This session explores the core mechanisms of trading in financial markets, focusing on how these systems function and adapt in the context of Emerging Markets and Developing Economies (EMDEs). Participants will examine the structural and technological underpinnings of trading systems—such as continuous trading and auction-based models—and their implications for market liquidity, efficiency, and inclusivity.
Through comparative analysis and a dedicated case study, the session unpacks how different trading infrastructures align with unique challenges and opportunities in EMDEs.
Kaitao joined the World Federation of Exchanges in May 2020 and currently holds the position of senior financial economist in the Research Team. Kaitao holds a Ph.D. in Finance from the University of Houston and is a Chartered Financial Ana-lyst® (CFA®) charterholder. His research focuses on market microstructure issues, such as trading rules, their effects on market participants, and market quality. His current work includes ESG and crypto assets. Kaitao’s papers have been accepted for publication in well-regarded academic journals, such as the Quarterly Journal of Finance, and presented in various international conferences, including the U.S. SEC Ph.D. Symposium, the China International Conference in Finance, and the Financial Management Association Annual Meeting.
Bill has over 35 years options and futures markets experience. Prior to joining WFE, Bill was Senior Vice President, Global Head of Research for Cboe Holdings, Inc., and was responsible for product development (primarily focusing on volatility and VIX innovations). He also worked on policy issues related to liquidity, capital and tax treatment for options, as well as the use of options and futures in investment funds. He founded Cboe’s index business, and pioneered options-based strategy benchmark indexes.
Prior to joining Cboe, Bill was an independent options market maker, trading both index options and commodity options.
Bill holds a Bachelor’s degree in Physics from LeMoyne College and Masters in Science in Electrical Engineering from the University of Rochester.
