The World Federation of Exchanges published a recap of WFEClear 2025, its annual clearing conference hosted by Korea Exchange in Seoul, bringing together central counterparties, exchanges and regulators for capacity-building workshops, panels, keynotes and academic research on the future of central and bilateral clearing. The event closed with the World Federation of Exchanges announcing TMX Group as the host for WFEClear 2026. Sessions covered CCP design and risk management, the CCP regulatory framework and current policy debates, and the implications of market structure and new technologies. Discussion points included the global CCP landscape holding USD 1.3 trillion in collateral, differing approaches to CCP admission criteria and margining, Indonesia’s IDClear commencing CCP services for money and foreign exchange markets in September 2024, and policy issues spanning margin practices, non-default loss arrangements, and recovery and resolution. Speakers also raised topics such as US CCP regulation under Dodd-Frank, potential gaps in the direct clearing model, futures commission merchant concentration in the United States, cross-border rule conflicts and leverage ratio constraints on client clearing capacity, and the operational and regulatory challenges of 24/7 clearing, DLT settlement latency, and using artificial intelligence in margining models. Many speakers contributed thought leadership articles to the April edition of WFE’s Focus Magazine, and TMX Group was confirmed as the next host for WFEClear 2026.

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