The World Federation of Exchanges (WFE), the global industry association for exchanges and central counterparties (CCPs), today announced the launch of the Journal of Exchanges, Clearing & Settlement (JECS), a new international, peer-reviewed, open-access journal focused on financial market infrastructure.
The journal will publish research on the institutions and systems that support global capital markets, including exchanges, trading venues, central counterparties, central securities depositories, settlement systems and related market infrastructure.
JECS has been created to provide a dedicated publication for research on the exchange and post-trade industry. It will publish contributions from academics, practitioners and policymakers, offering a space for research that is academically rigorous and relevant to the operation and regulation of financial markets. Articles published in JECS are freely available immediately upon publication, without paywalls.
The journal covers the full lifecycle of financial market activity, from trading through clearing, settlement and custody. Areas of interest include market structure, risk management, regulation, cross-border links and regional integration, impact of new technologies, post-trade innovation, and development of financial market infrastructures in emerging and developing markets.
Professor Rodney Garratt of the University of California Santa Barbara will lead JECS as founding Editor-in-Chief. He is supported by an Editorial Board comprising academics, regulators and industry experts from across different regions and disciplines.
Nandini Sukumar, Chief Executive Officer of the World Federation of Exchanges, said: "Exchanges and clearing houses are central to the economy and to understanding the vital role of fair, orderly and efficient public markets. But there is still too little research dedicated to the issues and the institutions that underpin and enable the wider financial market. WFE Research, with a team of researchers dedicated to these topics, has focused on doing just this for the last decade and has focused also on trying to bring the academic work closer to the practitioner’s reality. In the next chapter of fostering academic excellence and growing understanding of the issues, we are creating JECS.
"JECS will provide a home for cutting-edge research on the exchange and post-trade industry and create opportunities for greater engagement between academics, market participants and policymakers."
Dr. Pedro Gurrola-Perez, Head of Research at the World Federation of Exchanges, said: “Research on exchanges, clearing houses and central securities depositories has lacked a dedicated, open-access international forum that brings together academics, practitioners and policymakers. JECS was created to fill that gap. As a fully open-access journal, it will make all published research immediately and freely available, ensuring that scholars, practitioners and policymakers in markets of all sizes - from the world's largest financial centres to the smallest emerging markets - can benefit from the latest advances in research on financial market infrastructures, helping translate research into better market practice and public policy.”
Professor Rodney Garratt, Editor-in-Chief of JECS, said: "Too little of the cutting-edge research on financial market infrastructures reaches the people who actually build and operate them. JECS seeks to change that by providing a dedicated, open-access outlet for rigorous work on these institutions."
All articles published in JECS will be freely available upon publication, with no subscription fees for readers and no article processing charges for authors. The journal will operate a continuous online publication model, allowing accepted papers to be published as soon as the review and production process has been completed.
Editorial decisions will be made independently by the journal's Editorial Board, and all submissions will be subject to a double-blind peer-review process.
The journal is now accepting submissions. Author guidelines and further information are available at xcsjournal.org.
EDITORIAL BOARD*
- Fernando Avalos, Bank for International Settlements (BIS), Switzerland
- Evangelos Benos, University of Cyprus, Cyprus
- Christopher P. Buttigieg, Malta Financial Services Authority, Malta
- Jie Jay Cao, Hong Kong Polytechnic University, Hong Kong
- Fernando Cerezetti, ClearToken, UK
- Christian Chamorro-Courtland, Western Sydney University School of Law, Australia
- Carole Comerton-Forde, University of Melbourne, Australia
- Jorge Cruz-Lopez, Global Risk Institute, Canada
- Gerardo Ferrara, Bank of England, UK
- Alicia Greenwood, Johannesburg Stock Exchange, South Africa
- Phil Mackintosh, Nasdaq, USA
- John McPartland, Independent Policy Advisor, USA
- Travis Nesmith, Federal Reserve Board, USA
- Mark Paddrik, Office for Financial Research (OFR), USA
- Radoslav Raykov, Bank of Canada, Canada
- Paolo Saguato, George Mason University, USA
- Robert Steigerwald, Independent Policy Advisor, USA
- Dermot Turing, University of Oxford, UK
- Froukelien Wendt, European Securities and Markets Authority (ESMA), France
- Haoxiang Zhu, Massachusetts Institute of Technology (MIT), USA
*The members of the Editorial Board participate in their personal capacity; their views do not necessarily represent the views of their institution.
