The results of the Federal Reserve Board's annual bank stress test confirmed that large banks are well positioned to weather a severe recession and able to continue to lend to households and businesses. Despite absorbing more than $708 billion in total loan losses under this year's hypothetical scenario, capital declined only 1.6 percentage points in aggregate, staying above minimum capital requirements. "Today's results underscore the strength of the banking system," Vice Chair for Supervision Michelle W. Bowman said. "As we work to increase the transparency and accountability of the stress test, public feedback will help us continue to improve and instill greater confidence in the stress test and its results." As the Board previously announced, today's results will not impact large bank capital requirements, which have been published today. The current capital requirements will stay in place until 2027, when the stress test will be run with loss-estimating models that take public feedback into consideration. All 32 banks tested remained above their minimum common equity tier 1 capital requirements during this year's hypothetical recession scenario, which was similar in severity to the prior test. The hypothetical scenario this year included a severe global recession with a 39 percent decline in commercial real estate prices and a 30 percent decline in house prices. The unemployment rate also increased to a peak of 10 percent, and economic output declined commensurately. Three main factors influenced the results of this year's test, with two leading to a larger decline in the aggregate capital ratio than last year, and one more than offsetting this decline: Projected capital decreased from higher loan losses due to increased loan balances and the increased severity of certain scenario variables; Projected capital decreased from lower projected unrealized gains in bank securities due to smaller hypothetical declines in interest rates during the scenario; and Projected capital increased from higher interest income due to recent bank financial performance and smaller hypothetical declines of interest rates during the scenario. The total projected losses include roughly $200 billion in credit card losses, $160 billion in losses from commercial and industrial loans, and $75 billion in losses from commercial real estate. 2026 Federal Reserve Stress Test Results (PDF) 2026 Large Bank Capital Requirements (PDF) Related Content Stress Tests

The Securities and Exchange Commission has appointed Kathleen M. Hutchinson as Director of the agency’s Office of International Affairs (OIA). OIA advises the Commission on international policy matters, coordinates with foreign authorities across the globe to facilitate cross-border enforcement and supervisory cooperation and provides technical assistance. Ms. Hutchinson has served as OIA’s Acting Director since January 2025. She started at the SEC in 2003 as an attorney-advisor in the Office of Compliance Inspections and Examinations, now the Division of Examinations, and joined OIA in 2008. Ms. Hutchinson has held several other positions in OIA, including Deputy Director and Assistant Director. She has twice served as Acting Director of the office. “Kathleen has exhibited her dedication to public service and her commitment to our mission for over two decades, and I am grateful for her readiness to lead our Office of International Affairs on a permanent basis,” said SEC Chairman Paul S. Atkins. “She has effectively guided many international initiatives with our counterparts abroad, and I look forward to her continued leadership and counsel on international policy and cooperation issues.” Ms. Hutchinson said, “The talented staff in our Office of International Affairs make it a privilege to come to work each day and serve investors and our markets. Advancing the SEC’s international priorities through engagement with foreign counterparts on policy issues, supervisory and enforcement matters, and technical assistance is critical to the SEC’s ability to carry out its mission. I’m grateful to Chairman Atkins for this opportunity and look forward to continue working with the Commission, my SEC colleagues, and foreign authorities to address evolving challenges facing global markets today.” Kathleen earned a J.D./M.A. from American University’s Washington College of Law and School of International Service. She holds a B.A. from Binghamton University. She began her legal career in private practice in Washington D.C. and New York City.

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 2026-89 MIAX Pearl Options Regulatory Circular 2026-88 MIAX Emerald Options Regulatory Circular 2026-72 MIAX Sapphire Options Regulatory Circular 2026-92 These newly listed symbols will be available for trading beginning Thursday, June 25, 2026.

Welcome to the State of Small Business Symposium. Thank you to the Federal Reserve Bank of Cleveland for hosting this event.1 And thanks to each of you for your interest in small businesses and the vital role they play in creating jobs, expanding economic opportunities, and building vibrant communities. Along with innovation, small and new businesses and entrepreneurship were major, longstanding focal points of my research before I arrived at the Fed. Understanding small and new businesses is critical to understanding the U.S. economy. What happens in these storefronts, offices, shop floors, and even basements and garages shapes households, neighborhoods, and, ultimately, the aggregate outcome for the U.S. economy.2 Consider this: 99.9 percent of businesses in the U.S. have fewer than 500 employees, and since 1995 those businesses have accounted for 61 percent of net new job creation.3 Monetary policymakers' actions matter deeply to owners and employees of small firms. Achieving our dual mandate of maximum employment and stable prices will create the conditions where small businesses and all Americans can thrive. Due to the prevalence of small businesses in the U.S., policymakers and researchers must have high-quality data about this important part of the economy. The Federal Reserve's Small Business Credit Survey (SBCS) is an essential source for such data.4 As a national sample of businesses with fewer than 500 employees, the SBCS provides insights into firms' financing requirements, debt needs, and experiences, generally. I am grateful to all the Federal Reserve System staff who worked to make the survey and the collection and analysis of data from it possible. As an economist who starting surveying firms as early as the dissertation process and throughout many countries, I appreciate the ongoing effort it takes to consistently produce such a survey. These researchers are not only consistently producing the survey, but they have also increased its size and scope over the last decade. This year marks 10 years since the survey went national—going from a four-Bank regional effort to a Systemwide collaboration. The questions have expanded, too, and the survey now captures near-real-time small business credit conditions, financing frictions, and emerging operational challenges that are often not directly observable in other economic statistics or administrative datasets. The full 2025 survey will be presented later today, but I want to call attention to one notable finding: the use of artificial intelligence (AI) by small businesses. The survey found that nearly half of small employer firms reported using AI in some capacity, and 71 percent of these firms reported increased productivity as a result. These data suggest that many small businesses are resourceful, adaptable, and eager to find innovative tools that help them manage and grow their operations. This finding is the diametric opposite of the conventional wisdom that large firms have an advantage in deploying AI. But as someone who spent her career studying innovation, I am not at all surprised to see small, and especially new, businesses experimenting with and deploying AI. Some of the most significant breakthroughs this country has ever witnessed came from startups using frontier technologies in new and innovative ways.5 This finding on AI usage is just one example of the timely and relevant insights into small business decision-making the SBCS captures. If you are a researcher (or future researcher—graduate or undergraduate student), practitioner, or policymaker who wants to better understand the financial experience of small firms, I encourage you to explore the survey's data in depth. They provide insights related to which firms access credit, how they seek it, why they are being turned down, and what they plan to do next. From both my own research and from my visits to communities around the country, I know that access to credit plays a key role in small firms' ability to get established, grow, create jobs, spur innovation, and strengthen their communities. Thank you for attending this year's symposium and for your interest in small businesses and the SBCS. The organizers have created an exciting program for you today and tomorrow. This is an important time for us to understand the challenges and opportunities facing small businesses and the solutions supporting them. Thank you again for being part of this symposium. 1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee.  2. Lisa D. Cook, "Entrepreneurs, Innovation, and Participation," speech delivered at the 2024 Women for Women Summit, Charleston, SC, October 10, 2024.  3. U.S. Small Business Administration Office of Advocacy, 2025 Small Business Profile (PDF) (Small Business Administration, June 2024).  4. Federal Reserve Banks, 2026 Report on Employer Firms from the 2025 Small Business Credit Survey (Federal Reserve Banks, March 2025).  5. Lisa D. Cook, "Artificial Intelligence, Big Data, and the Path Ahead for Productivity," speech delivered at the Technology-Enabled Disruption Conference: Implications of AI, Big Data, and Remote Work, Atlanta, GA October 01, 2024. 

The attached 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 25, 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 Options and MIAX Emerald Options Primary Lead Market Maker (PLMM) assignments and un-assignments will not be supported via the MFP.  MIAX Emerald® Options Exchange MIAX Sapphire® Options Exchange MIAX Pearl® Options Exchange MIAX Options® Exchange

Energy security, climate change and the green transition have become increasingly important determinants of price stability. While the transition may create inflationary pressures in the short run, it can also reduce vulnerability to some of the most important sources of supply-side inflation over the longer term. As climate and energy related shocks become more frequent, maintaining price stability will require understanding how these factors affect inflation, and the distinct roles of monetary, fiscal, and climate policy in building a more resilient economy. Swati Dhingra Member of the Monetary Policy Committee Speech Introduction Good evening, and thank you for the invitation to speak. Recent events in the Gulf are another reminder that inflation is often driven by forces beyond the reach of monetary policy. The recent rise in energy prices has once again exposed the vulnerability of economies to geopolitical shocks and the difficult choices they create for central banks. Increasingly, those shocks are linked to climate and energy systems. Dependence on fossil fuels, the physical impacts of climate change, and the policies required to decarbonise economies are no longer peripheral risks: they are all becoming more important determinants of inflation and macroeconomic stability. This evening, I want to explore what that means for inflation, for the clean energy transition, and for central banks in the years ahead. Climate risks to inflation Climate change is relevant to inflation through three distinct channels. The first is the economy’s ongoing dependence on geopolitically exposed fossil fuels, which significantly affect headline inflation via direct energy components of CPI as well as a wide range of energy-intensive goods and services. The second is the physical impact of a changing climate, as increasingly frequent and severe extreme weather events disrupt supply, particularly in the agricultural sector. The third is the policy response to climate change, as the measures required for a green transition can generate their own inflationary pressures. In other words, the drivers, the consequences, and the solutions to climate change are all relevant to price stability (Talbot, 2026)footnote[1]. These channels are becoming more material over time. Climate-related shocks can, in principle, be assessed like any other shock, by weighing their expected effects on inflation and output. But two features make them particularly challenging: their salience for households, especially through food and energy prices, and their increasing frequency and severity, which make their first-round effects progressively harder to look through (NGFS, 2026aOpens in a new window ). Before discussing these channels, it is worth being clear about the role of monetary policy. Climate policy is rightly the responsibility of elected governments. The role of central banks is not to deliver the transition, but to maintain price stability in an economy increasingly affected by climate change and the green transition. The question I will address here is not whether central banks should pursue climate objectives, but how climate-related shocks affect inflation and the conduct of monetary policy. Energy prices are ‘systemically significant’ for inflation, because a wide range of goods and services depend critically on energy as an input. As shown in Figure 1, energy price shocks have coincided with the vast majority of UK inflationary episodes. Energy price spikes coincided with eight of the ten episodes in which inflation was near or above 5%. Click here for full details.

Icelandic króna will be fifth currency available for settling instant payments through TARGET services ECB and Seðlabanki Íslands agreement will take effect as of 2028 The European Central Bank (ECB) and Seðlabanki Íslands today signed an agreement for Iceland to join the Eurosystem’s TARGET Instant Payment Settlement (TIPS) system. This will allow payments in Icelandic króna to be settled instantly in central bank money as of 2028. The Icelandic króna will be the fifth currency available for settling retail payments instantly using the Eurosystem’s TARGET Services. The euro, Swedish krona and Danish krone are already available for settling payments in TIPS, while the Norwegian krone is scheduled to join in 2028. “We are delighted that more and more European countries, including from outside the European Union, are joining the Eurosystem’s TARGET Services,” said ECB President Christine Lagarde after signing the agreement. “This reinforces the integration of Europe’s financial infrastructures, supports its strategic autonomy, brings economies of scale and strengthens economic relations.” “This is an important step in modernising Iceland’s payments landscape and ensuring it is fit for the future,” said Seðlabanki Íslands’s Governor Ásgeir Jónsson. “Joining TIPS will strengthen both the security and efficiency of instant payments in Iceland. It will enhance the resilience of our payment infrastructure and bring our payment processes into line with SEPA practices, while enabling Iceland to benefit from the scale and expertise of the Eurosystem’s TARGET Services.” TARGET Services are developed and operated by the Eurosystem and rely on central bank money to facilitate transfers between banks, businesses and individuals. All TARGET Services are designed to be able to host transactions in currencies other than the euro. TIPS is the retail payment settlement system that enables banks and other payment service providers to offer their customers real-time fund transfers around the clock, every day of the year.

The Supervisory Board of Deutsche Börse AG has extended Stephanie Eckermann's (49) Executive Board mandate by three years, ahead of schedule, until the end of May 2030. Stephanie Eckermann is responsible for the Post-Trading division of the Executive Board, comprising the Securities Services and Fund Services businesses of the post-trading service provider Clearstream. She joined the Executive Board in June 2024. Her current contract was due to end in May 2027.

As the EU moves towards a decarbonised energy system, the role of gas is evolving. Reducing fossil gas dependence can support the EU’s 2050 climate neutrality target, while also raising important questions around security of supply, affordability and competitiveness. ACER’s 2026 Monitoring Report on decarbonising the EU's gas market examines four key dilemmas: Can renewable gases reduce gas import dependency while keeping energy prices affordable? Will natural gas continue to shape electricity prices during the energy transition? Can the EU decarbonise its gas sector without undermining industrial competitiveness? How can methane emissions be tackled, given the potential for low-cost abatement but rising implementation risks?​ What did ACER monitoring find?  ACER’s monitoring shows that gas decarbonisation can follow two main strategies: Displacing natural gas, by reducing demand or switching to renewables, and reducing its greenhouse gas footprint, for example through carbon capture, storage and measures to address methane leaks. Gas demand reductions are not guaranteed. EU gas demand reached 340 bcm in 2025, up 2% from 2024, which could slow progress towards the EU’s decarbonisation goals. Gas continues to provide system flexibility and remains important for industrial competitiveness. Gas still affects electricity prices and industry. Gas-fired power plants were economically competitive in 40% of hours in 2025, while low-carbon electricity systems paid on average 40% less than more carbon-intensive peers. Biomethane is promising but still limited. Biomethane is the most mature renewable gas option, but with 4.3 bcm of output in 2024, it represents only 2% of gas network injections. Methane emissions remain a supply-chain challenge. 85% of methane emissions linked to EU gas and oil consumption occur outside the EU, making implementation of the EU Methane Regulation key but challenging. Together, these findings show that no single solution can decarbonise the gas sector. A balanced portfolio of technologies and policy measures will be needed, including electrification, biomethane, hydrogen, carbon capture and storage, methane emissions reduction and clean flexibility solutions. Read more   Webinar On 24 September 2026, ACER will hold a webinar to present the main findings of this report. Register for free.

In March 2026, ACER received a proposal from the European Network of Transmission System Operators for Electricity (ENTSO-E) to amend the methodology for the regional sizing of reserve capacity. After reviewing the proposal and exchanging with stakeholders, ACER has decided to amend the methodology. What is the methodology about? The methodology for the regional sizing of reserve capacity (first approved by ACER in 2023) allows regional coordination centres (RCCs) to assess the reserves needed at regional level, taking into account volumes shared between transmission system operators (TSOs) through bilateral agreements.  This coordination helps reduce procurement costs and ensure a more efficient distribution of reserves across Europe. Based on their assessment, RCCs provide TSOs with recommendations on how to optimise reserve capacity volumes, leveraging the flexibility of the EU electricity system. What’s new in the amended methodology? As previously requested by ACER, the methodology now: Establishes that all RCCs must rely on data from the previous 12 months when assessing the minimum volume of reserves needed for the following year. This ensures the data used reflects the most relevant and frequent system conditions. Specifies, for each system operation region, how much reserve capacity is needed to cover positive and negative imbalances.  Introduces a 24-month rolling implementation deadline for assessing the short-term availability of reserve capacity (for sharing agreements established after 1 July 2026). Enhances transparency by strengthening and streamlining RCCs’ reporting obligations. These changes will help RCCs size reserve capacity more efficiently, address TSOs’ operational risks and enhance the process’ transparency and coordination. What are the next steps?  As previously agreed, RCCs must implement the methodology’s main changes by 1 July 2026. Access the ACER Decision

AutoRek, the global provider of automated reconciliation and financial controls, has opened a new office in Miami and appointed two senior sales executives to its growing US team. Gil Johnson joins as Sales Director focused on hedge funds and alternative investment managers, and James Inskip joins as Sales and Relationship Manager focused on banks and wealth managers. The appointments build on AutoRek’s existing New York presence and reflect the company’s commitment to growing significantly in North America. The expansion comes as US financial institutions face a wave of operational complexity, such as rising transaction volumes, new payment rails, digital assets and growing pressure to replace legacy on-premise infrastructure. Firms that haven’t yet made that move are finding it increasingly hard to keep pace operationally, and AutoRek is seeing that demand accelerate across the institutions it serves. “The US market opportunity for AutoRek is significant, and we’re building the right team to capture it,” said Chris Livesey, CEO of AutoRek. “Gil and James bring deep domain knowledge and established networks across the institutions we serve. Their experience, combined with our Miami presence, gives us the platform to grow meaningfully in North America.” Gil Johnson brings more than 20 years of experience across investment management and fintech. A former proprietary equities trader, he spent over six years at Bloomberg working with hedge funds and money managers before leading new business development for the hedge fund segment at a major financial technology firm. His perspective is grounded in having sat on the buy side himself, and he understands the pressures investment professionals face from the inside. “The firms I work with are dealing with more complexity than ever, with more asset classes, more volume and tighter controls,” said Johnson. “AutoRek handles that complexity at a scale and precision that others don’t. That’s what drew me here.” James Inskip brings 17 years of experience selling enterprise reconciliation and investment management solutions to tier-one banks and asset managers. He has spent his career watching the market evolve, from on-premise deployments, through managed services, to where clients are now. James sees the demand for self-serve SaaS platforms that give clients direct control over their reconciliation environment without relying on a vendor for every change. “The market has shifted,” said Inskip. “Firms want to build and manage their own reconciliations, add accounts, update match rules – all on their terms. And they need a platform that’s cloud-hosted, AI-ready and gives them full access to do that. That’s exactly what AutoRek offers.” AutoRek plans to continue growing its US team through 2026.  

Fiserv, Inc. (NASDAQ: FISV) (the “Company”), a leading global provider of payments and financial services technology solutions, today announced the expiration and results of its tender offers to purchase for cash (the “Offers”) any and all of its outstanding 5.150% Senior Notes due 2027 (the “2027 Notes”) and 4.400% Senior Notes due 2049 (the “2049 Notes” and, together with the 2027 Notes, the “Notes”). The Offers were made under the Offer to Purchase, dated June 16, 2026 (the “Offer to Purchase”). Capitalized terms used but not defined in this news release have the meanings given to them in the Offer to Purchase. The Offers expired at 5:00 p.m., New York City time, on June 23, 2026 (the “Expiration Date”). According to information provided by Global Bondholder Services Corporation, the Tender and Information Agent for the Offers, $1,330,795,000 aggregate principal amount of Notes were validly tendered by the Expiration Date and not validly withdrawn. This amount excludes $22,771,000 aggregate principal amount of Notes reflected in Notices of Guaranteed Delivery under the guaranteed delivery procedures specified in the Offer to Purchase (the “Guaranteed Delivery Procedures”) that were submitted by the Expiration Date, all of which remain subject to performance of the delivery requirements under the Guaranteed Delivery Procedures. The table below includes information about the aggregate principal amount of Notes referred to above broken out between 2027 Notes and 2049 Notes. Title of Security CUSIP No. / ISIN No. AggregatePrincipal AmountOutstanding AggregatePrincipal AmountTendered(1) Principal AmountReflected in Noticesof GuaranteedDelivery(2) 5.150% SeniorNotes due 2027 337738 BJ6 / US337738BJ60  $750,000,000 $516,181,000 $1,801,000 4.400% SeniorNotes due 2049 337738 AV0 / US337738AV08 $2,000,000,000  $814,614,000 $20,970,000   (1) These amounts exclude the principal amounts of Notes for which Holders have delivered Notices of Guaranteed Delivery that remain subject to compliance with the Guaranteed Delivery Procedures.   (2) To be accepted for purchase, Notes reflected in Notices of Guaranteed Delivery must be validly tendered using the Guaranteed Delivery Procedures by 5:00 p.m., New York City time, on June 25, 2026.   The Consideration for each $1,000 principal amount of Notes accepted for purchase in the Offer is $1,005.65 for 2027 Notes and $797.61 for 2049 Notes. In addition to the Consideration, Holders whose Notes are accepted for purchase will receive a cash payment representing the accrued and unpaid interest (such interest as described below, the “Accrued Interest”) on such Notes from the last interest payment date up to, but not including, the Settlement Date (as defined below). Interest will cease to accrue on the Settlement Date for all Notes accepted for purchase, including those tendered pursuant to the Guaranteed Delivery Procedures. The Company intends to accept for purchase the principal amount of all Notes specified in the table above (including Notes reflected in Notices of Guaranteed Delivery that are validly tendered using the Guaranteed Delivery Procedures by 5:00 p.m., New York City time, on June 25, 2026) and pay the applicable Consideration and Accrued Interest for such Notes on the Settlement Date, which is expected to be June 26, 2026 unless extended (the date on which such payment occurs is the “Settlement Date”). The description of the Offers in this news release is only a summary and is qualified in its entirety by reference to the Offer to Purchase. Citigroup Global Markets Inc. (“Citigroup”), J.P. Morgan Securities LLC (“J.P. Morgan”), TD Securities (USA) LLC (“TD Securities”) and Wells Fargo Securities, LLC (“Wells Fargo Securities”) are the lead dealer managers for the tender offers. Investors with questions regarding the tender offers may contact the lead dealer managers at the following telephone numbers: (i) Citigroup at (800) 558-3745 (toll-free) or (212) 723-6106 (collect), (ii) J.P. Morgan at (866) 834-4666 (toll-free) or (212) 834-3554 (collect), (iii) TD Securities at (866) 584-2096 (toll-free) or (212) 827-2842 (collect), and (iv) Wells Fargo Securities at (866) 309-6316 (toll-free) or (704) 410-4235 (collect). Global Bondholder Services Corporation is the tender and information agent for the tender offers and can be contacted at (855) 654-2014 (toll-free) (bankers and brokers can call collect at (212) 430-3774) or by email at contact@gbsc-usa.com. None of the Company or its affiliates, their respective boards of directors, the lead dealer managers, the co-dealer managers, the tender and information agent, and the trustee with respect to any Notes is making any recommendation as to whether Holders should tender any Notes in response to the Offers, and neither the Company nor any such other person has authorized any person to make any such recommendation. Holders must make their own decision as to whether to tender any of their Notes, and, if so, the principal amount of Notes to tender. This news release is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security. No offer, solicitation or sale has been or will be made in any jurisdiction in which such an offer, solicitation or sale would be unlawful. The Offers were only made pursuant to the Offer to Purchase. Holders of the Notes are urged to carefully read the Offer to Purchase before making any decision with respect to the Offers.

Zenith, the innovator of Ethereum-compatible digital asset infrastructure on Canton Network, today announced it has joined Progmat’s high-profile Tokenized JGB / On-chain Repo Working Group. This elite consortium, backed by Japan’s biggest banks and global giants like BlackRock Japan, is set to revolutionize one of the world’s largest repo markets by moving tokenized Japanese Government Bonds (TJGBs) and repo transactions onto institutional-grade blockchain solutions. Launched under the Digital Asset Co-Creation Consortium (DCC), the Working Group unites MUFG Bank, Mizuho Bank, Sumitomo Mitsui Banking Corporation, State Street Trust and Banking, SBI Securities, Japan Exchange Group’s Market Innovation & Research, and other major players. The group is conducting an intensive joint study on tokenizing rights to Japanese Government Bonds and enabling fully on-chain repo transactions using tokenized JGB collateral paired with stablecoin cash legs via lending protocols. Key innovations targeted include T+0 instant settlement, true 24/7 availability, and seamless cross-border access, unlocking new liquidity in Japan’s massive ¥250–270 trillion (approximately US$1.6 trillion) JGB repo market, which accounts for roughly 10% of the global government bond-backed repo market (estimated at approximately US$16 trillion). This initiative comes as tokenized securities in Japan have already surpassed JPY 333–360 billion (approximately US$2.1–2.25 billion) in cumulative issuance, predominantly real estate-focused. The Progmat-led effort now aims to scale institutional-grade tokenized JGBs, potentially capturing a significant share of the $1.7 trillion repo ecosystem on-chain. Heslin Kim, Co-founder and CBO at Zenith, said: “We are thrilled to join this game-changing initiative with Progmat and Japan’s financial powerhouses. As the canonical Ethereum-compatible execution layer for Canton Network, Zenith enables institutions and developers to natively deploy applications and customizable Virtual Blockchains that work seamlessly with Canton’s compliant, privacy-enabled infrastructure. This collaboration positions us at the forefront of bringing real-world assets on-chain and could transform liquidity in Japan’s $1.6 trillion repo market for global investors.” The Working Group kicked off in May 2026, with a comprehensive report expected in October 2026 and potential TJGB issuance pilots targeted for later this year. Zenith will contribute actively to key areas including protocol design, interoperability standards, and regulatory compliant infrastructure. As tokenized U.S. Treasuries gain global traction, Japan is poised to lead Asia in on-chain government-bond innovation, delivering faster settlement, reduced counterparty risk, and broader participation in its enormous repo market. The curated selection process by the DCC and Zenith’s subsequent invitation reinforce Zenith’s fundamental position as the core scaling primitive for Canton Network’s global composability, encompassing all on-chain environments, protocols, and assets, while bridging traditional finance and blockchain for measurable efficiency gains at institutional scale.

Worldline [Euronext: WLN], a European leader in payment services, today becomes the first payment provider in Europe to enable Click to Pay for recurring payments, bringing one-click checkout to the full subscription lifecycle for international merchants. Click to Pay is a fast, secure digital checkout that removes friction and improves payment success across recurring payments. Available on Global Collect, Worldline’s global cross-border payments platform, this new capability enables digital-first businesses to scale subscription payments seamlessly across markets, while increasing conversion, reducing involuntary churn, and protecting recurring revenue. Conversion friction at checkout and payment failures remain major barriers to growth in digital commerce. Click to Pay can increase checkout conversion by up to 6%¹, while involuntary churn, often caused by expired or reissued cards, can account for up to 40% of total subscription churn². By extending Click to Pay to recurring and stored credential payments, Worldline enables merchants to improve both acquisition and retention. Gertjan Dewaele, Head of Product & Technology at Global commerce division of Worldline, said: “Being first in Europe to bring Click to Pay to recurring payments is a major step forward for subscription commerce. With Global Collect, we help international merchants convert more sign-ups into long-term revenue by reducing checkout friction and avoiding payment failures. The result is simple: better conversion, lower churn, and stronger revenue protection at a global scale.” At the initial transaction, Click to Pay securely stores tokenised payment credentials. These tokens are then used for recurring billing, with automatic updates when cards are renewed or replaced, with no interrupt billing cycles. This is particularly valuable for subscription businesses such as SaaS, streaming, gaming, and digital memberships, where acquisition and retention directly drive growth and profitability. Based on EMVCo Secure Remote Commerce standards and supported by major card schemes, Click to Pay allows consumers to register once and check out instantly across merchants, without passwords, manual entry or lengthy forms. For merchants, the impact across the payment lifecycle includes: Higher conversion through fast checkout Reduced involuntary churn with updated tokens Stronger security and simplified compliance With millions of users worldwide and 89% of consumers rating Click to Pay equal to or better than other digital payment methods³, adoption continues to accelerate. Worldline’s Click to Pay solution will be available on the Global Collect platform from 30 July 2026. Learn more about Worldline's subscription payment solutions or get in touch to discuss how Click to Pay can support recurring payments in your business. 1 Source: Mastercard2 Source: Paddle3 Source: Visa Consumer Research 2025

Key Points – June Report Introducing the updated MNI China Money Market Index (MMI), formerly the MNI China Liquidity Index, which has been adapted to reflect the PBOC's monetary policy. Chinese money market expectations for rate cuts hit a fresh low in June as the People's Bank of China scaled back its injections to tighten excessively loose liquidity, MNI’s China Money Market Index indicated. The sub-index covering current liquidity conditions jumped to 65.4 from 20.6 (the higher it reads, the tighter liquidity), the highest reading since February 2025. The MNI China Money Market Index slipped in June but remained just above the 50 mark The MNI China Money Market Current Conditions Index jumped sharply as conditions tightened The MNI China Economic Outlook Index was lower, with the index remaining in the range of recent months. The MNI survey collected the opinions of 52 traders with financial institutions operating in China's interbank market, the country's main platform for trading fixed income and currency instruments, and the main funding source for financial institutions. Interviews were conducted June 8 to 18.

To more effectively manage our critical IT systems and ensure business continuity, the Shanghai Gold Exchange will conduct a system switchover during the period from June 24 to June 25. During this period, the trading system will switch from the production data center to the disaster recovery data center. Switchback to the primary data center will take place when appropriate. During the aforementioned period, external SGE partners will generally not be required to change system configurations or take other actions, but should closely monitor the operational status of the backup trading system. If any issue occurs, please contact us immediately.Thank you for your support and cooperation.SGE technical support hotlines:021-33662093021-33662095For any partner accessing SGE systems via the internet and has implemented an internal IP change, if you cannot access the IP address of the trading system, please try accessing via domain or contact your network administrator. Domain of Member Service Platform: https://member.sge.com.cn:7003/user/login.htmDomain of Storage and Logistics Service Platform: https://storage.sge.com.cn:7003/user/login.htm

Hong Kong’s capital markets made remarkable strides across multiple asset classes over the past year, as investment funds, digital assets and equities delivered broad-based, quality growth to reinforce the city’s status as a leading international financial centre, according to the Annual Report 2025-26 of the Securities and Futures Commission (SFC) released today (Note 1). Notably, with a world-class regulatory regime, Hong Kong’s asset management sector flourished with exchange-traded funds (ETFs) and locally-domiciled funds posting strong growth, while the digital asset ecosystem expanded through innovative products and services. Equity market reforms and deeper Mainland connectivity also boosted Hong Kong’s market depth and breadth. The SFC’s Chairman Dr Kelvin Wong underscored that: “By fulfilling our dual mandate as market guardian and facilitator, the SFC aims to boost investor confidence, enable capital formation, and support inclusive, sustainable prosperity for Hong Kong’s capital markets. Amidst emerging challenges, the SFC will stay focused on its strategic priorities to entrench Hong Kong’s irreplaceable position as the vital financial gateway bridging the Mainland and the world.” Chief Executive Officer Ms Julia Leung said: “In this ever-changing landscape, we are more committed than ever to fostering resilience as a powerful engine to support market transformation and technological innovation. The SFC’s executive team is committed to driving responsible innovation in our markets and fostering future-ready financial ecosystem.” On the asset and wealth management front, Hong Kong has strengthened its role as a global hub over the past year. SFC-authorised ETFs and leveraged and inverse (L&I) products represent a fast-growing segment, as average daily turnover surged 50.6% year-on-year (YoY) to $38.1 billion and total market capitalisation grew 25.2% to $651.2 billion over the year ending March 2026 (Note 2). In particular, single-stock L&I products’ market capitalisation soared 60 times in the year. Additionally, Hong Kong-domiciled funds’ assets under management (AUM) jumped 19.4% to $2.3 trillion, driven by strong net inflows. The digital asset ecosystem also saw vibrant developments. Tokenised investment products showed faster growth, with 13 SFC-authorised retail products’ AUM gaining nearly six times YoY to $10.8 billion as of March. The total market capitalisation of 11 virtual asset (VA) spot ETFs grew by a strong 90% since debut in 2024. The 12 licensed VA trading platforms saw turnover surge 125% over the past year. To sustain quality growth ahead, the SFC is working with the Government to complete the legislation for four new regulatory regimes – VA dealing, custody, advisory and management. In the equity market, enhancing competitiveness remained a priority in the year. Post-IPO financing in Hong Kong saw healthy growth of 18% YoY to $259 billion as of March, alongside a 272% surge in IPO funds raised to $379 billion. Secondary market liquidity and efficiency improved on the back of reform measures: average daily turnover for Hong Kong market rose 54% to a record high of $258 billion; trading spreads narrowed by 38% and order execution time improved by 26% for related stocks under the first phase of minimum spread reduction. Stock Connect remained a strong driver of market trading, as southbound daily turnover jumped 84% YoY to $124.1 billion and accounted for a record-high 24% of Hong Kong’s market turnover. For northbound trading, cumulative inflows to Mainland stocks since launch totalled RMB1.47 trillion, reaffirming Hong Kong’s vital role as a Mainland gateway. Northbound average turnover made up 6.3% of the Mainland market turnover last year. Additional highlights: a)    New-economy listings continued to gain traction with the launch of Technology Enterprises Channel, as funds raised by new listings of specialist technology and biotech companies surged 660% YoY to over $42 billion last year. Meanwhile, to enhance listing quality, we have been conducting thematic inspections of selected sponsors after flagging issues of potential misconduct in early 2026. b)    Swap Connect – a mutual market access scheme to hedge Mainland interest rate exposure – registered more active investor participation and record monthly turnover (RMB821 billion in March 2026). Over RMB11.6 trillion in renminbi interest rate swap transactions were executed as of March. c)    In a landmark move to seek redress for investors, the SFC secured the first auditor compensation over false and misleading financial statements in April 2026, reaching an agreement with the auditor of a now-defunct company to set aside $1 billion to compensate independent minority shareholders. d)    To step up investor education, the SFC expanded its anti-scam publicity through community outreach in the year and launched an official Rednote account this April, which attracted more than 20,000 followers up to May. The Annual Report, accompanied by a video message, is available on the SFC website, and its Facebook, LinkedIn, WeChat and Rednote pages. Notes: The Annual Report 2025-26 covers the financial year from April 2025 to March 2026. Unless otherwise specified, figures are in Hong Kong dollars and as of end-March 2026 or for the financial year ending 31 March 2026.   Appendix  

ASIC has put car finance providers on notice after identifying a range of concerns in relation to third party distributor arrangements, sales practices and monitoring of consumer outcomes. ASIC’s review examined data from over 350,000 loans across eight car finance providers, including some of Australia’s largest. It identified shortcomings in some lenders’ oversight of distributors like brokers and car dealers who sell their loans, exposing consumers to harm. ASIC Commissioner Alan Kirkland said the findings, released today in Report 832 Lifting the bonnet: ASIC's review of car loans (REP 832), indicate that some lenders are not paying enough attention to the impact of their practices on consumers. ‘Lenders should be monitoring the experiences of borrowers, especially where loans are sold by third parties like dealers or brokers. Responsibility for consumer outcomes cannot be outsourced. ‘This review lays bare the potential risks when lenders fail to effectively monitor third-party distributors, and how consumers can pay the price.’ ASIC found that the overall cost of car loans could vary widely and that total fees could be significant, particularly for relatively low-value loans. Loans typically incurred two establishment fees—a lender establishment fee, ranging from $299 to $995, and a distributor establishment fee, ranging from a flat fee of $912 to up to $2,500. However, one lender—charging the highest total fees across all loans reviewed—also imposed a third fee, with one customer paying over $9,000 in fees on a $49,162 car loan. This included over $7,800 to the lender and $1,320 to the broker—around 18% of the total loan amount. Infographic – Highest fees, different lenders (text version) ASIC also found that when consumers fell into hardship, some received inconsistent hardship support, while for those whose cars were re-possessed and sold, many still owed their lender money. ‘Consumers shouldn’t lose their car and still be stuck with the bulk of their debt,’ Mr Kirkland said. However, in a sample of 250 loans reviewed, 90% of consumers still owed over half their total loan amount, and in some cases over 100% of the loan amount. Infographic – Cars repossessed, debts left behind (text version) ‘If a large proportion of customers are falling behind on repayments early, it raises serious questions about whether those loans were appropriate in the first place and how lenders conduct their affordability checks,’ Mr Kirkland said. He also pointed to the importance of how lenders verify the value of vehicles, including in situations where over-valuation creates higher risks for consumers, such as for older cars with high mileage in remote areas. Through its review, ASIC found that a consumer’s location and chosen lender could affect their outcomes, particularly in regional and remote locations, with participating lenders approving a lower proportion of hardship variations in these locations than others. ASIC’s intervention has already driven some changes across the car finance sector, with all eight participating lenders improving hardship processes, and many strengthening product distribution conditions, product review triggers, governance and oversight of high-volume distributors to better detect and respond to consumer harm. Commissioner Kirkland said that while it was encouraging to see some improvements to lenders’ processes, much more needed to be done to improve practices across the sector. ‘Australians shouldn’t be at risk of financial harm simply because they need a car to get to school, work and essential services,’ Mr Kirkland said. ‘Lenders and intermediaries need to put consumers at the centre of how these products are designed, sold and serviced, and fix practices that leave too many drivers worse off. ‘We will be monitoring the progress of lenders involved in this work, and where we identify lenders or intermediaries failing to comply with legislative obligations, will take action to address consumer harm.’ Background ASIC’s review looked at the experiences of consumers in the motor vehicle finance sector. ASIC’s probe considered the compliance of participating lenders, including their oversight of distributors, such as brokers and dealerships, and reviewed how loan defaults, hardship practices and dispute resolution processes are managed. Lenders involved in the review: Australian Alliance Automotive Finance Pty Ltd Angle Auto Finance Pty Ltd Latitude Automotive Financial Services Nissan Financial Services Australia Pty Ltd Pepper Asset Finance Pty Ltd Plenti Finance Pty Ltd Rapid Loans Pty Ltd, and Toyota Finance Australia Limited (including PowerTorque Finance). Outside of this review, ASIC took action against Money3 Loans following numerous complaints about the inappropriate provision of vehicle finance to vulnerable consumers. In April 2026, the Federal Court ordered Money3 Loans Pty Ltd to pay penalties of $1.55 million for breaching responsible lending obligations when providing car finance to vulnerable consumers (26-084MR). In proceedings brought by ASIC, the Federal Court also found earlier this month that Diamond Wheels Pty Ltd, trading as Lansvale Motor Group and Keo Automotive Pty Ltd, provided car loans to consumers without a credit licence and charged consumers unlawful and excessive interest charges. Ken Keomanivong, a director of Keo Automotive and former director of Diamond Wheels, was also found liable for his involvement in the conduct of those companies. A further hearing on penalty and other relief is scheduled for 20 August 2026 (26-114MR). Proceedings are also underway against Ausfinancial Pty Ltd, trading as Swoosh Finance, which is listed for trial in March 2027. ASIC is alleging contraventions of responsible lending obligations in the National Consumer Credit Protection Act 2009, and contraventions of the design and distribution obligations (24-285MR). Downloads Report 832 Lifting the bonnet - ASIC's review of car loans (REP 832) (June 2026) Infographic one - What ASIC’s review of car loans found (PDF 135 KB) Infographic two - Highest fees, different lenders (PDF 205 KB) Infographic three - Cars repossessed, debts left behind (PDF 203 KB) Media release (25-269MR) ASIC drives car finance providers to improve consumer outcomes (November 2025) Report 815 Hardship, not as hard to get help (REP 815) (September 2025) Report 795 Design and distribution obligations: Compliance with the reasonable steps obligation (REP 795) (September 2024) For consumers Consumers experiencing difficulty with a car loan are encouraged to contact their lender early, seek independent financial counselling and understand their rights. Free education resources are available on ASIC’s Moneysmart website.

Cboe Global Markets, Inc. (Cboe: CBOE), a leading global markets operator and pioneer in equity and index derivatives, today announced the launch of the first products in its new prediction markets suite, Cboe PredictsSM. The offering includes binary option contracts based on the Mini-S&P 500 Index (XSP), listed under the symbols XSPBW and XSPBX. The contracts are now available on Interactive Brokers and expected to roll out at Charles Schwab in the coming months, with additional retail brokerage platforms expected to offer access over time.  Cboe PredictsSM represents the latest expansion of Cboe's S&P 500 Index (SPX) product suite. XSP allows customers to trade on the performance of the S&P 500 Index (SPX) but is scaled to 1/10th the size of SPX – making it a smaller, more retail-friendly alternative. Traders can express a view on where XSP may close by taking a "yes" position (paying $100 if the index settles at or above a specified level, or $0 otherwise) or a "no" position (paying $100 if it settles below that level, or $0 otherwise). "Following the success of SPX 0DTE options, we have seen continued customer demand for shorter-dated, outcome-based trading, creating a natural extension for Cboe to introduce XSP binary options," said JJ Kinahan, Head of Retail Expansion and Alternative Investment Products at Cboe. "Cboe's S&P 500 options suite has long provided traders with flexibility to define their outcomes through traditional options strategies. With Cboe Predicts, we are expanding that choice by offering simple 'yes-or-no' payout event contracts, supported by dedicated educational resources designed to help customers participate more confidently and responsibly."  In a future release, Cboe also plans to enable trading of XSP vertical spreads through its proprietary, patent-pending Quoted Spread BookSM (QSBSM) framework. The framework is designed to package widely used options strategies into a simpler, more intuitive format, helping newer traders already comfortable with "yes/no" outcomes build familiarity with more advanced options concepts within defined-risk strategies.  Through access provided by leading retail brokers, Cboe's intermediated model is designed to encompass high standards for customer education, market access and oversight. Additionally, these securities-based products are centrally cleared through the Options Clearing Corporation (OCC), providing enhanced risk management during the settlement process. "OCC stands ready to bring the same clearing infrastructure and risk management discipline that underpins all of the products we clear to the new binary options," said Mike Hansen, Chief Clearing and Settlement Services Officer at OCC. "Our commitment to operational excellence and financial integrity ensures that participants can engage with confidence, knowing every transaction is supported by sound, well-established clearing and settlement services." "Investors increasingly seek products that allow them to express a specific view on future events and market outcomes," said Milan Galik, Chief Executive Officer of Interactive Brokers. "Cboe's binary options and Mini-S&P 500 Index contracts provide another way to do that, and we are pleased to make them available to Interactive Brokers clients." "We support approaches that bring transparency, defined risk, and investor education to financial-related prediction markets," said James Kostulias, Head of Trading Services, Charles Schwab. "We plan to offer clients access to these binary options contracts in the coming months, building on our existing platform and demand from active traders." "For more than 50 years, Cboe has built and operated some of the world's most established and trusted markets," said Rob Hocking, Global Head of Derivatives at Cboe. "We look forward to bringing our experience, trusted market infrastructure and the deep liquidity of the SPX options ecosystem to prediction markets. Our goal is to help set a higher standard for market integrity, product design and investor protection by offering access through a regulated securities exchange and central clearing through OCC." Cboe has also introduced educational resources, including a new prediction markets resource hub and courses through The Options Institute, a leader in options education for more than 40 years. These courses guide learners from market basics and decision-making through Cboe's 'yes/no' contracts, then into core options concepts. Cboe's XSP prediction market contracts are security options and will trade within the same regulatory framework as U.S.-listed options, providing institutional-grade liquidity, transparency, and surveillance, among other benefits.

The Commodity Futures Trading Commission today filed a lawsuit against Kentucky to block the state’s efforts to shut down CFTC-registered contract markets using state laws.  The lawsuit follows Kentucky’s decision to file civil enforcement actions in state court against CFTC-regulated designated contract markets, seeking to obtain large monetary penalties from those entities. In addition, the state recently created a new special transaction fee on CFTC-regulated DCMs to encourage these platforms to shut down in the state. Kentucky’s effort to restrict the functioning of CFTC-registered exchanges obstructs Congress’ decision to federally preempt state law.  “Kentucky is the latest state attempting to shut down federally-regulated event contracts,” said Chairman Michael S. Selig. “Prediction markets provide Kentuckians with valuable information about the likelihood of future events and offer risk management products relied on by Kentucky businesses and individuals. As I’ve consistently pledged, the CFTC is firmly committed to maintaining its exclusive jurisdiction over prediction markets, and today’s lawsuit against Kentucky is yet another example of the Commission protecting its federal interests.” The CFTC has also initiated legal proceedings against Minnesota, Illinois, and Rhode Island, and has submitted amicus briefs to the U.S. Court of Appeals for the Sixth and Ninth Circuits as well as the Supreme Judicial Court of Massachusetts. RELATED LINKS Complaint for Declaratory and Injunctive Relief