Bandar ALKAHAİL

Chief of Business Development (Acting CEO)
​Securities Depository Center Company (Edaa) / Saudi Arabia

Bandar Alkahail is the Chief of Business Development at the Securities Depository Center Company (Edaa), a subsidiary of Saudi Tadawul Group. With over 16 years of experience in the banking and financial markets industry, Bandar held various roles and responsibilities in local and international banks, including notable tenures at Morgan Stanley and Barclays, Bandar brings a wealth of experience to his leadership role. In addition to various executive leadership certificates, Bandar holds a Master of Science degree in Computing for Financial Markets from the University of Stirling in the United Kingdom.

Dr. F. Ayzer BİLGİÇ

Public Disclosure Services Director,
Merkezi Kayıt Kuruluşu (MKK) / Türkiye

Dr. F. Ayzer BİLGİÇ, is the graduate of Department of Business Administration, Middle East Technical University (1992) and of the Banking School of T.C. Ziraat Bankası A.Ş. (1993). Also, she holds a Master’s Degree on International Finance, Amsterdam University (2006), financed by Jean Monnet Scholarship Program and a PhD. Degree in Accounting and Finance, Marmara University (2013). She started her career as specialist at T.C. Ziraat Bankası A.Ş. (1992). Then, she worked as specialist (1996-2009) at Listing Department and as deputy manager (2009-2014) at Public Disclosure Platform Department of Borsa Istanbul A.Ş. At the same time, she lectured on “BIST Transactions” at Marmara University between 2013-2015. Currently, she is Public Disclosure Services Director of MKK, the CSD of Turkey. Her main areas of interest are public disclosure regulations and practices in capital markets, corporate governance, sustainability, XBRL taxonomy development and electronic disclosure systems.

Bruce BUTTERILL

Executive Director
America’s Central Securities Depositories Association (ACSDA) / Colombia

Bruce Butterill a Canadian citizen, based in Colombia and is the Executive Director of the Americas’ Central Securities Depository Association (ACSDA), a position he has held since 2007. He is also an independent Capital Market Infrastructure consultant, and has worked on engagements with Securities Depositories, Clearing Corporations and Stock Exchanges in 17 countries across the globe.
Prior to becoming a consultant Bruce spent 19 years with CDS, the Canadian Depository for Securities, where at various times, as a member of the Executive Management Committee, he was the senior executive responsible for national operations, international relations and the product management/development functions.

Ekaterina DEMUSHKINA

Deputy Chairman of the Executive Board
National Settlement Depository (NSD) / Russia

Ekaterina Demushkina is the Deputy Chairman of the Executive Board of the National Settlement Depository (NSD) responsible for legal affairs and for risk management. Ekaterina has extensive 30-year experience in the financial industry, including 7-year tenure in the Central Bank of Russia and around 20 years in depository and clearing infrastructure. Among her professional accomplishments is the active participation in laying the foundation of the Russian securities market and drafting key pieces of legislation for post trading services including the laws on securities market, clearing, central counterpart and clearing activities.

Birahim DIOUF

Chief Executive Officer
Dépositaire Central/Banque de Règlement / Ivory Coast

Mr. Birahim DIOUF has over thirty years of experience in the financial sector, particularly in capital markets and investment banking in the continent. Before being appointed General Director of DC/BR, Mr. Birahim Diouf was Deputy General Director of DC/BR since January 2021, after having held the position of Director of the Studies, Strategy, and Market Development Department at BRVM and DC/BR.
He began his career at Citigroup and joined the central structures of the Regional Financial Market for the first time in February 1998 until 2003, as Director of Operations at DC/BR. He then moved to BMCE Capital as Director of Capital Markets, worked for the Economic Commission for Africa (ECA) as a Senior Consultant for capital markets, and later served as a Senior Trader and Director of Development for North and West Africa at African Alliance Investment Bank in Johannesburg.
Mr. Birahim DIOUF holds an MBA from the Sorbonne Graduate School of Business, an Executive MBA from INSEEC Business School, a master’s in economics from Paris-I Panthéon-Sorbonne, a postgraduate degree in Islamic finance from the Institute of Islamic Banking and Insurance (IIBI) in London, and a Master's degree in Applied Economics from Paris IX Dauphine. He holds several certifications, including in leadership, sustainable development, and green finance.

Miguel ESPINOZA

CSD Product Owner
Montran Corporation / Romania

Miguel Espinoza is the Head of Product for Montran’s CSD solution and the Solution Delivery Manager of the Securities and Trading division. He has been actively involved in the development and implementation of over 25 Central Securities Depositories around the world. Coming from an IT background, Miguel has been combining his technical and business knowledge to provide Montran clients with the best possible CSD solution adopting best practices and focusing on settlement optimization and efficiency. As head of product, Miguel is responsible for the general development and the definition of the product roadmap of the Montran CSD solution. With his team, he is constantly reviewing and researching the implemented processes, new initiatives, and emerging technologies to determine possible enhancements and the way forward for Montran’s CSD product.

Assoc. Prof. Dr. Güzhan GÜLAY

Executive Vice President
Borsa İstanbul / Türkiye

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 the 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 the Business Development Director in 2018 and the Precious Metals and Precious Stones 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 Cass Business School and taught part-time at various universities. He became an Associate Professor in 2023.

Ali İhsan GÜNGÖR

Executive Vice Chairman, Capital Markets Board (CMB) of Türkiye
Chairman of the Board of Directors, Merkezi Kayıt Kuruluşu (MKK) / Türkiye

Ali İhsan GÜNGÖR started his career in 1998 as an internal auditor for a private bank in Turkey and joined the Capital Markets Board of Turkey (CMB) in 1999. During his charge as a senior, besides his other responsibilities he took part in the professional team organised the establishment of the Central Securities Depository of Turkey (MKK). Besides he led the team for the establishment of first Turkish Derivatives Exchange of Turkey (Turkdex). He was in charge as the Deputy Head of Market Surveillance and Regulation Department between 2006-2009. After completing his MSc degree in U.S. he joined the Investment Firms Department of CMB in 2011. He represented the CMB in IFIs and other international agencies and took part in assesments. He served as the Head of Investment Firms Department between 2014 and 2021. His areas of responsibilities covered the regulation and surveillance of the investment firms, the regulation of the secondary markets and the financial market institutions such as Borsa İstanbul, Takasbank and MKK. Since 2018 he is also leading the regulation of cyrpto assets in Turkey.
In April 2021 he promoted as the Executive Vice Chairman of the CMB and currently assuming the responsibilites of the Investment Fims Department and Institutional Investors Department.
Ali İhsan GÜNGÖR earned his BA degree in Economics from Hacettepe University. He holds a MSc in Econometrics from Gazi University and an MSc in Finance from George Washington University School of Business.

Dr. Önder HALİSDEMİR

CEO & Board Member
Misyon Bank / Türkiye

Dr. Önder Halisdemir is the founder CEO of Misyon, the first neobank in Türkiye empowers region-wide financial ecosystem with innovative digital assets, custody and platform banking services. He is a visionary leader, technology enthusiast and a trusted advisor to business executives.
Halisdemir has more than 30 years of experience, working in finance industry at various leadership roles accross most prestigious banks. He first gained visibility on the international stage with his online credit approval project, which was the first in its field and recognized with global awards.
Halisdemir is passionate about improving financial wellbeing for all. He serves as Chairman of Finance Executives Foundation, a Turkish NGO with an extensive network of banks, financial institutions, universities, and finance professionals with representatives across three continents.

Haruna JALO-WAZIRI

Managing Director & CEO
Central Securities Clearing System Plc (CSCS) / Nigeria

Haruna Jalo-Waziri is the Managing Director and CEO of Central Securities Clearing System Plc (CSCS), Nigeria’s premier Financial Market Infrastructure, overseeing depository, clearing, and settlement of financial assets across the Nigerian Capital Market. Known as Jalo, he drives CSCS’s strategic initiatives towards sustainable growth.
With nearly 30 years in Investment Banking, Securities Trading, Pension Funds Administration, and Asset Management, Jalo has held executive roles at The Nigerian Stock Exchange (now Nigerian Exchange Group Plc), UBA Stockbrokers Limited, UBA Asset Management Limited (now United Capital Securities Limited and United Capital Asset Management Limited), Kakawa Discount House Limited (now part of FBNQuest Merchant Bank Limited), and the Securities and Exchange Commission (SEC). His extensive board experience includes FSDH Merchant Bank Limited, Nigeria-German Chemicals Plc, Protea Oakwood Hotel Limited, Coral Properties Limited, UBA Stockbrokers Limited, and UBA Asset Management Limited. He also chaired the Central Organizing Committee of the Nigeria Economic Summit #27, a key private-public sector dialogue in Nigeria.
Jalo also serves as the Vice President of the Africa and Middle East Depositories Association and represents the World Forum of Central Securities Depositories on the Board of the International Securities Services Association (ISSA), Geneva. He is active in various committees of the Securities and Exchange Commission, Chartered Institute of Stockbrokers, and Nigerian Economic Summit Group. Additionally, he is a Non-Executive Director at the Lagos Commodities and Futures Exchange (LCFE) and serves on the boards of several non-profits, including BusinessDay’s Advisory Board, Special Olympics Nigeria, and AIFA Reading Society, where he is Vice President.
An award-winning executive and alumnus of Lagos Business School, IESE Spain, and Venture Capital Institute of America, Jalo holds degrees in Economics and Business Administration. He is a Chartered Stockbroker, an Associate of the Chartered Institute for Securities and Investment (CISI) UK, and a life member of the Institute of Directors, Nigeria.

Jesse KAGOMA

Chief Executive Officer
CDSC Kenya

Mr. Jesse Kagoma is the Chief Executive of the Central Depository and Settlement Corporation (CDSC) Kenya, effective September 1, 2023, to provide leadership and oversight of the Company.
Jesse was the General Manager, Business Support Services and CFO for the business until his appointment. He joined CDSC in May 2018 and is a seasoned and accomplished business manager with over 19 years of experience in financial reporting, business turnarounds, advising on business growth, strategy formulation and its execution, business valuations, balance sheet restructuring, merger and acquisitions processes, budgetary controls, financial planning, investment funds management, tax planning among others spanning different sectors of the East African Economies.
He holds a Master’s in Business Administration (Finance) from the University of Nairobi and a Bachelor of Business Management (Finance & Banking) from Moi University. Jesse is a Certified Public Accountant and a member of the Institute of Certified Public Accountants of Kenya (ICPAK). He is currently pursuing his PhD in Business Administration (Finance) at the University of Jomo Kenyatta University of Agriculture and Technology.

Mustafa KESKİNTÜRK

Director of Portfolio Management
A1 Capital - Pardus Portfolio Management Co. / Türkiye

Has more than 25 years of sector experience in Financial Markets. He graduated from Istanbul Bilgi University from International Finance. He was a proffesional basketball player at the 1st division for 15 years. He is the founder and the captain of University basketball team , graduated with full sportsman scholarship. Previously he worked at Deniz Invest, full subsidiary of Denizbank, for 17 years. During this period he was at Foreign Instititutional Sales , Trade and Investment Strategies departments. He was also responsible for Electronic Trading activities. He started working at A1 Capital as Head of Investment strategies and Algorithmic Trading. Continued at A1 Capital – Pardus Portfolio Management as a Director of Fund Management. At his second job at his carreer, he is still with A1 Capital – Güler Holding family for 7 years. He is a TV commentator for several TV Channels and a Stock Exchange instructor for hundreds of students for many years. He is married and a father of his 9 year old son, living in Istanbul, Turkey.

Riham G. KHEDR

Secretary General
Africa & Middle East Depositories Association (AMEDA)

Riham G. KHEDR worked for MCDR for over 25 years in custody and foreign relations, plus working for AMEDA as secretary since 2005. In 2022, I left MCDR to work as AMEDA's full- time secretary, assisting the board members of the WFC.
She succeeded in getting the Illinois Institute of Technology Diploma (IIT) in Financial Markets with a straight A. A graduate of the Faculty of Commerce and Business Administration, Foreign Trade major. Very well trained by elite trainers from the US Agency for International Development project (USAID) and US Treasury on Everyday Communication Techniques for the Workplace, Introduction to Financial Derivatives in Egypt, Primary Dealers in Government Securities, Electronic Trading, Economics of Financial Markets, Introduction to Financial Markets, Train the Trainer workshops 1 through 4 Securities Lending and Borrowing System: Overview and Functional and System Specifications, Basic Corporate Finance, Settlement Guarantee Fund (SGF), Certified Securities Representative (CSR) provided by the USAID- Barents Group, LLC, Capital Markets, and Bankruptcy Issues By Marc E. Albert, Esq., and bankruptcy law practitioner, Marrison & Hecker, L.L.P. Washington, DC.

Ali KIRALİ

Chief Executive Officer
Turkish Mercantile Exchange (TMEX) / Türkiye

Ali KIRALİ was born in Ankara in 1976. After graduating from Department of Economics in Middle East Technical University in 1999, KIRALİ completed his post- graduate study in the European Studies from Middle East Technical University and holds an MBA from MIT Sloan School of Management. He started his professional career in Corporations Finance Department in Capital Markets Board in executing IPOs and M&A deals and supervised capital market publicly held companies. From 2009 to 2011, he worked for Citibank’s Export and Agency Finance team in Seoul, South Korea and in New York proving clients with structured financing arrangements, advisory services, and enhanced capital market solutions backed by export credit agency guarantees. He also worked for Citibank’s Investment Banking team in Istanbul providing advisory services to clients for M&A, Equity Capital Markets (ECM) and Debt Capital Markets (DCM) trades and executing deals. Thereafter, he joined Odeabank and served as Economic Researches and Strategic Planning Director, a member in Executive Committee and in Assets – Liabilities Committee. KIRALİ assumed the role of founding CEO at TMEX in February 2019.

Özkan İlkay KIZILTOPRAK

Executive Vice President, Market Operations
Merkezi Kayıt Kuruluşu (MKK) / Türkiye

Özkan İlkay KIZILTOPRAK received his bachelor’s degree from İstanbul University’s International Relations Department at the Faculty of Economics.
He started his carreer at Citibank in 1995 working in the treasury and securities operations then moved to AFinance Plc Dublin in Ireland as the country manager for three years. He re-joined Citibank in 2002 and managed securities services, treasury, cash services, import and export and brokerage operations as the group manager until 2018.
During his tenure at Citibank he successfully led many local and international projects and took active roles in the Banks Association, Takasbank and MKK working groups. The integration of SWIFT messaging between Takasbank, MKK and intermediary institution, establishing capital gain tax processes on securities transactions, implementation of securities dematerialization process, holding fixed income instruments at beneficial owner level at MKK and elimination of “three zeros” from securities nominals are some of the critical projects that he led.
Before joining MKK he worked at few of the major capital markets solution provider companies where he managed business and product development, operational excellence and project management units in addition to advisor and trainer roles.
He holds Capital Markets Level 3 and derivatives instruments licenses as well as business intelligence tools certificates.
Mr. KIZILTOPRAK assigned as the Executive Vice President responsible for Market Operations at Merkezi Kayıt Kuruluşu A.Ş. on 07.10.2020.

Mr. Arman MELKUMYAN

Secretary General
The Association of Eurasian Central Securities Depositories (AECSD)

Arman Melkumyan has more than 13 years of experience in the financial industry. Mr. Melkumyan is an expert in financial markets, cross-border cooperation and post-trading services; clients and international relations; new business processes development and implementation.
Mr. Melkumyan started his career at NSD in 2011 as account manager working with key professional participants of Russian financial market. After 3 years he changed his position to Relationship manager and after fruitful cooperation with key Russian and foreign financial institutions Mr. Melkumyan became a head of foreign client relations and took part in the series of successfully launched and implemented projects with key local and foreign clients. Starting February 2018 Mr. Melkumyan is in charge of international relations, management of cash and securities correspondent accounts and building cross-border links with Russian and foreign financial institutions.
Starting October 2018 Mr. Melkumyan assigned as the Secretary General of the Association of Eurasian Central Securities Depositories (AECSD). Being the Secretary General the main scope of work is

• Planning and coordination of the activities of the Association
• Organizing and holding the events (conferences, seminars, training webinars, working groups, committees)
• Conducting research in various areas

Mr. Melkumyan is a member of different working groups of World Forum of CSDs (WFC) and leading the development of E-learning platform(https://aecsd.org/en/e-learning/) – one of the initiatives of WFC for CSDs’ knowledge exchange.

Zafer MUSTAFAOĞLU

Deputy General Manager
Halk Yatırım Menkul Değerler A.Ş. / Türkiye

Zafer Mustafaoğlu, Deputy General Manager: Zafer Mustafaoğlu was born in 1972. Completed his bachelor’s degree at Istanbul Technical University, Department of Management Engineering and his master’s degree at Istanbul Technical University, Department of Business Administration. After carrying out several duties in Corporate Finance and Financial Management (covering a wide array of sectors & industries) starting from 1995, he joined Halk Yatırım Menkul Değerler A.Ş. as Corporate Finance Director in 2020. Zafer Mustafaoğlu is currently the Deputy General Manager in charge of Corporate Finance, Treasury & Portfolio Management, Venture Capital Advisory & Crowdfunding as well as Research. His specialties include PE &VC, capital market products and financial restructuring.

Bulat NİZAMOV

Product Expert
CMA Small Systems AB, Solution / Sweden

Bulat is a seasoned Solution and Product Expert with over 20 years of experience in financial systems integration, software development, and product management. He has led transformative projects for Central Banks and Exchanges/Central Securities Depositories (CSDs) worldwide. Bulat played a key role in developing and implementing trade and post-trade solutions, such as TRAD/X and DEPO/X v3, now used in over 15 countries. These solutions are specifically tailored for Central Banks and CSDs, outperforming those of industry giants. He has successfully implemented Auction, Trading, Collateral, and Depository systems in various countries, including Indonesia, Brunei, Chile, Jordan, Nigeria, Moldova, and Vietnam. His expertise includes comprehensive consultation, business analysis, and solution design, ensuring clients achieve their strategic goals. With a background in economics and mathematics/engineering, Bulat combines business insight with technical expertise to deliver precise and efficient solutions. Previously, he served as an Option Trader and Analyst at investment firms, including Renaissance Capital.