The WFE's capacity building series on optimal market infrastructure for Emerging & Developing Economies
Explore upcoming workshops and applicationsOverview
As part of its mission to advance capital market development globally, the World Federation of Exchanges (WFE) has launched its Emerging & Developing Markets Educational Programme (EDMEP) —a dedicated initiative to support all those interested in, or working with frontier, emerging and developing markets (EDMs).
This educational programme offers a series of virtual workshops designed to equip participants—particularly those working in EDMs—with both foundational and advanced knowledge of capital markets. The programme focuses on the principles underpinning optimal market infrastructures, including exchanges, central counterparties (CCPs), and central securities depositories (CSDs). Each workshop blends theoretical insights with practical case studies and is delivered by experts from WFE members and partners. Teaching and discussions are specifically tailored to the unique challenges, structures, and opportunities involved in developing and strengthening market infrastructures in EDMs.
Who should join these workshops?
Anyone interested in market infrastructures, including practitioners, regulators, buy-side & sell-side professionals, government institutions and academics, especially those working in, or interested in learning about markets in transformation or expansion phases.
Format
The EDMEP is fully virtual, delivered through interactive webinars. Each webinar will run for two hours: the first hour will focus on core lecture content. After a short break, it will be followed by a second session featuring either a panel discussion or a practical case study, and concluding with a 10-minute Q&A.
Sessions will be interactive, encouraging questions and active engagement from participants. Dedicated reading materials will be provided in advance to support preparation and deepen understanding of the topics.
Each webinar is independent and can be attended individually.
To accommodate global participants, each webinar will be delivered twice: one suited for the Asia-Pacific (APAC) time zones and another for the Europe, Middle East, Africa and Americas time zones.
All webinars will be in English.
The level of the workshops is intermediate.
Registration
The programme is open to anyone with an interest in the topics covered.
WFE Members receive two free passes to each webinar in the EDMEP workshop series. These complimentary passes should be requested directly to the WFE by the member's WFE representative. Additional passes are subsidised for WFE members.
The registration fee per webinar is as follows:
- WFE Members: £20
- Non-Members: £100
Each webinar can be enrolled in independently.
Please note that places are limited, and applications will be reviewed on a first-come, first-served basis. Once all places have been filled, new applications will be placed on a waiting list.
To enrol, participants must click "Apply" in any of the webinars and complete an application form. To apply for more than one webinar, only one application form is needed.
Following the submission of your application, you will receive an email with login details for the WFE’s online learning platform.
Once you have logged into the learning platform, you’ll be able to choose which webinars you would like to attend and complete the payment process accordingly.
For further guidance in this process, see the Enrolment Guide.
If you have registered for a webinar but will no longer be able to attend, please contact us at [email protected]. Fees can only be refunded if the cancellation is received at least 48 hours before the webinar.
If you have any questions or require further assistance, please don’t hesitate to contact the WFE Education team at:
📧 [email protected]
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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.
How Trading Works
Key Topics
- Fundamentals of trading infrastructure
- Continuous trading vs. auction-based systems: design, function, and market impact
- Challenges and opportunities for EMDEs in adopting different trading models
Learning Objectives
By the end of the session, participants will be able to
- Distinguish between key trading mechanisms, including continuous trading and auction systems
- Assess the benefits and limitations of each mechanism in the context of EMDEs.
- Evaluate which trading mechanisms best fit the developmental goals and constraints of diverse market contexts.
Required Reading
- WFE Primer on Trading Mechanisms (to be provided before the session)
- Selected readings on trading system design and technology adoption in EMDEs
- Selected articles and case materials provided before the webinar
Additional Resources
- World Federation of Exchanges (www.world-exchanges.org) - Academic papers and policy briefs shared via course platform
Participation
Participants are encouraged to actively engage during the panel discussion and bring questions or insights from their own markets.
Speakers
Dr. Kaitao Lin
Senior Financial Economist, The World Federation of Exchanges
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 Speth
Advisor to the CEO & Senior Advisor, WFE Membership, WFE
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.
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.
How Trading Works
Key Topics
- Fundamentals of trading infrastructure
- Continuous trading vs. auction-based systems: design, function, and market impact
- Challenges and opportunities for EMDEs in adopting different trading models
Learning Objectives
By the end of the session, participants will be able to
- Distinguish between key trading mechanisms, including continuous trading and auction systems
- Assess the benefits and limitations of each mechanism in the context of EMDEs.
- Evaluate which trading mechanisms best fit the developmental goals and constraints of diverse market contexts.
Required Reading
- WFE Primer on Trading Mechanisms (to be provided before the session)
- Selected readings on trading system design and technology adoption in EMDEs
- Selected articles and case materials provided before the webinar
Additional Resources
- World Federation of Exchanges (www.world-exchanges.org) - Academic papers and policy briefs shared via course platform
Participation
Participants are encouraged to actively engage during the panel discussion and bring questions or insights from their own markets.
Speakers
Dr. Kaitao Lin
Senior Financial Economist, The World Federation of Exchanges
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.
Sally Kwok
Co-Head of Trading and Managing Director, HKEX
Sally currently leads the Cash Trading and Client Services teams, overseeing Hong Kong cash market trading and the development of the groundbreaking Stock Connect Program. Her responsibilities include reviewing the cash market structure, rules, and policies, as well as the ongoing enhancement and expansion of the Stock Connect Program.
For almost two decades, under Sally’s leadership, HKEX has launched new cash trading platforms for both the Hong Kong market and Stock Connect. She has also delivered numerous market structure enhancements, such as opening and closing auctions, volatility control mechanisms, market access schemes, and the introduction of new cash-settled product types, benefiting various market participants and investors.
Before joining HKEX, Sally was a change specialist in Cash Equities at UBS Investment Bank. Prior to that, she was a management consultant serving global clients for many years. Sally graduated from the University of Oxford with a first-class Master’s degree in Engineering and Computer Science.
This course examines how financial markets influence economic development in EMDEs. It will focus on transmission channels and macroeconomic policy, including an empirical case study.
Financial Markets and Economic Interactions
Overview
This session explores the dynamic interplay between financial markets and the broader economy. Participants will examine how market signals transmit through macroeconomic channels, what push and pull factors shape financial flows, and the characteristics of an enabling macroeconomic environment for market growth. Through an interactive replication of an empirical study. attendees will gain practical insights into real-world market interactions. The session aims to equip participants with the tools to assess policy measures that foster robust and inclusive financial market development.
Course Focus
- Transmission channels between financial markets and the broader economy and macroeconomic policy.
- Push and pull factors influencing market dynamics in EMDEs
- Characteristics of an ideal macroeconomic environment for market growth.
Case Study
Using relevant literature, we will discuss some empirical findings.
Learning Outcomes
By the end of the session, participants will be able to:
- Explain how financial markets influence economic development.
- Assess key factors that impact market growth in EMDEs.
- Identify policy measures that support financial market development.
Speakers
Dr Ishak Demir
Economist, WFE
Before joining the World Federation of Exchanges (WFE). Ishak worked at Middlesex University, the International Monetary Fund (IMF), and the University of Lincoln. He holds a PhD in economics from Birkbeck, University of London.
He has published in various international academic journals, including Journal of Money, Credit, and Banking, International Journal of Finance & Economics, Economic Modelling and IMF Regional Economic Outlook. His recent work includes research on monetary policy interaction with financial markets, IPO landscape and the role of exchanges in the economy.
Dr Guzhan Gulay
Executive Vice President, Borsa Istanbul
After graduating from the Faculty of Business Administration of Istanbul University in 1993, Güzhan Gülay completed Ziraat Bank Banking School and worked as a specialist in the Capital Markets Directorate of the same bank. He joined Borsa İstanbul family as an assistant specialist in the Equity Markets Directorate in 1995, became a specialist in 1998 and a manager in 2014 in the same department. He was appointed as the Business Development Director in 2018 and as the Precious Metals and Precious Stones Director in 2019. He has acted in many projects by taking fundamental positions in designing, configuration, testing, legislation and development for the improvement of the markets and infrastructure of Borsa Istanbul. After his master’s and doctorate education, he acted as a visiting lecturer for a year at the City University of London Cass Business School and taught part-time at various universities.
This course examines how financial markets influence economic development in EMDEs. It will focus on transmission channels and macroeconomic policy, including an empirical case study.
Financial Markets and Economic Interactions
Overview
This session explores the dynamic interplay between financial markets and the broader economy. Participants will examine how market signals transmit through macroeconomic channels, what push and pull factors shape financial flows, and the characteristics of an enabling macroeconomic environment for market growth. Through an interactive replication of an empirical study. attendees will gain practical insights into real-world market interactions. The session aims to equip participants with the tools to assess policy measures that foster robust and inclusive financial market development.
Course Focus
- Transmission channels between financial markets and the broader economy and macroeconomic policy.
- Push and pull factors influencing market dynamics in EMDEs
- Characteristics of an ideal macroeconomic environment for market growth.
Case Study
Using relevant literature, we will discuss some empirical findings.
Learning Outcomes
By the end of the session, participants will be able to:
- Explain how financial markets influence economic development.
- Assess key factors that impact market growth in EMDEs.
- Identify policy measures that support financial market development.
Speakers
Dr Ishak Demir
Economist, WFE
Before joining the World Federation of Exchanges (WFE). Ishak worked at Middlesex University, the International Monetary Fund (IMF), and the University of Lincoln. He holds a PhD in economics from Birkbeck, University of London.
He has published in various international academic journals, including Journal of Money, Credit, and Banking, International Journal of Finance & Economics, Economic Modelling and IMF Regional Economic Outlook. His recent work includes research on monetary policy interaction with financial markets, IPO landscape and the role of exchanges in the economy.
Dr Guzhan Gulay
Executive Vice President, Borsa Istanbul
After graduating from the Faculty of Business Administration of Istanbul University in 1993, Güzhan Gülay completed Ziraat Bank Banking School and worked as a specialist in the Capital Markets Directorate of the same bank. He joined Borsa İstanbul family as an assistant specialist in the Equity Markets Directorate in 1995, became a specialist in 1998 and a manager in 2014 in the same department. He was appointed as the Business Development Director in 2018 and as the Precious Metals and Precious Stones Director in 2019. He has acted in many projects by taking fundamental positions in designing, configuration, testing, legislation and development for the improvement of the markets and infrastructure of Borsa Istanbul. After his master’s and doctorate education, he acted as a visiting lecturer for a year at the City University of London Cass Business School and taught part-time at various universities.
This session introduces the exchange ecosystem, highlighting how exchanges interact with regulators, clearinghouses (CCPs), central securities depositories (CSDs), and other core institutions to enable fair and efficient trading. It then examines the role of market makers in supporting liquidity, outlining their responsibilities, incentives, and challenges. Finally, it reviews major investor types and their behaviours, using recent research to show how these insights can help improve market design, investor engagement, and policy making.
Exchange Ecosystem & Market Participants
Course Overview
This session begins by framing the exchange as the central node of the trading ecosystem. We highlight the roles of regulators as rule-makers and enforcers, exchanges as trading venues, clearinghouses (CCPs) as guarantors of settlement, and central securities depositories (CSDs) as custodians of securities and facilitators of ownership transfer, to help participants from varied backgrounds understand how these elements interact, particularly in EMDEs with evolving infrastructure and regulatory frameworks.
We then examine the role of market makers in an exchange, first explaining their main functions in providing liquidity and supporting trading. Next, we outline the key parts of how market makers operate, including their quoting responsibilities, incentives, and rules they follow. Finally, we discuss the risks and challenges market makers face in carrying out their role.
Next, we review major investor categories (retail, institutional, hedge funds, ETFs, foreign investors, and private equity, etc) by presenting core behavioural patterns and trends based on recent WFE research and complementary academic studies. We cover how these findings inform high-level engagement and resilience strategies for exchanges, translating research insights into considerations for market design, investor outreach, and policy guidance.
Case Study
Review of WFE research papers on retail investors and institutional investors
Learning Objectives
By the end of the session, participants will be able to:
- Identify key stakeholders in EMDE market ecosystems—regulators, exchanges, clearinghouses, central securities depositories, intermediaries (brokers, market makers), issuers, and investors—and describe their interconnections.
- Explain market makers’ role in providing liquidity for thin or nascent segments.
- Characterize major investor types (retail, institutional, hedge funds, ETFs, private equity) and summarize core behavioural patterns.
- Apply findings from WFE research and academic literature to critically assess investor behaviour and derive implications for engagement strategies and market resilience in EMDE contexts.
Course Focus
- Overview of exchange ecosystem: stakeholders and interconnections.
- Market makers and their roles in market liquidity
- Investor types and behaviours: retail vs. institutional.
- WFE research insights: main findings on retail and institutional trends, and drivers
Required Reading
- Selected readings on exchange stakeholders and investors
- Case materials for the exchange investors (to be shared via the course platform)
- Selected articles and case materials provided before the webinar
Speakers
Dr. Ying Liu
Financial Economist, WFE
Before joining the WFE, Ying served as an Assistant Professor at the Shanghai University of Finance and Economics. She holds a PhD in Finance from the University of Lausanne and the Swiss Finance Institute. Her research focuses on carbon markets, sustainable finance, and market microstructure.
Tracey Stern
Chief Legal Officer, General Counsel & Corporate Secretary, The Canadian Securities Exchange (CSE)
Tracey and her team are responsible for risk, legal and compliance matters relating to the exchange and its operations. She joined CSE after more than two decades at the Ontario Securities Commission where she led the team responsible for market structure policy and the regulation of exchanges and alternative trading systems. She has deep expertise regarding the Canadian and global market structure and regulatory environment, as a regulatory participant in most of the key market structure initiatives over the past 20 years and as Chair of IOSCO Committee 2 on the Regulation of Secondary Markets, a committee of global market structure experts.
She is a member of the Market Structure Advisory Committee of the Ontario Securities Commission and the Master of Financial Innovation & Technology Advisory Board at Smith School of Business at Queen’s University. She co-authored of A Framework for Responsive Market Regulation, published in 2019 by the University of Oxford Press. She is also the Chair of the Term CORRA Oversight Committee.
She received her B.A in Economics from Western University and her J.D. from Osgoode Hall Law School.
This session introduces the exchange ecosystem, highlighting how exchanges interact with regulators, clearinghouses (CCPs), central securities depositories (CSDs), and other core institutions to enable fair and efficient trading. It then examines the role of market makers in supporting liquidity, outlining their responsibilities, incentives, and challenges. Finally, it reviews major investor types and their behaviours, using recent research to show how these insights can help improve market design, investor engagement, and policy making.
Exchange Ecosystem & Market Participants
Course Overview
This session begins by framing the exchange as the central node of the trading ecosystem. We highlight the roles of regulators as rule-makers and enforcers, exchanges as trading venues, clearinghouses (CCPs) as guarantors of settlement, and central securities depositories (CSDs) as custodians of securities and facilitators of ownership transfer, to help participants from varied backgrounds understand how these elements interact, particularly in EMDEs with evolving infrastructure and regulatory frameworks.
We then examine the role of market makers in an exchange, first explaining their main functions in providing liquidity and supporting trading. Next, we outline the key parts of how market makers operate, including their quoting responsibilities, incentives, and rules they follow. Finally, we discuss the risks and challenges market makers face in carrying out their role.
Next, we review major investor categories (retail, institutional, hedge funds, ETFs, foreign investors, and private equity, etc) by presenting core behavioural patterns and trends based on recent WFE research and complementary academic studies. We cover how these findings inform high-level engagement and resilience strategies for exchanges, translating research insights into considerations for market design, investor outreach, and policy guidance.
Case Study
Review of WFE research papers on retail investors and institutional investors
Learning Objectives
By the end of the session, participants will be able to:
- Identify key stakeholders in EMDE market ecosystems—regulators, exchanges, clearinghouses, central securities depositories, intermediaries (brokers, market makers), issuers, and investors—and describe their interconnections.
- Explain market makers’ role in providing liquidity for thin or nascent segments.
- Characterize major investor types (retail, institutional, hedge funds, ETFs, private equity) and summarize core behavioural patterns.
- Apply findings from WFE research and academic literature to critically assess investor behaviour and derive implications for engagement strategies and market resilience in EMDE contexts.
Course Focus
- Overview of exchange ecosystem: stakeholders and interconnections.
- Market makers and their roles in market liquidity
- Investor types and behaviours: retail vs. institutional.
- WFE research insights: main findings on retail and institutional trends, and drivers
Required Reading
- Selected readings on exchange stakeholders and investors
- Case materials for the exchange investors (to be shared via the course platform)
- Selected articles and case materials provided before the webinar
Speakers
Dr. Ying Liu
Financial Economist, WFE
Before joining the WFE, Ying served as an Assistant Professor at the Shanghai University of Finance and Economics. Dr. Liu holds a PhD in Finance from the University of Lausanne and the Swiss Finance Institute. Her research focuses on carbon markets, sustainable finance, and market microstructure.
Tracey Stern
Chief Legal Officer, General Counsel & Corporate Secretary, The Canadian Securities Exchange (CSE)
Tracey and her team are responsible for risk, legal and compliance matters relating to the exchange and its operations. She joined CSE after more than two decades at the Ontario Securities Commission where she led the team responsible for market structure policy and the regulation of exchanges and alternative trading systems. She has deep expertise regarding the Canadian and global market structure and regulatory environment, as a regulatory participant in most of the key market structure initiatives over the past 20 years and as Chair of IOSCO Committee 2 on the Regulation of Secondary Markets, a committee of global market structure experts.
She is a member of the Market Structure Advisory Committee of the Ontario Securities Commission and the Master of Financial Innovation & Technology Advisory Board at Smith School of Business at Queen’s University. She co-authored of A Framework for Responsive Market Regulation, published in 2019 by the University of Oxford Press. She is also the Chair of the Term CORRA Oversight Committee.
She received her B.A in Economics from Western University and her J.D. from Osgoode Hall Law School.
Significance of IPOs: Facilitating capital access and broadening ownership in EMDEs.
IPO process: Preparation, valuation, and regulatory approvals.
Challenges: Limited institutional investor base, valuation complexities, and regulatory bottlenecks.
Understanding IPOs
Speakers
Dr Ishak Demir
Economist, WFE
Before joining the World Federation of Exchanges (WFE). Ishak worked at Middlesex University, the International Monetary Fund (IMF), and the University of Lincoln. He holds a PhD in economics from Birkbeck, University of London.
He has published in various international academic journals, including Journal of Money, Credit, and Banking, International Journal of Finance & Economics, Economic Modelling and IMF Regional Economic Outlook. His recent work includes research on monetary policy interaction with financial markets, IPO landscape and the role of exchanges in the economy.
Dr. Erfan Ghofrani
Financial Economist, WFE
Erfan Ghofrani is a Financial Economist at the World Federation of Exchanges (WFE), where he conducts research on financial market structure, sustainability, and supply chain dynamics, with a focus on ESG shocks, emissions disclosure, market concentration, and IPO activity. He previously held a postdoctoral position at ESADE Business School and earned his PhD in Economics from Pompeu Fabra University, specializing in uncertainty shocks, Bayesian learning, and their impact on investment dynamics and monetary policy. Alongside his research, he has taught extensively at both undergraduate and graduate levels at ESADE, the Barcelona School of Economics, Pompeu Fabra University, and Sharif University of Technology.
How do I register for a webinar?
To register, please complete the Application Form available when clicking "Apply" in the ''Upcoming Workshops'' section. Applications are processed on a first-come, first-served basis until all places are filled.
How can I obtain a complimentary pass?
WFE members receive 2 complimentary passes for each webinar. To receive these passes, the exchange's WFE representative should send an email to education@world-exchanges, specifying the names of the nominated candidates, their email addresses, and the webinars they are requesting the pass for. Candidates nominated for a free pass should still fill the Application Form.
How do I make a payment?
After submitting the Application Form, you will receive a confirmation email with a secure payment link and login details for the learning platform, where you can choose your webinars and complete payment.
Who should I contact if I have questions?
If you have any questions related to the programme administration or course content, please send them to: [email protected]
What level of English is required?
The programme is delivered in English. A good understanding of both written and spoken English is essential. Technical terminology will be used; please refer to the course page for more detail on the topics covered.
How do I access my learning materials and webinar links?
The WFE uses Moodle as its Virtual Learning Environment. Once you log in, you will have access to:
- Webinar materials and supplementary documents.
- Live webinar links.
Participants are expected to check both their Moodle accounts and their registered email addresses regularly, as all important updates and announcements will be shared via these channels.
Is there a detailed manual for the enrolment process?
Yes, please find it here: Enrolment instructions .pdf
The allocation of two complimentary passes is applicable per webinar in the series, or does it apply to the programme as a whole?
For each WFE member, the two complimentary passes are allocated per webinar, but members are welcome to apply for more than one webinar.
In the case of complimentary passes, can the nominated colleagues vary for each webinar?
Yes, when using their complimentary passes, WFE members can nominate different participants for different webinars.