In this response, the WFE acknowledges that decentralized finance (DeFi) carries similar risks to traditional financial services and asset trading. We agree with the paper's analysis of the challenges in defining DeFi and emphasize that the concept...

Dr Pedro Gurrola-Perez, Head of Research and Public Policy at the WFE, writes about the procyclicality of CCP margin models.

WFE Annual Sustainability Survey 2022

WFE notes that market outages are inevitable despite regulation and the huge investment exchanges make to prevent them. We underline the value of flexibility in the guidance so that venues can offer the most appropriate procedures, depending upon as...

The WFE welcomes the opportunity to comment on the notice of proposed rulemaking published by the Commodity Futures Trading Commission (CFTC) to amend the reporting and information regulations applicable to derivatives clearing organizations (DCOs,...

WFE is positive about the possible benefits that cryptography and distributed ledger technology (DLT) might be able to bring to markets. However, we underline that the benefits can “only be sustainable and realised if activity is undertaken safely a...

WFE welcomes MAS’ conclusions that segregation of consumer assets, mitigating conflicts of interests and enhancing governance policies are all needed for crypto-trading platforms. Nevertheless, by MAS’s own admission, the proposed standards will not...

WFE welcomes FSB’s efforts regarding broader convergence in Cyber Incident Reporting (CIR) and supports FSB's concept of FIRE that authorities could further develop and eventually use to collect incident information from  Financial Institutions  ...

CFTC RFI on CCP Climate Stress Testing : The WFE response notes that it is critical that any efforts with respect to assessing climate-related financial risks clearly recognise the risk management practices that CCPs already employ to effectively m...

The WFE response states that while we welcome efforts to build awareness and understanding, and to ensure that practices are in place to address CCP NDLs, we do not believe that further guidance related to CCP NDLs is necessary. In large part, this...

WFE Response: TNFD Beta v0.4 Framework Consultation

The majority of bond trading around the world takes place in over-the-counter (OTC) markets where liquidity is provided by a relatively small number of financial institutions (dealers), who use their balance sheets to intermediate trades. This is in...