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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.
Research Sustainability +2
Research Working Paper: Carbon inequality: price discovery and market dynamics in the voluntary carbon market
Published:
04 Dec 2025
Emerging Markets General +1
Research Working Paper: Attracting new listings: What shapes IPO activity across markets
Published:
26 Nov 2025
Research Surveys & Fact sheets +3
Research Working Paper: Drivers of exchange sustainability development: Evidence from a decade of surveys
Published:
21 Jul 2025
Research Sustainability
Research Working Paper: Climate Risk Premium: Evidence from Commodity Options
Published:
12 May 2025
This paper examines how climate-related risks are priced in the commodity derivatives market. Leveraging a unique dataset of “brown” and “green” iron ore option…
ESG Research +3
Research Working Paper: The dynamics of voluntary carbon markets: An empirical analysis of the carbon credits lifecycle
Published:
05 Mar 2025
Global Voluntary Carbon Markets can become an important tool in the pursuit of climate related goals. Not only do they help firms to meet their carbon targets, …
Emerging Markets Research +1
Research Working Paper: The role of stock markets in economic growth
Published:
06 Jan 2025
This study explores the link between stock market development and economic growth on a global scale. Analysing panel data from 36 countries over two decades (20…
General Research +2
Global developments in SME markets over the past decade
Published:
24 Sep 2024
Small and medium enterprises (SMEs) play a vital role in the economy of many countries in the world due to their importance in growth, job creation, innovation,…
Research Research +1
WFEClear 2025 Call for Papers
Published:
16 Jul 2024
The World Federation of Exchanges is pleased to announce its 41st Annual Clearing and Derivatives Conference, WFEClear, which will be hosted by Korea Exchange i…
ESG Research +3
WFE Call for Papers Global Meeting on Sustainability 2025
Published:
30 Jun 2024
The World Federation of Exchanges (WFE) invites the submission of theoretical, empirical, and policy research papers on issues related to the role of capital ma…
News Research +5
The WFE 10th Annual Sustainability Survey
Published:
28 May 2024
The WFE Sustainability Survey 2023 is the tenth annual edition of this comprehensive review of WFE members and affiliates, including stock and derivatives excha…
Research Research +1
Research Working Paper: The effect of DLT settlement latency on market liquidity
Published:
22 May 2024
This paper investigates the causal relationship between Distributed Ledger Technology (DLT) settlement latency and market quality in the cryptocurrency domain. …
General Research
Research Working Paper: The impulsive approach to procyclicality
Published:
16 Apr 2024
In recent years, many derivatives market participants received large margin calls in episodes of elevated market volatility such as the onset of the Covid-19 gl…
Features News +5
A review of crypto-trading infrastructure
Published:
05 Sep 2023
A review of crypto-trading infrastructure
News Research +6
The WFE’s 9th Sustainability Survey
Published:
12 Jun 2023
The WFE's 9th Annual Sustainability Survey 2023
General News +5
Research Working Paper: How confident are we of margin model procyclicality measurements?
Published:
18 May 2023
HOW CONFIDENT ARE WE OF MARGIN
MODEL PROCYCLICALITY MEASUREMENTS?
General Research +2
Retail trading: an analysis of current trends and drivers
Published:
20 Dec 2022
News News & Views +1
Call for papers WFE Conference 2023
Published:
09 Nov 2022
Conference dates: 27-29 March 2023
Location: Johannesburg, South Africa
Submission deadline: 13 December 2022
The World Federation of Exchanges is organisi…
Research Surveys & Fact sheets +3
The WFE’s 8th Sustainability Survey
Published:
12 Sep 2022
WFE Annual Sustainability Survey 2022
News News & Views +1
WFE Exchanges Factsheets
Published:
14 Jul 2022
WFE exchanges factsheets are a compilation of the main structural elements observed across markets, including market hours, volatility control mechanisms, and t…
News News & Views +1
Research Working Paper: Circuit breakers and market quality
Published:
26 May 2022
News Research
The Call for Papers for the WFE’s Clearing and Derivatives Conference 2022
Published:
15 Oct 2021
The Call for Papers for the WFE’s Clearing and Derivatives Conference 2022
General News +1
Research Working Paper: Investor Types, Liquidity and Price Formation: Evidence from The Stock Exchange of Thailand
Published:
29 Sep 2021
The World Federation of Exchanges Publishes a Research Working Paper on the impact of different investor types on liquidity and price formation
Research Surveys & Fact sheets +3
WFE's 7th Sustainability Survey 2021
Published:
14 Jul 2021
The WFE's 7th Annual Sustainability Survey 2021
News News & Views +1
Circuit breakers and other market safeguards
Published:
01 Apr 2021
Circuit breakers and other market safeguards
General News & Views +1
Research Working Paper: Procyclicality of CCP margin models: systemic problems need systemic approaches
Published:
12 Jan 2021
Dr Pedro Gurrola-Perez, Head of Research and Public Policy at the WFE, writes about the procyclicality of CCP margin models.
Research
Call for papers: WFE’s Clearing and Derivatives Conference 2021
Published:
14 Oct 2020
Call for papers: WFE’s Clearing and Derivatives Conference 2021
General Research
What does academic research say about short-selling bans?
Published:
29 Apr 2020
The WFE has published a paper that reviews the academic literature on short-selling and short-selling bans, comparing the arguments against banning short-sellin…
Research Sustainability
How exchanges can embed sustainability within their operations: a blueprint to advance action
Published:
24 Sep 2019
THE WFE has partnered with the United Nations Sustainable Stock Exchanges (“SSE”) initiative to define ‘How exchanges can embed sustainability within their oper…
Research Sustainability
WFE: Sustainability & Commodity Derivatives White Paper
Published:
20 Aug 2019
The WFE has a published a white paper on sustainability and commodity derivatives. The white paper explores sustainability in the context of commodity derivativ…
Research Surveys & Fact sheets +3
WFE Sustainability Survey April 2019
Published:
23 Apr 2019
The World Federation of Exchanges has published the results of its Sustainability Survey April 2019.
General Research
The Future of Clearing
Published:
02 Apr 2019
The WFE has published a joint report with Oliver Wyman examining the post-crisis developments that have shaped the current clearing landscape, along with forwar…
Research Sustainability
WFE Response to IOSCO's Growth and Emerging Market Committee (GEMC) consultation on ‘Sustainable Finance in Emerging Markets and the Role of Securities Regulators'
Published:
01 Apr 2019
The WFE has responded to the International Organization of Securities Commissions’ (IOSCO) Growth and Emerging Market Committee (GEMC) consultation on ‘Sustaina…
Research SMEs
WFE Response to the Financial Stability Board – The Effects of Financial Regulatory Reforms on SME Financing
Published:
26 Mar 2019
The WFE has responded to the Financial Stability Board’s (FSB) consultation on the effects of financial regulatory reforms on the provision of financing to smal…
Emerging Markets Research
Investing in Emerging and Frontier Markets - An Investor Viewpoint
Published:
21 Jan 2019
The WFE has published a report - from the investor viewpoint - that seeks to understand what encourages or discourages international investor participation in e…
Emerging Markets
What attracts international investors to emerging markets?
Published:
04 Dec 2018
The WFE has published a report that seeks to identify factors that attract international portfolio investment into emerging market (EM) equities.
SMEs
An Overview of WFE SME markets
Published:
02 Oct 2018
The WFE has published a report entitled 'An overview of WFE SME markets', examining the current status of 33 SME markets across 29 WFE member exchanges.
Sustainability
WFE ESG Guidance and Metrics Revised June 2018
Published:
27 Jun 2018
Developed by the WFE's Sustainability Working Group and first published at the end of 2015, the WFE's ESG Guidance & Metrics are designed to provide a reference…
Research Surveys & Fact sheets +3
WFE Annual Sustainability Survey (updated June) 2018
Published:
16 May 2018
General
Market infrastructures and market integrity: A post-crisis journey and a vision for the future
Published:
11 Apr 2018
A joint report between the WFE and global management consultancy Oliver Wyman looking at the pivotal role of exchanges and CCPs in supporting market integrity.
Research Sustainability
The Role of Stock Exchanges in Fostering Economic Growth and Sustainable Development
Published:
06 Sep 2017
WFE & UNCTAD report - The Role of Stock Exchanges in Fostering Economic Growth and Sustainable Development
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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.
