The World Federation of Exchanges (WFE) is the global industry association representing regulated exchanges and central counterparty clearing houses (CCPs) worldwide. Established in 1961 and headquartered in London, the WFE represents over 250 market infrastructure providers, including standalone CCPs, with roughly 45% of members based in the EMEA region. Its members operate a broad range of markets, from large international financial centers to emerging frontier markets. WFE members collectively trade approximately $140 trillion annually and oversee market capitalizations exceeding $110 trillion. The organization supports over 51,000 listed companies globally.
WFE’s primary mission is to promote fair, transparent, secure, and efficient markets, serving as the voice of regulated exchanges and CCPs worldwide. It works closely with policymakers, regulators, and standard-setters to help shape financial market regulations with a global perspective that takes into account the international interconnectedness of markets. Its advocacy focuses on critical EU and global regulatory frameworks, including the Capital Markets Union, equivalence measures, CCP regulations (such as EMIR), Benchmarks Regulation, Markets in Financial Instruments Directive (MiFID II), Digital Operational Resilience Act (DORA), reviews of European Supervisory Authorities (ESAs), capital rules (CRD/CRR), tax measures, ETFs, sustainable finance initiatives, and listing rules.
WFE provides data-driven, empirically-led research and publishes over 350 market data indicators, making it the definitive source of statistics on global exchange-traded markets, with data stretching back nearly five decades. It also educates members on evolving market and regulatory issues, maintains high standards of conduct, and promotes market integrity and investor confidence. Its governance comprises various board and member committees and working groups, supported by a dedicated office.
Despite its global scope, WFE looks at EU initiatives primarily where they have cross-border or global implications. It engages in an open, collaborative manner with EU institutions and other global authorities to promote sound market infrastructures and efficient capital formation. The organization’s lobbying efforts recorded in the EU Transparency Register since November 2016 indicate annual expenditure mostly between €50,000 and €99,999, focusing on high-level policy areas affecting financial markets and infrastructure.
