Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Thursday) it has renewed its Memorandum of Understanding (MOU) with China Financial Futures Exchange (CFFEX), affirming a commitment to deepen collaboration between the two exchanges and promote the development of the Hong Kong and Shanghai financial markets. Under the updated MOU, HKEX and CFFEX will enhance cooperation in exploring product and business development, share research and market expertise, as well as facilitate personnel exchanges and training.  Looking ahead, both exchanges will continue to explore new areas of collaboration, leveraging their respective strengths to enhance mutual market connectivity, support the continued development of their markets, as well as the nation’s capital markets more broadly.   HKEX Head of Markets, Gregory Yu (second from right) and CFFEX Executive Vice President, Cai Xianghui (second from left) signed the MOU in Shanghai, witnessed by Shanghai Municipal Financial Services Office Deputy Director, Cao Yanwen (fourth from left), HKEX Chief Executive Officer, Bonnie Y Chan (third from right), and CFFEX Chief Executive Officer, Zhang Xiaogang (third from left).  

FIT GROUP AG is listed on the Vienna Stock Exchange as of today. CEO Dilxwax Acar rang the opening bell to mark the start of trading in the direct market plus segment. NuWays AG is acting as lead manager and capital market coach. ICF Bank is the market maker for the shares with the ISIN DE000A426PD9 in continuous trading. According to the company, based in Schüttorf, Germany, it sells high-quality dietary supplements and health products. In addition, the FIT GROUP AG develops and sells a range of caffeine-based pouch products. “The listing is a significant milestone in the development of our company. With the funds raised, we are embarking on the next phase of growth. We will significantly expand our influencer marketing and consistently drive forward our international expansion – particularly in Spain, Italy and the Netherlands,” says Dilxwax Acar, CEO of FIT GROUP AG. The direct market and direct market plus segments are specifically aimed at growth companies and small and medium-sized enterprises (SMEs). These segments provide the foundation for further development on the capital market and potential equity financing. A large number of partners within the direct network – comprising capital market coaches and direct funding partners – are on hand to provide advice. With the planned registration of direct market plus as an EU SME Growth Market, the Vienna Stock Exchange will further facilitate access to the capital market for SMEs, subject to regulatory approval. A total of 32 securities are currently available for trading in these two segments of the exchange-regulated market Vienna MTF. Download press photo Dilxwax Acar, CEO FIT GROUP AG, and Diyar Acar, CMO FIT GROUP AG (jpg-file 3 MB)

Lisa Danino-Lewis | Chief Growth Officer, CLS: “In May 2026, we saw average daily traded volumes of USD2.53 trillion, an increase of 12.1% compared to May 2025. Over the same period, we saw an increase in volumes across all instruments. The increase was 13.2% for FX swaps, 11% for FX spot and 7% for FX forwards.” * Due to rounding, the numbers presented may not add up precisely to the totals provided and the percentages may not precisely reflect the exact figures.  

There is a significant risk that the financial system will be exploited by criminals to launder money and commit crimes. In 2026, Finansinspektionen (FI) will keep on focusing in particular on sectors and services where we assess that the risks of money laundering, terrorist financing and circumvention of international sanctions are elevated. Supervising that the financial sector counteract crime such as money laundering and terrorism financing is already one of FI's priorities and will continue to be so in 2026. For the third time, FI now publishes the report Prioritised risks in money laundering, terrorist financing and international sanctions. FI's assessment is that several of the risks identified in previous years will continue to apply in 2026. These include the banking sector, services for international payments and trading in crypto-assets that are at increased risk of being exploited in systematic money laundering schemes. Financial undertakings are obliged to prevent and counteract their exploitation for economic crime and to assess the impact of the risks on their own operations. The report provides guidance on where FI sees the greatest risks. – The financial sector is particularly vulnerable to being exploited by criminals. Therefore, it is important that companies do what they can to counteract money laundering, terrorism financing and circumvention of sanctions, says Halszka Onoszko, Head of the Department of Anti-Money Laundering Supervision at FI. In the report, FI highlight risks associated with banks, companies that offer international payments and electronic money, as well as crypto-assets. FI also draw attention to companies that are used as tools of crime and internal enablers in the financial sector. Furthermore, the authority sees continued risks for the financial sector when it comes to international sanctions and preventing terrorism financing. – Digitalization and innovation have created many opportunities but have also given criminals new tools to launder money and commit other crimes. We expect that financial companies need to continue to focus on the risks that can arise with these services and work to counteract them, says Halszka Onoszko. According to the national risk assessment published in June 2026, the overall risk level for money laundering and terrorist financing in the financial sector is now assessed to be higher than it was five years ago. The higher risk level can primarily be attributed to the assessed increase in the threat posed by organized crime.  Our supervision priorities Report: Prioritised risks related to money laundering, terrorism financing and international sanctions ( < 1MB)

EquiLend, the global provider of trading, post-trade, data and insights, and digital solutions for the securities finance industry, and Credit Benchmark, the leading source of consensus credit risk data, today announced a partnership to integrate Credit Benchmark's consensus credit ratings into EquiLend's Onboard+ platform. The integration surfaces Credit Benchmark's consensus rating for each fund, including the number of institutions contributing to that rating, alongside existing onboarding data fields. The added context gives operations, credit and front-office users a clearer view of how the broader market rates a given fund - particularly for funds where official agency ratings are not available - and a reference point against which to evaluate internal ratings. Credit Benchmark's consensus ratings are derived from internal credit risk views contributed by leading global financial institutions, providing a market-wide perspective that is already used by many of the largest banks and asset managers. By embedding that data into Onboard+, EquiLend clients can prioritize counterparty and fund onboarding decisions more efficiently and assess where their firm's view sits relative to peers, all without leaving the platform. "Onboard+ is becoming a standard reference point for counterparty workflow in the securities finance market, and bringing Credit Benchmark's consensus data into that workflow puts an institutional credit lens directly where decisions are being made," said Mark Faulkner, Co-Founder, Credit Benchmark. "Our data is already used by many of the largest banks and asset managers and making it natively available inside Onboard+ accelerates adoption and makes day-to-day onboarding decisions more informed." "Onboard+ is designed to make counterparty onboarding faster and more transparent for the securities finance industry and embedding Credit Benchmark's consensus data is a natural extension of the platform," said Simon Waddington, Head of Post-Trade & Regulatory Solutions, EquiLend. "Our clients have asked for richer credit context within the platform, and this integration delivers it without adding workflow steps, helping to enhance their RWA management and ability to prioritize specific funds."

The Commodity Futures Trading Commission’s Division of Clearing and Risk, Division of Market Oversight, and Market Participants Division today announced they have taken no-action positions related to a request from three service providers, Capitolis Partners LLC, Quantile Technologies Limited (as part of the London Stock Exchange Group plc), and TriOptima AB (as part of OSTTRA) that offer post-trade risk reduction services (PTRRS) for swaps in the form of portfolio rebalancing and basis risk mitigation.    The letter provides a no-action position to the service providers for failure to register as swap execution facilities and notes they have registered with the CFTC as introducing brokers subject to compliance with CFTC regulations and National Futures Association rules.    The no-action letter also benefits any person who engages in portfolio rebalancing and basis risk mitigation services for: failure to enter into a swap or swaps on a designated contract market; swap execution facility; or a swap execution facility that is exempt from registration under the trade execution requirement in section 2(h)(8) of the Commodity Exchange Act; and failure to submit a swap or swaps that are required to be cleared to a derivatives clearing organization under CEA Section 2(h)(1) and part 50 of CFTC regulations.    The no-action letter reiterates the discussion of risk reduction services in the Commission’s 2020 part 43 final rule and clarifies that if PTRRS meet the description in that adopting release then those services do not meet the definition of a publicly reportable swap transaction and are not subject to the real-time public reporting and dissemination requirements in part 43.   The no-action letter is time-limited and subject to the terms and conditions in the letter RELATED LINKS CFTC Staff Letter No. 26-20

The attached ETF option classes will begin trading on the MIAX Options Exchange, MIAX Pearl Options Exchange, MIAX Emerald Options Exchange and MIAX Sapphire Options Exchange on Thursday, June 18, 2026.Market Makers can use the Member Firm Portal (MFP) to manage their option class assignments.  All LMM and RMM Option Class Assignments must be entered prior to 6:00 PM ET on the business day immediately preceding the effective date.  All changes made after 6:00 PM ET on a given day will be effective two trading days later. MIAX Pearl® Options Exchange MIAX Options® Exchange MIAX Emerald® Options Exchange MIAX Sapphire® Options Exchange

Please refer to the Regulatory Circulars listed below for the newly listed symbols and the corresponding market for the underlying security used for openings on the MIAX Exchanges: MIAX Options Regulatory Circular 2026-86 MIAX Pearl Options Regulatory Circular 2026-85 MIAX Emerald Options Regulatory Circular 2026-69 MIAX Sapphire Options Regulatory Circular 2026-89 The newly listed symbols will be available for trading beginning Thursday, June 18, 2026.

Thank you, Łukasz [Chyla], for that kind introduction.  I appreciate the opportunity to take part in the 4th US-CEE Connection Weekend, especially during the year that the United States celebrates the 250th anniversary of its Declaration of Independence.[1] Of course, standing here in the main aula of Jagiellonian University, which was founded in 1364, makes one realize that American institutions remain relatively youthful as compared to their European counterparts. Many of you in this room are aware that Polish-born individuals played key roles in making the American revolution possible.  Among those who helped America secure our independence were Thaddeus Kościuszko and Casimir Pulaski. Kościuszko, a military engineer, arrived in America in 1776 to offer his services to the Continental Army.  Commissioned as an officer, he helped design the fortifications at Saratoga and West Point, which played an important role in turning the tide towards American victory.[2] Today, he is buried not far away from here in Kraków at Wawel Cathedral and honored in the United States with a national memorial in Philadelphia.  Pulaski, a Polish nobleman, was recruited to the revolutionary cause by Benjamin Franklin.  He helped bring organization and proper training to the Continental cavalry and became known as the Father of the American Cavalry.[3] He gave his life in 1779 to the cause of American independence during the Siege of Savannah.[4] Pulaski is also honored in the United States with an annual day of commemoration in Chicago and a monument in Washington, D.C.  The ties between the United States and Poland have continued to endure across the centuries.  Since the fall of the Berlin Wall, Poland has become one of Europe’s most consequential democracies.  It has transitioned from a communist system to embracing free markets and democratic governance. Its commitment to free enterprise, capitalism, and the rule of law has contributed significantly to Poland becoming one of the fastest-growing economies in the European Union. The U.S. Declaration of Independence spoke of the “pursuit of happiness.”  I view that phrase as encompassing the freedom to choose your occupation, start a business, place your capital at risk, and reap the rewards—or absorb the losses—of your own decisions.[5] It includes the opportunity to compete in a marketplace for goods, services, labor, and ideas.  In so doing, it facilitates economic growth, jobs creation, and innovation.  A Nation of Owners The idea that liberty includes economic freedom is not merely an American ideal.  The leaders of Poland believed in the same idea at the end of the Cold War.  In 1990, Lech Wałęsa took office as Poland’s first democratically elected president since 1926.  In his inaugural address, he set out a goal that Poland should become a “nation of owners.”[6] He understood this as the surest way to rebuild the nation’s wealth and restore economic efficiency and called for practical changes, including privatization, an independent state treasury, and reform of the banking and credit systems.[7] Think about this moment in history.  It was about turning a communist economy into a free market one.  The phrase a “nation of owners” conveyed a concrete meaning.  For two generations, ordinary people did not own or hold a stake in anything.  All property was the property of the state.  A free-market economy cannot suddenly be switched on like a machine, but must be built over time and based on the decentralized decisions of businesses and households, influenced by prices and local knowledge, to produce and consume.  Wałęsa’s vision was ownership in the fullest sense where families would hold a stake in Poland’s economy and business enterprises would be built, owned, and grown by their founders, rather than by the government. Chairman Breeden’s 1990 Project and the Continued Partnership However, without risk capital, the notion of owning and creating a private business remains only a dream.  It is the capital markets where those dreams can become reality.  They are where companies can raise what they need to grow and innovate, and where the people of a country can share in that growth. The question facing Wałęsa was how to build them. That conversation began in 1990 between the U.S. Securities and Exchange Commission (“SEC”) and the emerging democracies of Eastern Europe.  Then-SEC Chairman Richard Breeden delivered a speech before the Los Angeles World Affairs Council on the internationalization of securities markets, and much of his focus was on this region.[8] Poland, he reported, had asked the SEC for technical assistance on trading systems, the clearance and settlement of transactions, the licensing of market personnel, and enforcement.  Hungary was about to reopen the Budapest Stock Exchange after 48 years of closure, and Poland was preparing to establish a stock exchange of its own.  That February, a Soviet delegation had visited the SEC to learn how to build capital markets.  Chairman Breeden called it “our Berlin Wall crumbing” for those in the securities field.[9] For Chairman Breeden, helping these countries build free markets was the “right thing to do” and a form of person-to-person foreign aid. The SEC backed that vision with people and a program.  In 1992, drawing on funding from the Support for an Eastern European Democracy Act,[10] the Commission placed a senior advisor inside the Polish Securities Commission for a year, where the advisor helped refine the country’s securities laws.[11] These efforts would eventually reach well beyond Warsaw. In 1991, the SEC held its first International Institute for Securities Market Development, a signature initiative of Chairman Breeden that continues to this day and has trained thousands of regulators from over 100 countries.[12] CEE Success Since the Cold War What Central and Eastern Europe have achieved since 1989 is one of the great economic stories of the modern era.  Across the region, growth has been remarkable.  Since 1990, GDP per capita in countries like Poland and Hungary has grown many times over—more than fifteen times and eight times, respectively.[13] The transformation of capital markets has been just as striking.  The number of publicly listed domestic companies in Poland grew from just nine in 1992 to around 750 today, and the market capitalization of those companies has risen from about $4.5 billion in 1995 to more than $300 billion now—from around 3% of GDP to over 20%.[14] This growth has occurred throughout Central and Eastern Europe, at different paces but along similar institutional lines. The drivers have included trade, foreign direct investment, accession to the European Union, and institutional reform.  Banks, both foreign and domestic, played an important role in financing that early growth—but the next step depends on capital markets in a way the early stages did not. The Next Stage of Growth Needs Capital Markets The financial markets can be particularly effective at allocating capital—a scarce resource—among competing ideas.  They draw on many investors with differing appetites for risk, liquidity, and investment horizons, so they offer the ability to finance even the riskiest, most innovative ideas, in a way that bank lending cannot.  In a bank-dependent economy, the most innovative ideas, which are often the riskiest, can struggle to take hold.  In the United States, by contrast, new businesses can access a multitude of sources for finance, including venture capital, angel investors, and crowdfunding.  Those investors actively seek risk and share in the upside, so the most disruptive ideas get backed more often.  However, the risk of failure can be significant.  Banks, by their nature and the deposits they hold, are not intended to take that kind of equity risk, which is why the capital markets play a crucial role.  In 2024, former European Central Bank President Mario Draghi released his report on European competitiveness.  Europe’s capital markets, he found, remain fragmented, and the flow of savings into them is lower than other major economies—only about 5% of global venture-capital funds are raised in the EU, compared to 52% in the United States.[15] While European households save more than American households, their savings are generally not channeled into higher risk, higher return investments.[16] The result, in the report’s words, is that the EU “relies excessively on bank financing, which is less well-suited to fund innovative projects,” with banks “ill-equipped to finance innovative companies,” lacking the expertise to assess them and the means to value their largely intangible collateral.[17] The pattern is even sharper across Central and Eastern Europe. The banking sector dominates the financial system of most countries in the region, and households hold a higher share of their financial assets in cash and deposits than the EU average—including in Poland, where households hold over half their financial assets in cash and bank deposits.[18] Europe has recognized the need for change.  The European Commission’s Savings and Investments Union seeks to transform the roughly €10 trillion of EU household savings currently sitting in low-yield deposits into capital investment in firms that drive economic growth.[19] In Poland, the proposed Personal Investment Account—the OKI—aims to move savings into capital markets by offering tax-free returns on assets up to a certain amount.[20] These are meaningful steps toward unlocking the potential of capital markets. At the same time, Europe is moving to ease the burden on business.  After launching its “Omnibus” simplification effort in 2025, the EU adopted a directive this past February that narrows two of its most demanding sustainability mandates—the Corporate Sustainability Reporting Directive and the Corporate Sustainability Due Diligence Directive.[21] Framed as a matter of competitiveness, it raises the thresholds so that far fewer companies are covered and extends the compliance date for the due-diligence obligations to 2029.[22] The SEC has been making similar adjustments in the United States.  Several weeks ago, the Commission proposed to rescind its own climate-disclosure rule and return to financial materiality as the test on what must be disclosed.  This is a reminder that financial regulation must focus on improving market quality and efficiency, not as a tool to achieve political and social goals in areas where legislatures and governments have failed to act.  Disclosure serves investors and the markets best when it is tied to financial materiality and where the benefits of such disclosure outweigh the costs to produce such disclosure.  I particularly worry about regulatory requirements that place the heaviest burden on smaller and newer companies, which may dissuade such companies from going public at all.  That points to a larger truth: capital does not stand still.  When regulators fail to provide an optimal framework, market participants do not wait around—they go to where the rules work, and when they do, investors lose and competition suffers.  The best way to keep capital at home is not to wall it in, but to build markets worthy of investors.  This work is on-going in the United States as well.  Over the past year, the SEC has reviewed its core disclosure rules to refocus them on what is financially material, to modernize the registered offerings process, and to expand accommodations for smaller and newer companies.  The goal is to have regulations that create-on ramps to more public companies, not obstacle courses.   Conclusion To close my remarks, I would like to express my sincere appreciation to the Catholic University of America for its dedication and efforts to facilitate closer ties between Poland and the United States.  Millions of Americans have ancestral ties to Poland.  Yet, for the duration of the Cold War, opportunities for person-to-person exchanges between our two countries were nearly non-existent.  I hope that the next chapter of Poland’s will be shaped, in part, by a deepened connection between the Polish and American people, including in business, government, and education.  Investments in the capital markets will be one element of that connection.  Thirty-five years after this region’s new start of freedom and opportunity, I look forward to watching this important partnership grow to new levels and achieve the mutual benefits that it will bring to our respective nations.  Thank you. [1] My remarks reflect solely my individual views as a commissioner and do not necessarily reflect the views of the full U.S. Securities and Exchange Commission or my fellow Commissioners. [2] Nat’l Park Serv., Thaddeus Kosciuszko, https://www.nps.gov/thko/learn/historyculture/kosciuszkobio.htm(last visited Jun. 12, 2026). [3] Mount Vernon, Casimir Pulaski, https://www.mountvernon.org/library/digitalhistory/digital-encyclopedia/article/casimir-pulaski (last visited Jun. 12, 2026). [4] Nat’l Park Serv., Casimir Pulaski Memorial, https://www.nps.gov/places/000/brigadier-general-count-casimir-pulaski-memorial.htm(last visited Jun. 12, 2026).  [5] Mark T. Uyeda, Capital, Choice, and the Pursuit of Happiness: Remarks at the SEC Speaks in 2026 (Mar. 19, 2026), https://www.sec.gov/newsroom/speeches-statements/uyeda-remarks-sec-speaks-031926. [6] Smuniewski, Urych & Zanini, "The Principles of Economic Transformation in Poland After 1989 According to President Lech Wałęsa, European Research Studies Journal, Volume XXIV, Issue 2 - Part 1, 1227, 1233 (Jun. 2021), https://ersj.eu/journal/2185. [7] Id. at 1237. [8] Richard C. Breeden, Internationalization of the Securities Markets: The Challenges and the Promise for the 1990s, 3-6 (May 18, 1990), https://www.sec.gov/news/speech/1990/051890breeden.pdf. [9] Id. [10] See Support for East European Democracy (SEED) Act of 1989, Pub. L. No. 101-179, 103 Stat. 1298 (1989). [11] Interview by SEC Hist. Soc’y with Robert Strahota 4 (Apr. 18, 2006), https://www.sechistorical.org/collection/oral-histories/strahota041806Transcript.pdf. [12] Id. at 9. [13]  Calculations by the SEC Div. of Econ. & Risk Analysis (DERA), based on World Development Indicators, https://databank.worldbank.org/source/world-development-indicators. [14] Id. [15] Mario Draghi, The Future of European Competitiveness—Part A: A Competitiveness Strategy for Europe, 29-30 (Sept. 2024), https://commission.europa.eu/topics/competitiveness/draghi-report_en. [16] Id. at 63. [17] Id. at 64. [18] Int’l Monetary Fund, Eur. Dep’t, Republic of Poland: 2025 Article IV Consultation-Press Release; and Staff Report, 50 (Jan. 2026), https://www.imf.org/-/media/files/publications/cr/2026/english/1polea2026001-source-pdf.pdf. [19] See Eur. Comm’n, Savings and Investments Union Strategy: Better Financial Opportunities for EU Citizens and Businesses (Mar. 19, 2025), https://ec.europa.eu/commission/presscorner/api/files/document/print/en/ip_25_802/IP_25_802_EN.pdf. [20] Int’l Monetary Fund, supra note 18, at 50-51. [21] See EU Omnibus I, Directive (EU) 2026/470 (adopted Feb. 24, 2026), https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32026L0470&qid=1772093160638. [22] See Press Release, Council of the EU, Council Signs Off on Simplification of Sustainability Reporting and Due Diligence Requirements to Boost EU Competitiveness (Feb. 24, 2026), https://www.consilium.europa.eu/en/press/press-releases/2026/02/24/council-signs-off-simplification-of-sustainability-reporting-and-due-diligence-requirements-to-boost-eu-competitiveness/

The Office of the Comptroller of the Currency (OCC) today clarified the standards for its decisions on filings. OCC filing decisions are governed by 12 CFR 5.13. As stated in the regulation, the OCC may approve, conditionally approve or deny a filing. In addition, the OCC may return a filing as materially deficient where it lacks sufficient information for the OCC to make a determination under the applicable statutory or regulatory criteria. This communication is to remind the public that the OCC strictly adheres to the regulation and to explain how the OCC implements it, which aligns with the agency’s historical practices. The OCC is committed to acting on all filings in a timely manner appropriate to the nature and complexity of the filing. However, the OCC may return a filing without a decision if it finds the filing to be materially deficient. In that respect, it is paramount that filings contain all information necessary for the OCC to evaluate the filing as part of the initial submission. Otherwise, the OCC will return a materially deficient filing before engaging in any meaningful processing of the filing. This includes the failure to furnish required biographical and financial information of individuals and corporate background and financial report for entities, as well as any required information requested by the filing form. In addition, the OCC may return a filing as materially deficient if, after attempting to have the filer furnish all required information for the OCC to assess the statutory or regulatory criteria through an additional information request, the responses do not sufficiently respond to the requests. This includes where the organizers of a de novo charter have not demonstrated that all products and services have been defined with particularity, including how they will be operationalized, or have not fully defined the associated governance, risk management, and compliance management infrastructure to manage these products and services. The OCC approves a filing when it finds the filer has favorably met the appropriate statutory, regulatory and policy criteria related to the filing type. Where appropriate, the OCC will condition an approval to ensure the filer will operate in a safe and sound manner, consistent with OCC policy, and comply with applicable laws and regulations. When the OCC finds a significant supervisory, Community Reinvestment Act (if applicable), or compliance concern exists with respect to the filer, approval is inconsistent with law, regulation, or OCC policy, or the filer fails to provide requested information, the agency plans to deny the filing. A filing is inconsistent with law or regulation if it does not meet the applicable statutory or regulatory criteria for that filing type. Under the regulation, if the OCC denies a filing, the OCC must notify the filer in writing of the reasons for the denial. In addition, the OCC plans to make all denial decisions public in order to provide the industry and all applicable stakeholders awareness of how the OCC has applied the decision criteria in that proposal. The denial of an application does not prohibit the applicant from filing a subsequent application. Ultimately, it is important that the public understand how filings are decided under applicable laws, regulations, and policy. Related Link Bulletin 2026-27, “Filing Decision Process”

FINRA has expelled from membership Reid & Rudiger LLC (the firm) and barred cofounders Clifford Reid and CEO Edward Rudiger, Jr. from association with any member firm for churning and excessively trading customer accounts in violation of Regulation Best Interest (Reg BI) and FINRA rules.  Separately, FINRA suspended the firm’s supervisors, Marc Harrison and Kelli Mezzatesta, who both failed to identify and investigate red flags related to Rudiger’s and Reid’s pervasive misconduct, for three months in all principal capacities. FINRA also fined them $5,000 each and required them to complete 20 hours of supervision-related continuing education.  Excessive trading in a customer's account is trading that generates commissions for the broker but is not in the customer’s best interest. Churning is excessive trading undertaken with an intent to defraud or with reckless disregard for a customer’s interests. “This action underscores FINRA’s unique role as a self-regulatory organization committed to protecting retail investors from misconduct,” said Bill St. Louis, Executive Vice President and Head of Enforcement at FINRA. “The egregious churning and excessive trading in this case resulted in significant customer losses over nearly six years, warranting the firm’s expulsion and permanent bars for the registered representatives responsible.” FINRA determined that the firm and its cofounders excessively traded a total of 20 accounts, several of which were also churned over the course of six years with an intent to defraud or with reckless disregard for customers’ interests. This misconduct caused customers to incur approximately $2 million in commissions and trading costs and approximately $2.7 million in losses.  Both Reid and Rudiger recommended to customers a high-volume, high-cost market-timing strategy that made it virtually impossible for customers to make a profit. This misconduct violated the Care Obligation of Reg BI, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5, and FINRA Rules 2111, 2020 and 2010.  The misconduct was evident through disproportionate commissions and trading costs that resulted in high cost-to-equity ratios, which represents the return on a customer’s investments that would have been needed to cover commissions and expenses. This included: An account with an annualized cost-to-equity ratio of more than 111%, which means the account would have needed to generate returns of 111% just to break even; An account with an annualized cost-to-equity ratio of more than 69% and a resulting loss of more than $345,000; and An account with an annualized cost-to-equity ratio of more than 67% and a resulting loss of nearly $400,000. The firm and Rudiger, as CEO, failed to establish and maintain a supervisory system reasonably designed to detect and act upon churning and excessive trading.  In addition, the firm, as well as Harrison and Mezzatesta, failed to take reasonable steps to supervise the trading in the affected customers’ accounts, despite numerous red flags indicative of excessive trading and churning. They also did not consider customers’ cost-to-equity ratios in the course of trading supervision or use available exception reports that could have assisted in identifying the violative trading. In settling these matters, the firm, as well as Reid, Rudiger, Harrison and Mezzatesta accepted and consented to the entry of FINRA’s findings without admitting or denying them. FINRA makes available disciplinary actions and other information on its Disciplinary Actions Online database. In addition, FINRA publishes on its Monthly Disciplinary Actions page a summary of disciplinary actions against firms and individuals for violations of FINRA rules; federal securities laws, rules and regulations; and the rules of the Municipal Securities Rulemaking Board. FINRA’s use of fine monies is limited to specific purposes set forth in its public Financial Guiding Principles, which are approved by its Board of Governors. FINRA publicly itemizes and discloses how it uses fine monies each year.

Following the publication of Monetary Policy Summary and minutes of the Monetary Policy Committee meeting on 18 June 2026, the Governor will give his usual pooled broadcast interview. The transcript of this interview will be published at 1.30pm on this page: Transcript of the Governor's pooled broadcast interview following the publication of the Monetary Policy Summary and minutes of the Monetary Policy Committee meeting on 18 June 2026

The attached tables and charts released on Wednesday summarize the economic projections made by Federal Open Market Committee participants in conjunction with the June 16-17 meeting. Projections (PDF) | Accessible Mate

The Federal Open Market Committee approved the following statement for release by a 12 – 0 vote: The Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent, in support of the Federal Reserve's dual mandate. The Committee reaffirmed its policy of maintaining ample reserves in the banking system. Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East. Productivity growth and capital investment are strong. Job gains have kept pace with the workforce, and the unemployment rate has changed little. Inflation remains elevated relative to the Committee's 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy. The Committee will deliver price stability. Implementation Note issued June 17, 2026

CME Group, the world's leading derivatives marketplace, today announced its longest-serving Chairman and Chief Executive Officer Terry Duffy will transition to Executive Chairman on March 1, 2027. Lynne Fitzpatrick, currently President and Chief Financial Officer, will be named Chief Executive Officer and will join the CME Group Board of Directors at that time. Duffy has been at the helm of CME Group for more than 25 years when he was appointed Chairman in 2002, then Executive Chairman in 2006 and Chairman and Chief Executive Officer in 2016. Throughout his tenure, Duffy has led the company, and in turn the industry, through significant and ongoing transformation. He built a global trading powerhouse that traded an average daily volume of 28.1 million contracts last year and commands a market cap of more than $95 billion, up more than 8,000% since Duffy took the company public in 2002.  Under Duffy's leadership, CME Group transitioned from floor-based to electronic trading and became the first U.S. exchange to go public. He successfully completed the industry's first merger with cross-town rival the Chicago Board of Trade in 2007, a combination that few believed would come to fruition and an achievement that was quickly followed by the acquisition of the New York Mercantile Exchange in 2008. He also guided the company through times of turbulence including the global financial crisis of 2008 and the downfall of trading firm MF Global. His long, proven track record of innovation continues and has included the 2018 acquisition of NEX, a landmark partnership with Google Cloud in 2021, and a groundbreaking venture with FanDuel in 2025 that expands the reach of CME Group benchmark products to a new audience of millions of potential U.S. retail traders. "Leading CME Group through more than 25 years of transformative growth has been among the highest honors of my life," said Duffy. "Since first stepping onto the trading floor in the 1980s, I have been a believer that strong, transparent and regulated markets are a powerful force in driving progress for economies, businesses and individuals. Together with my Board, colleagues both past and present, and our employees across the globe, I am proud to have played a role in turning my conviction into history, as CME Group has grown from a Chicago institution to a true global powerhouse – all while generating billions in daily efficiencies for market users globally. "I am pleased our company is so well positioned and have never been more optimistic about its future potential. As I begin this transition to Executive Chairman, I look forward to working even more closely with Lynne, our soon-to-be CEO, to deliver enhanced benefits to our clients and new value for our shareholders. With more than 20 years of strategic and financial expertise and strong leadership abilities, Lynne is the right person at the right time. She will continue moving our company forward for our clients, shareholders and our entire global team." "On behalf of the CME Group Board, I thank Terry for his tremendous leadership, not only as the longest running Chairman and CEO in our company's history, but also as the foremost champion of our business, our markets and the global futures industry," said Charlie Carey, Lead Director of the CME Group Board of Directors. "As a friend and colleague for more than 40 years, I've had a front row seat to watch Terry successfully deploy the strategic vision that has propelled CME Group into one of the strongest global financial services organizations in the world. We are pleased he will remain as Executive Chairman to work with Lynne, a strong, accomplished leader in her own right, as she steps into the role of CEO and continues to build and expand our company's leading position in this very dynamic marketplace." Fitzpatrick said, "It is my privilege to have been able to work with and learn from Terry over the last 20 years, and I am honored to have the opportunity to succeed him as CEO next March. I appreciate the confidence that he and the Board have placed in me, and I look forward to working with our investors, clients and employees around the world as we grow our core business and create value for our shareholders."  Duffy Biographical Information A leading voice of the financial industry, Duffy joined CME Group as a runner in the lean hog pit in 1980. He purchased a seat to become a member and founded his trading company, TDA Trading, in 1981. Duffy joined the Board of Chicago Mercantile Exchange in 1995, was named Vice Chairman in 1998 and Chairman in 2002. He became Executive Chairman of the Board of CME Group in 2006, Executive Chairman and President in 2012, and was named to his current role of Chairman and CEO in 2016. He regularly testifies before Congress on key issues facing derivatives markets, clients and global market users. He has been named FOW's International CEO of the Year, one of TabbFORUM's 40 Innovators in Financial Markets, a member of the Futures Industry Association's Hall of Fame and included in Crain's Who's Who in Chicago Business. Under his leadership, CME Group has received a wide range of industry awards recognizing the company, clearing house, technology, product innovation and brand value. Duffy was inducted into the Futures Industry Hall of Fame by the Futures Industry Association in 2025. He was appointed by President Bush and confirmed by the U.S. Senate in 2003 to join the Federal Retirement Thrift Investment Board (FRTIB), a position he held until 2013.  He serves as Co-Chair of the Mayo Clinic Greater Chicago Leadership Council and is a Board member of the CME Group Foundation. He attended the University of Wisconsin-Whitewater and received a Doctor of Public Service, honoris causa, from Saint Xavier University and a Doctor of Humane Letters from DePaul University. Fitzpatrick Biographical Information Fitzpatrick was appointed President and Chief Financial Officer in 2024. She previously served as Chief Financial Officer since 2023, Deputy Chief Financial Officer since 2022 and Managing Director of Corporate Development and Treasurer since 2017. Since joining CME Group in 2006, Fitzpatrick has held a variety of positions with increasing levels of responsibility within the organization. She previously worked as an investment banker at Credit Suisse and UBS. Fitzpatrick has been named to Crain's 40 Under 40 and recognized as one of Crain's Chicago Business Notable Leaders in Finance. She holds a bachelor's degree in economics from Brown University and an MBA from the University of Chicago Booth School of Business.

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for May 2026. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity over the next quarter, found a monthly increase in request volume for new municipal identifiers, while requests for new corporate identifiers declined. North American corporate CUSIP requests totaled 7,989 in May, which represents a 10.9% decrease on a monthly basis. On an annualized basis, North American corporate requests were up 9.6% over May 2025 totals. Requests for new U.S. corporate debt identifiers fell 0.4% and requests for new U.S. corporate equity identifiers fell 0.8% for the month of May. The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – rose 10.3% versus April totals. On a year-over-year basis, overall municipal volumes were down 4.1% through the end of May. Texas led state-level municipal request volume with a total of 160 new CUSIP requests in May, followed by New York (119) and California (98). “We’re seeing some mixed results in the CUSIP issuance dataset this month, as municipal issuers continue to request new identifiers at a rapid clip and corporate issuers pull back a bit,” said Gerard Faulkner, Director of Operations for CGS. “Overall, volumes remain within historical norms for this time of year, which suggest a relatively steady new issuance environment for the near-term.” Requests for international equity CUSIPs rose 10.4% in May and international debt CUSIP requests were up 34.6%. On an annualized basis, international equity CUSIP requests were up 4.7% and international debt CUSIP requests were up 16.7%. To view the full CUSIP Issuance Trends report for May, please click here. Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through May 2026: Asset Class 2026 YTD 2025 YTD YOY Change U.S. Corporate Equity 6,072 4,769 27.3% Private PlacementSecurities   2,416 2,028 19.1% Syndicated Loans 1,329 1,124 18.2% International Debt 3,231 2,768 16.7% Short-Term MunicipalNotes 363 340 6.8% International Equity 756 722 4.7% Long-Term MunicipalNotes 221 214 3.3% CDs < 1-year Maturity 3,731 3,941 -5.3% U.S. Corporate Debt 13,186 13,627 -3.2% CDs > 1-year Maturity 3,011 3,251 -7.4% Municipal Bonds 4,238 4,582 -7.5% Canada CorporateDebt & Equity 2,308 2,829 -18.4%  

The London Metal Exchange (LME) has today signed an agreement with the Shanghai Futures Exchange (SHFE) to launch an LME-listed futures contract that will allow market participants outside China to acquire exposure to the SHFE flat steel market. The new LME contract – LME Steel HRC Shanghai – will be cash-settled against the Steel HRC Shanghai (SHFE) monthly US dollar price. The necessary currency conversions and other pricing tasks will be undertaken by Commodity Pricing and Analysis Limited (CPAL), a sister company to the LME. John Williamson, LME Chairman, said: “This is an exciting development for both markets. It will give companies outside China easier access to one of the world’s most liquid commodity contracts alongside the simplicity of trading a cash-settled LME contract. “Our suite of cash-settled steel contracts will be enhanced by this agreement and it will strengthen the LME’s links with the world’s largest producer and consumer of metals.” Mr. Tian Xiangyang, Chairman of SHFE, said: “China has a large-scale and well-established steel industry, supported by a mature and well-regulated futures market. "This cooperation will further attract global steel enterprises and financial institutions to participate in price formation, and continuously enhance the international influence of China's steel futures products." Trading is expected to commence in October 2026, and the LME will announce a launch date for the contract following final regulatory non-objection.

The United Kingdom has imposed its largest ever penalty for a breach of Russian financial sanctions since the 2022 invasion of Ukraine. UK travel technology firm fined more than £1 million for breaching UK financial sanctions against Russia. Sabre Global Technologies Limited made funds and economic resources available to a designated Russian airline for seven months in 2022, and tested alternative payment routes to get around UK sanctions. Third penalty issued under OFSI’s new settlement policy, as the UK continues ironclad support of Ukraine. The £1 million fine has been levied against a technology firm – Sabre Global Technologies Limited (SGTL) – that repeatedly breached UK financial sanctions.   The action by the Office of Financial Sanctions Implementation (OFSI) – part of HM Treasury – underlines the UK’s increasingly robust enforcement of the Russia sanctions regime in support of Ukraine and sends clear compliance lessons to industry. The penalty is also the first issued by OFSI for a circumvention offence, and comes as the UK steps up enforcement action on those seeking to evade our sanctions regime.  SGTL, which provides travel technology services, continued to provide Russian carrier Ural Airlines access to its Global Distribution System service for seven months after it was designated by the UK in May 2022. SGTL was notified of the designation on the day it took effect. After payments to its UK bank were blocked for sanctions concerns, SGTL explored alternative ways of receiving payments from Ural Airlines. This included asking Ural Airlines to send a test payment to a non-UK SGTL bank account, intending for future settlements to be routed through this account. This amounted to circumvention of UK sanctions. Prime Minister Keir Starmer said: Those who seek to evade our sanctions regime and support Putin’s cronies should be in no doubt, we will come after you. It is vital we support Ukraine and continue to ramp up pressure on Russia, as every pound flowing into Putin’s war chest is being used to fuel conflict in Europe and undermine our security. Chancellor Rachel Reeves said: Our support for Ukraine is ironclad. This largest ever penalty for breaches of financial sanctions since Russia’s 2022 illegal invasion sends a clear message - we will take decisive action against those who break UK financial sanctions and help fund Russia’s war machine. The UK alone has sanctioned more than 3300 individuals, businesses and ships under the Russia sanctions regime. This latest action follows sanctions packages in May which targeted the infrastructure underpinning Russia’s war economy, including crypto exchanges and maritime services. SGTL has been fined a total of £1,000,920.59 for breaches of the Russia (Sanctions) (EU Exit) Regulations 2019. More information The penalty notice is available at: Imposition of Monetary Penalty - Sabre Global Technologies Limited (SGTL) In line with OFSI’s enforcement guidance, the case was assessed to be “most serious.”  SGTL actively circumvented UK financial sanctions, continued to provide services to Ural Airlines for several months after potential breaches had been identified, and directly undermined the purpose of the sanctions regime by providing an economic resource to a designated person. At the time of the breaches, SGTL faced a number of compliance issues, including in relation to staffing and process. OFSI found that SGTL lacked effective senior oversight of sanctions and was unable to properly assess or mitigate its sanctions risks. SGTL made a voluntary disclosure to OFSI, cooperated with the subsequent investigation, and have undertaken remediation to improve their future compliance with sanctions. This was the third penalty resolved under transitional arrangements in OFSI’s new settlement policy, introduced in February 2026.

Broadridge Financial Solutions, Inc. (NYSE: BR), a global Fintech leader, today announced it has joined Anthropic's Project Glasswing, a new industry initiative focused on using frontier AI models to help secure the world's most critical software and strengthen cyber defense. Broadridge's participation underscores its commitment to supporting the security of the financial services industry. "Cybersecurity is fundamental to the resilience of financial markets," said Tim Gokey, CEO of Broadridge. "We are participating in Project Glasswing to apply frontier AI models to our own systems, helping us stay ahead of emerging threats and supporting a safer financial ecosystem." Project Glasswing brings together organizations that build or maintain software for critical infrastructure, including financial services, to address a rapidly evolving threat landscape. As part of the initiative, participants will use Claude Mythos Preview, Anthropic's unreleased frontier model, to strengthen defensive security efforts across foundational systems that represent a significant portion of the world's shared cyberattack surface.

The MENA Fintech Association (MFTA), the leading not-for-profit fintech ecosystem enabler and industry advocacy platform across the Middle East and Africa, today announced a strategic collaboration with Fintech.TV, the premier global media platform dedicated to financial innovation, capital markets, fintech, digital assets, and the future of finance. The partnership will establish a dedicated series of high-impact on-air discussions, executive interviews, thought leadership programs, and ecosystem-focused broadcasts featuring global policymakers, regulators, financial institutions, fintech founders, investors, technology innovators, and industry leaders. Powered by the MENA Fintech Association and amplified through Fintech.TV’s international media reach, the initiative aims to showcase the rapid evolution of the UAE and broader MENA fintech landscape while facilitating meaningful dialogue around the future of financial services, innovation, regulation, and digital transformation. The collaboration will serve as a global platform for advancing conversations across critical sectors including payments, digital banking, embedded finance, open finance, digital identity, Web3, digital assets, tokenization, artificial intelligence, sustainable finance, financial inclusion, cross-border innovation, and emerging regulatory frameworks. Through exclusive programming and executive-level discussions, the alliance will provide a unique channel for industry stakeholders to share insights, shape market narratives, promote innovation, and contribute to the development of forward-looking policy frameworks that support responsible growth across the global fintech ecosystem. As the UAE continues to strengthen its position as a leading international hub for financial innovation, entrepreneurship, and digital economy development, the partnership seeks to further elevate regional success stories, connect local innovators with international audiences, and foster greater collaboration between public and private sector stakeholders. The initiative will also support broader ecosystem development objectives by creating opportunities for knowledge exchange, cross-border partnerships, investment attraction, regulatory engagement, and thought leadership across key financial centers worldwide. "The future of fintech will be shaped by those who lead global conversations, not simply participate in them. Through the MENA Fintech Association’s partnership with FINTECH.TV, we are creating a powerful international platform that positions the MENA region at the center of financial innovation, policy dialogue, and industry leadership - connecting regional excellence with global influence." — Nameer Khan, Chairman, MENA Fintech Association The MENA region is rapidly becoming a global hub for fintech innovation, entrepreneurship, and investment. At FINTECH.TV, we are excited to partner with the MENA Fintech Association to spotlight the leaders and ideas transforming the industry. By combining MFTA’s ecosystem leadership with FINTECH.TV’s international media platform, we will deliver impactful conversations, amplify regional innovation, and connect the MENA fintech community with audiences around the world. Troy McGuire Co-Founder and Global Head of Content and Operations, FINTECH.TV  The partnership reflects a shared commitment to strengthening global fintech connectivity, promoting informed policy discourse, and accelerating the next generation of financial innovation through strategic collaboration, media engagement, and industry leadership. By bringing together influential voices from across government, finance, technology, and investment communities, MFTA and Fintech.TV aim to create one of the region's most influential platforms for fintech dialogue, market intelligence, and ecosystem advancement.