides insight into how exchanges are responding to changing regulation, investor demand and market developments while supporting resilient and effective capital markets. 

Read the full report here: The WFE’s 12th Sustainability Survey

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 capitalisation 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

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

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