Creating a pioneering programme with the World Federation of Exchanges
Pioneering executive education collaboration that brings a bespoke course to the market
In 2023 Bayes Business School first partnered with the World Federation of Exchanges (WFE) – the global industry group for exchanges and clearing houses around the world. WFE represents over 250 market infrastructures, ranging from organisations that operate the largest financial centres to providers that run frontier markets.
The pioneering Market Infrastructure Certificate (MIC) is the result of the collaboration between WFE and Bayes Executive Education team. It is a unique, bespoke course which supports those working with, and in, the organisations which underpin public markets. It gives participants a fundamental macro understanding of the various market structures that exist, including exchanges, clearing and settlement organisations. It has been designed to support professionals that work in central banks, buy-side and sell-side firms, exchanges, regulatory bodies and individuals working in clearing houses.
Professor Giovanni Cespa, the Academic Director of the MIC, has worked on the programme’s development since the initial meetings Bayes had with WFE counterparts, in the spring of 2021.
This MIC truly is one of a kind – there is no other qualification that gives such a broad understanding of financial market infrastructures, how they operate, and how they are all integrated with one another. We believe the WFE-Bayes MIC postgraduate certificate has established itself as the new ‘must-have’ industry standard of excellence.
An accredited course blends theory and practice
Taught by world-leading faculty from Bayes Business School, and expert practitioners from industry, the programme consists of 15 weeks of part-time study. It follows a blended
learning approach, with a 13-week online phase and two one-week in-person residentials, in London and Chicago.
The online component and first residential week (London) give participants rigorous, in-depth knowledge on the four main pillars of the programme:
- Payments and market infrastructures (CCPs, CSDs, SSSs)
- Exchanges, Asset classes and Market Micro-structure
- Regulation, Ethics and Sustainable Finance
- Industry project on market infrastructures.
The online content mixes traditional lectures with more interactive presentations, Q+A sessions and group discussions in virtual breakout rooms. The mix of teaching styles has been designed to create an engaging and interactive way of learning.
The Industry Project is the final component of the MIC, taking place after the taught modules have been completed. It is designed to help ‘connect the dots’ between theory and practice.
Participants receive support from Bayes Deputy Dean, Professor Richard Payne, who guides them through the industry project process, helping students to select topics and giving advice via one-to-one sessions.
To qualify for the MIC, applicants must have at least four years of full-time relevant work experience or a graduate degree. The selection process is conducted by the WFE and aims to identify candidates who exhibit not only a strong academic background or relevant work experience, but also leadership potential and motivation to drive positive change in their home countries.
Participants who successfully complete the programme are awarded a postgraduate certificate and receive 60 credits from Bayes Business School, which equates to a PG (Cert).
Attracting a diverse, global audience
The programme attracts an international audience from North and South America, Africa, Europe and Asia. A major draw for participants is the opportunity to network and learn from like mind-minded people facing similar challenges. Participants share insights and perspectives from their own countries, resulting in cross-cultural learning.
Jeff Kimsey - Head of Global Data Regulation, Nasdaq, completed the MIC and appreciated the opportunity to learn from international counterparts.
To sit down and talk to someone who regulates Polish trading or have lunch with someone from the Stock Exchange of Thailand and realise they are having some of the same experiences I am was invaluable. I learned so much about the biggest problems stock exchanges in the Middle East were facing, which helped influence my thinking about our Middle East strategy.
Residential weeks offer real-world insight
The second residential week in Chicago integrates theory and practice, giving an insight into the real-world application of academic principles. It takes place at the Chicago Board of Options Exchange (Cboe), one of the world’s largest and most renowned options exchanges.
Industry leaders and senior regulators deliver lectures, panel sessions and mentoring. They also host fireside chats, which facilitate open and candid discussions where participants gain insider perspectives on market infrastructures and emerging trends such as cryptocurrencies and blockchain. It is a unique opportunity to learn from veterans of the sector.
During the week participants also tour an operations floor and a trading floor where they can carry out the traditional bellringing ceremony.
For previous participants of the programme, the residential weeks have been a highlight.
“The two residential weeks added another exciting layer to the MIC experience. Stepping into the heart of the financial markets in the UK and the United States took our learning to a whole new level,” says Haya Al-Merekhi - Manager, Operations Department, Qatar Stock Exchange.
Chihun Kang is Lead Manager at the Korea Exchange:
“The residential weeks in London and Chicago proved invaluable for their networking opportunities. Our cohort included accomplished professionals from exchanges, clearing houses, CSDs, regulatory bodies and financial institutions worldwide. Through group projects, I collaborated with colleagues whose paths I would not normally cross in my day-to-day work. The informal gatherings, including evening social events, fostered genuine connections and candid exchanges of experiences.”
Positive feedback
The course is very well received by participants and their sponsoring organisations, with providers and exchanges sending new students for each edition of the course. The programme is recognised not just as a measure of success when it comes to career progression, but also in terms of career subject expertise.
Calum Jessop, Senior Policy Advisor – Financial Stability, HM Treasury, UK, appreciated the comprehensive nature of the programme:
"The course truly provides a 360-degree view of Financial Market Infrastructures and the markets they facilitate. Coming together with passionate academics and a broad range of fellow attendees, I found the whole programme utterly fascinating!"