Exegy, a leading provider of market data, trading technology, and managed services for the capital markets, is proud to announce today that Exegy Nexus™, a purpose-built FPGA-powered market data platform, has been named this year’s ‘Best Trading Technology Stack’ at the TradingTech Insight Awards USA 2026.  Exegy Nexus combines ultra-low-latency performance with unified access and infrastructure in a fully managed appliance. Developed with input from leading market makers, agency brokers, and global banks, Nexus addresses challenges firms face today, including rising market data volumes, limited rack space in data centers, higher power usage, and the operational load of managing fragmented systems. By centralizing feed handling and market data processing in FPGA hardware before it reaches downstream applications, Nexus reduces infrastructure sprawl, lowers compute requirements, and simplifies operations while delivering deterministic performance at scale. “Trading firms are under real pressure to handle more market data at higher speeds, while keeping infrastructure, power usage and operational complexity under control,” said Laurent de Barry, Chief Technology Officer at Exegy. “Nexus was built to help firms address that challenge. By moving the most demanding processing into FPGA hardware, we can deliver the low latency, determinism and scalability clients need, while helping them simplify their architecture.” Delivered as a fully managed solution, Nexus is supported by Exegy’s global team of experts, providing 24×7 monitoring and operational support. This enables firms to scale performance without adding operational burden, while reducing infrastructure sprawl across mission-critical market data environments. The TradingTech Insight Awards USA recognize leading trading solutions and services across the capital markets. Winners are selected with input from industry participants, reflecting the technologies and providers helping firms improve performance, efficiency and resilience across the trading lifecycle.

ETFGI, reported today that assets in the ETFs industry in Europe reached a new record of US$3.77 trillion at the end of May. During May the ETFs industry in Europe gathered net inflows of US$45.77 billion, bringing year-to-date net inflows to a record US$220.91 billion, according to ETFGI's May 2026 European ETFs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service.  ETFGI, is a 14 year old leading independent research and consultancy firm renowned for its expertise in subscription research, consulting services, 6 annual ETFGI Global ETFs Insights Summits, and ETF TV on global ETF industry trends.(All dollar values in USD unless otherwise noted.) Highlights Assets invested in the European ETF industry reached a record $3.77 trillion at the end of May, surpassing the previous high of $3.58 trillion at the end of April 2026.  Assets have increased 17.0% year‑to‑date in 2026, rising from $3.22 trillion at the end of 2025 to $3.77 trillion.  The industry recorded net inflows of $45.77 billion in May 2026.  Year‑to‑date net inflows of $220.91 billion represent a new record, exceeding the previous highs of $149.79 billion in 2025 and $95.18 billion in 2021.  May marked the 44th consecutive month of net inflows into European ETFs. “The S&P 500 rose 5.26% in May and is up 11.27% year‑to‑date in 2026. Developed markets excluding the U.S. gained 5.20% during May and are up 15.33% year‑to‑date, with Korea (+28.71%) and Luxembourg (+20.50%) delivering the strongest returns among developed markets for the month. Emerging markets increased by 3.77% in May and are up 11.44% year‑to‑date, led by Taiwan (+16.95%) and Peru (+11.75%), which recorded the highest gains among emerging markets in May. According to Deborah Fuhr, Managing Partner and founder of ETFGI. Growth in assets in the ETFs industry in Europe as of the end of May   The ETFs industry in Europe has 3,860 products, with 15,931 listings, assets of $3.77 Tn, from 159 providers listed on 32 exchanges in 26 countries at the end of May. iShares is the largest provider in terms of assets with $1.49 Tn, reflecting 39.6% market share; Amundi ETF is second with $468.60 Bn and 12.4% market share, followed by Xtrackers with $382.69 Bn and 10.1% market share. The top three providers, out of 159, account for 62.1% of European ETF AUM, while the remaining 156 providers each have less than 8% market share.   Net inflows During May, ETFs gathered net inflows of $45.77 billion. Equity ETFs led the way with $25.18 billion of net inflows, bringing year‑to‑date inflows to $151.29 billion, well above the $108.71 billion recorded at this stage in 2025. Fixed income ETFs recorded $13.91 billion of net inflows in May, with year‑to‑date inflows reaching $45.80 billion, significantly higher than the $24.26 billion gathered by the end of May 2025. Commodities ETFs attracted $2.35 billion during the month, bringing year‑to‑date inflows to $4.09 billion, slightly below the $4.16 billion recorded over the same period in 2025. Active ETFs gathered $4.62 billion in May, with year‑to‑date inflows in Europe rising to $20.27 billion, nearly double the $10.89 billion recorded year‑to‑date in 2025. Substantial inflows can be attributed to the top 20 ETFs by net new assets, which collectively gathered $19.53 Bn in May. Vanguard FTSE All-World UCITS ETF (VWRD LN) gathered $2.93 Bn, the largest individual net inflow.Top 20 ETFs by net new assets May 2026: Europe The top 10 ETPs by net new assets collectively gathered $2.03 Bn during May. WisdomTree Agriculture (AIGA LN)  gathered $736.70 Mn, the largest individual net inflow. Top 10 ETPs by net new assets May 2026: Europe Investors have tended to invest in Equity ETFs during May.

Vermiculus, a global independent provider of market infrastructure solutions, and its trading product VeriTrade has been awarded Best Matching Engine for Exchanges and Electronic Trading Venues at the 2026 TradingTech Insight US Awards 2026.  The award recognizes VeriTrade’s innovation in delivering 24/7 trading, ultra-low, deterministic latency and extreme throughput (18us @50,000tps, 100us@850,000tps), combined with the flexibility and scalability required to support modern, continuously operating markets.  “It is great to see VeriTrade recognized with this award.” says Johan Norén, System Architect for VeriTrade at Vermiculus.  “With markets moving towards 24/7 trading, the ability to operate reliably around the clock is becoming critical. VeriTrade is designed with this in mind, combining deterministic performance with key capabilities such as intra-day updates of reference data, resilient architecture, and advanced memory management, ensuring stable and predictable operations in continuously running markets.” Built on a modular design, VeriTrade also supports emerging use cases such as prediction markets alongside crypto and traditional asset classes both for exchanges targeting institutional as well as retail customers. Its flexible architecture allows venues to adapt quickly to evolving market demands and regulatory requirements, without compromising performance.  Vermiculus index engine further extends VeriTrade with integrated index capabilities, enabling markets to build and grow their index business. It supports both Price Return and Total Return indices and enables additional calculation methodologies to be introduced as needed. VeriTrade can be deployed in the cloud, on‑premises, or in a hybrid setup. This gives operators flexibility while keeping full control of their infrastructure.   “We have no strategic, commercial, or technical alignment with any specific cloud, hosting, or infrastructure provider. This allows our clients to retain full flexibility and control over their technology choices.” comments Alexander Kilian, Principal Architect at Vermiculus. All Vermiculus solutions are built, delivered, and supported using Vermiculus project model with dedicated teams. This ensures deep expertise, continuity, and world-class support throughout the entire system lifecycle.     Johan Norén, System Architect for VeriTrade, and Alexander Kilian, Principal Architect.

The German Financial Supervisory Authority (Bafin) warns about offers on the website capital-holdings(.)life. According to information available to Bafin, the unknown operators of the websites are offering banking transactions and financial services without the required authorisation. Anyone conducting banking business or providing financial or investment services in Germany may do so only with authorisation from Bafin. However, some companies offer these services without the required authorisation. Information on whether companies have been authorised by Bafin can be found in Bafin’s database of companies. The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).   Caution Bafin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) warn consumers to watch out for internet-based financial fraud. If you wish to invest money online, exercise the utmost caution and do the necessary research beforehand in order to identify attempted fraud at an early stage. In the “Recognising financial fraud” section of our website, you can view Bafin’s current warnings about companies operating without the required authorisation and find out how to protect yourself from fraud on the financial market

Nasdaq (Nasdaq: NDAQ) announces that trading in Tången Industrikapital AB (ticker: TANGEN B) commences today on the Nasdaq Stockholm Main Market. Tången Industrikapital is a Mid Cap company within the Financials sector and the 19th company to be admitted to trading on Nasdaq’s Nordic and Baltic markets* in 2026.  Tången is an acquisition-driven industrial group that acquires and develops well-positioned small and mid-sized businesses in selected industrial niches. Tången’s long-term objective is to create sustainable value by combining disciplined capital allocation with operational development, whilst preserving the corporate culture and customer proximity of its portfolio companies.  “The IPO marks an important step in Tången’s development. Since the start, we have built our business with a long-term perspective and a clear focus on acquiring and developing leading niche companies. Through the listing, we gain an even stronger platform for continued growth, both organically and through acquisitions, while welcoming new shareholders to join us on our ongoing journey. We look forward to continuing to develop the company together with our subsidiaries, employees, and investors,” says Nina Bergman, CEO of Tången.  “We are very pleased with the strong interest shown in Tången by Swedish and international institutional investors, as well as by the general public in Sweden and Finland. The listing on Nasdaq Stockholm marks an important milestone in Tången’s development and provides us with a strong platform to continue building a long-term industrial group together with leading niche companies and their management teams. I would like to welcome all new shareholders to Tången and thank our employees, portfolio companies, and advisors for their important contributions throughout this process,” says Per Skånberg, Chairman of the Board at Tången.  “We are pleased to welcome Tången to Nasdaq Stockholm’s Main Market. The listing reflects the company’s clear strategy of building a long-term platform through acquisitions and active ownership of well-positioned niche businesses. The strong interest in the offering highlights confidence from both institutional investors and the general public, and we would like to congratulate Tången on a very successful transaction. Tången will be a valuable addition to the Nordic financials sector, and we look forward to supporting the company in its continued growth as a listed company,” says Adam Kostyál, Head of European Listings at Nasdaq and President of Nasdaq Stockholm. *Main markets and Nasdaq First North at Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland and Nasdaq Stockholm as well as Nasdaq Baltic 

Nasdaq (Nasdaq: NDAQ) announces that trading in KPY osk shares (ticker: KPYOSK) will commence today on the cooperative segment of Nasdaq First North Growth Market Finland. The cooperative belongs to Financials sector. KPY is the 20th company to list on Nasdaq’s Nordic markets* in 2026, and it represents the fourth listing on Nasdaq Helsinki this year. KPY represents the second cooperative whose cooperative shares are admitted to trading on Nasdaq Nordic markets. KPY, founded in 1883, is a Finnish values-based cooperative and a modern investment company. KPY invests across Finland, and its portfolio companies operate in multiple industries in Finland and internationally. KPY executes its strategy through three investment portfolios: infrastructure, private equity and balance sheet investments. Its objective is to grow the value of its holdings over the long term, and it actively develops its portfolio companies together with management and other owners. The focus of KPY’s investment activity has shifted towards fund-based investing. “I would like to personally thank all investors who participated in the offering. Together, we made history by successfully delivering the first IPO in Finland to include a cooperative share offering. We have also benefited from constructive dialogue with investors and valuable feedback, for which I would like to express my sincere appreciation. The listing marks a significant milestone in the 143-year history of KPY, but it is by no means the destination. We are an active owner, and our work to strengthen competitiveness and drive growth continues in line with our strategy. Our goal is to translate this into value creation in the future,” Anssi Lehikoinen, CEO of KPY comments. ”We are pleased to welcome KPY to Nasdaq First North Growth Market,” said Henrik Husman, President of Nasdaq Helsinki. “KPY adds a distinctive profile to our market as a long established Finnish cooperative and investment company. Its admission to trading as now the second cooperative in our market’s history shows that the public market can also support a broader range of ownership structures. We look forward to following KPY’s journey as a listed cooperative.” KPY has appointed Augment Partners AB as its Certified Adviser. *Main markets and Nasdaq First North at Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland and Nasdaq Stockholm as well as Nasdaq Baltic.

１． Purpose TFX was established in 1989 as an interest rate futures exchange with capital contributions from major Japanese banks, and since has maintained JPY short-term interest rate futures market for 37 years. TFX listed 3-month TONA futures in March 2023 and has been working to maintain and revitalize the STIR futures market as part of its mission. The Working Group studied domestic and international market conditions about interest rate futures, then discussed how to revitalize the TONA interest rate futures market to facilitate the overall yen interest rate market and promote the internationalization of the yen. ２． Date and Time 1st session 2026/4/14 16:00-17:30 2nd session 2026/5/19 16:00-17:30 ３． Participants Trading Members of TFX participated in the Working Group. The Financial Services Agency’s Planning and Markets Bureau attended as an observer.  Participants of Working Group on Revitalizing TONA Futures Market    -PDF(98KB)-   ４． Summary of Minutes ・ Participants confirmed that TONA interest rate futures constitute an important and indispensable component of the yen interest rate market. ・It was confirmed that the TONA Interest Rate Futures market is becoming increasingly important as a tool for managing interest rate risk, and that participating companies will work on a best-effort basis to revitalize the market. ・ It was agreed to consider the listing of 1-month TONA Interest Rate Futures and BOJ meeting TONA Interest Rate Futures. ※ The meeting minutes are not disclosed.

The Federal Court has ordered record penalties totalling $300.2 million against collapsed contracts for difference (CFD) issuer Union Standard International Group Pty Ltd (Union Standard) and its former authorised representatives for systemic unconscionable conduct and other contraventions of the law between 2018 and 2020. Maxi EFX Global AU Pty Ltd (trading as EuropeFX) and BrightAU Capital Pty Ltd (trading as TradeFred) were the two former authorised representatives of Union Standard. Customers of EuropeFX and TradeFred lost more than $83 million. His Honour Justice Wigney yesterday ordered: $156.7 million in penalties against Union Standard, $114.1 million in penalties against EuropeFX, and $29.4 million in penalties against TradeFred. ASIC Chair Sarah Court said the penalties were the highest ever secured in connection with an ASIC matter and said the outcome would send a strong message of deterrence. ‘These record penalties reflect the egregious nature of CFD issuer misconduct in this case. ‘Union Standard, EuropeFX and TradeFred operated business models that deliberately targeted inexperienced and vulnerable people using aggressive sales tactics to pressure them to trade in highly risky CFD products.’ Union Standard was found liable for the conduct of EuropeFX and TradeFred, including their unconscionable conduct, as the Australian financial services (AFS) licensee that authorised them to operate (24-287MR). The Court’s decision underscores that AFS licensees remain and will be held fully accountable for misconduct carried out under their licence. In addition to pecuniary penalties, the Court also ordered: an adverse publicity order against EuropeFX, a permanent restraint on EuropeFX from carrying on a financial services business, or a business related to financial products or financial services, or otherwise providing financial product advice, and that EuropeFX refund customers’ net deposits. The case marks the first time a civil penalty has been imposed against an entity, Union Standard, for failing to ensure its financial services were provided ‘efficiently, honestly and fairly’ by actively marketing and issuing its CFDs to customers in China when it knew, or ought to have known, those customers were being exposed to potential liability for breaching local Chinese law. Ms Court continued, ‘CFDs are complex, leveraged, over-the-counter (OTC) products that allow investors to speculate on price movements, often exposing them to significant losses.’ Account managers at EuropeFX and TradeFred reassured customers that the CFDs offered suited their financial situation and risk appetite. In reality, most customers lost money, and in up to 95% to 99% of cases, EuropeFX and TradeFred actually profited from their customers’ losses. (24-287MR). In the 2024 financial year, 68% of retail CFD investors in Australia lost money, totalling more than $458 million, including $73 million in fees (26-004MR). ‘Over time, customers were pressured to trade more and more money, exposing them to financial losses they could not afford, before being discouraged from lodging or pursuing their complaints,’ Ms Court said. ‘Entities that profit from their clients’ losses will face serious consequences. AFS licensees cannot outsource responsibility for misconduct carried out under their licence and will be held accountable.’ In delivering his reasons, Justice Wigney said, ‘EuropeFX's contraventions were unquestionably egregious, deliberate and flagrant. By its conduct, EuropeFX systematically exploited many vulnerable and financially naïve and gullible customers for its own financial gain.’ His Honour continued, ‘I find it difficult in this case to envisage a more serious case of contravening conduct. In my view, all the relevant circumstances of this case point to it being a case which warrants the strongest deterrence within the maximum penalty.’ Justice Wigney also highlighted the scale and impact of the misconduct on investors and the market, saying ‘The contravening conduct occurred over a lengthy period of time and would no doubt have continued had ASIC not eventually intervened. ‘It resulted in a very large number of vulnerable individuals, many of whom had relatively modest means, to suffer serious financial losses and consequently stress and anxiety. It undermined the integrity of Australia's financial services markets.’ ‘High penalties are needed to secure effective deterrence. They will send a clear message to other providers of financial services that stern penalties will be imposed for contravening conduct of the sort engaged in by these contraveners.’ The orders have been temporarily stayed until 13 July 2026. Download Judgment Background In December 2024 (24-287MR), the Court found that EuropeFX and TradeFred employed a system of conduct and engaged in patterns of behaviour that were unconscionable as they: derived the bulk of their revenue from customers’ trading losses provided a remuneration incentive to account managers to encourage and pressure customers to deposit more funds into their trading accounts made misleading or deceptive representations, including about profits that could be generated failed to provide vulnerable customers with any adequate explanations about the complex financial products and the risks of trading in them pressured vulnerable investors to trade and deposit more funds into their trading accounts, including encouraging customers to fund their trading through superannuation accounts or credit cards provided personal advice to their customers when they were not licensed to do so. CFDs allow customers to speculate on the change in value of assets like shares, currencies and commodities, without owning them. Leverage can magnify investor losses, and even small price movements against a leveraged CFD position can result in significant losses, including loss of the entire investment. ASIC’s Moneysmart website has further information about CFDs and forex trading. Regulators in many jurisdictions have restricted or prohibited the sale of certain high-risk derivatives, including binary options, margin foreign exchange and some CFDs to retail investors. ASIC’s product intervention order on CFDs ASIC introduced a product intervention order (PIO) placing conditions on the issue and distribution of CFDs to retail investors in 2021, which has been effective in reducing the risk of significant harms to investors (22-082MR). The PIO will expire on 23 May 2027, unless it is remade. ASIC will consult with industry in 2026 on the proposed way forward. ASIC’s recent review into the Australian CFD sector In January 2026, ASIC secured the return of nearly $40 million to more than 38,000 retail investors and drove substantial compliance improvement across Australia’s CFD sector following a whole of industry review (26-004MR). The review drove widespread improvements in issuers’ target market determinations, customer onboarding questionnaires, reporting compliance and monitoring of customer trading outcomes. Related enforcement action In March 2026, the Federal Court ordered Oztures Trading Pty Ltd (trading as Binance Australia Derivatives) to pay a $10 million penalty after misclassifying more than 85% of its Australian customer base over a nine-month period, exposing 524 retail investors to high-risk crypto derivative products without the required consumer protections. This resulted in more than $12 million in losses and fees (26-055MR). Further information about this case ASIC obtained asset restraint orders in the Federal Court against EuropeFX and TradeFred in 2019 to protect customers’ funds while its investigation was underway. Union Standard gave an undertaking to the Court to keep specified monetary amounts in a separate bank account (19-373MR). On 8 July 2020, Union Standard entered into voluntary administration and liquidators were appointed on 3 September 2020. On 10 March 2020, TradeFred went into liquidation. In July 2020, ASIC suspended the AFS licence of Union Standard and in September 2020, ASIC cancelled its AFS licence (20-216MR). ASIC commenced civil proceedings against Union Standard, EuropeFX and TradeFred in December 2020 (20-319MR). Investors are still trying to recover millions of dollars lost following Union Standard's collapse.

Nasdaq (Nasdaq: NDAQ) today announced the results of the June 2026 quarterly rebalance of the Nasdaq-100 Index® (NDX®), which will become effective prior to market open on Monday, June 22, 2026. The following five companies will be added to the Index: Astera Labs, Inc. (Nasdaq: ALAB), CoreWeave, Inc. (Nasdaq: CRWV), Nebius Group N.V. (Nasdaq: NBIS), Rocket Lab Corporation (Nasdaq: RKLB), Teradyne, Inc. (Nasdaq: TER). The following five companies will be removed from the Index: Charter Communications, Inc. (Nasdaq: CHTR), Cognizant Technology Solutions Corporation (Nasdaq: CTSH), Insmed Incorporated (Nasdaq: INSM), Verisk Analytics, Inc. (Nasdaq: VRSK), Zscaler, Inc. (Nasdaq: ZS). For additional information, including notifications on changes to any Nasdaq Indexes, please go to https://indexes.nasdaq.com/

TMX Group Limited (TMX Group) today announced an agreement to acquire RAFI Indices, LLC (RAFI Indices) from Research Affiliates Global Holdings, LLC (Research Affiliates), a global index provider and investment advisor for US$490 million ($683 million1) in total consideration. The acquisition will significantly expand equity portfolio coverage of TMX VettaFi, a differentiated index provider with modern distribution solutions, and TMX Group subsidiary. Transaction Highlights: RAFI Indices' pro forma run rate revenue was approximately US$49 million ($68 million1) at March 31, 2026, and adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) was approximately US$38 million ($53 million1).2 Implied total valuation of US$393 million ($547 million1) net of expected tax benefit with a net present value of approximately US$97 million ($135 million1), primarily representing amortizable acquired goodwill and intangibles. The transaction will more than triple TMX VettaFi Assets Under Indexing (AUI) from approximately US$81 billion to US$263 billion3. Expected to be accretive to adjusted earnings per share4 within the first 12 months of closing, excluding synergies. Revenue growth is expected to be in-line with TMX VettaFi's High Growth (high-single to double digit growth) over the long term. Will accelerate our key transformational measures, increasing recurring revenue, revenue outside Canada, and revenue from Global Insights. Transaction is expected to be financed with debt, and pro forma leverage ratio, including the previously announced and pending Cboe Australia and Cboe Canada transaction, is expected to be approximately 2.7x5 after closing, with plans to return to target leverage range one-year post close. "RAFI Indices brings a legacy of deep research and pioneering methodologies that align with TMX VettaFi's commitment to providing innovative and data-driven investment solutions," said Peter Conroy, CEO, Global Insights, TMX Group. "By combining RAFI Indices' world-class intellectual property with our modern "Index Factory" technology and distribution platform, we are expanding the toolkit available to our partners to include some of the most respected fundamental strategies in the industry." RAFI Indices is an index company founded by Research Affiliates. It specializes in constructing, publishing, and licensing indices that reflect a deep, academically rigorous understanding of the fundamental factors driving capital market returns. The company is renowned for its innovative approach, offering over 90 indices that cater to a diverse range of investment needs worldwide. "Today we begin an exciting new chapter in the RAFI story. Our simple idea of creating an index strategy that selects and weights using fundamental measures of size, rather than price or market value, advanced the state of the art for equity investing," said Rob Arnott, Founding Partner and Board Chair of Research Affiliates. "With TMX VettaFiʼs resources and our shared vision, they will be properly equipped to take RAFI, and our newer strategies in cap-weighted core and growth investing, to new levels of global success." Completion of this transaction is anticipated to close by the end of Q3 2026, subject to regulatory approval and customary closing conditions. TD Securities served as financial advisor and WilmerHale LLP acted as legal counsel to TMX Group. Ardea Partners LP served as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to Research Affiliates. National Bank of Canada and The Toronto-Dominion Bank are providing new committed credit facilities to TMX Group. For more information about TMX VettaFi, please visit www.vettafi.com. 1Based on USD/CAD exchange rate of 1.3930 at June 10, 2026. Actual amounts in Canadian dollars subject to change. 2Pro forma run rate revenue and pro forma run rate adjusted EBITDA are compilations of financial information provided by Research Affiliates management as of March 31, 2026. The financial information is unaudited and may not be prepared in accordance with IFRS for public companies. 3TMX VettaFi AUI as of March 31, 2026. RAFI Indices AUI is based on information provided by Research Affiliates management as of March 31, 2026. 4Adjusted EPS excludes the impact of acquisition, integration and related items, strategic re-alignment expenses, litigation, dispute and related items, (gain) / loss on fair value revaluation or sale of subsidiary / investment / other. 5Pro Forma Debt / Adjusted EBITDA based on pro forma Debt as of March 31, 2026, assuming Cboe Australia, Cboe Canada, and RAFI Indices are 100% funded by debt and close simultaneously; divided by pro forma adjusted EBITDA for TMX standalone March 2026 LTM plus 2025 adjusted EBITDA for Cboe Australia, Cboe Canada, and pro forma run rate adjusted EBITDA as at March 31, 2026 for RAFI Indices. Debt is defined as term loans, commercial paper plus debentures. Adjusted EBITDA is a non-GAAP measure, and Debt / Adjusted EBITDA is a non-GAAP ratio and does not have standardized meaning prescribed by GAAP, and therefore is unlikely to be comparable to similar measures presented by other companies. See discussion under "Non-GAAP Financial Measures" and "Forward-Looking Information". Teleconference / Audio Webcast TMX Group will host a teleconference / audio webcast to discuss the transaction. Time: 8:00 a.m. - 9:00 a.m. ET on Friday, June 12, 2026 Participants may access the conference call via the webcast link: https://www.gowebcasting.com/14722 The audio webcast of the conference call and investor presentation will also be available on TMX Group's website at www.tmx.com, under Investor Relations. Alternatively, participants may join the live call by dialing 1-833-752-4317 or 1-647-846-2266. An audio replay of the conference call will be available at 1-855-669-9658 or 1-412-317-0088, access code 6148097. Caution Regarding Forward-Looking Information This press release of TMX Group Limited ("TMX Group", "us", "we", "our") contains "forward-looking information" (as defined in applicable Canadian securities legislation) that is based on expectations, assumptions, estimates, projections and other factors that management believes to be relevant as of the date of this press release. Often, but not always, such forward-looking information can be identified by the use of forward-looking words such as "plans", "expects", "projects", "is expected", "projected", "budget", "scheduled", "targeted", "estimates", "forecasts", "intends", "anticipates", "believes", or variations or the negatives of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved or not be taken, occur or be achieved. Forward-looking information, by its nature, requires TMX Group to make assumptions and is subject to significant risks and uncertainties which may give rise to the possibility that our expectations or conclusions will not prove to be accurate and that our assumptions may not be correct. Examples of forward-looking information in this press release include, but are not limited to, the anticipated benefits of the transactions to TMX Group, TMX VettaFi, and RAFI Indices; the expected impact on TMX Group's earnings and adjusted earnings per share; expectations regarding the revenue growth of RAFI Indices; TMX Group's leverage ratio after closing; the ability to integrate RAFI Indices into TMX Group and the potential synergies; the expected impact on TMX's long-term growth strategy and transformational objectives; the ability for TMX Group to accelerate RAFI Indices' growth; the source and amount of funds to fund the acquisition; the ability to deleverage and the timing thereof; the timing and receipt of regulatory approvals; our ability to maintain our long-term target dividend payout ratio and the timeline for the completion of the transaction, each of which is subject to a number of significant risks and uncertainties. These risks include, but are not limited to: competition from other exchanges or marketplaces, including alternative trading systems and new technologies, on a national and international basis; dependence on the economies of Canada, the United States; adverse effects on our results caused by global economic conditions (including geopolitical events, interest rate movements or threats of recession) or uncertainties including changes in business cycles that impact our sector; failure to retain and attract qualified personnel; geopolitical and other factors which could cause business interruption; dependence on information technology; vulnerability of our networks and third-party service providers to security risks, including cyber attacks; failure to properly identify or implement our strategies; regulatory constraints; constraints imposed by our level of indebtedness, risks of litigation or other proceedings; dependence on adequate numbers of customers; failure to develop, market or gain acceptance of new products; failure to close and effectively integrate acquisitions, including the RAFI Indices acquisition, to achieve planned economics or divest underperforming businesses; currency risk; adverse effect of new business activities; adverse effects from business divestitures; not being able to meet cash requirements because of our holding company structure and restrictions on paying inter-corporate dividends; dependence on third-party suppliers and service providers; dependence of trading operations on a small number of clients; risks associated with our clearing operations; challenges related to international expansion; restrictions on ownership of TMX Group common shares; inability to protect our intellectual property; adverse effect of a systemic market event on certain of our businesses; risks associated with the credit of customers; cost structures being largely fixed; the failure to realize cost reductions in the amount or the time frame anticipated; dependence on market activity that cannot be controlled; the regulatory constraints that apply to the business of TMX Group and its regulated subsidiaries, costs of on exchange clearing and depository services, trading volumes (which could be higher or lower than estimated) and the resulting impact on revenues; future levels of revenues being lower than expected or costs being higher than expected. Forward-looking information is based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions with respect to the impact of the cost of acquisition financing on adjusted earnings per share; assumptions in connection with the ability of TMX Group to successfully compete against global and regional marketplaces and other venues; business and economic conditions generally; exchange rates (including estimates of exchange rates from Canadian dollars to the U.S. dollar), commodities prices, the level of trading and activity on markets, and particularly the level of trading in TMX Group's key products; business development and marketing and sales activity; the continued availability of financing on appropriate terms for future projects; changes to interest rates and the timing thereof; productivity at TMX Group, as well as that of TMX Group's competitors; market competition; research and development activities; the successful introduction and client acceptance of new products and services; successful introduction of various technology assets and capabilities; the impact on TMX Group and its customers of various regulations; TMX Group's ongoing relations with its employees; and the extent of any labour, equipment or other disruptions at any of its operations of any significance other than any planned maintenance or similar shutdown. Forward-Looking Information (FLI) In addition to the assumptions outlined above, forward-looking information related to long-term revenue CAGR objectives, and long term adjusted earnings per share CAGR objectives are based on assumptions that include, but not limited to: TMX Group's success in achieving growth initiatives and business objectives; continued investment in growth businesses and in transformation initiatives including next generation technology and systems; no significant changes to our effective tax rate, and number of shares outstanding; organic and inorganic growth in recurring revenue; moderate levels of market volatility over the long term; level of listings, trading, and clearing consistent with historical activity; economic growth consistent with historical activity; no significant changes in regulations; continued disciplined expense management across our business; continued re-prioritization of investment towards enterprise solutions and new capabilities; free cash flow generation consistent with historical run rate; and a limited impact from inflation, rising interest rates and supply chain constraints on our plans to grow our business over the long term including on the ability of our listed issuers to raise capital. While we anticipate that subsequent events and developments may cause TMX Group's views to change, TMX Group has no intention to update this forward-looking information, except as required by applicable securities law. This forward-looking information should not be relied upon as representing TMX Group's views as of any date subsequent to the date of this press release. TMX Group has attempted to identify important factors that could cause actual actions, events or results to differ materially from those current expectations described in forward-looking information. However, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended and that could cause actual actions, events or results to differ materially from current expectations. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. These factors are not intended to represent a complete list of the factors that could affect TMX Group. Important additional information identifying risks and uncertainties and other factors is contained in TMX Group's 2025 Annual Report under the headings entitled "Caution Regarding Forward-Looking Information" and "Enterprise Risk Management" which may be accessed at tmx.com in the Investor Relations section under Regulatory Filings. Non-GAAP Financial Measures This press release includes references to financial measures that are not defined by GAAP. Although such non-GAAP measures are calculated according to accepted industry practice, such measures disclosed in this press release may be different from non-GAAP measures used by other companies. This data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. While TMX Group believes these measures provide investors with greater transparency and supplemental data relating to the transaction, readers are cautioned that these non-GAAP measures are not alternatives to measures determined in accordance with GAAP and should not, on their own, be construed as indicators of TMX Group's or RAFI Indices' future performance or profitability. Readers should not rely on any single financial measure when evaluating TMX Group's business or that of RAFI Indices. We use non-GAAP measures and non-GAAP ratios that do not have standardized meanings prescribed by GAAP and are, therefore, unlikely to be comparable to similar measures presented by other companies. Management uses these measures, and excludes certain items, because it believes doing so provides investors a more effective analysis of underlying operating and financial performance, including, in some cases, our ability to generate cash and our ability to repay debt. Management also uses these measures to more effectively measure performance over time, and excluding these items increases comparability across periods. The exclusion of certain items does not imply that they are non-recurring or not useful to investors. Adjusted earnings per share provided above is a non-GAAP ratio and does not have a standardized meaning prescribed by GAAP and is therefore, unlikely to be comparable to similar measures presented by other companies. TMX Group presents Adjusted EPS and excludes, among other things, acquisition, integration, and related items; amortization of intangibles related to acquisitions; strategic re-alignment expenses; dispute, litigation and related items; and other items as disclosed in TMX Group's 2025 Annual Report and Q1 2026 Report to Shareholders. For more information on Adjusted EPS, including definitions and explanations of how these measures provide useful information, refer to Non-GAAP Measures in TMX Group‘s 2025 Annual Report and Q1 2026 Report to Shareholders. TMX Group Adjusted EBITDA is a non-GAAP measure and Debt/Adjusted EBITDA is a non-GAAP ratio. TMX Group presents income before income taxes to indicate operating and financial performance. TMX Group presents adjusted EBITDA from income before income taxes after share of income from equity accounted investees, impairment charges, (gain) loss on fair value revaluation or sale of subsidiary / investment / other, net finance income/costs, depreciation and amortization, acquisition, integration and related items, and strategic re-alignment expenses. RAFI Indices' pro forma run rate adjusted EBITDA is calculated as net income excluding interest expense, income tax expense, depreciation and amortization, acquisition, integration, and related costs, one-time income (loss), and other significant items that are not reflective of the underlying business operations of RAFI Indices. RAFI Indices adjusted EBITDA is a compilation of financial information provided to us for RAFI Indices by Research Affiliates management as of March 31, 2026. The RAFI Indices financial information is unaudited and may not be prepared in accordance with IFRS for public companies. Cboe Canada and Cboe Australia's adjusted EBITDA is calculated as net income excluding interest expense, income tax expense, depreciation and amortization, acquisition, integration, and related costs, one-time income (loss), and other significant items that are not reflective of the underlying business operations of Cboe Canada and Cboe Australia. Cboe Canada and Cboe Australia Adjusted EBITDA is a compilation of financial information provided to us for Cboe Canada and Cboe Australia entities as of December 31, 2025. The Cboe Canada and Cboe Australia financial information is unaudited and prepared in accordance with IFRS (Cboe Canada) or Australian Accounting Standards (Cboe Australia) for public companies. Adjusted EBITDA for Cboe Canada and Cboe Australia excludes certain items such as discontinued operations, transfer pricing, unrealized gains / losses, and one-time employee costs.

New 10-Barrel WTI Crude Oil contract allows for more precise hedging and expanded market access  24/7 gold will provide always-on access for continuous price discovery CME Group, the world's leading derivatives marketplace, today announced that it will offer 24/7 trading for new, smaller-sized crude oil and gold contracts, pending regulatory review.  The new oil contract will be 1/10th the size of CME Group's existing Micro WTI futures and will launch on August 30. 24/7 trading for the company's existing 1-Ounce Gold futures will begin on July 26. "Traders are increasingly looking to diversify their portfolios across commodity markets in the face of geopolitical uncertainty," said Derek Sammann, CME Group Senior Managing Director and Global Head of Commodities Markets. "Our new WTI and Gold futures provide regulated products that are right-sized and available 24/7, ensuring traders can manage exposure whenever news breaks." WTI is the global benchmark for price discovery and risk management for crude oil. In the first quarter of 2026, WTI Crude Oil options reached a record ADV of 320,000 contracts. In addition, Micro WTI Crude Oil futures ADV reached 272,000 contracts in May, which was a 317% increase compared to May 2025.  CME Group offers the world's leading benchmark futures contract for gold, with $100 billion notional traded each day in 2025. CME Group's new, cash settled 1-Ounce Gold futures contract launched in January 2025, with 90,000 contracts ADV traded in 2026. The 10-Barrel WTI contract will be cash-settled, and it will be listed on and subject to the rules of NYMEX. To learn more, visit here. 1-Ounce Gold is also cash-settled and is listed and subject to the rules of COMEX. To learn more, visit here.

On September 18, 2024, the Commission adopted Regulation NMS: Minimum Pricing Increments, Access Fees and Transparency of Better Priced Orders.[1] On October 31, 2025, the Commission, among other things, granted temporary exemptive relief from the compliance dates for Rules 600(b)(89)(i)(F) and 612 of Regulation NMS (implementing the reduction of the minimum pricing increment for quotations and orders for certain NMS stocks) and Rule 610(c) of Regulation NMS (implementing the reduction of the access fee caps for protected quotations) until the first business day of November 2026 to allow affected entities additional time to come into compliance with the amendments.[2] On March 20, 2026, the Commission issued a notice of an application by MEMX LLC for exemptive relief to temporarily delay implementation of certain amendments to Rule 610(c) of Regulation NMS, and requested public comment on, among other things, whether such relief should be granted and what the potential benefits and drawbacks may be of granting the relief as requested.[3] In connection with the notice of MEMX LLC’s application for exemptive relief, the Commission also requested comment more broadly on whether a temporary exemption from the amended compliance dates for Rules 600(b)(89)(i)(F), 610(c), and 612 of Regulation NMS, as amended, is warranted.[4] Today, the Commission further extended the temporary exemptive relief from the compliance dates for Rules 600(b)(89)(i)(F), 610(c) and 612 of Regulation NMS until the first business day of November 2027 to allow for an orderly implementation of these rules in light of other regulatory initiatives scheduled for the balance of 2026.[5] Today, the Commission also proposed to rescind Rule 611 of Regulation NMS, known as the trade-through rule.[6] In light of the Commission’s proposed rescission of Rule 611 of Regulation NMS,  the exemptive relief issued today, and the pending application by MEMX LLC for exemptive relief and comments received thereon, I have directed the staff to prioritize a review of Rules 610(c) and 612 of Regulation NMS by the end of the year, including whether potential changes to the access fee caps and minimum pricing increments may be appropriate. [1] See Securities Exchange Act Release No. 101070 (Sept. 18, 2024), 89 FR 81620 (Oct. 8, 2024). Among other things, the Commission: (1) amended Rule 612 of Regulation NMS to establish a minimum pricing increment of $0.005 for bids, offers, orders and indications of interest that are priced equal to or greater than $1.00 per share in certain NMS stocks; and (2) reduced the level of the access fee caps under Rule 610(c) of Regulation NMS to $0.001 per share for protected quotations and other best bids and offers in NMS stocks priced at $1.00 or more per share and 0.1 percent of the quotation price for protected quotations and other best bids and offers in NMS stocks priced less than $1.00 per share. Id. [2] See Securities Exchange Act Release No. 104172 (Oct. 31, 2025), 90 FR 51418 (Nov. 17, 2025). [3] See Securities Exchange Act Release No. 105058 (Mar. 20, 2026), 91 FR 14602 (Mar. 25, 2026). [4] Id. [5] See Securities Exchange Act Release No. 34-105656 (June 11, 2026) available at 34-105656. [6] See Securities Exchange Act Release No. 34-105655 (June 11, 2026) available at 34-105655.  As part of the same action, the Commission also proposed to: (1) rescind Rule 610(e), the locked and crossed market provisions of Regulation NMS; (2) rescind related defined terms in Rule 600 of Regulation NMS; and (3) make conforming changes to other related provisions. Id.

The market opened for four trading days this week as the Federal Government declared Friday 12, June 2026, as a Public Holiday to commemorate 2026 Democracy Day. Meanwhile, a total turnover of 4.964 billion shares worth ₦207.521 billion in 235,966 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 3.966 billion shares valued at ₦175.659 billion that exchanged hands last week in 343,587 deals. Click here for full details.

The Canadian Securities Administrators (CSA) today announced the publication of final amendments to the principal distributor model in the distribution of mutual fund securities. The changes are intended to improve investor protection and help maintain investor confidence in Canada’s capital markets. A principal distributor is a dealer that has an exclusive right in the distribution of, or benefits from a feature that gives them a material competitive advantage over others in the distribution of, mutual fund securities. The amendments clarify that a dealer may act as principal distributor only for mutual funds in the same mutual fund family. The amendments do not affect the ability of a principal distributor to also distribute mutual fund securities as a participating dealer to multiple mutual fund families. The amendments also enhance transparency by requiring disclosure of principal distributor arrangements and related compensation in the prospectus, fund facts document and the annual report on charges and other compensation. The CSA, the council of the securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.  For investor inquiries, please contact your local securities regulator.

Thank you, Mr. Chairman. I am pleased to support these proposed amendments, which remove rules that technological advances have rendered unnecessary, if they ever were necessary, and reflect a thoughtful, deliberative effort to simplify and foster innovation in our markets.  The trade-through rule—or, as some refer to it, the “order protection rule”—has been controversial since its adoption.[1] Whatever one thinks of the rule’s past effects on the market, the release makes clear that the concerns about market connectedness that drove the Commission to adopt the rule have fallen away long since. Indeed, the release shows that, in today’s markets, the trade-through rule has helped fuel disorder by encouraging the proliferation of exchanges, dampening innovation within them, and inspiring ever more complex order types on those exchanges. The result is a market that, despite its many strengths, is fragmented, costlier than it needs to be, and needlessly complex. Rescinding the trade-through rule, as well as the prohibitions on locked and crossed quotations which also have outlived their usefulness, should encourage innovation and competition in our markets. However, as supportive as I am of these proposed amendments, the very complexity of our markets—partially created by the trade-through rule—always has given me pause when considering the rule’s removal.[2] Because regulation encrusts the equity markets, we must be exceedingly careful to avoid doing more harm than good when we seek to break off a piece of that crust. In advance of this rulemaking, recognizing the complexity of our markets and the rulebook we held two roundtables featuring market participants, academics, and investor advocates,[3] and received comments from a broad array of interested parties.[4] Much of today’s proposal reflects the input from the comment letters and our panelists. Yet, I suspect that, for some, this proposal will not go far enough, while for others this proposal will have gone too far. Such divergence is common when the Commission engages with the intricacies of our equity market structure, upon which investor outcomes and market participants’ business models so heavily depend. I hope and expect that commenters will not be shy in letting us know their views. I want to highlight the Division of Trading and Markets, the Division of Economic and Risk Analysis, the Office of General Counsel, and others, for their diligent work on this proposing release. I expect you will all soon be diligently working through a sizable comment file as you continue the same thoughtful engagement reflected in today’s proposal. Thank you for your work so far and for the work to come. I do have one question for the Division of Trading and Markets: A recent comment letter predicted that a post-611 marketplace would be characterized by even more exchanges and ATSs, a proliferation of order types, and new market complexity. Should we be concerned about these outcomes?[5] I also have questions for the Division of Economic and Risk Analysis: The success and failure of our markets turns on so many causes or factors. If we adopt this proposal, what do you plan to do to measure the effects of the elimination of the trade-through rule? What metrics will you use in your analysis? I am not a fan of rules that override market choice, unless there is a good reason for doing so. Is there a market failure here that warrants the continued existence of Rule 611? [1] Dissent of Commissioners Cynthia A. Glassman and Paul S. Atkins to the Adoption of Regulation NMS (June 9, 2005), https://www.sec.gov/files/rules/final/34-51808-dissent.pdf. [2] See generally Commissioner Hester M. Peirce, 6,7 Meet 611: Remarks at the Roundtable on Rule 611 of Regulation NMS (Dec. 16, 2025), https://www.sec.gov/newsroom/speeches-statements/peirce-roundtable-rule-611-regulation-nms-121625. [3] See Roundtable on Trade-Through Prohibitions (Sept. 18, 2025), https://www.sec.gov/newsroom/meetings-events/roundtable-trade-through-prohibitions and Roundtable on Rule 611 (Dec. 16, 2025) https://www.sec.gov/newsroom/meetings-events/roundtable-rule-611-regulation-nms. I encourage future Commissions to solicit the input of the industry, academics, and the public in this manner before engaging in comprehensive changes to the structures of our nation’s securities markets. [4] Comments on SEC Roundtable on Trade-Through Prohibitions and Roundtable on Rule 611 of Regulation NMS, https://www.sec.gov/comments/4-862/4-862.htm. [5] Comment of R.T. Leuchtkafer on Notice of an Application of MEMX LLC for Temporary Exemptive Relief (Apr. 24, 2026), https://www.sec.gov/comments/S7-2026-10/s7202610-759887-2336594.pdf.

On 15 June 2026, the following updated constituents list for OFZ Zero Coupon Yield Curve will come into force. № Наименование Номер государственной регистрации 1 OFZ 26245 SU26245RMFS9 2 OFZ 26219 SU26219RMFS4 3 OFZ 26226 SU26226RMFS9 4 OFZ 26207 SU26207RMFS9 5 OFZ 26232 SU26232RMFS7 6 OFZ 26212 SU26212RMFS9 7 OFZ 26242 SU26242RMFS6 8 OFZ 26228 SU26228RMFS5 9 OFZ 26218 SU26218RMFS6 10 OFZ 26241 SU26241RMFS8 11 OFZ 26221 SU26221RMFS0 12 OFZ 26244 SU26244RMFS2 13 OFZ 26225 SU26225RMFS1 14 OFZ 26233 SU26233RMFS5 15 OFZ 26240 SU26240RMFS0 16 OFZ 26243 SU26243RMFS4 17 OFZ 26230 SU26230RMFS1 18 OFZ 26238 SU26238RMFS4 19 OFZ 26239 SU26239RMFS2 20 OFZ 26247 SU26247RMFS5 21 OFZ 26236 SU26236RMFS8 22 OFZ 26237 SU26237RMFS6 23 OFZ 26248 SU26248RMFS3 24 OFZ 26235 SU26235RMFS0 25 OFZ 26246 SU26246RMFS7 26 OFZ 26249 SU26249RMFS1 27 OFZ 26250 SU26250RMFS9 28 OFZ 26252 SU26252RMFS5 29 OFZ 26251 SU26251RMFS7 30 OFZ 26253 SU26253RMFS3 31 OFZ 26254 SU26254RMFS1

I am very pleased that we are convening to discuss what I have viewed as a grave misstep since I served as Commissioner in the Aughts: that is, Rule 611, also known as the “Trade-Through Rule.” I have opposed the Trade-Through Rule since its inception and have elaborated on my concerns, from this very stage and elsewhere, many times since then.  While a central aim of Rule 611 was to incentivize displayed liquidity, we have seen trading activity increasingly occur elsewhere the last two decades. I am concerned that what the Rule rather incentivized was a proliferation of new trading venues, which in turn fragmented liquidity and created an increasingly complex, costly, and opaque marketplace for order execution. Unfortunately, this outcome should not surprise us. Even well-intentioned regulation can yield suboptimal results.  As then-Commissioner Cynthia Glassman and I pointed out at the time of its adoption, Rule 611 prioritized the Commission’s assumptions about the way that markets and investors should interact above what could emerge from competition and market forces.1 The “market for markets,” as it were, has been disrupted by regulation. To that end, I am pleased to support today’s proposal to rescind Rule 611 and Rule 610(e). In proposing these amendments to Rule NMS, the SEC invites public comment and welcomes data from the marketplace to inform rulemaking. This discussion began transparently, as the staff held two roundtables on this topic last year. I look forward to continuing the robust debate on these matters as the public submits comments in response to this proposal. I encourage market participants to share data, when possible, that inform their positions. Before we proceed to the staff presentation, I should like to thank the market participants who participated in the SEC’s roundtables on this topic last year and for their valuable input. I should also like to thank the staff for their hard work in developing today’s proposal: In the Division of Trading and Markets: Jamie Selway, Jon Kroeper, Andrea Orr, Alex Jadin, Richard Holley, Ted Venuti, Kevin Brennan, Sarah Counts, Jenna Dodd, David Liu, Gita Subramaniam, Dan Mathisson, Keegan Murphy, Elizabeth Johnson, Yue Ding, Sharon Park, and Nick Shwayri. In the Office of the General Counsel: J. Russell McGranahan, Elise Bruntel, Donna Chambers, Ronesha Butler, Cynthia Ginsberg, and Rebecca Orban. In the Division of Economic and Risk Analysis: Joshua White, Oliver Richard, Lauren Moore, Paul Barton, John Ritter, Claude Courbois, Peter Dixon, Erika Frost, Robert Girouard, Kevin Roshak, Seung Won Woo, Donald Edmond, and Charles Woodworth. 1Dissent of Commissioners Cynthia A. Glassman and Paul S. Atkins to the Adoption of Regulation NMS, id. at 37639-43 (“Joint NMS Dissent”).

Today, the Commission proposes to rescind Rule 611 of Regulation NMS as well as the prohibition on locking and crossing quotations. This proposal represents an important beginning in the broader, more complex journey of reforming the Commission’s equity market–structure rules. Regulation NMS—in particular, Rule 611’s trade-through prohibition—has shaped market behavior for decades. Whatever benefits it may have provided in the past, we have repeatedly heard from market participants that in today’s evolving technology-driven trading environment, these provisions often introduce unnecessary complexities, burdens, and inefficiencies. By reconsidering them, the Commission is acknowledging that Rule 611 may no longer serve our markets or investors. I commend the Divisions of Trading and Markets and Economic Risk and Analysis for their rigorous and transparent approach to this undertaking. The proposing release carefully lays out both potential benefits and risks and has allowed the Commission to engage in evidence-based rulemaking—while at the same time, calling for more data and engagement from the public. This thoughtful, measured process aligns with the SEC’s statutory mandate to balance investor protection, market integrity, and capital formation. Of course, this proposal is not an endpoint. Rather, it marks the start of a journey into terrain that is less familiar. Removing Rule 611 would unsettle long-standing assumptions in our market structure and inevitably raise questions regarding best execution, transparency, trading mechanics, and investor confidence. While the road ahead may be less certain, it may also lead to a market structure that is more adaptive, resilient, and better aligned with how trading actually occurs today. Public comment and robust economic analysis will be essential in helping us navigate this new course and identify the challenges and opportunities it may reveal. I look forward to hearing from broker-dealers, trading venues, institutional investors, retail investors, academics, and other market participants. I hope commenters will consider, among other things, how execution quality and best execution practices might evolve in the absence of Rule 611 or a prohibition on locked and crossed markets, and what new forms of transparency might be necessary to support informed decision‑making in such an environment. In addition to the Divisions of Trading and Markets and Economic Risk and Analysis, I thank the staff in the Office of General Counsel for commencing this important review of Rule 611. Engagement from all corners of the marketplace will help us devise an approach that both strengthens and modernizes our equity markets. Thank you.

The Securities and Exchange Commission today proposed amendments to rescind Rules 611 and 610(e) of Regulation NMS. “After two decades of Rule 611, it is high time that the Commission review its unintended consequences that have hindered — rather than enhanced — the long-term growth of our markets,” said SEC Chairman Paul S. Atkins. “This proposal is intended to simplify market structure and reduce costs for market participants while allowing competition, innovation, and other market forces to shape the continuing evolution of our equity markets. I look forward to reviewing public comments as we take a careful, deliberative approach to avoid repeating the same mistakes that brought us here.” The Commission’s proposed amendments would: Rescind Rule 611 of Regulation NMS, which contains the trade-through prohibition for national market system stocks. Rescind Rule 610(e) of Regulation NMS, which contains restrictions on locking and crossing quotations in national market system stocks. Rescind related defined terms in Rule 600 of Regulation NMS. Make conforming changes to other related provisions. The public comment period will remain open for 60 days following the publication of the proposing release in the Federal Register. Resources Proposed Amendments Fact Sheet Chairman Atkins Statement

The Governing Council is committed to setting monetary policy to ensure that inflation stabilises at its 2% target in the medium term. In line with this commitment, it today decided to raise the three key ECB interest rates by 25 basis points. The war in the Middle East is generating inflation pressures, and the decision to raise rates is robust across a range of scenarios mapping out how the shock might evolve and affect the medium-term outlook for the euro area. In the baseline of the new Eurosystem staff projections, headline inflation is expected to average 3.0% in 2026, 2.3% in 2027 and 2.0% in 2028. For inflation excluding energy and food, the baseline foresees an average of 2.5% in 2026 and 2027 and 2.2% in 2028. Compared with March, staff have revised up their baseline projection for inflation in 2026 and 2027 owing to a higher path for energy prices, which, to some extent, is expected to feed into food, goods and services inflation. The baseline sees economic growth at an average of 0.8% in 2026, 1.2% in 2027 and 1.5% in 2028. This is a downward revision for 2026 and 2027, reflecting a more pronounced impact of the war on commodity markets, real incomes and confidence. The outlook remains uncertain, with upside risks for inflation and downside risks for economic growth. The full implications of the war for medium-term inflation and growth will depend on the intensity and duration of the energy price shock, as well as the scale of its indirect and second-round effects. This uncertainty is also reflected in the broad range of outcomes for inflation and growth in the updated illustrative scenarios put together by Eurosystem staff. These will be published with the staff projections on the ECB’s website. With today’s decision, the Governing Council remains well positioned to navigate the uncertainty caused by the war. It will closely monitor the situation and follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stance. In particular, the Governing Council’s interest rate decisions will be based on its assessment of the inflation outlook and the risks surrounding it, in light of the incoming economic and financial data, as well as the dynamics of underlying inflation and the strength of monetary policy transmission. The Governing Council is not pre-committing to a particular rate path. Key ECB interest rates The Governing Council decided to raise the three key ECB interest rates by 25 basis points. Accordingly, the interest rates on the deposit facility, the main refinancing operations and the marginal lending facility will be increased to 2.25%, 2.40% and 2.65% respectively, with effect from 17 June 2026. Asset purchase programme (APP) and pandemic emergency purchase programme (PEPP) The APP and PEPP portfolios are declining at a measured and predictable pace, as the Eurosystem no longer reinvests the principal payments from maturing securities. *** The Governing Council stands ready to adjust all of its instruments within its mandate to ensure that inflation stabilises at its 2% target in the medium term and to preserve the smooth functioning of monetary policy transmission. Moreover, the Transmission Protection Instrument is available to counter unwarranted, disorderly market dynamics that pose a serious threat to the transmission of monetary policy across all euro area countries, thus allowing the Governing Council to more effectively deliver on its price stability mandate. The President of the ECB will comment on the considerations underlying these decisions at a press conference starting at 14:45 CET today.