The World Federation of Exchanges (WFE) has published its 2026 areas of focus for exchanges and central counterparties (CCPs), setting out an industry agenda covering market structure, investor protection, and the resilience of core market infrastructure. The priorities were agreed by the WFE Board, comprising 18 leaders of market infrastructures. The programme includes work on the evolving role and purpose of exchanges and CCPs in supporting capital formation and market integrity, and analysis of tokenisation, crypto assets and broader market design, including implications for price formation, liquidity, settlement and market structure. It also prioritises investor protection as participation increases across public and private markets, a review of public and private market interactions and related transparency considerations, continued focus on clearing and settlement including regulatory developments affecting CCPs and risk management, and assessment of the operational and risk implications of extended trading hours and potential near-continuous or 24/7 markets.