Conference Programme
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08:30 - 09:00
Arrival and Registration
Venue: Cercle Cité – Place d’Armes, L-2012 Luxembourg
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09:00 - 09:30
Julie Becker, CEO, Luxembourg Stock Exchange welcome remarks
- Ring the Bell Ceremony
- Official Picture with Participants
Speaker
Julie Becker
Chief Executive Officer Luxembourg Stock Exchange (LuxSE)
Julie Becker has been at the helm of the Luxembourg Stock Exchange (LuxSE) since April 2021. She joined LuxSE in 2013 and was appointed to its Executive Committee in 2015, before being named Deputy CEO in 2019, and CEO two years later.
Her career in the financial sector in Luxembourg spans over two decades and includes positions at the Central Bank of Luxembourg and Dexia.
In 2016, Julie Becker founded the Luxembourg Green Exchange (LGX), the world’s leading platform for sustainable securities. A recognised expert in the field of sustainable finance, Julie Becker has represented LuxSE and LGX at numerous, international expert forums and conferences over the past years, including the EU High-Level Expert Group on Sustainable Finance from 2017 to 2019 and the United Nations High-Level Dialogue on Financing for Development in 2023.
Julie Becker is a member of the board of directors of several Luxembourg-based financial industry associations and the Chairwoman of LuxCMA, a capital markets industry association established in 2019. She was awarded "The inventor" by Global Landscape as part of their campaign "16 Women Restoring the Earth" in 2019 and was named the "Most Influential Economic Decision Maker in Luxembourg" in the 2022 edition of the Paperjam Top 100.
Julie Becker played a crucial role in the founding of the Luxembourg Women in Finance Charter. She is a member of the Luxembourg Gender Finance Task Force, launched in 2023, and the EIB’s Women Climate Leaders Network, launched in 2024. She was appointed as a member of the University of Luxembourg’s Board of Governors in 2023, and as a Bloomberg EU Women in Finance ambassador in 2024.
Julie Becker specialises in regulatory and legal matters linked to capital markets.
She holds a Master’s Degree in European & Comparative Law and a Master’s Degree (DEA) in Private Law from the University of Nancy II, France. She is also an alumna of the Wharton Business School, University of Pennsylvania, USA.
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09:30 - 09:40
Welcome and Opening Remarks
Speakers
Nandini Sukumar
Chief Executive Officer The World Federation of Exchanges
Nandini Sukumar is the Chief Executive Officer of the World Federation of Exchanges, the global association for exchanges and CCPs. The WFE represents more than 250 exchanges and clearing houses globally, educating stakeholders on the vital role played by market infrastructures in the real economy and as a standard setter, finding the consensus on issues among the global membership. Of our members, 37% are in Asia-Pacific, 43% in EMEA and 20% in the Americas. WFE’s 87 member CCPs and clearing services collectively ensure that risk takers post some $1.1 trillion (equivalent) of resources to back their positions, in the form of initial margin and default fund requirements. WFE exchanges, together with other exchanges feeding into our database, are home to over 49,054 listed companies, and the market capitalisation of these entities is $116.58 trillion; around $155 trillion (EOB) in trading annually passes through WFE members (at end 2024). Ms. Sukumar is Vice Chair of IOSCO’s Affiliate Members Consultative Committee and Chair of the AMCC’s Sustainability Taskforce.
John McKenzie
Chief Executive Officer, TMX Group Chair, the World Federation of Exchanges
John McKenzie is the Chief Executive Officer (CEO) of TMX Group.
Mr. McKenzie is a member of the TMX Group Board of Directors and also a member of the Board of Directors of several TMX Group subsidiaries.
Mr. McKenzie has worked for TMX for over 25 years. Prior to his appointment as CEO on August 17, 2020, he served as Chief Financial Officer and was responsible for corporate strategy, corporate development, investor relations and the financial management of the company as well as for the administrative oversight of TMX Group’s Capital Formation business. He has led various TMX acquisitions, including the Maple transaction, and the acquisitions of Montréal Exchange and Trayport.
From July 2015 to August 2016, Mr. McKenzie served as President of CDS, Canada’s equity and fixed income clearing house and a wholly-owned subsidiary of TMX Group. Prior to that he was the Chief Operating Officer (COO) and CFO of CDS.
Mr. McKenzie is a Fellow of the Institute of Chartered Professional Accountants of Ontario (FCPA, FCMA) and has an MBA from Edinburgh Business School, HeriotWatt University and an Honours BA from Wilfrid Laurier University. He has served on a number of boards, and is currently the Chair of the World Federation of Exchanges, and a Board Member and Treasurer for the Hamilton Health Sciences Foundation.
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09:40 - 09:55
Session 1: Keynote Speech
Speaker
Helena Viñes Fiestas
Commissioner The Spanish Financial Markets Authority (CNMV)
Helena serves as a Commissioner of the Spanish Financial Markets Authority (CNMV) and is currently serving her second term as Chair of the EU Platform on Sustainable Finance. Since June 2018, she has been a member of the multi-stakeholder advisory group advising the European Commission on the development and implementation of the EU Taxonomy and the broader sustainable finance regulatory package.
She co-chairs the Taskforce on Net Zero Policy, a spin-off of the UN Secretary-General's High-Level Expert Group on Net Zero Pledges of Non-State Actors, of which she was also a member. With nearly 25 years of experience in sustainable finance and responsible business—including a decade within BNP Paribas and BNP Paribas Asset Management—she brings deep expertise to her roles. Helena is also a member of the EIB Climate and Environmental Advisory Council and the ITPN Technical Advisory Board. Most recently, she joined the Global Advisory Board for the Centre for Economic Transition Expertise (CETEx) at the London School of Economics (LSE).
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09:55 - 10:55
Session 2: Financing the Transition: Building dynamic markets for a changing world
This session explores how transition finance is being operationalised and what makes transition pathways credible, investable, and scalable. Capital markets are evolving to support companies across the whole economy - from those already aligned with environmental objectives to those undertaking credible transition journeys. The session will explore how exchanges are increasingly shaping this evolution through new designations, listing frameworks, and financial products.
The panel will explore:
- What policy signals or regulatory frameworks are most critical to scaling credible green and transition finance markets, and where are current policy approaches helping or hindering market development?
- As transition finance moves from conceptualisation to implementation, what are the biggest barriers to scaling these markets?
- From an investor and market perspective, what makes transition finance genuinely credible and investable, and where are businesses currently falling short?
- How are taxonomies, transition frameworks, equity designations and financial products shaping the development of credible transition finance markets, and where do important gaps or fragmentation risks still remain?
- What role should exchanges and market infrastructure providers play in supporting transition finance markets and credible transition pathways?
Chair
Edward Knight
Executive Vice Chairman Nasdaq
As Executive Vice Chairman, Edward Knight manages global government relations and serves as a senior advisor on public policy and litigation.
During his tenure as Nasdaq’s General Counsel from 2001 to 2019, Knight championed many causes for investors and public companies: proxy reform; corporate governance modernization, including the JOBS ACT passage in 2012; regulatory re-form; immigration reform; and enhancing the self-regulatory organization model. He has worked tirelessly to ensure Nasdaq’s U.S. equity market maintains its position as the premier global marketplace for capital formation.
Knight currently serves as a member of the Advisory Board of Columbia University’s School of International and Public Affairs and is a member of the District of Columbia, Texas and Supreme Court Bars. He is a life member of the Council on Foreign Relations and sits on its Committee on Corporate Affairs. Knight is Vice Chairman of the Board of the U.S. Chamber of Commerce and Chair of the U.S.-India Business Council. He is also chair of TechNet's Executive Council. He is a member of the Nasdaq Dubai Board and the Board of the World Federation of Exchanges. He is based in Nasdaq’s Washington, D.C., office.
Before serving as FINRA’s General Counsel from 1999-2001 and then NASDAQ’s General Counsel, Knight served as General Counsel of the U.S. Department of the Treasury from September 1994 to June 1999 — the longest tenure since the position was created in 1934. Upon his departure, he received the Alexander Hamilton Award, the Department's highest honor. He also received the Honor Award from the Secret Service. Before being named Treasury General Counsel, Knight served as Executive Secretary and Senior Advisor to Secretary of the Treasury Lloyd Bentsen. He also served as a member of the Obama Transition Team at the U.S. Treasury Department in 2008-2009.
Prior, he was a partner with the law firm of Akin, Gump, Strauss, Hauer and Feld in Washington, D.C. A Texas native, Knight received his Bachelor of Arts, with honors, in Latin American Studies from the University of Texas at Austin and his Juris Doctorate from the University of Texas School of Law.
Speakers
Yuval Laster
Head of Finance, Investment and Global Relations Division OECD
Yuval Laster is the Head of the Finance, Investment and Global Relations Division of the OECD’s Environment Directorate. He oversees and directs the Environment Directorate’s work on public and private green finance including targeted capacity building and policy support programs in developing and emerging market countries. Yuval holds a Master’s Degree in Public Administration from Harvard and an MSc Environmental Policy and Regulation from LSE. He has extensive experience as a senior public policy maker on issues related to environmental policy.
Valdene Reddy
Group Chief Executive Officer Johannesburg Stock Exchange
Valdene’s career spans over two decades in financial markets. She joined JSE in 2015 as Head of Equity and Equity Derivatives and was promoted to Director of Capital Markets at JSE in 2020. Before joining the JSE in 2015, Valdene worked at two international investment banks in equity and equity derivatives sales and trading, covering local and foreign institutional clients.
During her 10-year tenor at the JSE, she has been responsible for all capital raise and trading activity on the exchange across all markets. This includes the sourcing of new listings across equity, debt and structured products, as well as the development and management of all secondary market trading in cash and derivative markets.
A large part of Valdene’s role focusses on mobilizing capital flow and investment into South Africa by targeting aligned intent and execution between public and private sector. This is a high imperative for showcasing the country, the capital markets and driving investment into SA.
In addition, Valdene has extended the development of new markets in South Africa, including the launch of JSE Private Placements and JSE Ventures Voluntary Carbon Market. She is also responsible for JSE Investor Services which is a transfer secretary and share plans business, acquired by the JSE in 2021.
Valdene holds a Bachelor of Business Science, Actuarial Science degree from the University of Cape Town; is a Certified Director with the Institute of Directors South Africa and completed the Advanced Management Program at Harvard Business School.
Alban de Faÿ
Head of Fixed Income SRI Processes Amundi Asset Management
Since 2015, Alban has headed Amundi’s SRI Processes within the fixed income universe and managed Amundi's ESG Credit and Green Bonds portfolio. Previously, he joined IDEAM as an SRI Fixed Income Portfolio Manager in 2003 and Amundi in 2008 in the same role.
Alban is Deputy Chair of the Executive Committee of the Principles and represents Amundi at the Executive Committee of the ICMA’s Principles, which has been elected since 2017.
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10:55 - 11:25
Coffee Break
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11:25 - 12:30
Session 3: Sustainability in Flux: Regional Realities, Global Consequences
As sustainable finance frameworks mature, the global political environment around them is becoming increasingly divergent. This session examines how unevenly evolving sustainability policies influence and reflect real market behaviour, corporate and financial strategies, regional competitiveness, and long‑term capital flows.
The session will begin with a presentation from the WFE setting out how exchanges have been continuing to drive change and strategic progress in the face of wider political uncertainty and global divergence.
The panel will then discuss:
- Does the EU Omnibus Regulation represent a broader reversal or merely simplification, and what are the implications for international businesses?
- Have political shifts in certain key economies undercut global progress on sustainability, or are investors still pursuing progress to protect and create long-term value?
- How different is the trajectory on sustainability in Asia and emerging markets, where government-led models are emerging to drive progress on sustainable financing and business models?
- Is fragmentation in sustainability regulation shaping capital flows and listing choices?
- How can exchanges help issuers navigate the patchwork of sustainability regulation and standards while fostering global growth and innovation?
Chair
John McKenzie
Chief Executive Officer, TMX Group Chair, the World Federation of Exchanges
John McKenzie is the Chief Executive Officer (CEO) of TMX Group.
Mr. McKenzie is a member of the TMX Group Board of Directors and also a member of the Board of Directors of several TMX Group subsidiaries.
Mr. McKenzie has worked for TMX for over 25 years. Prior to his appointment as CEO on August 17, 2020, he served as Chief Financial Officer and was responsible for corporate strategy, corporate development, investor relations and the financial management of the company as well as for the administrative oversight of TMX Group’s Capital Formation business. He has led various TMX acquisitions, including the Maple transaction, and the acquisitions of Montréal Exchange and Trayport.
From July 2015 to August 2016, Mr. McKenzie served as President of CDS, Canada’s equity and fixed income clearing house and a wholly-owned subsidiary of TMX Group. Prior to that he was the Chief Operating Officer (COO) and CFO of CDS.
Mr. McKenzie is a Fellow of the Institute of Chartered Professional Accountants of Ontario (FCPA, FCMA) and has an MBA from Edinburgh Business School, HeriotWatt University and an Honours BA from Wilfrid Laurier University. He has served on a number of boards, and is currently the Chair of the World Federation of Exchanges, and a Board Member and Treasurer for the Hamilton Health Sciences Foundation.
Speakers
Shiva Dustdar
Director for EIB Group Relations with Luxembourg European Investment Bank
Shiva Dustdar is a senior international finance executive and a leading sustainable and innovation finance expert with over 30 years of experience across public and private financial institutions, working at the intersection of finance, innovation, and societal impact. She currently serves as Director for EIB Group Relations with Luxembourg at the European Investment Bank (EIB) and previously as Director and Head of the EIB Institute, where she led its strategic transformation to strengthen the EIB Group’s thought leadership and public value mission through philanthropic, academic, social, and cultural initiatives supporting climate, innovation, and development priorities.
Since joining the EIB in 2003, Shiva has held senior roles across risk management, lending, investing, and advisory, with a strong focus on financing innovative and high‑risk projects. She played a central role in building the EIB’s Innovation/ Corporate Finance Advisory, establishing a successful partnership with the European Commission that helped mobilise billions in financing for innovative companies supporting the green and digital transitions.
Earlier in her career, she worked in Investment Banking at J.P. Morgan in New York and emerging markets, before joining Fitch Ratings in London, where she founded and led the European High Yield Ratings business. Shiva holds a BA in Economics, Magna Cum Laude, from Columbia University and an Executive MBA from London Business School. She is a regular speaker and lecturer on innovation finance, mission‑oriented finance, climate and digital investment, and gender‑smart investing.
Vidarsha Dharmasena
Head of Sustainability DFCC Bank PLC of Sri Lanka
Mr Vidarsha Dharmasena is currently the Head of Sustainability at DFCC Bank PLC of Sri Lanka. DFCC Bank has recently launched the country's first Green Bond (2024), Blue Bond (2025) and GSS+ Bond (2026), which have been listed in multiple stock exchanges in Sri Lanka, India and Luxembourg. DFCC is also the only Direct Access Entity accredited by the Green Climate Fund in Sri Lanka.In his capacity as Head of Sustainability, he holds overall responsibility in incorporating the principles of sustainability across all activities of the Bank, and reporting of the Bank's sustainability performance and statutory reporting in line with the Sri Lankan version of IFRS S1 and S2.Prior to his appointment as the Head of Sustainability, he has held many leadership positions over a period of 20-years at the Bank including Head of Strategic Planning, and a Corporate Banking unit head.He has a deep involvement in the sphere of renewable energy development, having experience in implementing donor funded credit lines and also in evaluation and financing of hydro, wind, solar and Municipal Waste to electricity projects both in Sri Lanka and overseas including some projects of pioneering nature. He was the energy Sector champion at the Bank and has played a key role in development of DFCC Bank’s sustainability strategy as well. He has contributed to several international and award winning publication on Sri Lanka’s renewable energy development journey.Vidarsha holds a Bachelor’s degree in Mechanical Engineering and is also a Management Accountant and a holder of and MBA specializing in Finance.Sacha Sadan
Director of Sustainable Finance Financial Conduct Authority
Sacha Sadan is the Director of Sustainable Finance at the FCA (Financial Conduct Authority). Facilitating the UK financial regulator to embed ESG across the wide spectrum of regulatory activities and reporting to the CEO. He has been named a City Influencer by Financial News as one of the biggest 25 names who have been instrumental in shaping the UK's financial services industry, and has also recently been appointed an Honorary Professor at the Alliance Manchester Business School at The University of Manchester. Previously Sacha was Director of Investment Stewardship (10 years) and on the board at LGIM, one of the world’s largest asset managers. Sacha had responsibility for investment stewardship, including environmental, social and governance (ESG). He was recognised in the Financial Times as one of ‘the 30 most influential people in the City of London’. Sacha was previously a UK equity portfolio manager at Gartmore. He was voted the top-rated Pan European fund manager in the Thomson Reuters Extel awards. He started his career at Universities Superannuation Scheme (USS) pension fund. Sacha is a Fellow of CFA, CGI and a founding member of the UK Investor Forum.
Fiona Watson
Vice President and a member of the Leadership Team The World Business Council for Sustainable Development
Mrs. Fiona Watson is Vice President and a member of the Leadership Team (LT) at the World Business Council for Sustainable Development (WBCSD), based in Amsterdam, the Netherlands. Fiona joined WBCSD in May 2023.
In her role as VP, Fiona leads WBCSD’s work on Corporate Performance & Accountability, working with members and partners to streamline and accelerate the integration of sustainability-related impacts, risks and opportunities into financial decision making to drive capital allocation for transformation at scale. This work includes WBCSD member programs on corporate transparency, transformation and aligning finance and value as well as convening CFO, GC and other executive forums. She also convenes the Senior Advisory Board of WBCSD’s Preparer Forum for Sustainability Disclosures with key standard setters and global reporting experts.
Fiona has more than 25 years of international experience working on transformative finance agendas. As a dual qualified US/UK lawyer, she was Head of Legal for Treasury, Disclosure and ESG at RBS Group (now NatWest) in the aftermath of the financial crisis from 2011 to 2020. At RBS she was appointed as a member of various executive committees including the Executive Disclosure Committee with legal responsibility for the Group’s global market disclosures (including risk factors) and prudential balance sheet funding activity. She was also a protagonist in the Bank’s initial response to prudential regulation of climate risk and associated disclosures. This was followed by legal and sustainability leadership roles at Amazon based in Luxembourg from 2020-2023 where she led on EU Green Deal and global ESG reporting initiatives.
Having started her career in advisory at PWC in New York in 1999, she was an Associate at Davis Polk & Wardell LLP in New York and London from 2007 to 2011. Fiona holds a LLM in International Trade and Business Law (cum laude) from Fordham University and LLB (Hons) in Law with German Law from University College London. Prior to UCL, she spent a year in Indonesia teaching in an Islamic University.
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12:30 - 13:45
Lunch
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13:45 - 14:45
Session 4: From Compliance to Competitiveness: Using Sustainability Reporting and Transition Plans Strategically
Sustainability disclosure rules are embedding fast but reporting alone does not create value. This session will explore how exchanges and issuers can transform reported data into strategic opportunities that create and protect long-term value, drive growth and support innovation.
The session will begin with a short presentation setting the scene for the discussion.
The panel will discuss:
- How can issuers, and investors turn sustainability reporting from a compliance burden into a strategic advantage?
- What are the most effective ways to integrate sustainability data into capital allocation, product innovation, and growth strategies?
- How can companies and exchanges align with international investor expectations amid growing regulatory fragmentation?
- What are investors looking for in sustainability data, and how are expectations evolving beyond climate toward broader questions of natural capital, social impact and long-term resilience?
- What role can exchanges play in bridging gaps between regulatory frameworks, issuer realities and investor needs to facilitate informed and efficient capital allocation and enable real-world outcomes?
Chair
Joseph Portelli
Executive Chairman Malta Stock Exchange
Joseph has over 38 years of experience employed in various capacities within the financial industry in the U.S and in Malta. He has experience as a portfolio manager, currency, and futures trader, and has worked with Bank of America, Nomura Securities, Goldman Sachs, Millburn Ridgefield, and Liongate Capital Management. He was also chief investment officer and managing director of FMG Funds, an emerging markets specialist.
He is currently the Executive Chairman of the Malta Stock Exchange and sits on its Audit Committee. Between April 2013 and April 2015 he sat on its board and chaired its Risk Management Committee. In 2015 he was named executive chair of the Malta Stock Exchange PLC and has founded and chairs various MSE-owned subsidiaries such as the Malta Stock Exchange Institute amongst others. He also offers risk management consulting, and sits on the boards and investment committees of numerous asset management and financial service companies domiciled in Malta. Joseph also sits on the Malta Financial Services Advisory Council a board, constituted by the Finance Ministry of Malta and is chairman of the World Federation of Exchanges, Governance and Nominations Committee.
Joseph was also a visiting lecturer at the University of Malta and has taught courses at the Malta Institute of Accounting, and other institutions. He was a regular contributor to the Times of Malta, writing about investor education. Joseph graduated with a BA from Baruch College, City University of New York.
Speakers
Dr. Güzhan Gülay
Executive Vice President Borsa İstanbul
After graduating from the Faculty of Business Administration of Istanbul University in 1993, Güzhan Gülay completed Ziraat Bank Banking School and worked as a specialist in the Capital Markets Directorate of the same bank. He joined Borsa İstanbul family as an assistant specialist in the Equity Markets Directorate in 1995, became a specialist in 1998 and a manager in 2014 in the same department. He was appointed as the Business Development Director in 2018 and as the Precious Metals and Diamonds Market Director in 2019. He has acted in many projects by taking fundamental positions in designing, configuration, testing, legislation and development for the improvement of the markets and infrastructure of Borsa Istanbul. After his master’s and doctorate education, he acted as a visiting lecturer for a year at the City University of London Bayes (formerly Cass) Business School and taught part-time at various universities. He took his Associate Professor degree in 2023.
Rahel Haque
Sustainable Finance Advisory, Funds & Sponsors Lead NatWest
Rahel is a member of the Sustainable Finance Advisory team and leads NatWest’s engagement with Sponsors & Funds on the structuring and execution of sustainability related provisions within fund finance (subscription lines; NAV) and other structured credit solutions as well as advising clients on various sustainability topics. Rahel previously spent several years in the asset management industry working for Jupiter Asset Management and UBS Asset Management in their Strategy functions, which included the build out of distribution strategies into the wealth channel. Prior to this he led the design and implementation of business strategy (including inorganic growth) on behalf of a range of financial institutions with Accenture and EY.
Valentin Jahn
Senior Policy Fellow and Deputy Director for Research and Operations at the TPI Global Climate Transition Centre The London School of Economics
Valentin Jahn is Deputy Director of Research and Operations at the TPI Global Climate Transition Centre at the London School of Economics, a leading independent source of data and research on corporate and sovereign climate transition. He leads the Centre's research across high-emitting sectors and financial institutions, including methodology development for assessing the credibility of companies' transition plans. He contributes to the UK Transition Finance Council and holds an MSc in Climate Change, Management and Finance from Imperial College London.
Arunma Oteh
Co-Chair The Taskforce on Inequality and Social-related Financial Disclosures (TISFD)
The Steering Committee is guided by the Co-Chairs and consists of 25 leaders from financial institutions, business, civil society, and labour.
Members of the Steering Committee are selected for their individual subject-matter expertise in the relationship between financial systems, markets, and inequality and social-related issues, as well as their sectoral and regional expertise. They represent 15 countries from 6 continents.
Arunma Oteh, Officer of the Order of Niger, has been Executive in Residence at the Saïd Business School, University of Oxford, since January 2019.
Her research areas of focus are capital markets, economic development and financial technology. Arunma advises the School on Africa, Entrepreneurship, Finance and Sustainability, and most recently co-chaired the School’s Anti-Racism Initiative Taskforce. She is a member of the London Stock Exchange Africa Advisory Group. She was previously Treasurer of the World Bank, Director General, Securities and Exchange Commission Nigeria, Group Vice President and Group Treasurer, African Development Bank Group.
Arunma has received several awards notably Nigeria’s Officer of the Order of Niger (OON) National Honour. Arunma is one of Power List’s 2020 top 100 people of Black Heritage in the UK and was named one of Africa’s 50 most influential African women by Forbes Africa in March 2020.
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14:45 - 15:45
Session 5: Nature in Capital Markets: Strategic Imperatives for a Nature-Positive Economy
Nature is fast becoming a critical issue. As nature and biodiversity loss pose growing systemic risks, market participants must all consider their role in preserving market stability and investor trust, and in supporting investable nature-positive opportunities that foster economic resilience.
This session will examine how nature-related risks impact market resilience, the strategic role of exchanges in enabling credible nature disclosures, and the data and infrastructure needed to support nature-linked financial products. It will also explore how nature can be integrated into transition planning and innovation across listed markets.
The panel will discuss:
- Why should nature be a boardroom and market infrastructure priority and what are the systemic implications for exchanges?
- How can exchanges strategically support the uptake of nature-related risk disclosure among issuers?
- What types of nature-linked products, investment approaches and market mechanisms are emerging as credible ways to channel capital toward nature-positive outcomes?
- Where are the current limitations in data, ratings, and taxonomies for nature, and how can exchanges drive improvement without creating fragmentation?
- How does the nature agenda intersect with existing transition finance initiatives and taxonomies?
Chair
Kevin Rumjahn
Managing Director Head of Group Strategy and Head of CEO Office Hong Kong Exchanges and Clearing
Mr. Kevin Rumjahn joined Hong Kong Exchanges and Clearing Limited (HKEX) in 2025. He initially served as Head of Strategic Projects before assuming his current role as Head of Group Strategy and Head of CEO Office.
Prior to joining HKEX, Kevin has over 25 years of investment banking experience, of which he spent 15 years at Credit Suisse in Hong Kong, where he was Head of Greater China Corporate Finance and also led Hong Kong coverage within the Investment Banking & Capital Markets division. Prior to Credit Suisse, he also worked at Citigroup, Citic Securities and ING Barings.
Speakers
Sophie De Coninck
Director, Means of Implementation Division United Nations Climate Change (UNFCCC)
Sophie De Coninck is the Director for the Means of Implementation Division, which covers the finance, capacity building and technology work of UN Climate Change.
She brings 25 years of experience, in climate change, environment and international cooperation to her role.
Prior to joining UNFCCC, Sophie worked with the UN Environment, the European Union and the UN Capital Development Fund (UNCDF) in the field of climate finance and adaptation, with a focus on LDCs and SIDS, Africa and Asia-Pacific. She has worked in Kenya, Senegal, Belgium and Uganda, and in over 40 countries worldwide.
Sophie also worked as climate policy researcher for various ministries in her home countries as well as in the private sector in the technology industry.
Sébastien Duquet
Director – Head of DFI & Sovereign Business Mirova
As Director – Head of DFI & Sovereign Business, Sebastien pilots the development of Mirova private assets funds towards Development finance institutions, sovereign entities and foundations. He is particularly involved in the development of the energy transition and natural capital blended finance funds. Sebastien joined Mirova in 2022, following the acquisition of SunFunder, where he was part of the management team.
From 2018 to mid 2021, as Chief Investment Officer, Deputy CEO of Symbiotics and Chairman of the board of the Symbiotics funds in Luxembourg, Sebastien supervised the investment process, portfolio allocation and funds valuation of USD 2.1 Bn and 21 funds under management.
From 2016 to 2018, Sebastien joined Oxus as a CEO of this microfinance group of 1200 staff worldwide. During 3 years he performed the restructuring of the holding and the 5 affiliated entities.
From 2009 to 2016, Sebastien managed PlaNIS that merged with responsAbility in 2010. At responsAbility he was directly in charge of the debt investments portfolio of responsAbility in Eastern Europe, Middle East, Caucasus and Central Asia (portfolio size of 820 million USD invested in 103 organizations) and member of the management committee of responsibility.
As CEO of PlaNet Finance from 2005 to 2009, he fundraised and supervised on a worldwide basis more than 200 programs of technical assistance in microfinance, agriculture value chain, renewable energy access and SME Banks downscaling. He is also a co founder of FinanCités (microventure capital in France ) and Planet Guarantee (one of the largest worldwide broker in microinsurance).
From 1995 to 2005, Sébastien worked for Arthur Andersen and Ernst & Young as a TAS Senior Director (Transaction Advisory Services).
Sebastien is the volunteer president of the board of directors of Cerise, a non profit active in social performance tools for financial inclusion institutions.
Sébastien holds a diploma from the French Business School EDHEC (with a major in finance) and from the DESCF (Chartered Accountant). He is a teacher at Sciences PO Paris and EDHEC Business School.
Aaron Morales Apodaca
Director of Sustainable Finance Data & Solutions The Intercontinental Exchange (ICE)
Aaron Morales Apodaca is Director of Sustainable Finance Data & Solutions at Intercontinental Exchange (ICE). In this role, he leads commercial strategy and client growth across EMEA, helping financial institutions to translate climate risk, physical risk, nature and biodiversity data, and sustainable bond analytics into investment decisions and reporting.
Aaron brings more than 13 years of experience in sustainable finance, climate, nature, and environmental data solutions. Prior to ICE, he held roles at S&P Global Sustainable1, where he worked on integration of sustainability data, climate risk analysis, and TCFD-aligned disclosures for companies across the UK, Iberia, Latin America, and the United States. He has advised institutions on climate risk, target setting, SDG analytics, water risk quantification, and the integrating sustainability data into portfolio analytics. He also led a global ESG data team at Evalueserve. His career spans North America, Latin America, and Europe, giving him a distinctive cross-regional perspective on how sustainability data flows into capital markets and corporate strategy.
A chemical engineer by training, Aaron holds a BS in Chemical Engineering from Tecnológico de Monterrey, an MS in Environmental Management and Sustainability from Illinois Institute of Technology, and an MBA from Northwestern University's Kellogg School of Management.
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15:45 - 16:00
Session 6: Keynote Speech
Speaker
Jennifer de Nijs
Director for the Development of the Financial Center Ministry of Finance, Luxembourg & President of the Luxembourg Sustainable Finance Initiative (LSFI)
Jennifer de Nijs is a member of the Board of Directors of the Luxembourg Stock Exchange (LuxSE), Chairwoman of the Luxembourg Earth Impact Fund, President of the Luxembourg Sustainable Finance Initiative and member of the Executive Committee of Luxembourg for Finance.
She leads the Ministry’s Department of the Development of the Financial Center, managing the Minister’s relations with the financial center and oversees the Sustainable Finance and Digital Finance teams.
Jennifer has been at the Ministry since 2015, first as EU Budget Attaché at Luxembourg’s Permanent Representation to the EU in Brussels and subsequently as Head of Sustainable Finance in Luxembourg. Previous to her government position, Jennifer worked at the UN, Clearstream, American Express, and in civil society organisations.
Jennifer holds a MA in Diplomacy and International Relations from the London School of Oriental and African Studies (SOAS) and a BA in European Affairs from the University of Sussex.
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09:00 - 09:30
Arrival and Registration
Venue: City Library, 3 rue Genistre, L-1623 Luxembourg
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09:30 - 09:35
Opening Remarks
Speaker
Nandini Sukumar
Chief Executive Officer The World Federation of Exchanges
Nandini Sukumar is the Chief Executive Officer of the World Federation of Exchanges, the global association for exchanges and CCPs. The WFE represents more than 250 exchanges and clearing houses globally, educating stakeholders on the vital role played by market infrastructures in the real economy and as a standard setter, finding the consensus on issues among the global membership. Of our members, 37% are in Asia-Pacific, 43% in EMEA and 20% in the Americas. WFE’s 87 member CCPs and clearing services collectively ensure that risk takers post some $1.1 trillion (equivalent) of resources to back their positions, in the form of initial margin and default fund requirements. WFE exchanges, together with other exchanges feeding into our database, are home to over 49,054 listed companies, and the market capitalisation of these entities is $116.58 trillion; around $155 trillion (EOB) in trading annually passes through WFE members (at end 2024). Ms. Sukumar is Vice Chair of IOSCO’s Affiliate Members Consultative Committee and Chair of the AMCC’s Sustainability Taskforce.
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09:35 - 10:05
Session 7: Fireside Chat: Sustainability Under the Microscope: The Role of Assurance
As sustainability reporting becomes more consequential for capital markets, the role of assurance is moving to the centre of policy and investor expectations. This fireside chat will explore how ethical standards, independence requirements and emerging assurance frameworks are shaping trust in sustainability information and what this means for issuers, exchanges and regulators.
The discussion will explore questions such as:
- As sustainability disclosures become more consequential for capital allocation, what role does assurance play in ensuring that markets can rely on this information?
- How are ethics frameworks evolving to address the unique challenges of assuring forward-looking information such as transition plans and scenario analysis?
- Where should policymakers draw the line between mandatory assurance requirements and allowing markets flexibility to innovate?
- With different jurisdictions adopting different sustainability reporting regimes, how can assurance standards support comparability and decision-usefulness?
- What should exchanges and regulators consider when integrating assurance considerations into listings, designations and market labelling contexts?
Chair
Nandini Sukumar
Chief Executive Officer The World Federation of Exchanges
Nandini Sukumar is the Chief Executive Officer of the World Federation of Exchanges, the global association for exchanges and CCPs. The WFE represents more than 250 exchanges and clearing houses globally, educating stakeholders on the vital role played by market infrastructures in the real economy and as a standard setter, finding the consensus on issues among the global membership. Of our members, 37% are in Asia-Pacific, 43% in EMEA and 20% in the Americas. WFE’s 87 member CCPs and clearing services collectively ensure that risk takers post some $1.1 trillion (equivalent) of resources to back their positions, in the form of initial margin and default fund requirements. WFE exchanges, together with other exchanges feeding into our database, are home to over 49,054 listed companies, and the market capitalisation of these entities is $116.58 trillion; around $155 trillion (EOB) in trading annually passes through WFE members (at end 2024). Ms. Sukumar is Vice Chair of IOSCO’s Affiliate Members Consultative Committee and Chair of the AMCC’s Sustainability Taskforce.
Speaker
Amarjeet Singh
Whole-time Member Securities and Exchange Board of India (SEBI) and International Ethics Standards Board for Accountants (IESBA)
Mr. Amarjeet Singh is a Whole-time Member at the Securities and Exchange Board of India (SEBI). With a career spanning nearly 3 decades with SEBI, he has extensive experience in the development and regulation of the Indian securities markets. He has been instrumental in introducing various market reforms and led SEBI's engagements on sustainability reporting and the conceptualization and formation of Social Stock Exchange in India.
Mr. Singh is a member of the International Ethics Standards Board for Accountants (IESBA) since January 2024. He has served on the Boards of National Financial Reporting Authority (NFRA) and Indian Institute of Corporate Affairs (IICA), and currently serves on the Board of National Institute of Securities Market (NISM). He has also represented SEBI on several Committees set up by government and RBI.
He has been involved in numerous international regulatory initiatives, including that of International Organization of Securities Commissions (IOSCO). As Chair of the Assessment Committee of IOSCO (2016-2018) and member of its various policy committees, he has steered international thematic assessments and contributed to the evolution of IOSCO Principles and Standards.
Apart from an MBA, Mr. Singh holds a Master's degree in Economic Policy Management from Columbia University, NY, USA.
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10:05 - 11:20
Session 8: Accessing Transition Finance: Why it matters and how to reap the benefits
As net-zero deadlines approach and decarbonisation urgency intensifies, a growing share of sustainable capital is expected to be directed towards transition finance, presenting a huge opportunity for businesses.
This session will focus on how issuers access capital in practice, how investors interpret transition signals, and the role of debt and equity offerings. The session will begin with presentations on the WFE’s Accessing Transition Finance: A Practical Guide for Issuers, the evolving role of green equity designations, and the WFE's work on Transition Equity Principles.
The panel will explore the following questions:
- What distinguishes credible transition finance from conventional financing or green-labelled products?
- How is the market for transition finance evolving and what new offerings are emerging that issuers can take advantage of?
- How can businesses capitalise on the opportunities presented by the growth and evolution of transition finance to unlock investment and strategic value?
- What can exchanges and other financial market participants do to facilitate the flow of capital towards credible and robust transition-related opportunities, including for the hard-to-abate sectors that need it most?
- What is next for transition finance?
Chair
Richard Metcalfe
Head of Regulatory Affairs World Federation of Exchanges
Richard Metcalfe is Head of Regulatory Affairs at the World Federation of Exchanges (WFE). Before taking up his WFE post in March 2018, he worked on MiFID implementation at the Markets Division of BNY Mellon in London. He also has extensive experience in wholesale financial services and policy issues, with particular emphasis on derivatives and central clearing; and on asset management. In addition to working at ISDA and the IA, he has worked for SWIFT. Earlier in his career, he wrote for and edited various financial publications. He lives in London and studied languages at university.
Speakers
Martina Macpherson
Head of Financial Markets Chapter The Value Balancing Alliance
Martina Macpherson is a senior sustainable finance leader with more than 20 years of experience spanning industry, policy, academia, and advisory. She currently leads Financial Markets at the Value Balancing Alliance, where she oversees work across accounting data, research, analysis, and market engagement, while supporting strategic growth and business transformation. Her previous roles include senior positions at SIX Group, ODDO BHF Asset Management, S&P Global, MSCI, Lloyds Banking Group, and Deutsche Bank. Martina also founded SI Partners Ltd., a boutique sustainability consultancy. In policy and standard setting, she serves on the ESG Liaison Group at the UK Houses of Parliament, the newly formed UK SRS / ISSB UK Technical Advisory Committee, ESMA’s Sustainability Standards Committee Consultative Working Group, ISO groups on Climate Neutrality and Sustainable Finance, and EFRAG’s VSME community. An award-winning expert, she is a Fellow of the Institute of Corporate Responsibility and Sustainability, a lecturer at Henley Business School and the University of Zurich, and a published author on (sustainable) finance, governance, reporting, data and AI topics.
Christa Clapp
Global Head of Sustainable Finance Market Analytics S&P Global Ratings
Christa Clapp co-founded Shades of Green, a global leader in independent opinions for green bonds, which is now a part of S&P Global. Within S&P Ratings, she leads sustainable finance market analytics, focusing on thought leadership, strategy, and product development. She was previously the Research Director for Climate Finance at CICERO climate research institute and has over 20 years of experience in climate policy and economic analysis, holding previous positions at the OECD and the US EPA, where she received a National Honor Award Gold Medal. She was a Lead Author for the Intergovernmental Panel on Climate Change 6th assessment report on mitigation for the finance and investment chapter and sits on the Editorial Board for the Climate Policy Journal.
Mark Keller
Director, AI & Sustainable Markets Advisory UBS Investment Bank
Mark is a Director in AI & Sustainable Markets Advisory at UBS Investment Bank. He has over a decade of experience in investment banking, with a particular focus on sustainable finance, advisory and capital markets solutions.
Mark specialises in helping UBS’ global clients translate sustainability performance into long-term value and investor demand. His experience spans sustainability-related advisory, equity and debt capital markets products. He notably led the structuring of the first Green Equity IPO in Asia.
Before joining UBS, Mark spearheaded Credit Suisse’s origination and structuring of sustainability-labelled debt transactions in EMEA. He also held roles at NatWest Markets (formerly RBS) in debt capital markets, acquisition financing and sustainable finance.
Mark holds a Master’s degree in Finance from the London School of Economics and Political Science (LSE) and a Bachelor’s degree in Management from Bayes Business School (formerly Cass).
Victoria Powell
Senior Manager, Regulatory Affairs World Federation of Exchanges
Victoria Powell leads the WFE’s sustainability work.
Victoria has decades of experience in financial services regulation gained both in the UK regulator and as a founding member and Director at the European Securities Markets Authority (ESMA). More recently, she was a Director of Regulatory Policy at an Asset Manager, Ruffer LLP where she managed the implementation of numerous regulatory projects and contributed to Ruffer’s ESG strategy and processes.
Rona Nairn
Manager, Regulatory Affairs World Federation of Exchanges
Rona joined the WFE in 2024 to work on listings and sustainability-related regulatory affairs. In her role at the WFE, Rona supports exchanges on some of the most pressing public-markets and sustainability-related challenges facing the industry - from harnessing sustainable finance and facilitating the transition of exchanges' own operations and those of their listed issuers, to determining the appropriate balance of issuer disclosure and assessing the implications of expanding private markets.
Rona started out her career at HM Treasury where she led on the design and delivery of several key sustainability regulations, including UK implementation of the TCFD Recommendations, development of the UK Sustainability Disclosure Requirements regime, sustainable labels for investment products and transition plan disclosure policy. She also worked to promote the UK approach to sustainability regulation at international fora including the G7 and COP 26. After leaving HM Treasury, Rona worked at PwC UK as an ESG Regulatory Insights Specialist helping clients navigate and respond to emerging sustainability regulations.
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11:20 - 11:45
Coffee break
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11:45 - 12:40
Session 9: Beyond Climate: Expanding the Sustainability Frontier
As sustainable finance matures, climate is no longer the sole organising principle of market innovation. This session explores the next wave of sustainability themes, including biodiversity, social equity, gender and just transitions, and examines what is likely to attract long‑term capital at scale. It will also examine how market infrastructure can support innovation in areas such as biodiversity credits, nature-linked instruments, sustainability indices, and social and gender-focused bonds.
The session will begin with a focused presentation highlighting Luxembourg’s experience in sustainable bond innovation, including gender and social bonds.
The panel will explore:
- What lessons from establishing climate-focused and green initiatives can inform the development of markets for the next wave of sustainability themes?
- How can businesses embed credible and proportionate considerations around emerging sustainability themes into their strategies in a way that ultimately drive value?
- What role do financial products focused on broader environmental, gender and social factors play in aligning sustainability objectives with measurable development outcomes?
- How can integration and innovation by businesses around emerging sustainability themes remain credible and internationally comparable as jurisdictions adopt different regulatory approaches?
- Looking ahead, what will define the next wave of sustainability innovation and integration in capital markets over the next five years?
Chair
Loshni Naidoo
Chief Sustainability Officer Johannesburg Stock Exchange (JSE)
Loshni Naidoo is the Chief Sustainability Officer (CSO) at the Johannesburg Stock Exchange (JSE). She joined the JSE on 28 August 2023 and brings 18 years of climate change, sustainability services and Environmental, Social and Governance (ESG).
Loshni’s role as CSO will focus on the JSE’s own sustainability efforts, the measurement of ESG metrics of its listed clientele, and reinforcing the bourse’s ongoing ambitions towards transformation, improved regulation and building a more sustainable future. Her responsibilities for Sustainability at the JSE include products, services, strategy, and board reporting. She also represents the JSE on various industry advisory panels related to sustainability, responsible investing and climate change internationally.
Sustainability has always been at the core of her work across decades of multi-sectoral experience, from her start as a process engineer to her more recent consultative positions.
Loshni embarked on her professional journey as a chemical engineer, immersing herself in the mining, agricultural, and chemical manufacturing sectors. However, her passion for increasingly impactful work ultimately led her to further consulting roles where she crafted effective sustainability solutions for a diverse range of clientele. This includes positions across the professional services, banking and accounting fraternities.
In recent years, she has placed further emphasis on the evolution of sustainable practices and corporate social responsibility – incorporating the integrated thinking required for ESG strategies.
Loshni holds a Bachelor of Science in Chemical Engineering, a Bachelor of Commerce in Informatics, a Master’s in business administration, and a Post-Graduate Diploma in Future Studies.
Speakers
Laetitia Hamon
Chief Operating Officer and Member of the Executive Committee Luxembourg Stock Exchange
Laetitia Hamon is the Chief Operating Officer and a member of the Executive Committee at the Luxembourg Stock Exchange (LuxSE), where she oversees the exchange’s international primary market activities and market and surveillance operations, as well as its UN-awarded platform for sustainable finance, the Luxembourg Green Exchange (LGX).
Laetitia joined LuxSE in July 2020 as Head of Sustainable Finance, leading the exchange’s sustainable finance strategy before taking on the additional responsibility of Head of Operations in July 2025. Laetitia was appointed to the European Commission’s prestigious High-Level Expert Group on scaling up sustainable finance in low- and middle-income countries in 2022.
As a pioneer in sustainable finance, Laetitia started her career as an ESG analyst for an extra-financial rating agency in 2008. Passionate about the topic, Laetitia decided to dedicate her career to sustainable finance and has built in-depth expertise on the matter for the past 18 years. After gaining experience from the investment fund industry through different positions at Thomson Reuters and ALFI – the Association of the Luxembourg Fund Industry, she spent 8 years managing and then leading the Sustainable Finance audit and advisory practice at KPMG in Luxembourg.
Laetitia holds a Master’s degree in International Management from the Institut Supérieur Européen de Gestion (ISEG) and a Master’s degree in Corporate Social Responsibility from Ecole Supérieure des Affaires, Paris XII.
Roman Godau
Senior Manager Public Affairs, Novartis Director Public Affairs, the Value Balancing Alliance, and Public Affairs Director, the Capitals Coalition
More than 17 years of international work experience in political institutions, political consulting and communication.
Previously scientific advisor and head of office of parliamentary secretary of state Stephan Mayer, MP for 8 years. Worked as strategic consultant for large clients for more than 5 years. Specialist in public affairs and positioning towards political and social stakeholders for companies and associations.
Since February 2022 he has been working as Senior Manager with the Novartis Impact Valuation Team. Seconded to the Value Balancing Alliances he serves as director public affairs shaping the transition to more sustainable business steering. From 2026 he is seconded as Public Affairs Director to the Capitals Coalition.
Roman Godau holds a diploma of Freie Universität Berlin in political science. Successfully completed Officer’s education at German Bundeswehr.
Ferruccio Santetti
Chief of Staff, Director of Strategy and Sustainable Finance Global Green Growth Institute
Ferruccio Santetti is the Chief of Staff and Director of Strategy and Sustainable Finance at the Global Green Growth Institute – GGGI.
Ferruccio is a sustainable finance expert with over 15 years of experience structuring climate and conservation finance solutions across Latin America, Africa, and Southeast Asia. As Director of Sustainable Finance at GGGI, he has contributed to the mobilization of over USD 15 billion through green bonds, debt-for-nature swaps, and blended finance vehicles. Ferro serves as GGGI Principal Expert of the Luxemburg-funded Global Trust Fund on Sustainable Finance Instruments and the EU Global Green Bond Initiative. Ferruccio holds finance degrees from King’s College London and ESCP Business School.
Ana Buchaim
Vice President B3 - Brasil Bolsa Balcão
Ana Buchaim is Vice President at B3. A senior executive with a strong track record in the financial sector, she has built her career in leadership roles focused on organizational transformation, institutional positioning, and the advancement of the ESG agenda. Prior to joining B3, she held positions at leading institutions such as Santander Brasil, ABN AMRO, and Citibank. She holds a degree in Business Administration from the University of São Paulo, a specialization in Change Management from the Chicago Booth School of Business, and has participated in the Yale Global Executive Leadership Program (YGELP) at Yale University.
Ilya Sverdlov
Director, ERO and Donor Relations & Global Partnerships The Alliance for Financial Inclusion (AFI)
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12:40 - 14:00
Lunch
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14:00 - 14:30
Session 10: Academic Session on 'When Does Climate Risk Get Priced? Policy Clarity and Environmental Trading Sensitivity'
The session will begin with a presentation on Dr. Maryam Alhalboni's paper, 'When Does Climate Risk Get Priced? Policy Clarity and Environmental Trading Sensitivity', followed by a discussion and Q&A.
Financial markets are increasingly expected to price climate transition risk as a material determinant. However, it has been observed that persistent and publicly observable differences in environmental characteristics are not continuously reflected in valuations. This raises a fundamental question: why does identical environmental information generate strong, coordinated market responses in some periods but weak or negligible responses in others?
Using shifts in U.S. participation in the Paris Agreement as a natural experiment, the paper finds that trading sensitivity to environmental performance collapsed during periods of policy ambiguity, but reactivated once the regulatory framework became procedurally resolved - even where the resulting policy direction was environmentally less ambitious. The results indicate that credible and stable policy frameworks may be as important as policy ambition itself in enabling markets to price transition risk effectively.
Chair
Roland Bellegarde
Senior Advisor to the CEO Saudi Tadawul Group
Dr. Bellegarde is currently the CEO Advisor at the Saudi Tadawul Group, He is a Board member of the Securities Clearing Center Company (Muqassa), the Securities Depository Center (Edaa) and the Saudi Exchange Company. He was a member of the NYSE-Euronext management Committee from 2007 to 2014 as Group Executive Vice-President in charge of European Equities and Listings. His mandate extended to cover Domestic and International Listings, Equity and Index derivatives, Index business development, structured products as well as market operations.
He acted as chairman of SmartPool (Block trading platform), Board member of LIFFE AM, Qatar Exchange, Clearnet SA as well as Interbosla (Portuguese CSD).
Dr. Bellegarde has a PhD degree in Treasury Finance Banking from the Sorbonne University in France.
Speaker
Dr Maryam Alhalboni
Lecturer in Finance University of York
Dr Maryam Alhalboni is a Lecturer in Finance at the University of York’s School for Business and Society, UK. Her research focuses on financial markets, market microstructure, banking, high-frequency trading, and sustainable and responsible investing.
Her current work examines climate-risk pricing, ESG practices and greenwashing risks in bank loan portfolios, market-wide circuit breakers, liquidity risk and bank failures, and the relationship between ESG and financial performance. Through her research, she contributes to debates on market integrity, sustainable finance, financial stability, and the way environmental risks are reflected in financial markets.
Maryam is a permanent advisor to the GRIFF Investment Fund and has organised a range of finance-focused events, including the Student-Managed Investment Fund Conference. She has secured several grants to support research activity and event organisation. Her work has been presented at international finance conferences, policymaker seminars, and academic seminars, and she has also written professional reports for finance industry audiences.
Maryam holds a PhD in Finance and an MSc in Finance and Investment from the University of Essex, UK. -
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14:30 - 15:40
Session 11: Scaling Sustainability Without Fragmentation: Designing Proportionate Global Frameworks
As sustainability disclosure frameworks move from development to implementation, attention is turning to how they scale across different market contexts. This session examines framework design, proportionality and market use, combining issuer realities with regulatory and infrastructure perspectives.
The panel will discuss:
- What have been the most practical challenges in implementing sustainability reporting, and is additional guidance needed to support consistent global implementation?
- How can sustainability disclosure and transparency requirements be made proportionate for SMEs and emerging markets while preserving market credibility and global comparability, and how have different jurisdictions and regions approached this challenge?
- How can the regulatory ecosystem for asset managers and investment funds support proportionate transparency expectations across the financial system?
- As regional SME models evolve, are we seeing convergence in design principles or growing divergence in practice?
- How does global regulatory fragmentation affect market transparency and comparability, and how can regulators and market infrastructures support global growth?
Chair
Ariane Bourassa
Corporate Sustainability Lead TMX Group
Ariane Bourassa leads corporate sustainability for TMX Group, who owns and operates the Toronto Stock Exchange and TSX Venture Exchange. Her work focuses on integrating ESG and climate considerations to the overall enterprise strategy, while supporting publicly-listed companies and other market participants in their sustainability journey. Ariane believes that sustainability leadership is essential to long-term economic growth and that both are possible with thoughtful dialogue between stakeholders.
Prior to this, Ariane worked as a public policy professional lending her advocacy skills to the finance, construction and energy sectors. Ariane also holds a Master in Environmental Sciences from Université du Québec a Montréal and spent a decade evolving as an environment specialist in the energy sector.Speakers
Elisa Bevilacqua
Senior Sustainability Technical Manager EFRAG
Elisa joined EFRAG in September 2022 as senior sustainability technical manager. She currently leads the work on SME (VSME) and her focus on the sector standards is on banking and financial institutions. Elisa has 25 years' experience in the financial sector. In the past 15 years she focused on corporate social responsibility, green finance, ESG risks and sustainability reporting. Before joining EFRAG, Elisa was head of sustainable finance at the European Association of Cooperative Banks, where she held numerous positions since 2004. Prior to that, she worked at the European Parliament in Brussels and in the investment fund industry in Luxembourg.
Elisa is an honor graduate in Economics and Business from University La Sapienza, specialised in environmental economics. She holds a Master in Business Administration from Vlerick Business School. She is author of many articles and publications, the latest in 2022 is the co-authoring of the book European Cooperative Banks and Sustainability.
Aobakwe Aupa Monyatsi
CEO Botswana Stock Exchange
Mr. Aobakwe Aupa Monyatsi or Aupa as he is affectionately known is an accomplished financial market professional whose leadership, innovation, and advocacy for inclusive financial systems have earned him widespread recognition across the industry. A business leader who has earned his place on Africa’s Top 100 CEOs list, a prestigious recognition by African CEO Magazine, Aupa is a finance industry giant. He brings over 20 years of senior management experience, with a notable career spanning Pan-African markets, financial innovation, and digital transformation. His leadership at Letshego Holdings Limited as Group Chief Executive and, previously, as Group Chief Operating Officer, saw him successfully execute and implement Letshego’s Transformation Plan. This included unlocking value for stakeholders through initiatives covering products, infrastructure, and operational enhancements, as well as restructuring various assets.
His tenure at Letshego also showcased his extensive global engagements especially across Africa, deepening his understanding of the diverse financial ecosystems within the continent. He has consistently demonstrated a commitment to fostering financial inclusion and building robust frameworks for long-term growth.
Prior to Letshego, Aupa held key leadership positions at ABSA (formerly Barclays Bank), including as Managing Executive for Virtual Channels. In this role, he consolidated digital capabilities to drive financial inclusion, showcasing his ability to combine strategic vision with impactful execution across multiple markets.
Now in his most impactful role as the CEO of the BSE, Aupa is critical to Botswana’s transformational agenda by spearheading mobilization of capital for development and supporting the transformation agenda. Central to his efforts is to democratize wealth and ownership through broad based retail investor participation. He is also at the core of driving transparency, governance and accelerating green and sustainable finance. He obtained his Bachelor’s Degree in Accounting from the University of Botswana and several Executive Development Programmes on Leadership from various universities.
Daniel Sonnenburg
Chief Sustainability Officer Deutsche Börse
Daniel Sonnenburg is Chief Sustainability Officer (CSO) of Deutsche Börse Group, one of the world's largest and leading financial market infrastructures. Having joined the company in 2018, he has extensive expertise in sustainable capital markets, financial market regulation, corporate reporting, corporate governance, and public affairs.
In his role as CSO and Chairman of the Group Sustainability Committee, he is responsible for the Group-wide sustainability strategy and advises the Executive Board. Additionally, as Chairman of the Sustainability Working Group of the Federation of European Securities Exchanges (FESE), he represents the interests of all European exchange operators at the EU and international levels.
Shaneera Rasqué
Head of Regulatory Projects and Sustainable Finance Commission de Surveillance du Secteur Financier
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15:40 - 16:35
Session 12: The Future Architecture of Carbon Markets: Integrity, Interoperability and Scale
Carbon markets are evolving rapidly. Compliance systems are expanding across jurisdictions, voluntary markets are undergoing integrity reforms, and companies and investors are seeking clarity on how carbon pricing mechanisms fit within credible transition strategies. This session examines how carbon market infrastructures are developing globally, and how interoperability, integrity and exchange‑led frameworks can support internationally credible carbon markets.
The panel will explore:
- How have recent integrity initiatives reshaped confidence in voluntary carbon markets, and what further steps are needed to strengthen market trust?
- How should compliance and voluntary carbon markets evolve in parallel, and where is alignment necessary to avoid fragmentation?
- What role can exchanges play in enhancing transparency, liquidity and market oversight in environmental commodities and carbon credits?
- How should companies integrate carbon markets into broader transition strategies while avoiding overreliance?
- What would a credible, scalable and internationally connected carbon market ecosystem look like by 2030?
Chair
Chris LaRosa
Executive Director, Strategy & Global Business Development CME Group
Chris LaRosa serves as Executive Director, Strategy and Global Business Development. Chris and his team lead strategic and business development initiatives across the exchange, financial data, intellectual property and broader industry landscape which includes CME Group’s partnerships with leading exchanges, market operators, and index providers globally. He and his team evaluate and structure technology arrangements, product listing partnerships, joint ventures, and investment and acquisition opportunities in support of CME Group’s business development objectives across multiple asset classes including environmental and carbon markets.
LaRosa serves on the Board of Directors of CME Group’s for EBS Swiss Company and CME Group’s joint venture with the China Foreign Exchange Trading System.
LaRosa joined CME Group in 2008 and previously served as Executive Director, Government and Industry Relations in support of CME Group’s global legislative and regulatory and industry engagement strategy.
Prior to joining CME Group, LaRosa gained more than 10 years of experience in consulting and other roles. He served as Principal and Practice Leader with SRA International in Arlington, Virginia, where he led business development initiatives and provided consulting services in the areas of energy, economic development, and environmental policy.
LaRosa earned an Executive MBA from the Kellogg School of Management at Northwestern University, an MPA from James Madison University and a bachelor’s degree in political science from Allegheny College.
Speakers
Adrian Ip
Chief Strategy Officer, Aquis Exchange Chairman, Carbonfuture
Adrian is a seasoned executive and board member across a range of capital markets businesses including market data, equities, listed derivatives and FX. At Aquis, Adrian worked on the IPO in 2018, acquisition of NEX Exchange from CME in 2019/20, acquisition of UBS European dark pool business in 2022 as well as the acquisition of Aquis by SIX in 2025. He is currently leading "Project Polaris" to re-platform all of SIX Group's exchanges onto the Aquis Equinox matching engine technology stack. In his role as Chairman of Carbonfuture, Adrian is leading the board to support management in their vision to build the future of the carbon removal, tracking and trading business, ensuring that durable carbon removal makes its mark in the world from both an environmental and business perspective.
Steffen Loebner
Head of Environmental Markets European Energy Exchange (EEX)
Steffen Löbner is Head of Environmental Markets at the European Energy Exchange (EEX), where he is responsible for the development of trading and market solutions in environmental markets. He has been with EEX since 2007 and brings extensive experience in commodity markets, including over 15 years focused on the development of environmental markets.
Over the course of his career, Steffen has held various roles in project management, corporate strategy, and business development within the EEX Group. He has played a key role in the successful launch of new products and market initiatives, as well as the EU ETS Primary Auctions. He maintains a strong network across the industry, including market participants, regulators, and other key stakeholders in the energy and environmental sectors.
Steffen holds a degree in Industrial Engineering, as well as an MBA in International Management from HHL Leipzig Graduate School of Management.
Adelfio Ronci
Director, Environmental Products The Intercontinental Exchange (ICE)
Adelfio Ronci is Director of Environmental Products at ICE Futures Europe, responsible for sales of ICE's carbon credits portfolio, including the recently launched CORSIA-eligible product suite for aviation compliance.
Earlier in his career he traded Forward Freight Agreements and options for a shipping operator, then brokered FFAs and iron ore at Imarex/Clarksons, before moving into exchange sales roles at Nasdaq Commodities and EEX, both based in Singapore.
That background, spanning trading desk, brokerage, and exchange, gives him a practitioner's grounding in how commodity markets are built and used.
He joined ICE in 2022 and holds a degree in Economics and Business from La Sapienza, Rome.
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16:35 - 16:50
Closing Remarks
Speaker
Paula Redondo Pereira
Head of Government Relations & Regulatory Strategy Luxembourg Stock Exchange
Paula Redondo Pereira is Head of Government Relations & Regulatory Strategy at the Luxembourg Stock Exchange (LuxSE), where she leads the exchange’s strategic engagement with public authorities, regulatory bodies and international organisations. Paula focuses on advancing LuxSE’s positioning in key regulatory and policy discussions and shaping initiatives of relevance to the capital markets ecosystem, both in Europe and globally.
Before assuming this role, Paula led LuxSE’s Listing and Regulatory Affairs department, overseeing all listing activities and regulatory strategy. She joined LuxSE in 2017, playing a central role in steering its Regulatory Affairs team, while also taking on responsibility for the Listing team in 2023, a core pillar of the exchange’s business.
Paula is a committed advocate for sustainable finance and capital markets development. She represents LuxSE and the Luxembourg Green Exchange (LGX) in leading international fora, including the Federation of European Securities Exchanges (FESE), where she has served on the Board since 2022, as well as the World Federation of Exchanges (WFE), the International Capital Market Association (ICMA)and the Luxembourg Capital Markets Association (LuxCMA). She was a member of the European Commission’s Technical Expert Group on Sustainable Finance and currently serves as Co-Chair of the WFE Sustainability Working Group and of the LuxCMA Legal and Regulatory Working Group, reflecting her leadership across global and regional capital markets associations.
Before joining LuxSE, Paula was a Legal Advisor at the Portuguese Securities Market Commission (CMVM), and subsequently served as Head of Cabinet and Legal Advisor to the Secretary of State for European Affairs in Portugal’s Ministry of Foreign Affairs. She began her legal career at the law firm Uría Menéndez and later joined the New York office of Simpson Thacher & Bartlett, advising Latin American clients on equity and debt capital markets transactions.
Paula holds a Law Degree from Universidade Nova de Lisboa, an LL.M. in International Business and Economic Law from Georgetown University, and a Master’s in European Affairs from Universidade Católica Portuguesa, where she also lectured as a Guest Professor. She completed the Transition to General Management executive programme at INSEAD.
In recognition of her professional contributions, Paula was named one of the WFE Women Leaders in 2021 and featured in Paperjam's Women on Boards initiative in 2025.
Nandini Sukumar
Chief Executive Officer The World Federation of Exchanges
Nandini Sukumar is the Chief Executive Officer of the World Federation of Exchanges, the global association for exchanges and CCPs. The WFE represents more than 250 exchanges and clearing houses globally, educating stakeholders on the vital role played by market infrastructures in the real economy and as a standard setter, finding the consensus on issues among the global membership. Of our members, 37% are in Asia-Pacific, 43% in EMEA and 20% in the Americas. WFE’s 87 member CCPs and clearing services collectively ensure that risk takers post some $1.1 trillion (equivalent) of resources to back their positions, in the form of initial margin and default fund requirements. WFE exchanges, together with other exchanges feeding into our database, are home to over 49,054 listed companies, and the market capitalisation of these entities is $116.58 trillion; around $155 trillion (EOB) in trading annually passes through WFE members (at end 2024). Ms. Sukumar is Vice Chair of IOSCO’s Affiliate Members Consultative Committee and Chair of the AMCC’s Sustainability Taskforce.
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