Delivered in partnership with the World Federation of Exchanges (WFE), this part-time postgraduate certificate explores the market infrastructures underpinning global public markets, blending online learning with residential weeks in London and Chicago.
Key information
Dates:
- A part-time programme running September to December 2027, with industry project submitted in January 2028
- London residential week: September 2027 dates TBC, 09:00-17:00
- Chicago industry residential week: October 2027 dates TBC, 09:00-17:00
- Live online seminars are delivered weekly at 13:00 London time and range from 60 to 120 minutes per session.
Duration: 15 weeks, part-time, delivered online and in person. The programme comprises four 15-credit modules, totalling 60 credits.
Format: Blended learning - live and recorded online webinars, one academic residential week in London, and one industry residential week in Chicago. In-person attendance is required for both residential weeks.
Fee: WFE members: GBP 10,950 | Non-WFE members: GBP 12,200 (no VAT is charged)
Includes: Materials, online resources and catering during both residential weeks. Accommodation, travel and other expenses are not included.
Certification: Participants who complete the programme successfully will be awarded the Market Infrastructure Certificate (MIC), a postgraduate certificate (PGCert) worth 60 credits from Bayes Business School, City St George’s, University of London. The MIC is at the same academic level as an MSc, but is shorter and does not require a dissertation.
Programme overview
The Market Infrastructure Certificate is an advanced, specialist postgraduate certificate designed for professionals who need to understand the infrastructures that underpin global public markets.
The programme combines academic rigour with practical industry insight, helping participants build an integrated understanding of how market infrastructures support financial stability, market development and the efficient functioning of global markets. Delivered part-time over 15 weeks, the programme combines online learning with two in-person residential weeks: one academic week at Bayes Business School in London and one industry-focused week at Cboe Global Markets in Chicago. Participants will learn through recorded content, live webinars, in-person teaching, panel sessions, fireside chats, applied discussions and an industry project.
Who is the programme for?
This programme is designed for mid- to senior-level professionals across global financial markets who are seeking a system-level understanding of market infrastructure.
Industries
- Exchanges, clearing houses, CSDs and other market infrastructures
- Investment, corporate and transaction banking
- The buy side: asset management, hedge funds, pension funds and insurance
- Regulators, central banks and public institutions
- Consulting, advisory and fintech serving financial markets.
Roles
- Risk, treasury and operations roles in banks, the buy side and infrastructure providers
- Strategy, policy and regulatory affairs roles at exchanges, CCPs and regulators
- Specialist roles in payments, clearing, settlement and post-trade services
- Advisory, consulting and legal roles serving the market-infrastructure ecosystem.
Originally developed for professionals within global exchanges, the programme has broadened in response to strong participant feedback to include a wider range of functions.
Discover how the programme delivers real impact by exploring the participant profiles below and learning from their experiences:
My Time on the WFE's MIC Programme
Nasdaq Executive's Experiences on the WFE's Market Infrastructure Certificate Programme
Navigating Market Change: Insights from the WFE MIC Programme
Focus and structure
The programme is structured around four 15-credit modules, each building participants’ understanding of financial market infrastructure from a different perspective.
Core systems enabling global payments, clearing, settlement
How markets function, trade, price and evolve
Rules, ethics and sustainability shaping financial markets
Apply learning to real-world infrastructure challenges
Module 1: Payments and financial market infrastructures
This module covers payment systems, large-value and cross-border payments, central securities depositories, securities settlement systems, central counterparties and innovation, including cryptocurrencies, distributed ledger technology and central bank digital currencies.
Module 2: Exchanges, asset classes and market microstructure
This module explores asset classes, trading structures, market participants, price discovery, liquidity, market transparency, electronification, competition between trading venues, market data and tokenisation.
Module 3: Regulation, ethics and sustainable finance
This module focuses on regulation and compliance, ethical decision-making, ESG, sustainable finance and the evolving expectations placed on financial institutions and market infrastructures.
Module 4: Industry project on financial market infrastructures
The industry project enables participants to integrate their learning by researching a relevant market infrastructure issue, applying theory to practice and reflecting on their findings.
Programme benefits
- Build a strong, integrated understanding of how market infrastructures operate and support financial stability, market development and the efficient functioning of global markets.
- Apply academic and practical insight to real-world challenges in regulation, governance, risk, sustainability and innovation.
- Deepen your knowledge of the roles of exchanges, clearing houses, payment systems, CSDs and settlement systems.
- Complete an applied industry project and gain a postgraduate certificate worth 60 credits at Higher Education Level 7 in the UK.
- Build an international network through online learning and residential weeks in London and Chicago.
World-class faculty led by
Professor Giovanni Cespa
Professor Giovanni Cespa is the Academic Director of the Market Infrastructure Certificate. He leads the academic direction of the programme and supports participants in connecting the theoretical and practical dimensions of market infrastructures.
Professor Barbara Casu
Professor Barbara Casu brings expertise in banking, finance and market infrastructures, leading the programme’s work on payments and financial market infrastructures.
Professor Richard Payne
Professor Richard Payne is Professor of Finance and Deputy Dean of Bayes Business School, with responsibility for programmes and education. His academic expertise spans finance, market structure and financial education, bringing senior academic leadership to the MIC programme.
Professor Daniel Beunza
Professor Daniel Beunza is Professor of Social Studies of Finance at Bayes Business School. His research explores the sociology of markets, including how social relations, technology and organisational practices shape financial value and market behaviour.
