Regulatory Affairs

Regulation can make the difference between markets that inspire confidence and markets that don’t. The WFE champions effective rules for the modern, global economy and its future growth.

Our unique perspective comes from uniting authorised exchanges and central counterparties (CCPs) worldwide. With extensive experience of developing and enforcing high standards, WFE members support an orderly, secure, fair and transparent environment for investors; for companies that raise capital; and for all who face risk. 

The WFE updates members on legislative developments. We analyse evidence, encourage debate and seek outcomes that maximise the common good. We also engage with major policymakers in an open, collaborative way, reflecting the central, public role that exchanges and CCPs perform in an internationally integrated financial system.

Editor's Pick

Demystifying Tokenisation: Embracing the Future

Published: 11 Jun 2024
This paper will present tokenisation as a natural evolution in the financial industry. Following the move from paper share certificates to dematerialisation, tokenisation possibly represents the next step for traditional assets. Tokenisation maintains the core principles of traditional assets, such as ownership and regulatory compliance, while offering potential over traditional assets. Rather than a radical departure from the norm, tokenised traditional assets should be viewed as nothing more than a modernised and innovative iteration of traditional finance, providing new opportunities for investors and market participants.
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Market structure, Regulatory Affairs

WFE Says That Equities Support Pensions

Published: 08 Jul 2025
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Regulatory Affairs, Technology

WFE Reiterates Opposition to UK Crypto-Derivatives Bans

Published: 07 Jul 2025
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Market integrity, Market structure, Regulatory Affairs

Strengthening Private markets

Published: 01 Jul 2025
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Clearing, Regulatory Affairs

Industry Guidance on Managing Transitions to T+1

Published: 16 Jun 2025
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Cross-border, Market structure, Regulatory Affairs

WFE Response to PRA CP3/25 – Recognised exchanges policy and transfer of main indices

Published: 12 Jun 2025
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Regulatory Affairs, Technology

WFE Response to FCA DP25/1 – Regulating Cryptoasset Activities

Published: 06 Jun 2025
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Regulatory Affairs, Technology

The Value of Central Bank Digital Currencies to Public Markets

Published: 24 Apr 2025
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Clearing, Regulatory Affairs

Shining a light on derivatives

Published: 25 Mar 2025
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ESG, Regulatory Affairs, Regulatory Affairs

Feedback Statement: Green Equity Principles and Guidance

Published: 30 Jan 2025
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News, News & Views, Regulation, Regulatory Affairs, Regulatory Affairs, Risk, Technology, Technology, WFE News

WFE Perspectives on DORA: Global Regulatory Alignment

Published: 19 Dec 2024
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News & Views, Regulation, Regulatory Affairs, Regulatory Affairs

Listing Exchange Traded Funds

Published: 10 Dec 2024
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News, News & Views, Regulation, Regulatory Affairs, Regulatory Affairs

Counting Losses – The Adverse Impacts of Financial Transaction Taxes on Companies, Investors and the Market

Published: 12 Nov 2024
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News, News & Views, Regulation, Regulatory Affairs, Regulatory Affairs, Technology, Technology, WFE News

The Role of Artificial Intelligence in Shaping the Future of Exchanges & Clearing Houses: Opportunities, Challenges, and Regulatory Principles

Published: 31 Oct 2024
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News, News & Views, Regulation, Regulatory Affairs, Regulatory Affairs, Technology, Technology, WFE News

WFE Response to targeted consultation on artificial intelligence in the financial sector

Published: 24 Sep 2024
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News & Views, Regulation, Regulatory Affairs, WFE News

WFE Response: ESMA Reasonable Commercial Basis and Market Data

Published: 02 Sep 2024
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Regulation, Regulatory Affairs, Regulatory Affairs, Technology, Technology

Crypto-Asset Custody: A Blueprint for Regulatory and Operational Excellence

Published: 29 Aug 2024
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News, News & Views, Regulation, Regulatory Affairs, Regulatory Affairs, Technology, Technology

The WFE advises US Treasury that an AI regulatory framework needs to be outcomes-based

Published: 20 Aug 2024
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Regulatory Affairs

A WFE Snap Benchmarking report of Cyber Insurance

Published: 21 Jun 2024
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News, News & Views, Regulation, Regulatory Affairs, Regulatory Affairs, Technology, WFE News

Demystifying Tokenisation: Embracing the Future

Published: 11 Jun 2024
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ESG, News, Regulation, Regulatory Affairs, Regulatory Affairs, WFE News

WFE welcomes EFRAG’s ESRS requirements for Listed SMEs

Published: 28 May 2024
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Regulatory Affairs, Technology

AI: the common-sense approach

Published: 25 Apr 2024
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Market integrity, Regulatory Affairs, Risk

WFE Response to IOSCO’s Consultation Report on Market Outages

Published: 01 Mar 2024
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Regulation, Regulatory Affairs, Regulatory Affairs, Risk

WFE Best Practice document on Emerging Risk Management

Published: 22 Dec 2023
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Clearing, Regulation, Regulatory Affairs, Regulatory Affairs

WFE response to FRB - capital rules for large banks

Published: 21 Dec 2023
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CCPs, Clearing, News, News & Views, Regulation, Regulatory Affairs, Regulatory Affairs, WFE News

WFE: CCP Governance Practices

Published: 15 Dec 2023
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CCPs, Clearing, News, News & Views, Regulation, Regulatory Affairs, Regulatory Affairs, WFE News

Response to the ESMA Call for Evidence on Shortening The Settlement Cycle in Europe

Published: 14 Dec 2023
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News, News & Views, Regulatory Affairs, Regulatory Affairs, WFE News

The Importance of Exchange Governance to Financial Markets

Published: 14 Dec 2023
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News, News & Views, Regulation, Regulatory Affairs, Regulatory Affairs, WFE News

WFE expresses support for IAASB’s efforts in creating ISSA 5000 

Published: 01 Dec 2023
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Clearing, Regulation, Regulatory Affairs, Regulatory Affairs

Response: FSB Financial Resources & Tools for CCP Resolution

Published: 20 Nov 2023
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Regulatory Affairs, Technology

WFE Welcomes IOSCO’s Recommendations on Decentralised Finance

Published: 19 Oct 2023
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Clearing, News, News & Views, Regulation, Regulatory Affairs, WFE News

WFE Response to the CFTC’s Request for Comment on the Impact of Affiliations of Certain CFTC-Regulated Entities

Published: 27 Sep 2023
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Recommended Long Reads

Published by: The WFE Regulatory Affairs Team

WFE Response to the CFTC on the Trading & Clearing of “Perpetual” Style Derivatives

Published: 21 May 2025
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Published by: The WFE Research Team

The WFE’s 11th Sustainability Survey

Published: 02 Jul 2025
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Published by: The WFE Regulatory Affairs Team

Industry Guidance on Managing Transitions to T+1

Published: 16 Jun 2025
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Published by: The WFE Regulatory Affairs Team

Response to the European Commission’s Call for Evidence and Targeted Consultation on Savings and Investment Union (SIU)

Published: 05 Jun 2025
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Our Regulatory Affairs Team

Our Regulatory Affairs team brings experience and expertise in public policy, regulation and international relations. With more than 30 years of combined experience, it drives our advocacy programme. Through our work with and on behalf of our members, we help build and protect effective markets.

  • Richard Metcalfe

    Richard Metcalfe

    Head of Regulatory Affairs
  • Victoria Powell

    Victoria Powell

    Senior Manager – ESG, Regulatory Affairs
  • James Auliffe

    James Auliffe

    Senior Manager, Regulatory Affairs
  • Chhavi Sinha

    Chhavi Sinha

    Manager, Regulatory Affairs
  • Charlie Ryder

    Charlie Ryder

    Manager, Regulatory Affairs
  • Rona Nairn

    Rona Nairn

    Manager, Regulatory Affairs