World Federation of Exchanges

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World Federation of Exchanges
Wfe masterlogo blue.PNG
Founded 1961
Headquarters London
Products Trade association
Web site

The London-based World Federation of Exchanges (WFE) is one of the largest trade organizations in the financial services industry. It is composed of 64 (as of 2015) exchange members from across the securities and futures industry representing the vast majority of exchange-traded business. In addition, another 41 affiliate and correspondent exchanges from developing countries are part of WFE.

The Federation acts as a discussion and policy forum - focused at its annual general assembly - for issues including self regulation, enforcement, trading halts and securities business conduct.

The Federation also acts as a source for market statistics, and sponsors research, promotes corporate governance standards, and provides professional relations and industry advocacy.[1]


The WFE was founded in London in 1961 as the International Federation of Stock Exchanges and changed to its current name in 2001 to reflect the admission of derivatives platforms and clearinghouses. The Federation traces its roots to the International Bureau of Stock Exchange, created in the 1930s in an initiative spearheaded by the International Chamber of Commerce.[2]

In February of 2009, William Brodsky, chief executive officer of the Chicago Board Options Exchange, became the first executive from a derivatives market to take over as chairman of the WFE. Brodsky's inauguration, which was hosted by NYSE Euronext in Paris, was seen by some as a sign that securities and derivatives could no longer be treated as isolated markets.[3]

In 2012, the WFE created the post of chief executive as part of a revamp aimed at transforming the group from an association focused on research to a more active lobbyist for bourses.[4] In October of that year, then-WFE secretary-general and former Istanbul Stock Exchange CEO Hüseyin Erkan was named as the WFE's first CEO.

In October of 2013, during the WFE General Assembly in Mexico City, WFE delegates approved a decision to move its headquarters from Paris to London. The move was done to place the WFE closer to its members and customers. During the meeting, the WFE also increased its membership to 62 regulated exchanges, including five new bourses. The new members are Dubai Financial Markets, Hochiminh Stock Exchange, Kazakhstan Stock Exchange, New Zealand Stock Exchange and Qatar Exchange.[5]

In October 2014, Erkan stepped down as CEO and was replaced by former chief administrative officer Nandini Sukumar.[6]

Organization and Key Personnel

The WFE is governed by a 17-member board of directors; the chairman, vice-chairman and board are elected for two years at the general assembly.

Under new statutes set out in 2012, positions of chief executive officer (CEO) and chief operating officer (COO) were created. Hüseyin Erkan, who was appointed the new secretary general of the WFE in June of 2012, became the chief executive officer, and the deputy secretary general, Peter Clifford, became the chief operating officer.

On October 27, 2014, the WFE announced that Erkan would step down from the organization at the end of the month and that Nandini Sukumar, the WFE's chief administrative officer, would take over day-to-day operation of the organization until his replacement was found.[7]


The WFE publishes an annual report and market statistics.[8]


Associate Membership

The WFE added two associate members, DTCC and the the OCC to "involve independent SROs, clearinghouses, registries, depositories and other actors judged to provide critical infrastructure support to the exchange environment."[9]


IMOA Derivatives Survey 2006. WFE.


  1. Exchanges body to appoint chief executive.
  2. Official History. WFE.
  3. A Derivatives First: CBOE’s Brodsky First Derivatives CEO To Head WFE. Pensions & Investments.
  4. Exchanges body to appoint chief executive.
  5. WFE to switch headquarters to London.
  6. WFE Appoints Nandini Sukumar as New Chief Administrative Officer. Yahoo! Finance.
  7. Hüseyin Erkan to retire as chief executive of WFE. The Financial Times.
  8. New Headquarters New Mission. World Federation of Exchanges.
  9. New Headquarters New Mission. World Federation of Exchanges.