Fiserv, Inc. (NASDAQ: FISV) (the “Company”), a leading global provider of payments and financial services technology solutions, today announced the pricing 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 table below shows the applicable Reference Yield and Consideration for the Notes, calculated as of 2:00 p.m., New York City time, today, June 23, 2026, in accordance with the Offer to Purchase (as defined below). Title ofSecurity CUSIP No. / ISINNo. AggregatePrincipal AmountOutstanding U.S.TreasuryReferenceSecurity ReferenceYield BloombergReferencePage FixedSpread Consideration(1) 5.150% Senior Notes due 2027 337738 BJ6 / US337738BJ60 $750,000,000 4.000% UST due May 31, 2028 4.186% FIT1 5 bps $1,005.65 4.400% Senior Notes due 2049 337738 AV0 / US337738AV08 $2,000,000,000 5.000% UST due May 15, 2046 4.959% FIT1 108 bps $797.61 _______________         (1)   This is the applicable consideration (the “Consideration”) that will be payable per $1,000 principal amount of Notes accepted for purchase, including through the Guaranteed Delivery Procedures (as defined below). The calculation of the Consideration uses a Settlement Date (as defined below) of June 26, 2026 and the applicable Par Call Date, which is February 15, 2027 for the 2027 Notes and January 1, 2049 for the 2049 Notes. The Consideration does not include Accrued Interest (as defined below), which will be paid on Notes accepted for purchase.               The Offers are being made solely pursuant to the terms and conditions set forth in the Offer to Purchase, dated June 16, 2026 (the “Offer to Purchase”). Holders of Notes (“Holders”) are urged to carefully read the Offer to Purchase before making any decision with respect to the Offers. The Offers are not conditioned on any minimum amount of Notes being tendered. The Company may amend, extend or terminate either or both of the Offers in its sole discretion, subject to applicable law. The Offers will expire at 5:00 p.m., New York City time, today, June 23, 2026, unless extended or terminated by the Company (such time and date, as the same may be extended or terminated by the Company in its sole discretion, subject to applicable law, the “Expiration Date”). Tendered Notes may be withdrawn at or prior to the Expiration Date by following the procedures in the Offer to Purchase, but may not thereafter be validly withdrawn, unless otherwise required by applicable law. Holders of the Notes must validly tender and not validly withdraw their Notes, or submit the Notice of Guaranteed Delivery substantially in the form attached to the Offer to Purchase and comply with the related procedures specified in the Offer to Purchase (the “Guaranteed Delivery Procedures”), prior to the Expiration Date to be eligible to receive the Consideration. Accrued and unpaid interest (such interest as described below, the “Accrued Interest”) will be paid on all Notes validly tendered and accepted for purchase pursuant to the Offers, including Notes accepted pursuant to the Guaranteed Delivery Procedures, from the last interest payment date up to, but not including, the Settlement Date. The Company expects to pay the Consideration plus Accrued Interest for all Notes validly tendered and accepted for purchase (including Notes tendered pursuant to the Guaranteed Delivery Procedures) on June 26, 2026 unless extended. The date on which payment of the Consideration and Accrued Interest occurs is the “Settlement Date.” The description of the Offers above 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 any 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 are only being 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.

Digital Prime Technologies, a provider of institutional digital asset technology solutions, today announced a strategic investment from Galaxy Digital (Nasdaq: GLXY), a global leader in digital assets and data center infrastructure. The investment builds on Galaxy's existing relationship with Digital Prime Technologies as a launch participant on Tokenet, the institutional digital asset lending platform that went live in May 2026. Tokenet, developed in partnership with EquiLend, applies proven securities lending workflows, risk controls, and lifecycle management to digital assets, delivering the operational rigor required by institutional market participants. Galaxy's decision to invest reflects its assessment of Tokenet's position as an emerging standard for institutional digital asset lending - a market that has historically operated without the governance and transparency structures that institutional participants require. "The maturation of digital asset lending depends on infrastructure that institutions can trust from day one. Tokenet has been built with that bar in mind, and Galaxy's investment in Digital Prime is a reflection of our confidence in both the platform and the team behind it," said Max Bareiss, Head of Lending, Galaxy Digital. "This investment validates what we set out to build: an institutional-grade platform that closes the gap between digital asset lending and the standards the traditional market already operates by. Having Galaxy as both a live participant and an investor reflects confidence in both the platform and the direction of the market," said James Runnels, Co-Founder and CEO of Digital Prime Technologies. "EquiLend's partnership with Digital Prime was built on the recognition that institutional participants need a path into digital asset lending that doesn't require them to compromise on operational standards. Galaxy's investment in Digital Prime reinforces that the market is moving in that direction," said Nick Delikaris, Chief Product Officer, EquiLend. Digital Prime will use the investment to accelerate Tokenet's development and expand its institutional client base. EquiLend's global network continues to provide the distribution foundation for Tokenet to scale within the institutional lending community. For more information on the Tokenet launch, view our press release here.

Today, SIFMA, along with SIFMA’s Asset Management Group (SIFMA AMG), the American Securities Association (ASA), the Financial Services Institute (FSI), Investment Adviser Association (IAA), Investment Company Institute (ICI), Managed Funds Association (MFA), and U.S. Chamber of Commerce, submitted a letter commending the Senate Banking Committee for its work to advance capital formation legislation and urging it to pass a comprehensive package this year. Building on the momentum of the House’s December 2025 passage of the bipartisan INVEST Act, the coalition is calling on the Committee to pass a robust capital formation package to modernize U.S. securities laws, reduce burdens on market participants, promote continued innovation in our capital markets, and strengthen investor protections. SIFMA’s top priorities include electronic delivery (e-delivery) of investor documents and expanded retirement investment options for 403(b) plans, both of which have broad bipartisan support and a clear path forward through the Senate Banking Committee: The Improving Disclosure for Investors Act, which would require the SEC to adopt rules that would allow electronic delivery to be the default method of transmitting investor documents, with appropriate safeguards, opt-out rights, and transition rules. E-delivery modernizes how investors receive real-time, secure access to their financial information while reducing costs and environmental impact. The bill currently has 10 Senate cosponsors, including 6 Democrats and 4 Republicans. The Retirement Fairness for Charities and Educational Institutions Act of 2025, which would amend securities laws to expand investment options for 403(b) retirement plans covering employees of nonprofits and educational institutions, establishing long-overdue parity with other retirement plan types. The bill has garnered 19 Senate cosponsors, including 9 Democrats and 10 Republicans. “We respectfully encourage the Committee to introduce a capital formation legislative package as soon as possible this year that includes the provisions highlighted in this letter,” the letter states. “We share your goal of strengthening access to U.S. capital markets to support economic growth across the country, and as such, we look forward to continuing to work with you as the Committee advances this critical legislation.” Other key recommendations include: The Increasing Investor Opportunities Act, which would expand closed-end investment companies’ ability to invest in private funds and add protections for closed-end fund investors. The Encouraging Public Offerings Act of 2025, which would allow all issuers of public securities to take advantage of the testing of the waters and confidential draft registration submission provisions of the JOBS Act, encouraging more companies to go public. The Access to Small Business Investor Capital Act, which would allow investment funds to provide more accurate fee and expense information by omitting potentially misleading BDC-related disclosures. The Expanding Well-Known Seasoned Issuer (WKSI) Eligibility Act, which would update the WKSI definition and expand the universe of eligible users, increasing flexibility in registration and investor communications. The Senior Security Act of 2025, which would create a Senior Investor Task Force at the SEC to reinforce senior investor protection. The full letter is available here.

Nasdaq (Nasdaq: NDAQ) announced today the results of the semi-annual review of the First North 25TM Index, (Nasdaq Stockholm: FN25TM), which will become effective at market open on Wednesday, July 1, 2026. The following securities will be added to the lndex: Absolent Air Care Group AB (ABSO), Acconeer AB (ACCON), ARENIT Industrie SE SDB (ARENIT SDB), ByggPartner Gruppen AB (BYGGP), Clavister AB (CLAV), COFFEE STAIN GROUP AB SER. B (COFFEE B), NYAB AB (NYAB), Stille AB (STIL), Vertiseit AB ser B (VERT B). The First North 25™ Index measures the performance of a selection of the largest and most traded securities listed on the Nasdaq Nordic First North Growth Markets (First North Denmark, First North Finland, First North Iceland and First North Sweden). The Index is reviewed semi-annually in January and July. As a result of the semi-annual review, the following securities will be removed from the Index: Arlandastad Group AB (AGROUP), Devyser Diagnostics AB (DVYSR), EXSITEC HOLDING AB (EXS), Faron Pharmaceuticals Oy (FARON), Lyko Group AB ser. A (LYKO A) and Subgen AI AB (SUBGEN). For a list of current Index Securities please refer to Nasdaq's Global Index Watch. For more information, please refer to the First North 25 Index Methodology.

SIFMA filed a comment letter with the Securities and Exchange Commission (SEC) in response to the SEC’s concept release in support of its comprehensive review of the Consolidated Audit Trail (CAT). In its letter, SIFMA addresses the longstanding issues of CAT funding and governance, which ultimately stem from the NMS plan governance structure currently used to operate the CAT. To address these fundamental issues, SIFMA recommends that the Commission immediately eliminate the current CAT funding model and assume sole responsibility for CAT costs by including in its annual budget request from Congress the amount necessary to fully fund the CAT. After taking over CAT funding, SIFMA recommends that the Commission eliminate the CAT NMS Plan and directly operate the CAT.  SIFMA also urges the Commission to revisit its CAT Data Security Proposal from 2020 and implement several of the initiatives discussed in that proposal to ensure that regulators using the CAT transactional database do so in a manner consistent with the highest and most current data security standards. “SIFMA commends the SEC for conducting this long-overdue comprehensive review of the CAT,” said Kenneth E. Bentsen, Jr., SIFMA president and CEO.  “We appreciate the opportunity to weigh in on the future direction of the CAT.  While we outline numerous suggestions in our submission, our primary recommendations are for the SEC to take direct control of CAT funding and for the SEC to eliminate the CAT NMS Plan and be responsible for operating the CAT.  These steps will help address the longstanding funding and governance issues that have led to the out-of-control system costs and insulated decision-making processes that have come to define the CAT.  They will also put the CAT on a more sustainable foundation going forward.” In addition, the comment letter addresses the following areas: The CAT Advisory Committee; Cost management; and Retirement of Electronic Blue Sheets (EBS) for equities and listed options and Commission implementation of a separate request-response system. The letter is available at the following link:  https://www.sifma.org/advocacy/letters/concept-release-on-cat-and-other-audit-trails-and-data-sources

Good morning and thank you for that kind introduction. It is an honor to be with the men and women who provide our country and the world with clothes, textiles, and medical supplies from American grown cotton. As is customary, I must note that the views I share today are my own as Chairman and don’t necessarily reflect those of the Commission. As we prepare to celebrate America’s 250th anniversary, we have a unique opportunity to reflect on what has made this country exceptional for nearly two and a half centuries. We often think about the founders who signed the Declaration of Independence or the soldiers who fought for our freedom, but we should also remember the farmers, ranchers, producers, and agricultural businesses that have sustained this nation every step of the way. Long before there was Wall Street, there was Main Street. Long before financial markets became digital, there were producers taking risks with the weather, crops, prices, and their livelihoods every season. For 250 years, businesses like yours have proven that domestic cotton production is critical to our national security and our family farms and ranches are the backbone of this great nation. Whether it is cotton producers across the south or merchants seeking to buy and move product using our markets, the work you do for the United States and the world is crucial to our survival. I was reminded of that recently during a farm tour through my home state of Florida. I spent time with cattlemen, specialty crop farmers, and sugar producers who welcomed us onto their land, showed us what modern agriculture production looks like, and explained the challenges they face on a daily basis. What struck me was how producers and agricultural businesses embrace innovation to enhance their yields, protect the environment, and improve the efficiency of their operations. During my agriculture visits in Florida last month, I had the opportunity to experience sugarcane harvest and processing for the first time. For sugar production, the farmers explained the need for precision agriculture, regenerative soil practices, proper pest and disease control, and suitable weather conditions. They need daily burn permits from the government to burn the cane, preparing it for harvest. Sugarcane production is not an easy feat by any means, and a lot of the ideal planting and harvesting conditions are out of their control. Then there’s considerations for refining, storage, and transportation of the final product. Technology is everywhere. Farmers are incorporating precision agriculture technologies to improve crop production and yields through data analysis, specific fertilizer, nutrient, and pesticide applications, as well as to monitor the weather and control irrigation. Broadband technology enhances equipment productivity, incorporating GPS systems into combines and harvesters, which allow producers to be as efficient as possible. As technology and data advances, our farmers have better control over their inputs – using just the prescribed amount of feed, fuel, or fertilizer – to then maximize their bottom line.  But technology cannot, and will not, replace everything. Agriculture production still requires long hours working in the heat of the summer and the chill of winter and on weekends and holidays, waking before the sun rises and often working through the dead of night. Farmers are still operating equipment to plant and harvest crops, and making decisions not based on technology – but on generations of knowledge and experience.  I saw firsthand the uphill battle they face on a daily basis. Their struggles with various input costs and weather dependent yields, emphasize the need for strong and effective risk management tools, like the futures and options we regulate at the CFTC, and advanced technology to analyze peak conditions and operate their equipment in the most efficient manner. During my trip, we also went to a family-owned cow-calf operation, where I learned more about the cyclical nature of cattle production and how the market naturally contracts and expands over roughly a ten-year period based on the size of the herd. This process directly ties into the live and feeder cattle contracts on the exchanges and impacts prices for both the producer and consumer.  The time and planning required to have a successful herd or high yielding crop never ceases to amaze me. Seeing production agriculture firsthand from those who run these operations demonstrated the important role that innovative technology plays in keeping your farms, gins, and businesses running.  Innovation is not coming to agriculture soon. It’s already here. But even with all that technology, at the center of every operation what we saw was still a family business and producers working to feed our great nation.  Technology may change the tools you all use, but it does not replace the people. At the CFTC, that matters.  Our job is not to force change for the sake of change. Our job is to make sure innovation works for the people who use these markets every day.  We can utilize the best of both worlds. We want innovation, better tools, stronger markets, and broader access. But we are not going to turn everything over to robots and blockchain systems without considering the real-world impact on farmers and producers.  Markets work best when they serve people, not the other way around. That’s why at the CFTC, we’re focused on balancing innovation with the day-to-day realities of American agriculture.  Many of you have probably heard me say before that the CFTC will not take a “one-size-fits-all” approach to innovation in our markets. And I will continue to stand by this.  What works for newer, innovative markets, like crypto assets and prediction markets, may not be suitable for traditional asset classes, like agriculture.  As you may know, last month, the Commission took steps to approve narrowly curated perpetual contracts on bitcoin, and similar crypto assets, so that they can be listed on a CFTC-registered exchange as a futures contract.  Perpetual contracts are a type of derivative contract that does not have an expiration date, trades continuously on a 24-7 basis, and is intended to achieve price parity through a pricing mechanism, called a funding rate.  The Commission’s recent action on perpetuals is limited to crypto perpetual contracts with deep, active, and continuous spot market trading. As I hope the many forms of actions made clear, I do not believe that the perpetual instrument is suitable for all asset classes, especially in products like agriculture.  To further express this sentiment, the Commission released several additional documents in tandem with the bitcoin perpetual contract order, to make it crystal clear that if registrants want to make any moves concerning perpetual futures outside of the crypto context, they will need to speak to the Commission first.  We fully recognize and understand that 24-7 trading and the perpetual model is not a natural fit for traditional commodity markets, like agriculture, that observe limited trading hours and rely on physical delivery.  I hope this provides everyone in the agriculture community reassurance that your feedback matters to us; and that we are listening. The Commission takes the concerns of traditional market participants on perpetuals very seriously.  Another area we have taken action in is prediction markets. The products traded on these markets are frequently referred to as event contracts, and they’ve existed in CFTC-regulated markets for decades. Event contracts are typically structured as swaps, putting them comfortably within the CFTC’s regulatory authority.  These contracts are often based on yes or no scenarios. The most widely utilized contracts are for sports, elections, and political events. But as you all probably know, there are now event contracts on traditional commodities, like agriculture, energy, and metals.  Prediction markets can serve as a critical risk management tool, mitigating risk, and providing competition in the marketplace, which can drive down costs for consumers.  However, as I stated before, it is not a “one-size-fits-all” proposition.  This is why I have strongly advocated for exchanges to limit trading hours for agricultural commodity contracts to match traditional trading hours.  I also continue to emphasize the importance of working with agriculture stakeholders and industry to provide the best product for all users that does not negatively impact the agricultural community. Your concerns are being heard.  When the contracts are drafted and executed with limited trading hours, producers have an additional tool in the toolbox to hedge their risks.  These markets affect family businesses, crop plans, and entire rural communities, and they are crucial to the survival of America’s farmers. All of you in this room deserve a regulator who understands that.  At the same time, we cannot ignore the fact that the broader financial system is evolving rapidly. We saw this with blockchain technology. We saw it with crypto assets. We see it now with discussions around 24-7 trading.  The answer is not to reject innovation outright like we have seen from previous administrations. The answer is to ensure innovation remains a part of traditional finance in a way that strengthens our markets. America has the best commodity derivatives markets in the world. They are liquid, transparent, resilient, and importantly, they were built around the needs of those who use them the most.  Rest assured: although the Commission has taken recent actions in the crypto assets space, our roots are in regulating agricultural markets, and we are just as focused on ensuring that regulation works for our traditional markets as on modernizing our rules for markets on the new frontier.  Under my leadership, the CFTC will preserve those strengths while modernizing responsibly. To do so, we will make sure farmers continue to have a seat at the table. Our doors are open. If there are issues affecting your business, we want to hear about them. If clearing costs are too burdensome, let us know.  If regulations are limiting access to our markets or reducing competition, we want to better understand those impacts.  That is why I have worked to revive the CFTC’s Agricultural Advisory Committee to ensure traditional market participants have input and feedback on the regulatory issues and policies affecting them everyday. Our first meeting is next month, and we are excited to sit down in a roundtable format and hear from our members, several of which are with us here today. The Ag Advisory Committee will generate a report of findings for the Commission to consider regarding topics we discuss – such as opportunities to enhance risk management tools, capital requirements such as the Basel III endgame proposal, the Commitments of Traders report, 24-7 trading, and much more.  The Ag Advisory Committee’s work will be influential in guiding future decision-making at the CFTC. The people using these markets every day should help shape the future of these markets.  That brings me to another opportunity for engagement with the agricultural community. Under my leadership, we are bringing back AgCon, the Agricultural Commodity Futures Conference hosted by the CFTC and Kansas State University, which will be in Kansas City this October. AgCon is a great event for the agency to hear directly from agricultural leaders across the country on how we can best serve the agricultural industry. Mark your calendars and we hope you will join us in October.  To ensure we are prioritizing and hearing from the agricultural community, I have hired the first ever Senior Agricultural Advisor to the Chairman, and she keeps me updated on your needs and those of the agriculture industry as a whole.  From a policy making standpoint, we have been busy at the CFTC evaluating the results of the Request for Comment on the Commitments of Traders, or COT, report.  ACSA has played a key role in providing strong feedback and recommendations for improvement of the report, including publishing it twice a week. We are evaluating our internal processes and data to provide a pathway forward to enhance the report for all market participants. Thank you all for your engagement on COT.  One of my main goals here at the CFTC is to avoid the implementation of unnecessary and ineffective regulatory burdens, like those put on futures commission merchants (FCMs) and swap dealers after Dodd-Frank. We've seen the number of FCMs significantly decline, particularly those that serve agricultural producers. Farmers should not have to pay larger fees to hedge their risks just to comply with government regulations.  A great example of this is the Basel III proposal from the Biden administration. Capital rules should not unintentionally reduce liquidity, push producers and hedgers out of the marketplace, or increase the cost of clearing.  That is why I have worked together with the prudential regulators to develop a new, less burdensome Basel III proposal that aims to streamline regulations and reduce capital requirements. We are focused on ensuring continued access to American derivatives markets, because efficient access to risk management tools is critical for everyone in the room and the agricultural economy as whole. Farmers should be able to hedge risk without excessive or unnecessary expenses - that is common sense.  As we seek opportunities to enhance risk management tools for row croppers, livestock producers, and agribusinesses, we are strengthening our roots by ensuring the CFTC’s relationship with the U.S. Department of Agriculture (USDA) remains strong.  Before the CFTC was formed in 1974, its functions were housed in the USDA as the Grain Futures Administration, and then the Commodity Exchange Administration, dating back to the early 1920s and 1930s. This is the time when clearing members began to report their large trades and open market positions. And the Administration began to publish annual reports of data, similar to the CFTC’s current Commitments of Traders reports.  Building upon our roots, the CFTC is currently working on a draft memorandum of understanding (MOU) with the USDA. The purpose is to strengthen collaboration efforts and information sharing between the two agencies to better serve all of our constituents, which are America’s farmers, ranchers, and agribusinesses.  We are also continuing to focus on ensuring there are markets available for a wide range of crops and products that producers need. Agriculture in America is diverse. The needs of cotton producers are different from livestock producers. A one-size-fits-all policymaking approach does not work, and my staff and I understand that.  That’s why engagement with the industry matters, and that’s why visits like the one we recently had in Florida are vital. I look forward to hopefully joining some of you on your farms, at your cotton gins, and at your businesses soon as well.  Between ongoing droughts, Brazil dumping products into our markets, cheap imports of synthetic fibers from Asia, and high input costs, I know it has been a tough year for many of you. Rest assured, the Trump administration and the CFTC realize the situation. If there are ways we can make your lives easier while still preserving market integrity and protecting participants, we will seriously consider them.  As I prepare to close, I want to reflect again on something I saw repeatedly during my recent farm tour. The balance between innovation and tradition is exactly what America, and farmers, do best. We do not move backward, but we also do not abandon the foundations that make us strong.  On the eve of our nation’s 250th birthday, we’re reminded that the future of agriculture will include technology, data analytics, modernized markets, and much more. But it will also continue to rely on hardworking Americans willing to wake up early, work the land, take risks, merchandise, and ship crops for not only our country, but the world. I’m proud the CFTC will continue working to ensure our markets support both innovation and the people at the heart of American agriculture.  Thank you.

S&P Global Market Intelligence’s Top 10 Most Shorted Stocks in the United States, calculated using our Securities Finance data set, follows.  The metric used to calculate the short interest is the percentage of outstanding shares on loan. *Please note: This was produced by S&P Global Market Intelligence, not S&P Global Ratings, which is a separately managed division of S&P Global.

Digital innovation is transforming finance, potentially enabling greater competition and efficiency in payment systems and financial intermediation. However, it also poses new macro-financial challenges and raises the broader question of how to preserve trust in money in the digital age. Stablecoins display some of tokenisation's potential to support faster, programmable payments. Their current form, however, falls short on key properties of money and has structural flaws. Widespread adoption could affect macroeconomic and financial stability. Advancing the future monetary system requires global coordinated efforts by policymakers along two main dimensions: tackling weaknesses in current stablecoin arrangements to mitigate risks and bringing the technological advances of tokenisation into the two-tier system. The path to the next-generation monetary and financial system lies in leveraging innovation to improve today's two-tier financial infrastructure, while safeguarding trust in money, the Bank for International Settlements (BIS) said today. A special chapter of the BIS's Annual Economic Report 2026 assesses evolving forms of financial architectures based on programmable platforms and different instruments that provide money-like functions. According to the BIS, financial innovation can deliver significant benefits when it is anchored in sound institutional arrangements, consistent legal frameworks and strong supervision. Bringing tokenisation – the digital representation of assets on programmable platforms – into the current financial system, where central banks provide the monetary anchor and commercial banks provide services to the public, can open new possibilities such as programmable payments.   By integrating digital innovation such as tokenisation into the existing financial architecture, authorities can shape the future of money, the economy and the financial system in the public interest while preserving trust. Achieving this will require domestic and international coordination and cooperation.   Pablo Hernández de Cos, BIS General Manager The report says that current stablecoin designs fall short in terms of the key properties that ensure trust in money – in particular singleness, or the ability to redeem different forms of money exactly at par in exchange for central bank money. Circulation on public, permissionless blockchains and features of their design introduce challenges for resilience against financial crime and redeemability and interoperability across ledgers. While their overall impact on economic growth could be modest, wider stablecoin adoption could usher in significant changes in bank funding and credit provision and potentially pose financial stability challenges. These effects depend on the composition of stablecoin reserves, how they are ultimately used and regulated, and how other parts of the system react. The chapter explores a range of stylised scenarios to illustrate potential ramifications. High global demand for stablecoins, which today are mostly denominated in US dollars, could also make capital flows more volatile and challenge monetary sovereignty in economies with relatively weaker fundamentals. Modernising the financial system will require global coordinated policy efforts on two fronts. In the near term, it is key to tackle the weaknesses of the current stablecoin architecture. The appropriate regulatory measures depend on whether stablecoins are used for payments at scale or confined mostly to use as investments.   The report outlines how this vision could bring technological innovation into the two-tiered system. A "unified ledger" that integrates different forms of tokenised money in the same venue could help harness the benefits of digital innovation while preserving trust in money. Correspondent banking provides an example: the Project Agorá prototype, a public-private partnership that brings together eight central banks and over 40 regulated institutions, showcases the potential to improve wholesale cross-border payments. It features a shared platform with a unifying ledger for tokenised commercial bank deposits and separate, jurisdiction-specific ledgers for tokenised central bank reserves. Background: The full BIS Annual Economic Report 2026 and the BIS Annual Report 2025/26 will be published on 28 June.

Warsaw Stock Exchange has published Current Report No. 10/2026 "List of shareholders holding at least 5% of the number of votes at the Ordinary General Meeting of the Warsaw Stock Exchange on 23 June 2026", which is available on its website https://www.gpw.pl/ri-current-reports.

Broadridge Financial Solutions, Inc. (NYSE: BR) today announced that Mark Nichols has joined the company as Co-President, Digital Assets, a move that reinforces Broadridge’s ongoing commitment to modernize financial market infrastructure and expand its digital asset capabilities. In his role, Nichols will spearhead Broadridge’s strategy, product development, and execution across the tokenization and digital asset arena, along with Co-President German Soto Sanchez.   “Digital assets are a critical part of the next generation of market infrastructure, and Broadridge is delivering a suite of solutions that support clients and investors in the trading and on-chain governance of tokenized securities with institutional grade scalability, accuracy, compliance, and workflows,” said Tim Gokey, CEO of Broadridge. “Mark’s combination of strategic vision, market infrastructure expertise, and deep knowledge of tokenization will help us accelerate those efforts and support the adoption of tokenized securities.”   Nichols joins Broadridge from Ernst & Young US LLP, where as a Partner, he co-led EY’s digital asset consulting business and led its market infrastructure consulting practice. Earlier in his career, he led product across FCM, collateral, and funding within Deutsche Bank’s fixed income business.   “Broadridge is uniquely positioned to help shape how digital assets are integrated into the financial system at scale given the important role it plays in supporting trading and governance,” said Mark Nichols, Co-President, Digital Assets at Broadridge. “I’m excited to help deliver innovative solutions that will better enable clients to scale and adapt to the future of on-chain finance and tokenization.”   About Broadridge’s Tokenization Solutions Broadridge enables on-chain proxy voting and governance, digital asset infrastructure including post trade, wallets and custody, and the scaling of digital asset capabilities across multiple asset classes. Through these innovations, Broadridge is helping financial institutions unlock the next era of digital assets investing.   Broadridge’s Distributed Ledger Repo (DLR) solution is the world’s largest institutional platform for settling tokenized real assets, tokenizing approximately over $365 billion a day. As tokenization gains momentum across financial services, Broadridge is meeting the complexity of operating across traditional and digital ecosystems with established scale, critical market knowledge, and technological expertise.

Capital.com today announced dual regulatory approval from South Africa's Financial Sector Conduct Authority (FSCA). The global financial group, which operates a technology-led trading platform, has been authorised as an Over-the-Counter Derivatives Provider (ODP) and Category 1 Financial Services Provider (FSP). The approvals establish Capital.com’s regulated operating framework in South Africa under FSCA supervision. Capital.com South Africa plans to onboard clients and provide access to contracts for difference (CFDs) across more than 5,000 markets, including equities, commodities, indices and foreign exchange, and to execute derivative transactions in accordance with South Africa's regulatory framework for derivatives providers. The licence also permits the offering of crypto CFDs under FSCA supervision. In parallel, Capital.com South Africa is authorised as a Category 1 FSP, allowing it to market and promote Capital.com locally as an approved financial services provider and to provide financial services and intermediary (non-advice) services for approved financial products, including shares and other investment products, subject to FSCA requirements. Commenting on the approvals, Valentina Rzheutskaya, Executive Director at Capital.com, said: “Operating under local regulatory supervision is fundamental to how we approach market entry. The FSCA approvals define the framework within which Capital.com is permitted to operate in South Africa, including the standards we must meet around governance, conduct and risk controls.” Capital.com has appointed Travis Robson as Chief Executive Officer for South Africa. Travis is a senior financial services executive with extensive experience building and running businesses within regulated financial services environments. His background includes establishing local governance structures, engaging with regulators, and overseeing regulated trading operations, making him well-placed to lead Capital.com's South African business. Travis Robson, CEO, South Africa, Capital.com, said: “Operating through a regulated local entity matters because it shapes the environment in which decisions are made. Our role is to ensure clients engage with markets within a framework that is governed, supervised and designed to prioritise clarity around risk. By operating under FSCA oversight, we are focused on providing access to markets in a way that supports informed decision-making.” The South Africa approvals follow Capital.com's recent regulatory authorisation by the Capital Markets Authority of Kenya, reflecting the group's approach to regulated market entry. Capital.com holds licences through regulated entities authorised by financial regulators including the UK Financial Conduct Authority, the Cyprus Securities and Exchange Commission, the Australian Securities and Investments Commission, the Securities Commission of The Bahamas, the UAE Capital Market Authority, the Bermuda Monetary Authority and the Capital Markets Authority of Kenya.

ETFGI reports Active ETFs assets Hit Record US$2.49 Trillion and Record Net Inflows of US$412 Bn YTD at the end of May. During May the actively managed ETFs industry globally gathered net inflows of US$100.08 billion, bringing year-to-date net inflows to US$411.75 billion, according to ETFGI's May 2026 Active ETF industry landscape insights report, an annual paid-for research subscription service. ETFGI, is a 14 year old leading independent research and consultancy firm renowned for its expertise in subscription research, consulting services, 6 annual ETFGI Global ETFs Insights Summits, and ETF TV on global ETF industry trends. (All dollar values in USD unless otherwise noted.) Highlights Assets invested in the actively managed ETF industry globally reached a new record of $2.49 trillion at the end of May, surpassing the previous high of $2.33 trillion in April 2026. Assets have increased 28.8% year-to-date, rising from $1.93 trillion at the end of 2025, reflecting strong and accelerating adoption of active ETF strategies. Actively managed ETFs gathered net inflows of $100.08 billion during May, highlighting continued investor demand. Year-to-date net inflows of $411.75 billion are the highest on record, significantly exceeding the $220.53 billion recorded in 2025, with $124.35 billion in 2024 representing the third-highest level. The industry has now recorded its 74th consecutive month of net inflows, underscoring the sustained structural shift toward actively managed ETF solutions globally. “The S&P 500 rose 5.26% in May and is up 11.27% year‑to‑date in 2026. Developed markets excluding the U.S. gained 5.20% during May and are up 15.33% year‑to‑date, with Korea (+28.71%) and Luxembourg (+20.50%) delivering the strongest returns among developed markets for the month.  Emerging markets increased by 3.77% in May and are up 11.44% year‑to‑date, led by Taiwan (+16.95%) and Peru (+11.75%), which recorded the highest gains among emerging markets in May.” According to Deborah Fuhr, Managing Partner and founder of ETFGI. Growth in assets in the actively managed ETFs industry as of end of May Source: ETFGI data sourced from ETF/ETP sponsors, exchanges, regulatory filings, Thomson Reuters/Lipper, Bloomberg, publicly available sources and data generated in-house. Note: “ETFs” are typically open-end index funds that provide daily portfolio transparency, are listed and traded on exchanges like stocks on a secondary basis as well as utilising a unique creation and redemption process for primary transactions. “ETPs” refers to other products that have similarities to ETFs in the way they trade and settle but they do not use a mutual fund structure. The use of other structures including grantor trusts, partnerships, notes and depositary receipts by ETPs can create different tax and regulatory implications for investors when compared to ETFs which are funds. The actively managed ETFs industry globally had 5,295 ETFs, with 7,265 listings, assets of $2.49 Tn, from 717 providers on 49 exchanges in 39 countries at the end of May. ETF providers Dimensional is the largest provider in terms of assets with $296.82 Bn, reflecting 11.9% market share; JP Morgan Asset Management is second with $291.38 Bn and 11.7% market share, followed by iShares with $168.64 Bn and 6.8% market share. The top three providers, out of 717, account for 30.4% of Global Active ETFs AUM, while the remaining 714 providers each have less than 6% market share.   Net Inflows Actively managed ETFs gathered net inflows of $100.08 billion during May, highlighting continued investor demand. Year-to-date net inflows of $411.75 billion are the highest on record, significantly exceeding the $220.53 billion recorded in 2025, with $124.35 billion in 2024 representing the third-highest level. Equity-focused actively managed ETFs gathered net inflows of $60.97 billion during May, bringing year-to-date inflows to $242.18 billion, significantly higher than the $124.28 billion recorded at the same point in 2025. Fixed income-focused actively managed ETFs reported net inflows of $26.12 billion in May, with year-to-date inflows reaching $136.73 billion, well above the $82.09 billion recorded in May 2025, reflecting continued strong demand for income and diversification. Substantial inflows can be attributed to the top 20 ETFs by net new assets, which collectively gathered $37.89 Bn in May, the Roundhill Memory ETF (DRAM US) gathered $8.12 Bn alone. Top 20 actively managed ETFs by net new assets May 2026 Source: ETFGI data sourced from ETF/ETP sponsors, exchanges, regulatory filings, Thomson Reuters/Lipper, Bloomberg, publicly available sources and data generated in-house. Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional data becomes available. Investors have tended to invest in Equity actively managed ETFs during May.

Global deal activity declined during the first five months of 2026, as dealmakers remained cautious. The total number of deals (mergers & acquisitions (M&A), private equity and venture capital (VC)) announced globally fell by around 7% during January-May 2026 compared to the same period in the previous year, according to GlobalData, a leading intelligence and productivity platform. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The decline reflects a more cautious environment for corporates and investors. The pullback was broad-based across deal types, regions and most countries, as buyers continued to weigh heightened execution risk. While overall sentiment remained subdued, select markets still showcased resilience.” An analysis of GlobalData’s Financial Deals Database reveals that the total number of M&A deals announced globally contracted by 10% during January-May 2026 compared to the same period in the previous year. Meanwhile, private equity deal volume was down by 13% year-on-year (YoY) during the same period, whereas VC funding activity proved comparatively resilient, slipping only 3% YoY. Regional trends show relative stability in North America, where deal volume was down just 1% YoY during January-May 2026, pointing to a steadier pipeline supported by deeper capital markets and sustained activity. By contrast, the total number of deals announced in the Asia-Pacific, Europe, Middle East and Africa, and South and Central America regions declined by 12%, 11%, 6%, and 22%, respectively, during January-May 2026 compared to January-May 2025, highlighting relatively higher volatility and sensitivity to risk sentiment in these regions. Deal activity across different markets remained a mixed bag, with notable divergences. The US, the top global market, held steady, with deal volume mostly remaining at the same level during the five-month period. China stood out with an 11% YoY increase in the number of deals, indicating improving momentum and a conducive deal-making. India and Israel were also among the markets that registered improvement in deal activity during the period. Elsewhere, several markets recorded a decline, including the UK and Canada (both down 5%) while some markets also registered much steeper declines. For instance, the total number of deals announced in Japan, Germany, Australia, France, South Korea, Brazil, and the UAE saw YoY declines of 41%, 13%, 20%, 15%, 23%, 34% and 26%, respectively. Note: Historic data may change in case some deals get added to previous months because of a delay in disclosure of information in the public domain.

Tradeweb Markets Inc. (Nasdaq: TW), a global leader in electronic trading across asset classes, today announced the launch of electronic spread trading for clients executing portfolio transactions in European credit bonds. The functionality enables clients to price and execute portfolios of European credit bonds as a spread to underlying government bond benchmarks, bringing a more streamlined and transparent approach to a workflow that has traditionally relied on manual processes. Spread trading is currently widely used in voice trading across Europe and has seen strong adoption in the electronic U.S. investment grade credit space. By introducing this protocol into its European credit offering, Tradeweb is extending its portfolio trading capabilities and continuing to enhance how institutional investors evaluate and transfer risk in this market. James Dale, Co-Head of International Developed Markets at Tradeweb, said: “The launch of spread trading for European credit portfolios reflects our commitment to making complex trading workflows more efficient and intuitive for our clients. By extending to Europe a capability already delivering value in the U.S., we are providing a more consistent framework for pricing and execution, while helping market participants reduce operational complexity and improve transparency.” The Tradeweb solution enables traders to negotiate pricing in basis points relative to a government bond benchmark and execute the full portfolio within a single workflow. Each bond is quoted as a spread with levels fixed at execution and consolidated into a single net outcome, while flexible spot timing allows for a more controlled trading experience. Once agreed, Tradeweb automatically calculates bond prices using data from its government bond marketplace, reducing manual steps and improving efficiency. Paul Bayley, Senior Trader at Invesco, said: “We welcome the introduction of spread trading for European credit, as it provides a faster and more transparent way to execute complex trades electronically, including at defined points such as market close. The electronification of this workflow enables more efficient access to liquidity and improves visibility into the underlying benchmark levels. The ability to put multiple dealers in competition on spread, combined with integrated execution tools, supports ongoing innovation, streamlines processes and enables a more effective response to changing market conditions.” Ben Wheeler, Lead Fixed Income Trader at Royal London Asset Management, said: “The ability to execute European credit portfolios directly on a spread basis is a valuable addition to the trading toolkit. It brings greater precision to how we manage our credit exposure and makes it easier to coordinate execution across multiple line items. Moving this workflow onto an electronic platform reduces operational friction and gives us even greater control over timing and pricing. Furthermore, using Tradeweb’s trusted government bond pricing as the reference point adds confidence in the levels we are trading against, while increased dealer competition helps drive better outcomes.” Jonathan Bending, Head of EMEA Systematic Credit Trading at Barclays Bank plc, said: “The introduction of spread-based trading for European credit portfolios is another meaningful step in the evolution of electronic markets. Trading on spread reduces the number of live variables during the portfolio trading workflow. This provides both clients and dealers with even greater confidence in their ability to transact these large trades with precision, especially at times of elevated market volatility. We are excited to see this development further broaden participation in the credit portfolio market.” Alexandre Guignot, Head of EMEA Credit Electronic Trading at BNP Paribas, said: “The growth of portfolio trading has underscored the importance of having tools that can support consistent engagement between investors and liquidity providers. A spread-based approach introduces a common framework for evaluating transactions, making it easier to communicate pricing and manage execution across complex portfolios. As trading activity becomes increasingly electronic, enhancements such as this help market participants operate at greater scale while bringing more efficiency to the execution process.” Tradeweb was the first institutional platform to offer electronic portfolio trading for credit bonds in 2019. In Q1 2026, global portfolio trading notional volumes on Tradeweb amounted to USD 258.4 billion, an increase of 40% over the previous quarter. A pioneer in electronic markets, Tradeweb plays a central role in modernizing market structure by developing innovative trading protocols, embedding analytics into execution, and building technology infrastructure that supports the convergence of traditional and digitally native financial markets.

The Asia-Pacific (APAC) deal volume dipped by around 12% year-on-year (YoY) during January-May 2026 as resilient venture capital (VC) activity clashed with a heavy mergers & acquisitions (M&A) retreat. While macro caution dragged M&A and private equity (PE), the surge in VC financing signal underlying appetite for innovation, reveals GlobalData, a leading intelligence and productivity platform. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The decline reflects a softer regional dealmaking environment amid pronounced weakness in M&A and private equity deal activity. While venture financing posted an increase, it was not sufficient to offset sharp contractions in the other deal types, underscoring a cautious approach.” An analysis of GlobalData’s Financial Deals Database reveals that M&A (which accounts for around half of the total deal volume) was the principal drag on overall momentum from a deal-type perspective. The total number of M&A deals announced in the APAC region YoY fell by around 25% during January-May 2026. The decline points to continued boardroom caution around transactions, as buyers prioritize balance-sheet discipline and integration clarity before committing to acquisitions. Private equity also weakened with deal volume contracting by 28% YoY. Meanwhile, venture financing emerged as a relative bright spot with the total number of VC deals announced in the region up by 6% YoY. A market-level view shows an increasingly uneven regional landscape. China recorded an 11% YoY increase in deal volume during January-May 2026, standing out as a major stabilizing force. The pickup indicates improving deal flow in targeted segments and a comparatively steadier pipeline of transactions. India edged up by 1% YoY, signaling resilience rather than acceleration. In contrast, several other key markets posted steep declines indicating broader regional caution. Japan saw a 41% YoY fall, representing the sharpest pullback among the largest APAC markets. Australia, South Korea, Singapore saw their respective deal volumes fall by 20%, 23%, 22% YoY. Bose concludes: “China’s growth and India’s stability provide important support, but the breadth of declines across some other markets shows that risk appetite remains selective. The near-term trajectory for APAC deal activity will likely hinge on whether M&A confidence rebounds and PE activity gains strength alongside broader improvement in sentiments across more markets.” Note: Historic data may change in case some deals get added to previous months because of a delay in disclosure of information in the public domain.

Lunate has announced the launch of the Chimera Solactive GCC Shariah Dividend ETF, an income-focused ETF tracking the Solactive GCC Shariah Dividend Index. The ETF is designed to provide diversified exposure to high-dividend-paying companies across the Gulf Cooperation Council while maintaining Shariah compliance. The launch further expands the relationship between Solactive and Lunate and marks their first collaboration on a Chimera ETF. The launch comes at a time when investors continue to look for equity strategies that combine dividend income characteristics with regional diversification. In this context, GCC equity markets provide access to a broad set of economic drivers across energy, trade, infrastructure, financial services, and domestic consumption. The region continues to benefit from ongoing economic diversification initiatives, sovereign investment programs, and favorable demographic trends, reinforcing the GCC’s position as a distinct regional equity market. For income-oriented investors, combining dividend exposure with a diversified regional allocation and a Shariah framework provides a differentiated, rules-based approach to accessing the market. The Solactive GCC Shariah Dividend Index draws from the Solactive GBS investable universe for Qatar, Kuwait, Saudi Arabia, and the United Arab Emirates. From this universe, the index applies a Shariah screening process based on sector- and ratio-based criteria, with screening data provided by IdealRatings. Eligible securities must also exhibit positive last-twelve-month dividend per share and positive indicated annual dividend per share. To reduce exposure to potential yield traps, the methodology excludes the lowest-ranking 10% of securities by 12-month momentum before selecting the 20 highest-ranking names by indicated dividend yield, with buffer rules applied to help reduce turnover. Constituents are weighted according to indicated dividend yield, subject to caps linked to free-float market capitalization to limit excessive single-stock concentration. Individual constituent weights are capped at the lower of 15% and 30 times the security’s free-float market-capitalization weight within the index universe. The index undergoes an annual reconstitution in May. In addition, companies that no longer satisfy the Shariah eligibility requirements may be removed from the index in accordance with the methodology. The ETF was listed on 23 June 2026 on ADX under the ticker GCCDIV. Timo Pfeiffer, Chief Markets Officer at Solactive, commented: “We are pleased to support Lunate on the launch of the Chimera Solactive GCC Shariah Dividend ETF. The Solactive GCC Shariah Dividend Index combines dividend focus, a momentum overlay, and a clearly defined Shariah framework to provide investors with a differentiated way to access dividend-focused exposure across GCC equity markets.” Sherif Salem, Partner & Head of Public Markets at Lunate, commented: “We are excited to extend our partnership with Solactive, as we grow our comprehensive suite of market and thematic ETFs with the launch of the Chimera Solactive GCC Shariah Dividend ETF on the Abu Dhabi Securities Exchange. The innovative new ETF is the first Shariah-compliant ETF globally to offer investors access to multiple GCC markets in a single dividend-paying product, offering investors a convenient way to gain diversified exposure to the region’s leading dividend-paying equities.”

MKI Global Partners (MKI), the independent advisory firm helping companies and investors make sense of complex and dynamic situations, has opened a Washington DC office. Headquartered in London, the firm has been expanding its US footprint, with an established presence in New York and now a permanent DC base in the heart of the US capital.Washington is playing an increasingly central role in shaping outcomes for companies and investors. Decisions taken by the Administration, Congress, agencies and courts are driving profound change across industries and markets. For MKI, being based in the US capital means direct access to the decision-makers and perspectives that matter most, helping clients understand how developments affect their situations and how best to respond.Tom Seitz and Aditiya Bulusu, who both joined MKI earlier this year, are based in the DC office. Tom brings more than 20 years of experience advising institutional investors at the intersection of markets, policy and regulation, with a focus on technology, media and telecoms. Adi brings a background in the US federal government and a strong professional network across Washington. Both are part of MKI’s US team, which is headed by David O’Hara from New York alongside Katie Corrigan.Mark Kelly, CEO of MKI Global Partners, said: “Washington has never mattered more to the situations our clients are navigating. The ability to walk into a room with the people who shape outcomes, and to do that consistently over time, is what separates useful intelligence from noise. This office also gives us a home to bring clients directly into that environment -- something that meaningfully improves the quality of the conversation.”The DC office is the latest step in MKI’s strategic expansion across global markets. Located close to the White House and the Eisenhower Executive Office Building, the office provides a base not only for engaging with policymakers but for hosting clients at the centre of the situations they are navigating. MKI’s work centres on complex special situations where the intersection of policy, regulation and markets is decisive. As these forces continue to converge, the firm’s Washington presence will become an increasingly central part of how it serves clients globally.

Nasdaq (Nasdaq: NDAQ) announces that trading in the shares of Savox Communications Ltd  (ticker: SAVOX) will commence on the prelist of Nasdaq Helsinki. The company’s shares are expected to start trading on the Main Market on 25 June 2026. Savox is a Mid Cap company within Industrials sector. The company is the 23rd company to list on Nasdaq’s Nordic markets1 in 2026, and it represents the sixth listing on Nasdaq Helsinki this year. Savox Communications Oyj is a Finnish technology company specializing in mission-critical communication solutions and hearing protection for professionals working in demanding environments. The company’s solutions are used globally by defence, safety and security as well as by industrial customers, where reliable communication, situational awareness and user protection are essential.Savox combines advanced audio technology, digital platforms and system integration capabilities to support its customers’ operational performance in critical situations. “The strong interest shown by both institutional and retail investors in our IPO is a clear indication of confidence in Savox’s strategy, technology and long-term growth potential. The offering was oversubscribed across all segments, and we are pleased to have established a broad and high-quality ownership base to support our next phase of development. The listing strengthens our financial position, increases our visibility and supports the execution of our strategy. I would like to thank our customers, partners, employees and new shareholders for their trust and commitment,” comments  Jerry Kettunen , Chief Executive Officer of Savox Communications. “I warmly congratulate Savox Communications on its successful IPO and am pleased to welcome the company to Nasdaq Helsinki’s Main Market,” said Henrik Husman, President of Nasdaq Helsinki. “Savox operates in a sector that is highly relevant today, providing critical communications solutions for defence, law enforcement, fire and rescue, and industrial use. We look forward to supporting the company as it enters this new phase as a listed company.” 1Main markets and Nasdaq First North Growth Market at Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland, Nasdaq Stockholm and Nasdaq Baltic.

Key points ASIC is contributing to the economy-wide effort to increase Australia’s productivity. We are simplifying regulation, making it easier to transact with ASIC, promoting innovation, supporting law reform and contributing to the Productivity Commission’s work on business dynamism. ASIC’s work on productivity is designed to improve regulation and reduce regulatory burden without undermining consumer protections. Thank you, Mel, for the introduction and thank you to AFIA for the invitation to speak to you today. I acknowledge the Traditional Owners of the land on which we meet today, the Wurundjeri People of the Kulin Nation. I pay my respects to their Elders past and present, and I extend that respect to Aboriginal and Torres Strait Islander peoples here today. In my remarks today I’d like to focus on how ASIC is contributing to national efforts to lift Australia’s productivity — recognising that this is a collective endeavour, and one in which we all have a role to play. Each of you will be seeking to make productivity enhancements in your own businesses. You are also at the frontline of financing productivity enhancements in many other Australian businesses. Today, I’ll outline four streams of ASIC work that are contributing to enhanced productivity and explain what we are doing to improve the quality of regulation while maintaining important consumer protections. In the spirit of the World Cup, I’ve structured my comments around a football (soccer) analogy. We’re all on Team Productivity – with ASIC in goals. This is fitting, because productivity is very much a team sport, but I confess it is a bit of a tortured analogy. So I apologise in advance. Team productivity: where do regulators play? The Government has recognised that Australia has a productivity challenge[1] and has asked all sectors of our economy to contribute to addressing it. I don’t need to explain to you the critical role the finance sector plays in supporting productivity and economic growth. By providing the finance businesses need to invest in technology, business processes and skills, you are enabling them to innovate, be more productive and compete. Regulators play an important role too. We do this by implementing regulatory provisions and practices that achieve a strong financial system, fair and efficient markets and confident and informed investors and consumers - all with as little cost as possible. I frame ASIC’s contribution as being akin to the goalkeeper because we err on the side of being protective and we often take a back seat to the spectacular breakthroughs. We are also instrumental in ensuring our on-field business teammates are well placed to score ‘productivity goals’. The national challenge to enhance productivity comes at a time when businesses are facing many other risks, including cyber and geopolitical ones, all of which are rapidly evolving, and at times compounding. Artificial intelligence for example has introduced heightened uncertainty with some embracing the opportunities it offers for both consumers and businesses, while other are far more cautious and even fearful. In circumstances like this, it’s important that regulatory reforms to enhance productivity do not come at the expense of consumers and investors’ trust in our financial system. This is why ASIC has worked to identify productivity-enhancing initiatives that support rather than undermine consumer and investor confidence to participate in the economy. Playing out from the back: ASIC’s work on simplification The first productivity initiative I’d like to touch on is our work simplifying the regulatory documents and administrative practices that are within our control. Like a goalkeeper playing out from the box, these choices are within our gift. We can choose how we play the ball. We’ve used the phrase ‘regulatory simplification’ for this work because our objective is to reduce unnecessary complexity. This makes it easier for businesses to comply with the laws that ASIC administers, and for investors and consumers to know what those laws are. It is not designed to reduce regulatory protections. ASIC’s regulatory simplification work is very practical and focused on making life easier for businesses - easier to find and understand our regulatory documents and easier to interact with us. For example: We’ve improved our website by restructuring content, removing thousands of obsolete webpages and experimenting with how AI can improve the user experience. We’ve facilitated the use of electronic signatures over wet signatures on our forms and we have reduced paper-based processes - 90% of our paper-only forms can now be submitted electronically. This is equivalent of 57,000 paper forms every year. We have an ongoing program to simplify our legislative instruments and regulatory guidance. Our long-term goal is to move away from paper-based, fragmented processes towards a more consistent, secure and user-centric digital services. This includes our RegistryConnect program which is uplifting and modernising our business registers. Work to improve the search functionality and streamline the online experience for registrations and lodgements is well underway. And work to link director IDs will commence by 1 July 2027, subject to the passage of the relevant Bill which has been passed by the House of Representatives and is before the Senate this week. Linking with the wing backs: ASIC’s innovation agenda The second means by which ASIC is contributing to the productivity agenda is through our work supporting innovation in financial products and services. As we have stated publicly before, ASIC wants to be ‘backers, not blockers’ of innovation’.[2] We recognise that financial innovation is crucial for productivity, unlocking opportunities not only for start-ups but for existing finance companies. If we apply my football analogy, our innovation work is a well-timed throw to a wing-back charging up the field. ASIC’s Innovation Hub which was established over a decade ago has helped around 1,000 fintech and regtech businesses navigate Australia's regulatory system. This includes the creation of a regulatory sandbox in 2015, which was replaced by a statutory sandbox – the Enhanced Regulatory Sandbox - in 2020. While the sandbox is a valuable tool to test innovative financial services or credit activities without first obtaining an Australian financial services or credit licence, we are aware of some limitations in the way we do this work and are changing it. We have been actively participating in the Government's independent review of the sandbox. We were pleased this review took an expansive approach to examining how sandboxes and other regulatory actions can support financial innovation, with learnings from our international peers such as Singapore and the UK. Our aim is to improve the pathways from regulatory sandbox to licensing. Also in the sandbox space, we’ve been a key player in the Reserve Bank’s Project Acacia – which examined how innovations in digital money and settlement infrastructure could support the development of wholesale tokenised asset markets in Australia. Beyond sandboxes, ASIC recently commissioned research by the Digital Finance Cooperative Research Centre on specific ideas to cultivate and capitalise on financial innovation in Australia. Later in June, we are hosting a Financial Markets Innovation roundtable which will bring together senior leaders from across the financial market ecosystem to discuss innovation in our public, listed and traded markets. This will build on the work that ASIC has been doing to improve the health of Australia’s public and private markets. This work has been directed at ensuring that Australia has capital markets that are attractive, competitive and trusted — so businesses have viable pathways to access funding. You’ll see from these efforts that ASIC is listening to ideas from industry, consumers and academics and identifying practical changes to our licensing and other practices and the regulations within our gift that make things easier for entities without undermining the trust in the system for investors and consumers. Here come the mid-fielders: ASIC’s contribution to the Council of Financial Regulators’ regulatory reform The third stream of work aimed at improving productivity relates to our contribution to the Council of Financial Regulators. ASIC is an active member of the Council of Financial Regulators alongside the Reserve Bank, APRA and Treasury. In my analogy, which I admit is being stretched at this point, the Council of Financial Regulators are the mid-fielders tasked with maintaining a strong defence, while setting up the forwards to score. The Treasurer commissioned us as a group to develop a roadmap on better regulation, which was released at the last month’s Budget. The CFR Plus Better Regulation Roadmap includes over 50 commitments made as part of the Economic Reform Roundtable process, including 15 by ASIC. By streamlining data collection and improving coordination, planning and engagement with industry, it’s estimated that the roadmap commitments could reduce the regulatory burden across the sector by $181 million[3]. ASIC and APRA jointly led the workstream on improving data sharing and collaboration. The actions resulting from this work respond directly to known industry pain points and has been well received by industry. The actions will free up resources by reducing overlapping requests and uncertainty and allowing licensees to better plan through greater transparency. A key outcome of the CFR Better Regulation work is strengthened coordination and transparency across regulators. The Regulatory Initiatives Grid, published twice annually by Treasury, supports this by demonstrating how regulators are coordinating and collaborating, including capturing examples of reduced duplication and shared work. Perfecting the set piece: Law reform and productivity The fourth and final set of actions I’ll talk about is ASIC’s contribution to the broader work being done in the sphere of law reform and economic analysis. I think of these as the ‘set pieces’ in my soccer analogy and we’ll be hoping that Tony Popovic has been carefully planning one or two of these for Friday’s game. Soccer, like business, is typically fluid, fast, and reactive. A set piece, on the other hand, provides an opportunity for a structured moment where the game stops, positions are reset, and teams can execute pre-planned strategies to create a decisive advantage. You can think of law reform in the same way. The Government has announced tranches of new legislation that are estimated to improve regulation and reduce compliance costs by $780 million a year[4]. The reforms most directly relevant to ASIC’s work include the change to financial reporting thresholds, streamlining the mandatory climate reporting framework and reducing the frequency of IDR reporting for small to mid-sized banks. The other forum where ASIC sees welcome opportunity to improve regulation without undermining protections is the Productivity Commission’s current inquiry into business dynamism. ASIC recognises that we are well placed to contribute to business dynamism. We have touchpoints across the whole business lifecycle - from company registration and licensing to insolvencies, and we are pleased the Productivity Commission’s work will look across this whole spectrum. In relation to business exits, ASIC has identified a number of areas of the corporate insolvency system that should be examined in more detail to better promote business dynamism and system integrity. These include settings relating to simplified liquidation processes, the interaction between insolvency and various legal and business structures, the role of pre-insolvency advice and advisers, and creditor defeating dispositions. Closing I’ve spoken today about a wide range of ASIC’s work today that we’ve tried to improve, from those that might affect you on a day-to-day basis – such as accessing our website for regulatory materials or doing your annual business review - to activities that might only affect your business occasionally, such as applying for a licence. In closing I also wanted to alert you to some upcoming ASIC reports that are specifically in the finance space. These are in relation to car finance, debt management and credit repair and debt collection. We will be publishing a report on the findings from our recent car finance review very soon. This report contains some important takeaways for lenders – particularly in relation to costs and ensuring compliance and good practice with distribution oversight. If you’re involved in car finance, I encourage you to use the insights from the report to evaluate your own practices and processes. In terms of our reviews into debt management and credit repair, and debt collection, you can expect to hear more on those in the coming months. In conclusion, ASIC has a wide range of initiatives that directly or indirectly contribute to improving productivity. We see our efforts as part of a much bigger team effort to score productivity goals. The common thread across ASIC’s initiatives is that they seek to improve the quality and efficiency of regulation, without compromising protections to consumers and investors, because these are essential for maintaining confidence and trust in our financial system. ASIC looks forward to continuing to work with AFIA and all of you to achieve our common goals. Thank you.   [1] Economic Reform Roundtable agenda [2] Open for opportunity: Taking charge of the future of our financial markets [3] Budget 2026–27 Fact Sheet [4] Ibid

The Commodity Futures Trading Commission today issued a request for comment seeking public input on two related developments in the energy derivatives markets: the extension of standard futures contracts to 24/7 trading, and the potential listing of perpetual contracts that reference physically delivered or storable energy commodities, such as crude oil. “As registered entities extend trading hours and introduce new contract designs, a clear, data-driven record will help the Commission better understand these developments’ implications and impact in the market,” said Chairman Michael S. Selig. “This request reflects the Commission’s commitment to supporting responsible innovation, while preserving the protections against manipulation and market disruption that participants and the public rely on.” The request for comment is organized around two sets of questions. The first concerns the extension of standard futures contracts — including energy futures — to a 24/7 schedule without any change to their fixed expiration, with material economic changes to delivery or settlement terms. The second concerns perpetual contracts when they reference physically delivered or storable energy commodities. The Commission intends to use the information and comments received to inform its understanding of these developments. Comments must be in writing and received within 30 days of the request for comment’s publication in the Federal Register. RELATED LINKS Request for Comment on the Extension of Standard Futures Contracts to 24/7 Trading and on Perpetual Contracts Referencing Physically Delivered or Storable Energy Commodities