Research

The WFE Research team conducts research into areas of relevance for its global membership base, either independently or in conjunction with partners.

Our research is intended to stimulate discussion on the key topics impacting market infrastructures; assist in informing the debate on those issues; and enhance the understanding of the economic and social role of exchanges and CCPs in the economies in which they operate. Our work takes the form of member surveys, briefing notes, and more detailed research reports. 

We have published reports and studies into the rapidly evolving exchange and CCP landscape covering a range of areas including: public policy, technology, SMEs, emerging markets, market structure and sustainability.

Editor's Pick

FY 2023 Market Highlights Report

Published: 08 Mar 2024
In 2023, against the backdrop of the Israel-Gaza war, the continuation of the war in Ukraine and increased political tensions, the domestic market capitalisation went up considerably (13.6%) year on year, while the value traded, number of new listings and investment flows went down. Meanwhile the volumes of derivatives continued to rise significantly (especially options volumes), which suggests an increased need to hedge against market uncertainty.
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Research, Research, Research, Statistics

FY 2023 Market Highlights Report

Published: 08 Mar 2024
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Market structure, News, News & Views, Research, Research, Research, Technology, Technology

Blockchain Mining Power and Market Quality in Cryptocurrency Trading

Published: 31 Oct 2023
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Features, News, News & Views, Regulation, Regulatory Affairs, Regulatory Affairs, Sustainability, WFE News

Green Equity Principles & Guidance - Public call for comments

Published: 14 Sep 2023
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Features, News, News & Views, Research, Research, Research, WFE News

A review of crypto-trading infrastructure

Published: 05 Sep 2023
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Features, News, News & Views, Research, Research, Research, Sustainability, WFE News

The WFE’s 9th Sustainability Survey

Published: 12 Jun 2023
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General, News, News & Views, Research, Research, Research, WFE News

How confident are we of margin model procyclicality measurements?

Published: 18 May 2023
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General, Research, Research, Research

Retail trading: an analysis of current trends and drivers

Published: 20 Dec 2022
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News & Views, Research, WFE News

Centralising bond trading

Published: 20 Dec 2022
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News, News & Views, Research

Call for papers WFE Conference 2023

Published: 09 Nov 2022
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Research, Sustainability

The WFE’s 8th Sustainability Survey

Published: 12 Sep 2022
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News, News & Views, Research

WFE Exchanges Factsheets

Published: 14 Jul 2022
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News, News & Views, Research

Circuit breakers and market quality

Published: 26 May 2022
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Research, Sustainability

WFE's 7th Sustainability Survey 2021

Published: 14 Jul 2021
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News, News & Views, Research

Circuit breakers and other market safeguards

Published: 01 Apr 2021
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Research, Sustainability

The WFE’s 6th Annual Sustainability Survey

Published: 15 Jul 2020
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Research, Sustainability

WFE: Sustainability & Commodity Derivatives White Paper

Published: 20 Aug 2019
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Research, Sustainability

WFE Sustainability Survey April 2019

Published: 23 Apr 2019
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General, Research

The Future of Clearing

Published: 02 Apr 2019
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Sustainability

WFE Sustainability Principles

Published: 04 Oct 2018
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SMEs

An Overview of WFE SME markets

Published: 02 Oct 2018
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Sustainability

WFE ESG Guidance and Metrics June 2018

Published: 28 Jun 2018
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Sustainability

WFE ESG Guidance and Metrics Revised June 2018

Published: 27 Jun 2018
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Technology

Fintech Decoded

Published: 01 Mar 2018
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Emerging Markets

Enhancing retail participation in emerging markets

Published: 03 Aug 2017
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Sustainability

WFE Annual Sustainability Survey April 2017

Published: 06 Apr 2017
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SMEs

SME Financing and Equity Markets

Published: 22 Feb 2017
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Emerging Markets

Enhancing Liquidity in Emerging Market Exchanges

Published: 13 Oct 2016
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Sustainability

WFE Annual Sustainability Survey 2016

Published: 25 Jul 2016
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SMEs

WFE Report on SME Exchanges

Published: 22 Mar 2016
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Sustainability

WFE ESG Guidance and Recommendation Oct 2015

Published: 05 Oct 2015
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Recommended Long Reads

Published by: The WFE Statistics Team

H1 2023 Market Highlights

Published: 24 Aug 2023
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Published by: The WFE Research Team

FY 2023 Market Highlights Report

Published: 08 Mar 2024
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Published by: The WFE Research Team

Blockchain Mining Power and Market Quality in Cryptocurrency Trading

Published: 31 Oct 2023
Read more
Published by: The WFE Statistics Team

2022 Annual Statistics Guide

Published: 11 May 2023
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Our Research Team

Our Research team includes experts from the fields of public policy, economics, econometrics, statistics, and the exchange industry itself. Together they bring more than 30 years of experience to our business, delivering a growing body of research work to support the WFE’s mandate.

  • Dr. Pedro Gurrola-Perez

    Dr. Pedro Gurrola-Perez

    Head of Research
  • Dr. Kaitao Lin, CFA

    Dr. Kaitao Lin, CFA

    Senior Financial Economist
  • Dr. Ishak Demir

    Dr. Ishak Demir

    Economist
  • Dr. Ying Liu

    Dr. Ying Liu

    Economist