The Commodity Futures Trading Commission’s Division of Market Oversight and Division of Clearing and Risk today announced they have taken a no-action position regarding swap data reporting and recordkeeping regulations.  The divisions will not recommend the Commission initiate an enforcement action against designated contract markets, derivatives clearing organizations, or their participants for failure to comply with certain swap-related recordkeeping requirements and for failure to report to swap data repositories data associated with fully collateralized event contract transactions. This no-action position is subject to the terms of the no-action letter issued today.  This position is in response to numerous requests from DCMs and DCOs that list and clear event contracts. The divisions anticipate receiving similar requests, including requests to modify previous no-action positions to account for amendments to DCM designation orders, changes in DCOs, and other developments. The divisions intend for today’s no-action position to streamline the process for addressing such requests and to ensure uniform treatment of market participants. The divisions’ no-action position covers all beneficiaries of previous no-action letters concerning data reporting for similar contracts. Entities wishing to list or clear similar contracts may request a no-action position identical to today’s letter. If the divisions grant such a request, they will add the requester to the appendix to the no-action letter. This approach removes the need for the divisions to continually issue identical no-action letters and ensures consistent treatment for new and previous applicants. RELATED LINKS CFTC Staff Letter No. 26-14

Intercontinental Exchange, Inc. (NYSE:ICE), one of the world’s leading providers of financial market technology and data powering global capital markets, announced today that Jeffrey C. Sprecher, Chair and CEO, will present at the Bernstein 42nd Annual Strategic Decisions Conference. The presentation will take place on Wednesday, May 27 at 2:30 p.m. ET. The presentation will be available live and in replay via webcast and can be accessed in the investor relations and media section of ICE’s website at http://ir.theice.com.

Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology, today announced that it has entered into a definitive agreement with Bridgeport Partners, a specialist private equity firm focused on financial technology, to form a joint venture encompassing Fiserv’s ATM Managed Services, Cash & Logistics, and MoneyPass businesses. The transaction remains subject to required regulatory approvals and customary closing conditions.  The proposed joint venture brings together Fiserv’s deep industry expertise, long-standing client relationships, and trusted technology foundation with Bridgeport Partners’ operational focus and experience investing in businesses at a transformational point in their lifecycle. Consistent with Fiserv’s One Fiserv strategy, the agreement reflects the company’s continued focus on actively shaping its portfolio around partners, platforms and operating models that best position each business to grow, innovate, and deliver strong outcomes for clients. With a dedicated operating partner, the businesses are expected to benefit from disciplined investment and a focused operating model.  Upon closing, Bridgeport Partners is expected to assume operational control of the businesses and oversee day-to-day management. A formal governance structure will be established, with both parties aligned on long-term value creation, client outcomes, and sustainable growth.  “Fiserv has built strong, durable businesses serving financial institutions, merchants, and consumers across the ATM and cash ecosystem,” said Mike Lyons, CEO, Fiserv. “This agreement reflects our One Fiserv approach, delivering positive client experiences, aligning each business with the operating model and investment best suited to drive growth and client outcomes. Bridgeport Partners brings the experience and focus we believe are essential to this next phase.”  Bridgeport Partners has a track record of partnering with management teams to scale financial technology and payments-adjacent platforms. The Bridgeport team brings more than four decades of experience across banking and payments technology and services, with an investment strategy centered on operational excellence, product innovation, and long-term growth within established financial infrastructure markets.  “These businesses play a critical role in the financial services ecosystem, and with the joint venture, we see a significant opportunity to accelerate growth meaningfully,” said Frank Martire, Jr., Executive Chairman, Bridgeport Partners. “Fiserv is the right partner for us, and together we can bring the dedicated focus and investment needed to realize their full potential. We look forward to helping these businesses become even more valuable to the financial institutions they serve, while continuing to deliver the reliability, performance and service their clients depend on every day.” The businesses will continue to operate as part of Fiserv until the transaction closes. Additional details regarding the transaction will be shared as appropriate. 

Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) today reported select monthly operating data for April 2026. Funded Customers at the end of April were 27.6 million (up approximately 110 thousand from the end of March 2026, up approximately 1.65 million year-over-year). Total Platform Assets at the end of April were $345 billion (up 12% from the end of March 2026, up 49% year-over-year). Net Deposits were $6.0 billion in April, or a 23% annualized growth rate relative to March 2026 Total Platform Assets. Over the last twelve months, Net Deposits were $67.0 billion, or an annual growth rate of 29% relative to April 2025 Total Platform Assets. Trading Volumes in April: Equity Notional Trading Volumes were $249 billion (up 15% from March 2026, up 57% year-over-year). Average daily volumes (“ADVs”)1 were $11.8 billion (up 20% from March 2026, up 57% year-over-year). Options Contracts Traded were 225 million (up 9% from March 2026, up 34% year-over-year). ADVs were 10.7 million contracts (up 14% from March 2026, up 34% year-over-year). Crypto Notional Trading Volumes were $11.9 billion (down 33% from March 2026, up 38% year-over-year), including Robinhood App Notional Trading Volumes of $5.4 billion (down 5% from March 2026, down 37% year-over-year) and Bitstamp Notional Trading Volumes of $6.5 billion (down 46% from March 2026). Robinhood App ADVs were $180 million (down 2% from March 2026, down 37% year-over-year), and Bitstamp ADVs were $217 million (down 44% from March 2026). Event Contracts Traded were 3.2 billion (up 7% from March 2026). ADVs were 107 million contracts (up 10% from March 2026). Interest Earning Assets in April: Margin balances at the end of April were $18.0 billion (up 6% from the end of March 2026, up 114% year-over-year). Cash and Deposit balances at the end of April were $18.1 billion (up 8% from the end of March 2026, up 59% year-over-year).  Cash Sweep balances at the end of April were $27.6 billion (up 6% from the end of March 2026, down 4% year-over-year). Total Securities Lending Revenue in April was $32 million (down 3% from March 2026, up 28% year-over-year). This includes Securities Lending, Net revenues of $3 million.   April2026 March2026 M/MChange April2025 Y/YChange (M - in millions, B - in billions)           Funded Customer Growth (M)           Funded Customers 27.6 27.4 +1% 25.9 +7%             Asset Growth ($B)           Total Platform Assets $345.4 $307.3 +12% $232.3 +49% Net Deposits2 $6.0 $7.6 NM $6.8 NM             Trading           Equities and Options Trading Days 21.0 22.0 (5%) 21.0 - Crypto and Prediction Markets Trading Days 30 31 (3%) 30 -             Total Trading Volumes           Equity ($B) $248.5 $216.1 +15% $157.8 +57% Options Contracts (M) 224.8 205.9 +9% 167.5 34% Crypto ($B) $11.9 $17.8 (33%) $8.6 +38% Robinhood App ($B) $5.4 $5.7 (5%) $8.6 (37%) Bitstamp ($B) $6.5 $12.1 (46%) - NA Event Contracts (B) 3.2 3.0 +7% 0.2 NM             Average Daily Trading Volumes1           Equity ($B) $11.8 $9.8 +20% $7.5 +57% Options Contracts (M) 10.7 9.4 +14% 8.0 +34% Crypto ($M) $397 $574 (31%) $287 +38% Robinhood App ($M) $180 $184 (2%) $287 (37%) Bitstamp ($M) $217 $390 (44%) - NA Event Contracts (M) 107 97 +10% 7 NM             Daily Average Trades (DATs) (M)3         Equity 4.0 4.0 +1% 3.3 +23% Options 1.3 1.2 +8% 1.2 +7% Crypto 0.6 0.7 (18%) 0.5 +20%             Interest Earning Assets ($B)           Margin Book $18.0 $17.0 +6% $8.4 +114% Cash and Deposits4 5 $18.1 $16.7 +8% $11.4 +59% Cash Sweep5 $27.6 $26.0 +6% $28.9 (4%)             Securities Lending ($M)           Total Securities Lending Revenue $32 $33 (3%) $25 +28% Securities Lending, Net6 $3 $1 +200% $9 (67%)             1. Average daily volumes (“ADVs”) defined as Total Trading Volume in a given period divided by the applicable number of trading days in said period.2. Starting in June 2025, Net Deposits include results from Bitstamp. Starting in March 2026, Net Deposits include results from TradePMR (March 2026 Net Deposits included TradePMR Net Deposits for all of Q1 2026).3. Daily Average Trades (“DATs”) defined as the total number of trades for a given asset class executed during a given period divided by the number of trading days for a given asset class in that period. For crypto, the number of trading days is equal to the number of calendar days in the month.4. We define Cash and Deposits as the period-end sum of cash and cash equivalents, restricted cash, segregated cash, cash equivalents, and securities under federal and other regulations, deposits with clearing organizations, and investments.5. In February 2026, we updated our brokerage High-Yield Cash program to fund growth in margin lending. Under the updated program, the first $10 thousand in enrolled balances per eligible customer are held as free credit balances where the customer continues to earn the same interest rate. This resulted in over $6 billion of Cash Sweep balances moving to free credit balances in February 2026.6. Securities Lending, Net includes net rebates for both margin based and fully paid securities lending, as well as interest on cash collateral for fully paid securities lending. It does not include interest on cash collateral for margin based securities lending. For definitions and additional information regarding these metrics, please refer to Robinhood’s full monthly metrics release, which is available on investors.robinhood.com. The information in this release is unaudited and the information for the months in the most recent fiscal quarter is preliminary, based on Robinhood’s estimates, and subject to completion of financial closing procedures. Final results for the most recent fiscal quarter, as reported in Robinhood’s quarterly and annual filings with the U.S. Securities and Exchange Commission (“SEC”), might vary from the information in this release.

Every financial center has its own unique features, but it was particularly fitting that ISDA’s recent Annual General Meeting (AGM) was held in Boston – not only a global hub for asset management and insurance, but also a city that shaped American history. The American Revolution had its origins in Boston in the 1770s, as frustration with British rule and taxation became a unifying force that led to the Declaration of Independence. During the AGM, we reflected on the revolution now playing out in financial markets, as industry solutions and advanced technologies offer the opportunity to reduce bottlenecks and inefficiencies. For far too long, firms have put up with resource-heavy manual processes, which have increased operational risk. As markets begin to move towards round-the-clock trading, we need smart solutions to standardize, optimize and automate common practices. ISDA has developed several successful industry solutions to help achieve this, but we must never let up in the pursuit of innovation. We need to think continuously about how our solutions are working and how advanced technologies could be used to take them to the next level. ISDA’s Digital Regulatory Reporting (DRR) initiative is a great example of how we are maintaining our pursuit of innovation. Since we launched the ISDA DRR in 2022 to help firms improve the accuracy and consistency of regulatory reporting, we’ve seen rising adoption as we’ve extended it to support eight sets of reporting rules around the world. By using the Common Domain Model to convert an industry interpretation of the rules into code, the DRR improves efficiency and reduces the risk of fines for misreported data. Now we’re going a step further, using artificial intelligence (AI) to bring even greater efficiencies to the DRR coding process. We recently selected Gentek AI to develop a traceability tool, which will allow users to look back at the history of DRR decision-making and pinpoint when and why coding choices were made, providing a full audit trail of DRR development. We’re also developing an AI-driven translator agent that will review new or updated reporting requirements and support the conversion into code, further reducing the time, effort and cost of keeping pace with evolving rules. In a first for the AGM, we introduced these agents to our membership with a terrific AI-generated animation. This is just one example of how we think AI could move the needle by revolutionizing industry processes and eliminating friction. ISDA’s track record shows we can deliver on ambitious initiatives like these. It’s been 10 years since we launched our very first industry solution – the ISDA Standard Initial Margin Model (ISDA SIMM). It was a revolutionary idea that was ahead of its time. But without a standard calculation method, the margin rules for non-cleared derivatives would have been fraught with difficulty. Ten years on, the ISDA SIMM has become a fundamental part of the market structure, reducing the potential for costly margin disputes. Mutualized solutions like these are the bedrock on which the financial markets revolution will be built, showing the way towards a fully digital future. Like the revolutionaries in eighteenth century America, we don’t have all the answers – there will be uncertainties, questions and challenges along the way. But we need to embrace this change and shape the future of markets. We’re excited to bring our first AI agents to market later this year and will look for further opportunities to use advanced technologies to boost the firepower of our industry solutions.

The Ontario Securities Commission (OSC) announces that its Chief Executive Officer (CEO), Grant Vingoe, has been elected Vice-Chair of the International Organization of Securities Commissions (IOSCO) for the 2026–2028 term. “Grant’s appointment as IOSCO Vice-Chair is a tremendous honour and well‑deserved recognition by global partners of his leadership and expertise,” said Kevan Cowan, Chair of the OSC Board. “Grant has a deep understanding of Canadian and international capital markets, and a proven track record as a thoughtful, principled regulator. He will represent Ontario and Canada extremely well on the world stage at this pivotal moment for global markets.” As IOSCO Vice-Chair, Mr. Vingoe will work closely with regulators from advanced and emerging markets to address shared priorities including market integrity, investor confidence, financial innovation, cross-border cooperation and managing systemic risk. “I thank the IOSCO Board for electing me as Vice-Chair, and I am deeply honoured to take on this important role. Canadian regulators have long worked together to achieve consensus through rigorous debate paired with mutual respect, and that is the approach I will bring as Vice-Chair,” said Mr. Vingoe. “In this environment of rapid change, geopolitical uncertainty and diverse regulatory approaches, IOSCO’s role as a global standard setter is crucial. I look forward to working with our global members to write the next chapter of IOSCO.” IOSCO is the leading international policy forum for securities regulators, representing more than 95 per cent of the world’s capital markets in more than 130 jurisdictions. In his role as Vice-Chair, Mr. Vingoe will support Jean-Paul Servais in his capacity as Chair on IOSCO’s global work to promote investor protection, fair and efficient markets, and financial stability. His role as IOSCO Vice-Chair runs concurrently with his current term as OSC CEO, which runs until December 31, 2029. Mr. Vingoe will serve as Vice-Chair alongside Toshiyuki Miyoshi – Vice Minister for International Affairs, Financial Services Agency of Japan, Mark Uyeda – Commissioner, U.S. Securities and Exchange Commission, Dr. Islam Azzam – Executive Chairman, Financial Regulatory Authority, Egypt. The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at www.osc.ca.

A BC Securities Commission (BCSC) panel has found that a Port Moody resident failed to produce records and obstructed justice. The BCSC served Brandon Wade Boddy with a demand to produce records in July 2023 as part of an investigation into a company for which he was a consultant and shareholder. Despite being granted four extensions, Boddy did not provide the required records to Commission staff. The panel determined that at the time he was served, Boddy would likely have had at least one document that would have been responsive to the demand, and therefore he failed to comply with a demand by the BCSC, as required by B.C.’s Securities Act. The panel further found that Boddy obstructed justice under the Act by failing to produce records reasonably required for an investigation. The panel dismissed allegations that Boddy refused to attend an interview with Commission staff to give evidence under oath. Boddy did not participate in the liability hearing. The parties have been directed to make submissions on sanctions. 

Wyden, the leader in institutional digital asset trading technology, announced its integration with EDX Markets (EDX), a leading digital asset technology firm that combines an institutional-only trading venue with a central clearinghouse. This integration offers Wyden’s banking and brokerage clients access to EDX’s deep, aggregated liquidity and capital-efficient market structure. The addition of EDX Markets reinforces Wyden’s commitment to an institutional-grade best execution environment, as Wyden’s unified trade and orchestration system now taps directly into EDX’s proprietary matching engine. This ensures that institutional participants can execute large-scale orders with minimal slippage and optimal capital efficiency across a wide range of digital asset instruments. Connectivity is delivered via Wyden’s end-to-end platform, enabling microsecond-level performance and fully automated trade lifecycles from pre-trade risk management through to post-trade settlement.  The collaboration leverages EDX’s unique central clearinghouse model, which significantly reduces counterparty risk through daily net settlement and bankruptcy-remote collateral and settlement accounts, with full subaccount segregation. “The partnership arrives as the institutionalization of the digital asset market reaches a new peak, driving demand for trading venues that mirror the transparency and performance of traditional financial markets,” said Andy Flury, President of the Board at Wyden. “For Wyden, this is a significant step in our mission to provide banks and brokers with the most robust, regulated, and liquid trading ecosystem available today.” “This collaboration with Wyden marks an important milestone in expanding institutional access to digital asset liquidity,” said Tony Acuña-Rohter, CEO of EDX Markets. “By combining our central clearinghouse model with Wyden’s advanced trading platform, we’re delivering a more capital-efficient and resilient market structure for institutional participants.”

IOSCO Board members met virtually today to elect a new Board leadership for the 2026-2028 term. Mr. Jean-Paul Servais, Chairman of the Belgian Financial Services and Markets Authority (FSMA), was re-elected Chair of the Board of IOSCO for a third term. Mr Servais is the Chairman of the Belgian Financial Services and Markets Authority (FSMA) and is the Chairman of the IOSCO European Regional Committee. He attends meetings of the Financial Stability Board and is a board member of several international supervisory bodies for the financial sector such as the European Securities and Markets Authority (ESMA), and the European Systemic Risk Board (ESRB). He sits on a number of supervisory colleges that coordinate the (cross-border) supervision of several financial institutions and infrastructures. Jean-Paul Servais is the Chair of the OECD Corporate Governance Committee. He also teaches at the University of Brussels (ULB). Mr. Toshiyuki Miyoshi, Vice Minister for International Affairs, Japan Financial Services Agency (JFSA), Mr. Grant Vingoe, Chief Executive Officer of Ontario Securities Commission (OSC), and Mr. Mark T. Uyeda, Commissioner, US Securities and Exchange Commission (SEC) were elected Vice-Chairs of the Board. Dr. Islam Azzam, Executive Chairman, Financial Regulatory Authority, Egypt, is ex-officio IOSCO Board Vice-Chair in his capacity as Chair of the IOSCO Growth and Emerging Markets Committee (GEMC). H.E. Waleed Saeed Al Awadhi, Chief Executive Officer, Capital Market Authority, United Arab Emirates, took office as Chair of African and Middle-East Regional Committee (AMERC). Ms. Julia Leung, Chief Executive Officer, Securities and Futures Commission, Hong Kong, took office as Chair of Asia-Pacific Regional Committee (APRC). Mr. Jean-Paul Servais, Chairman, Financial Services and Markets Authority, Belgium, took office as Chair of European Regional Committee (ERC). Ms. Christina Rolle, Executive Director, Securities Commission of The Bahamas, Bahamas, took office as Chair of Inter-American Regional Committee (IARC). Jean-Paul Servais, elected IOSCO Board Chair said: ‘I am honoured to have been re-elected for a third term as IOSCO Board Chair. I would like to thank the members of the IOSCO Board for their enduring confidence. In this regard, I look forward to keep working with all IOSCO members, including the IOSCO Board, the Vice-Chairs, the Growth and Emerging Markets Committee, and all Regional Committees as well as the IOSCO Secretariat. IOSCO’s work as a global standard setter, and the international cooperation it fosters, is more relevant than ever. I would also like to thank my team at the FSMA for their commitment and support.’

The Federal Reserve Board on Wednesday issued its Economic Well-Being of U.S. Households in 2025 report, which examines the financial circumstances of U.S. adults and their families. Overall, the report shows that financial well-being was consistent with recent years. Survey results indicate that the labor market remained solid, despite some softening since the previous year's survey. Price increases remained the most common financial concern, though the share of U.S. adults saying it was a major concern declined slightly. The report draws from the Board's annual Survey of Household Economics and Decisionmaking (SHED), which was fielded in October 2025. It analyzes a wide variety of topics, including financial well-being, employment, income and expenses, and housing. "As we work to support a strong and vibrant economy, it's critical for the Federal Reserve to understand the economic experiences of families and communities," said Federal Reserve Board Governor Michael S. Barr. "The SHED provides valuable data on how households are dealing with evolving financial opportunities and challenges." The report indicates that 73 percent of adults reported either doing okay or living comfortably financially, consistent with 2024 but below the overall high of 78 percent in 2021. The share who would cover a $400 emergency expense using cash or its equivalent also remained unchanged from 2024 at 63 percent. Prices continued to be the most common financial concern among U.S. adults, with the share citing it as either a major or minor concern unchanged at 91 percent. However, the share who cited "price increases" as a "major concern" declined to 53 percent, down from 56 percent in 2024. Responses indicated a solid labor market, but one that softened since the previous year's survey. Forty-two percent of adults said "finding or keeping a job" was either a minor or major concern, up from 37 percent in 2024. The percentage of adults who voluntarily left a job declined slightly to 8 percent. There was a small increase in layoffs, as 7 percent of all adults reported being laid off, up from 6 percent in 2024. The report also discusses the adoption of generative artificial intelligence (AI) at work. One in four workers used generative AI at work in the prior month, and 81 percent of users agreed that it saves them time. AI users were also more likely to agree that the technology would improve their careers than to say that they were worried that AI would replace their jobs. However, workers who did not use AI in the prior month saw fewer potential benefits. The report, fact sheet, downloadable data, data visualizations, and a video summarizing the report's findings are available here. Economic Well-Being of U.S. Households in 2025 (PDF) Economic Well-Being of U.S. Households in 2025 Appendixes (PDF) Economic Well-Being of U.S. Households in 2025 Fact Sheet (PDF)

The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today published research that explores how smart, tokenized representations of traditional assets and near real-time collateral mobility could help financial institutions reduce liquidity buffers, lower capital requirements, and navigate periods of market stress more effectively. The paper, Collateral Infrastructure for Tokenized Capital Markets, developed in collaboration with Finadium, examines how distributed ledger-based infrastructure – such as DTCC’s Collateral AppChain, designed as shared infrastructure to modernize collateral mobility and improve capital efficiency – could enhance the speed, efficiency, and accuracy of collateral movement across global markets, including outside of traditional market hours. As markets evolve toward shorter settlement cycles and increased adoption of digital assets, the paper highlights the growing importance of interoperable infrastructure enabled to support just-in-time collateral management. Such capabilities are critical to reducing fragmentation, improving operational consistency, and supporting financial stability. Early adopters may benefit from improved cost of capital, more dynamic capital allocation, and increased competitiveness as market structure continues to evolve. Key findings include: Tokenized traditional assets can offer the clearest near-term balance sheet benefits.Digital forms of traditional assets such as bonds, money market funds, and cash could move faster across jurisdictions and platforms, enabling more precise capital, liquidity, and risk management within existing regulated frameworks. Intraday repo could materially lower funding costs and liquidity buffers.By enabling secured, minute by minute funding on a digital ledger rather than overnight, intraday repo may reduce reliance on costly daylight overdrafts and overnight funding. The paper projects that intraday funding costs could be cut in half and free up significant capital at large dealer banks. Real-time collateral mobility can reduce capital and liquidity requirements.Faster collateral movements can lower reported exposures at the end of day, potentially reducing liquidity coverage ratio (LCR) requirements and counterparty credit risk charges while increasing return on capital. Interoperable digital ledger technology infrastructure could improve market resilience during stress.The ability to move tokenized assets seamlessly across markets and time zones could reduce forced asset sales in periods of volatility, addressing vulnerabilities seen in past liquidity crises. “Digital assets represent the next phase of capital and liquidity optimization in global markets,” said Nadine Chakar, DTCC Managing Director and Global Head of Digital Assets. “As these assets evolve into smart assets with embedded data and programmability, financial institutions can achieve greater precision in collateral allocation, liquidity forecasting, and capital planning. This paper serves as a blueprint for the material value to be generated from adoption.” Improving collateral mobility is the key use case for DTCC’s Collateral AppChain, a shared infrastructure platform. DTCC’s Collateral AppChain is designed to provide a common, interoperable foundation across market participants including collateral providers, receivers, and managers, along with triparty agents and custodians. The Collateral AppChain was publicly unveiled during DTCC’s Great Collateral Experiment and is expected to go live in Q4 2026.

Good morning and thank you for the warm welcome. It is a pleasure to be here, and I am grateful for the invitation to speak with you. Before I begin, allow me to share the standard disclaimer: I am speaking today in my official capacity as Director of the Division of Enforcement. My remarks do not necessarily reflect the views of the Commission, the Commissioners, or other members of the staff. I have now been in this role for about a week, and it feels very much like returning home. I previously served nearly five years as Director of the SEC’s Fort Worth Regional Office, and I have practiced in this field for decades. I’ve always looked back on my prior time at the Commission with great respect and appreciation, and I am honored to now lead the Division. The Enforcement Division has a more than 50-year history of professionalism, rigor, and effectiveness. The staff—lawyers, accountants, paralegals, and so many others—bring extraordinary talent and commitment to the Commission’s mission. The SEC oversees the world’s deepest and most dynamic capital markets. Our markets are the envy of the world, and the Commission’s three-part mission—protecting investors; maintaining fair, orderly, and efficient markets; and facilitating capital formation—is the north star guiding every Enforcement action. That mission matters to everyone who participates in, relies on, or benefits from our capital markets. Today, I want to share a bit about how I intend to lead the Division. Simply put, my role is to ensure that our staff are empowered, supported, and equipped to execute the Commission’s mission. I intend to provide hands-on leadership that allows our teams to focus on the fundamentals – the blocking and tackling if you will, with professionalism, efficiency, and fairness. In doing so, I am committed to ensuring the Division remains the global gold standard in securities law enforcement. As a matter of first principles, my goals are aligned to those of Chairman Atkins: to return the enforcement program back to basics. That means vigorously protecting investors and safeguarding markets, while also providing transparency and certainty to those we regulate. A quick aside, there has been considerable attention paid to the decline in the number of cases brought over the last several years. Let me be clear: this Commission has deliberately shifted toward an emphasis on quality over quantity, and I fully support that direction. Our focus is, and will remain, on protecting investors and safeguarding markets from real harm. That means identifying and stopping fraud and manipulation in all its forms—for instance, offering frauds, accounting and disclosure fraud, insider trading, market manipulation, fraud by foreign actors targeting U.S. markets and investors, and breaches of fiduciary duties by advisers misusing client assets. These are the types of cases contemplated when the Division was created, and these are the cases the Division intends to pursue aggressively during my tenure. Several recent matters reflect this focus on addressing the most harmful misconduct. Offering Frauds First, we continue to bring cases involving offering frauds that have caused significant losses to investors. In one recent matter, we alleged that an individual and his affiliated companies raised more than $770 million from approximately 2,700 investors, many of whom were retail investors, to invest in a fraudulent scheme involving ATMs that—according to the complaint—generated roughly $400 million in investor losses. In another case, we charged an alleged fraudster and his company in connection with a Ponzi scheme in which approximately 300 investors were defrauded of at least $140 million, while the alleged fraudster used millions of dollars of investor funds for personal expenses and payments to earlier investors. These have always been core matters for the Division and will remain so under my watch. Financial Reporting We are also prioritizing financial reporting matters that are important to ensure good corporate accounting and disclosures. For example in early 2026, we brought actions against a large agricultural processing and commodities trading company and three former executives for allegedly inflating the performance of a key business segment touted as an important growth driver. In another matter, we settled with a manufacturing company that we alleged violated the internal accounting controls and books and records provisions related to false entries in its inventory system and adjustments it made after reversing the improper income from those entries. In addition, we settled with two of the company’s executives for allegedly causing the violations. And in a third case, we settled with a public company and charged three of its former executives with allegedly making repeated false and misleading statements in public filings and financial statements to conceal unfavorable information about the company’s management and operations. Market Manipulation and Insider Trading Safeguarding markets necessarily involves addressing market manipulation and insider trading. In December 2025, we filed an action against three Pakistani and U.S. nationals for allegedly carrying out two market manipulation schemes and, with three associates, an approximately $41 million insider trading scheme involving nine potential corporate acquisitions. In another matter, we charged a Russian national for his role in an alleged multi-year scheme in which hundreds of U.S. retail brokerage accounts were hacked and used to manipulate the prices and trading volume of hundreds of securities, generating approximately $31 million in gross proceeds. And just last week, we brought charges against 21 individuals for their alleged involvement in a decade-long insider trading scheme involving misappropriated information from multiple law firms resulting in millions in illicit profits. As noted in the press release, this case highlights the SEC’s unwavering commitment to uncovering sprawling schemes and holding all participants accountable. Private Funds The private fund space is also always subject to close attention. Private investment markets and efforts to broaden access to retail investors can be quite positive, but we must, and will, remain vigilant. We are attuned to potential risks relating to liquidity, fees, valuations, and conflicts of interest—not only at the private fund adviser level but throughout the distribution chain. Firms must ensure their representatives understand the products they sell and the investment profiles, risk tolerance, and liquidity needs of their clients. In the investment adviser space, the Enforcement Division will remain active. We will continue to pursue matters involving misappropriated client assets, inadequate safeguarding of assets; misleading strategy disclosures; undisclosed fees and expenses; fraudulent valuations and mismarking; prohibited trading practices; and undisclosed conflicts of interest. Recent cases illustrate this focus. In one settled matter, the Commission found that a private fund advisor sold loans from its inventory to client funds at prices it represented as fair value but instead used par value less unamortized fees. During the early days of the pandemic, the firm continued this practice without assessing the market disruption’s effect on fair market value, despite observable signs of widening spreads and rising rates. In another matter, we filed two litigated complaints, alleging Ponzi-like schemes involving more than $275 million raised from more than 250 investors. A second complaint charged the portfolio manager who allegedly invested his private fund client in the scheme despite his undisclosed conflicts of interest and awareness of red flags. Those cases remain ongoing. I would also like to specifically mention private credit. When looking at this asset class, we should remember that it was prior banking regulatory decisions that constricted financing for small and growing businesses, which created the opening – and need – for private credit to expand rapidly. There are stresses in some portfolios and developments playing out more broadly across this sector, and we are monitoring the situation. Interagency Cooperation A critical part of our overall approach is strong coordination with federal partners, state securities regulators, and foreign authorities. The Department of Justice, the Commodity Futures Trading Commission (CFTC), the Financial Crimes Enforcement Network (FinCEN), banking regulators, and our foreign counterparts all hold pieces of the enforcement puzzle that the SEC cannot complete on its own. When fraud crosses borders, regulatory sectors, or legal frameworks, no single agency can address it in isolation. Fraudsters do not respect jurisdictional lines, so we must work with our foreign counterparts to counteract increasingly complex schemes that cross borders. We also are returning to a more collaborative and productive posture with our enforcement partners and formalizing information-sharing protocols. This is particularly well underway with the CFTC as part of our harmonization efforts. To be clear, we are not looking for opportunities to pile on. A more focused Division cannot afford unnecessary duplication, and investors deserve a regulatory system that works together effectively. Cross Border Fraud In line with this, I am committed to continuing the important work of the SEC’s Cross-Border Task Force, established last September. The task force brings together Enforcement staff with deep expertise in cross-border matters to identify and stop bad actors who use international borders to frustrate U.S investor protections. Its current work includes investigating potential violations of the U.S. federal securities laws related to foreign-based companies, including potential market manipulation such as “pump-and-dump” and “ramp-and-dump” schemes. The task force is also looking at potential violations by underwriters, auditors, and other gatekeepers who facilitate a foreign company’s access to U.S. markets for fraudulent purposes. Finally, the task force is examining potential securities law violations related to companies from foreign jurisdictions, such as China, where governmental control and other factors pose unique risks to investors. Retail Fraud Working Group Consistent with all these efforts, we will reinstitute the Retail Fraud Working Group, which will focus specifically on protecting retail investors and strengthening coordination with our state and federal partners. Reestablishing this group is one of my earliest priorities, and you will hear more about this in the coming weeks. The Conduct Matters—Before and After the Investigation Begins Let me close with a word to practitioners. When advising your clients operating in today’s enforcement environment, the message is both simple and demanding: we are not focused on prosecuting firms or individuals for honest mistakes that cause no investor harm. If your situation fits that profile, demonstrate it with evidence and facts. The Commission recognizes the difference between error and fraud, and our remedies will be calibrated accordingly. But how the firm engages with the Division during an investigation also matters. A company that self-reports, cooperates fully, and remediates will not be treated the same as one that conceals or obstructs. The takeaway is simple: engage early, engage seriously, and engage candidly. If your client operates in a gray area, take advantage of the Commission’s stated commitment to pre-enforcement dialogue. If we misunderstand your business model, use that opportunity to clarify. The days when a subpoena was our primary tool of communication are behind us. That being said, I want to emphasize that the Division’s staff are some of the finest securities lawyers anywhere. Zealous client advocacy by defense counsel is wanted and expected, but I ask that you respect the Division chain of command, and not assume that you as counsel have a perfect understanding of the Commission’s priorities and what cases will or will not ultimately be brought. Similarly, respect and dialogue go both ways. You should treat our staff with the utmost respect, because that is how we aim to treat you. I hope my tenure will be marked by a return of the SEC’s Enforcement program to what it was always intended to be: a targeted, principled, evidence-based response to conduct that harms real investors. This is a necessary component to ensuring that investors continue to have confidence in participating in the world’s finest capital markets. Thank you.

  Catherine L. Mann explores the UK’s current account deficit and discusses how it is financed by a financial account surplus. She focuses on how energy shocks affect the trade deficit, the role of valuation effects for the UK’s net international investment position, and why changes in the investor base of gilts matter for monetary policy.   Catherine L. Mann Member of the Monetary Policy Committee     Old exposures, new actors: implications for monetary policy of the UK’s external imbalances  

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published a resolution briefing for Central Counterparties (CCPs). The briefing provides practical guidance to National Resolution Authorities (NRAs) on how to operationalise the write-down and conversion of instruments tool (WDCI). Marking an important step in ESMA’s wider efforts to ensure that CCP resolution tools can be effectively applied in a crisis, the briefing supports NRAs in enhancing their preparedness for implementing a WDCI. By promoting consistent practices across jurisdictions, it fosters effective financial markets and financial stability, strategic priorities for ESMA. Developed by ESMA's CCP Resolution Committee, the briefing provides a methodology for NRAs to consider when including WDCI in CCP resolution plans. NRAs should define the relevant data to be collected by the CCPs, with a view to calibrate the resources available through a WDCI. In doing so, NRAs should take into account the impact on relevant stakeholders, such as clearing members, financial markets and financial market infrastructures. NRAs should ensure that processes are in place to implement WDCI effectively, including preparations for the subsequent reorganisation of the CCP following the WDCI has been applied. Following the previous briefings on CCP critical functions and resolution cash calls, this briefing contributes to building a single resolution rulebook with a clear focus on operationalisation of the tools available to NRAs.

 In accordance with the Companies Regulations (Notice of A General Meeting and a Class Meeting in a Public Company and Addition of a Topic to the Agenda), 2000, the Tel-Aviv Stock Exchange Ltd. (hereafter: “the Company”) hereby announces the convening of an annual general meeting, on Tuesday, June 23, 2026 at 14:00, at the offices of the Company on #2 Ahuzat Bayit St., Tel Aviv. On the agenda of the meeting: (1) discussion of the financial statements of the Company and the Board of Directors’ Report on the State of the Company’s Affairs, for the year ended December 31, 2025; (2) Reappointment of the Company's independent auditors and a report on their fees for 2025; all as set out in the report on the convening of the meeting published by the Company on May 12, 2026 (reference no.: 2026- 01-044008) (hereafter: “the Immediate Report”). The annual meeting will convene on Tuesday, June 23, 2026 at 14:00. If adjourned, the meeting will take place on June 30, 2026 at the same time. The record date for the entitlement of the shareholders to vote at the general meeting, as set out in Section 182 of the Companies Law, 1999 (hereafter: “the Companies Law”) is Tuesday June 2, 2026 (hereafter: “the Record Date”). The document appointing a voting proxy (hereafter: “the Letter of Appointment”) will be drawn up in writing and signed by the appointer and, if the appointer is a corporation, it will be signed in a manner that binds the corporation. The Letter of Appointment will be deposited at the offices of the Company at least 48 hours prior to the opening of the meeting or the adjourned meeting, as appropriate. The formats of the voting ballot and the position papers, within their meaning in Section 88 of the Companies Law, are available at the websites of the Israel Securities Authority and the Tel Aviv Stock Exchange Ltd., as follows: Distribution website of the Israel Securities Authority: http://www.magna.isa.gov.il/ (hereafter: “the Distribution Website”); Website of the Tel-Aviv Stock Exchange Ltd.: http://maya.tase.co.il/. Voting by ballot will be executed using the second part of the voting ballot that is attached to the Immediate Report. The voting ballot and the documents that must be attached thereto (hereafter: “the Attached Documents”), as specified in the voting ballot, are to be delivered to the Company’s offices up to 4 hours prior to the time of convening of the meeting. For this purpose, the “time of delivery” is the time at which the Voting Ballot and the Attached Documents arrive at the Company’s offices. An unregistered shareholder (i.e. a person that shares are registered on his behalf with a TASE member and such shares are included in the shareholders’ register in the name of a Nominee Company), shall also be entitled to vote with an electronic voting ballot that will be transmitted to the Company via the electronic voting system not later than 6 hours prior to the time of the meeting. The final date for the submission of position papers to the Company is up to 10 days prior to the date of the meeting.

A summary of Deutsche Börse Group's business indicators for April 2026 is now available on the Deutsche Börse Group website: Trading Statistics There you can also find the Excel file 'Major business figures' containing historic business indicators for the respective reporting segments.

The London Metal Exchange (LME) today is pleased to announce that John Williamson will continue in his role as Chairman of the Board, following the completion of his initial term. Commenting on the appointment renewal, John Williamson said: “I am grateful for the opportunity to continue serving as Chairman of the LME. Over the past three years, the Exchange has navigated a period of significant change and transformation, and I am proud of the progress made by the LME team as we turned strategy into delivery and strengthened our foundations for the future. “It has been a privilege to work closely with the Board and the executive team, whose commitment and expertise continue to underpin the LME’s success. In an increasingly dynamic macroeconomic environment, the role of trusted market infrastructure and resilient price discovery is more important than ever. I look forward to supporting the Exchange as it builds on its strengths, continues to evolve its market and ensures it remains competitive, vibrant and relevant for members and customers around the world.” HKEX Chairman, Carlson Tong, said: “The LME is central to HKEX’s global commodities strategy and we welcome John’s continued leadership of this pivotal global metals institution, helping advance our commitment to building resilient and diverse globally relevant markets. John’s reappointment ensures continuity at Board level as the LME advances its long term strategy, strengthens governance and enhances connectivity between international markets.” HKEX Global Commodities Chairman, Apurv Bagri, said: “John’s leadership has been a real asset to the LME. He has combined deep market insight with a strong focus on governance and stakeholder engagement, helping to position the Exchange for the future, whilst maintaining its core role in the global metals ecosystem. I very much look forward to continuing to work with him as the LME’s strategy progresses.”

At today’s Annual General Meeting, the shareholders of Deutsche Börse AG elected Claudia Nemat to the Supervisory Board. The 57-year-old succeeds Shannon Johnston, who resigned from the Supervisory Board at the end of today’s Annual General Meeting. Claudia Nemat was responsible for the Technology and Innovation division on the Executive Board of Deutsche Telekom AG until the end of 2025. Prior to that, she headed the company’s European operations as CEO. She began her professional career at McKinsey & Company, where she most recently served as a senior partner and Co-Lead of Consulting in the global technology sector. Since last year, the physicist has been a member of the Board of Directors at the Swiss technology company ABB Ltd. and has recently been appointed to the Supervisory Board of Daimler Truck Holding AG. Before that, she held Supervisory Board positions at Airbus SE from 2016 to 2025 and at Lanxess AG from 2013 to 2016. The Supervisory Board of Deutsche Börse AG has a total of 16 members. The complete voting results of the Annual General Meeting 2026 are available at www.deutsche-boerse.com/agm.

The FCA has announced 2 permanent appointments to its executive team, strengthening leadership at a pivotal time for UK and global financial markets.  Simon Walls appointed executive director, markets Simon Walls has been appointed permanent executive director, markets. Having taken on this role on a temporary basis since 2024, his appointment provides continuity at a vital and volatile time for the UK and global economy. Simon will be able to drive forward work he has already started to strengthen our approach on wholesale markets and to ensure a more resilient financial system by rebalancing risk and supporting growth.    Simon joined the FCA in 2006 and has held senior roles across wholesale markets, including policy, asset management and banking supervision. He played a key role in navigating significant events affecting markets, including the LIBOR (the London Interbank Offered Rate) transition and the UK’s exit from the EU.   Simon Walls said: 'Britain’s financial markets have been defined for centuries by innovation, openness and integrity. I’m delighted to lead such a committed and professional team at the FCA as we deliver our ambitious markets work to further these traditions. In partnership with government and industry, we are building momentum - ensuring great outcomes for domestic and international users of markets.' Johan Sekora to join as chief operating officer Johan Sekora has been appointed as chief operating officer, relocating from Stockholm to take up the role at the start of June. Johan will play a central role in supporting the FCA’s strategy and ambition to be a smarter, more effective regulator. Johan brings over 25 years’ experience in financial services. A leading European voice on the importance of industry collaboration and the use of technology to tackle financial crime, Johan has worked extensively on accelerating the use of data and artificial intelligence to address emerging risks. Johan Sekora said: 'I very much look forward to joining the FCA team. As the leading and largest European regulator, the FCA leads from the front in many regulated areas by protecting customers, driving smarter regulation, and combatting financial crime through collaboration and the use of AI.' Nikhil Rathi, chief executive of the FCA said: 'A strong leadership team is a crucial part of us being the smarter regulator we aspire to be. Simon’s appointment provides continuity as we continue to reform our wholesale markets, while Johan brings significant international experience that will help us operate more efficiently and effectively in the interests of consumers, markets and the wider economy.' Background Simon has held a range of roles in wholesale markets across 20 years at the FCA (previously the FSA), including the supervision of buy-side, sell-side and infrastructure firms. He was the head of the wholesale markets department from 2016, before taking up the post of director of sell-side in 2022. Prior to joining the FSA, Simon started his career on the graduate scheme at the Bank of England and holds qualifications in Economics and Law. Johan joins the FCA from SEB, a major Swedish bank, where he was global head of financial crime prevention. He has also served as chair of SAMLIT, the Swedish banking sector’s financial crime collaboration with the Swedish Police. Prior to joining SEB, he spent 20 years with HSBC in the UK and internationally, most recently as global chief operating officer, regulatory compliance. Johan holds a degree in Politics and Parliamentary Studies from Leeds University.