The World Federation of Exchanges (WFE), the global body representing exchanges and clearing houses, has unveiled its new Exchange Manifesto. The declaration seeks to highlight and reinforce the vital role public markets play in driving economic growth, financial inclusion, and global resilience.
The manifesto comes at a time when public markets face a steady decline worldwide. The WFE warned that this decline poses a significant risk to global finance. It noted that weakening exchanges could undermine transparency and the ability of economies to allocate capital in the most resilient and inclusive way.
Announcing the document on Wednesday through its official website, the WFE explained that the manifesto codifies the “unique and irreplaceable” value exchange groups contribute to societies across the globe.
The London-headquartered organisation, established in 1961, represents more than 250 market infrastructure providers, including stock exchanges and central clearing counterparties (CCPs). These institutions, according to the WFE, remain critical to the stability of financial systems and the trust of investors.
The newly launched manifesto outlines ten key “pillars” of value created by exchanges for individuals, businesses, and governments. These pillars emphasise how public markets support economic prosperity by mobilising savings, encouraging investment, and ensuring businesses of all sizes can raise funds transparently. The manifesto also points to the role exchanges play in strengthening systemic resilience, safeguarding investors, and boosting financial inclusion.
The WFE stressed that while private markets are expanding globally, they cannot replace public markets, which remain the most inclusive and accessible avenue for long-term investment. The body cautioned regulators against policies that may inadvertently weaken exchanges, warning that the global economy would be at risk if the strength of these markets is eroded.
In its statement, the WFE urged governments, policymakers, and regulators to recognise the long-term importance of public markets and ensure that reforms do not discourage companies from listing. According to the organisation, public markets are not only central to economic prosperity but also provide safeguards and governance structures that private markets often lack.
Industry experts say the manifesto is timely as global exchanges face increasing pressure from reduced listings, stricter compliance costs, and competition from alternative funding channels. In some major economies, the number of publicly listed companies has fallen sharply in the last decade, raising concerns about access to capital for smaller firms and investor participation.
The WFE insists that exchanges remain critical in delivering transparency, fairness, and investor protection while promoting innovation and economic development. It believes that the manifesto will serve as a reference point for discussions between exchanges, regulators, and stakeholders as the financial landscape continues to evolve.
