The Securities Commission Malaysia (SC) today announced the establishment of the ICM Innovation Lab (FIKRALab), a structured co-creation and applied R&D platform to develop new Islamic capital market (ICM) products and instruments.  The FIKRALab, an initiative under the Capital Market Masterplan 2026–2030, aims at advancing Malaysia’s ICM, anchored on Maqasid al-Shariah and guided by Halal-Toyyib.  Through the FIKRALab, the SC seeks to catalyse the development of Maqasid al-Shariahdriven ICM products and services that deliver ethical objectives, real economic value and broader social impact.  These innovations are intended to uphold the essentials of human well-being — faith, life, intellect, lineage and wealth — while aligning capital with productive economic activity and advancing shared, sustainable prosperity. The FIKRALab builds on the SC’s long-standing efforts to nurture ICM innovation. These efforts began with FIKRA, Malaysia’s Islamic fintech accelerator programme, and later enhanced through FIKRA ACE, a targeted facilitation, industry engagement and ecosystem connectivity focusing on fintech1.  The FIKRALab expands the ecosystem development beyond fintech-centric ICM innovation, enabling deeper collaboration and co-creation between the SC and the industry in ideation, research, product design and pilot testing. It focuses particularly in developing new instruments and solutions that align with Maqasid al-Shariah.   Expected outcomes of the FIKRALab include the development of new ICM use cases, products and infrastructure that demonstrate clear value-based outcomes, stronger industry-regulator engagement and enhanced market confidence in innovation, anchored by Maqasid and supported by the industry. A key feature of the FIKRALab is Maqasid al-Shariah Clinics, a structured approach  that includes curated engagement by the SC and a knowledge symposium with experts in identified domains to assess and enhance existing ICM products.  Through these clinics, the SC will work with industry players, Shariah advisers and other identified subject matter experts to strengthen the value propositions of current ICM instruments, reinforce real-economy linkages and deliver greater social and economic impact. The FIKRALab will be undertaken in phases, beginning with a pilot project currently conducted by the SC in collaboration with a financial institution. This pilot project seeks to develop an innovative instrument aimed at unlocking Shariah-derived income within mixed-activity groups.  The subsequent phase is anticipated to commence in Q4 2026, when applications for the first FIKRALab cohort will be opened. Cohort applications are expected to be conducted annually, with different focus areas for each cycle.  The focus areas for the first cohort will include new generation ICM products and services that offers entirely new value propositions, Islamic social finance and social capital, as well as sustainability and transition finance.  Innovators, financial institutions, technology providers, academia and ecosystem partners with ideas or proposals for ICM product innovation are invited to register their interest and engage with the SC via FIKRAlab@seccom.com.my from now until 30 September 2026.  Further details will be announced in due course. FIKRA was launched in 2021 as part of the SC’s initiative to enhance the ICM ecosystem. In continuation, the enhanced FIKRA ACE was launched in 2023 as a three-year initiative to facilitate the development of Islamic fintech through a structured approach.  

London Stock Exchange Group plc (LSEG) announces today that it has purchased the following number of its ordinary shares of 679/86 pence each on the London Stock Exchange from Morgan Stanley & Co. International Plc (Morgan Stanley) as part of its share buyback programme, as announced on 26 February 2026: Ordinary Shares Date of purchase: 25 March 2026 Number of ordinary shares purchased: 352,244 Highest price paid per share: 8,608.00p Lowest price paid per share: 8,398.00p Volume weighted average price per share: 8,516.81p   LSEG intends to cancel all of the purchased shares.  Following the cancellation of the repurchased shares, LSEG has 498,978,719 ordinary shares of 679/86 pence each in issue (excluding treasury shares) and holds 21,451,599 of its ordinary shares of 679/86 pence each in treasury. Therefore, the total voting rights in the Company will be 498,978,719. This figure for the total number of voting rights may be used by shareholders (and others with notification obligations) as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules. In accordance with Article 5(1)(b) of Market Abuse Regulation (EU) No 596/2014 (as it forms part of the law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as implemented, retained, amended, extended, re-enacted or otherwise given effect in the United Kingdom from 1 January 2021 and as amended or supplemented in the United Kingdom thereafter) a full breakdown of the individual trades made by the Morgan Stanley on behalf of the Company as part of the buyback programme can be found at: http://www.rns-pdf.londonstockexchange.com/rns/1539Y_1-2026-3-25.pdf This announcement does not constitute, or form part of, an offer or any solicitation of an offer for securities in any jurisdiction. Schedule of Purchases Shares purchased: 352,244 Date of purchases: 25 March 2026 Investment firm: Morgan Stanley & Co. International Plc                   Aggregate Information: Venue Volume weighted average price Aggregated Volume Lowest price per share Highest price per share XLON 8,512.89p 326,239 8,398.00p 8,608.00p TRQX 8,566.04p 26,005 8,480.00p 8,606.00p

Chairman Steil, Ranking Member Lynch, and other members of the subcommittee, thank you for the opportunity to testify on the Federal Reserve Board's (Board) work on financial sector innovation within the Division of Supervision and Regulation. The Federal Reserve's Division of Supervision and Regulation is committed to facilitating innovation in the financial sector. Responsible innovation can improve the customer experience, expand product offerings, lower costs, increase credit availability, and enhance efficiencies for banks, businesses, and consumers alike while more generally supporting economic growth. Prudent innovation at banks also has the potential to enhance safety and soundness by enabling better risk detection and mitigation. Perhaps most importantly, responsible innovation can enable banks to better meet the evolving needs of their customers and deter the migration of financial activity into the less regulated nonbank sector. For those reasons, banks, regulators, and supervisors should be open-minded about innovation and emerging technologies. The deployment of new products, services, and technologies is not without risk, however, and the Federal Reserve is committed to its mission of identifying and encouraging firms to mitigate any risks that threaten their safety and soundness or the stability of the U.S. financial system. Our primary duty as supervisors is to identify significant threats to safety and soundness or financial stability as early as possible and to encourage or require prompt, proportional, and effective corrective action as early as possible. Examiners are like referees in a soccer match. Banks are generally free to choose their own business models and risk profiles. But when their activities threaten safety and soundness or financial stability, examiners raise a yellow or red card in the form of a supervisory observation, matter requiring attention, enforcement action, or other supervisory action, as illustrated by figure 1 in the appendix to this statement. Innovation that is properly regulated and supervised can lead to a more dynamic and ever-improving banking system that best serves all Americans. One way to strike the right balance between encouraging innovation and protecting the safety and soundness of the banking system is to be more transparent and encourage feedback from the public. We do this when we propose new rules because the Administrative Procedure Act requires us to provide public notice and seek public comment about proposed new rules. But most of our supervision is hidden from public view. To receive public feedback on our supervision, we need to voluntarily lift the curtain so that more of our supervision is visible to the public, subject to protecting competitively sensitive proprietary information, confidential supervisory information, and other information that should remain confidential. The Vice Chair for Supervision and I are deeply committed to making our supervision more transparent and publicly accountable. We demonstrated that commitment by releasing to the public in November our Statement of Supervisory Operating Principles.1 We demonstrated it again in January when we published the operating manuals for supervising the largest and most complex banking organizations, which had previously been non-public.2 We will continue to demonstrate this commitment by releasing to the public many other procedure manuals and instructions to staff that have previously been kept confidential. In this way, we will give the public more visibility into how we supervise banking organizations and solicit their feedback. While the exact promise and peril of new technology is, by definition, unknown, there are three emerging areas that I would like to focus on today: artificial intelligence, digital assets, and bank-fintech partnerships. These technologies will likely be the most impactful on the banking sector in the foreseeable future. Artificial IntelligenceArtificial intelligence (AI) has been around in various forms for some time, and Federal Reserve supervisory staff have continually monitored banks' use of it. Many variations of AI, like machine learning, have been in use for years and banks often deploy these mature, time-tested capabilities at their firms. For instance, some firms use machine learning tools in fraud detection and prevention. The use of AI has grown markedly over the past several years at supervised banks, which are deploying both in-house and vendor products. AI can improve operational efficiencies, enhance risk management capabilities, generate new content, and provide new analytical insights. More recently, the transformative power of newer AI technologies such as generative AI and agentic AI has driven exploration across the industry. Many financial institutions have begun implementing generative AI applications to test limited functionality in areas such as document summarization and coding assistance. While uptake of these newer technologies is generally limited to low-risk applications, we expect increased adoption rates as useful applications expand to more material areas and implementation challenges are resolved. While AI adoption promises many benefits, it is important to continually monitor risks. AI tools can present explainability, operational, model, and data challenges. The complexity and opacity of these systems can also raise bias and privacy considerations. While our supervised institutions typically have controls such as sound development practices, effective testing regimes, and human-in-the-loop systems in place to manage AI risks, financial institutions should proactively implement governance, risk management, and oversight policies as AI usage becomes more widespread. Understanding specific use cases and methodologies is particularly important. To facilitate the deployment of AI tools, Board and Reserve Bank supervisory staff are working to better understand the available and developing technologies. In addition to continuing to monitor banks' usage of AI, we are also exploring potential use cases to improve our own assessment and supervision of banking risk. In particular, AI tools might be useful for improving examiner training and preparation and processing large amounts of data from media, earnings calls, and public filings as part of our ongoing monitoring of financial institutions. That said, while we expect these tools to serve as a helpful and ultimately important input, judgment and decisionmaking will remain with subject matter experts. Digital AssetsThe second area I would like to highlight is digital assets. We have seen progress in the digital assets arena that could offer many benefits for both banks and their customers. For instance, payment stablecoins and tokenized deposits hold the potential to enable faster and cheaper payments. Tokenization can also potentially provide flexibility in settlement, enhanced recordkeeping and automation, and other efficiency gains. The Federal Reserve has taken a number of steps to better enable banks to engage with digital asset technologies. We recently ensured that assessment of digital asset risks would be part of the normal course of supervision and rescinded a number of crypto-related supervisory letters.3 In December 2025, we also replaced a policy statement that placed unnecessary restrictions on certain kinds of innovation with one designed to facilitate responsible innovation by Board-supervised banks.4 Along with our interagency colleagues, we have also clarified risk-management considerations around crypto-asset safekeeping.5 Looking ahead, we are considering how to provide additional clarity for banks engaged in digital asset activities. We recently clarified the capital treatment of tokenized securities, for instance.6 We are also coordinating with the other banking regulators as we develop regulations to implement the GENIUS Act. Third-Party RelationshipsThird, I would like to discuss our approach to third-party relationships. Bank-fintech partnerships can provide a channel for banks of all sizes to access new technologies. In particular, bank-fintech partnerships can promote a level playing field by allowing community banks to compete with larger banks that have more resources to invest in their own technology. These partnerships can also help banks quickly and cost-effectively deploy products or services into the market, along with providing banks access to new or expanded markets, revenue sources, and customers. Bank-fintech partnerships vary in terms of product offerings, making them potentially well-suited to a variety of use cases. For example, some partnerships offer traditional deposit services while others are payment or lending focused. These partnerships can, of course, present complicated risks that require commensurate risk management and supervision. It is therefore important that banks understand their risks and legal obligations, including with respect to consumer compliance, and that we properly supervise them. For our part, the Board will continue to explore additional options to ensure banks have regulatory and supervisory clarity in their engagements with third parties. Finally, to fully see the beneficial effects of innovation on economic growth and prosperity, innovators, banks, and regulators must develop a constructive dialogue to build trust and establish a solid working foundation. Public outreach by the Federal Reserve plays an important role in our understanding of the functions of new technologies as well as the risks they may present to banks, the public, and the broader financial system. In the past year, the Board hosted a number of public conferences that included discussions about innovation and how banks intend to use new technologies.7 Events like these facilitate useful and necessary interactions between stakeholders and help us refine our supervision and regulation. Thank you. I look forward to your questions. Appendix Figure 1: The supervisory action continuum Note: The figure displays potential supervisory actions that can be taken to remediate supervisory observations. The actions are ordered from left to right by severity. The arrow illustrates that supervisors have the discretion to escalate remediation actions from a lower to a higher level out of sequence based on probability or severity. Some of these actions, such as activating a recovery plan, only apply to the largest and most systemic banking organizations. Accessible version 1. See Board of Governors of the Federal Reserve System, Division of Supervision and Regulation, "Statement of Supervisory Operating Principles (PDF)," October 29, 2025.  2. See "Large Institution Supervisory Coordinating Committee (LISCC) Operating Manuals," January 2026.  3. See Board of Governors of the Federal Reserve System, "Federal Reserve Board Announces the Withdrawal of Guidance for Banks Related to their Crypto-asset and Dollar Token Activities and Related Changes to its Expectations for These Activities," press release, April 24, 2025, and "Federal Reserve Board Announces It Will Sunset Its Novel Activities Supervision Program and Return to Monitoring Banks' Novel Activities through the Normal Supervisory Process," press release, August 15, 2025.  4. See Board of Governors of the Federal Reserve System, "Federal Reserve Board Withdraws 2023 Policy Statement and Issues New Policy Statement Regarding the Treatment of Certain Board-Supervised Banks that Facilitates Responsible Innovation," press release, December 17, 2025.  5. See Federal Deposit Insurance Corporation, Board of Governors of the Federal Reserve System, and Office of the Comptroller of the Currency, "Agencies Issue Joint Statement on Risk-Management Considerations for Crypto-asset Safekeeping," press release, July 14, 2025.  6. See Federal Deposit Insurance Corporation, Board of Governors of the Federal Reserve System, and Office of the Comptroller of the Currency, "Agencies Clarify the Capital Treatment of Tokenized Securities," press release, March 5, 2026.  7. See, for example, the Federal Reserve Board's conferences: Unleashing a Financially Inclusive Future (July 15, 2025); Integrated Review of the Capital Framework for Large Banks (July 22, 2025); the Community Bank Conference (October 9, 2025); and the Payments Innovation Conference (October 21, 2025). 

Today, U.S. Secretary of the Treasury Scott K. H. Bessent convened a meeting of the Financial Stability Oversight Council (Council) in executive and open sessions at the U.S. Department of the Treasury (Treasury).  During the executive session, the Council heard a briefing from Treasury staff on the Council’s quarterly financial stability monitor.  The update described key developments during the recent quarter in the banking sector, financial markets, household finances, and financial innovation.  The presentation also addressed geopolitical risks, the implications of increased investment in artificial intelligence, and recent developments in the private credit sector.  Council members noted the resilience of the financial system and discussed their agencies’ efforts to monitor market developments. The Council also received a presentation from Treasury staff on the development of tools to monitor household financial resilience, including an assessment of consumer credit conditions.  The presentation included an analysis of the impact of fraud on households and its implications for economic security and the broader financial system.   During the open session, the Council received a presentation from Treasury staff on the Council’s proposed interpretive guidance on nonbank financial company designations.  The presentation provided an overview of proposed revisions to the Council’s 2023 interpretive guidance.  The Council voted unanimously to publish the proposed interpretive guidance in the Federal Register.  The proposed interpretive guidance will be available for public comment for 45 days after publication in the Federal Register. The Council also received an update from the Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation on banking supervision and regulatory reforms.  The agencies described their recently issued proposals to simplify and modernize regulatory capital standards and other ongoing efforts to enhance their regulatory and supervisory frameworks.  The Council also voted to approve the minutes of its previous meeting on December 11, 2025.  In attendance at the Council meeting at Treasury or virtually were the following members:   Scott K. H. Bessent, Secretary of the Treasury (Chairperson of the Council) Jerome H. Powell, Chair, Board of Governors of the Federal Reserve System Jonathan V. Gould, Comptroller of the Currency Geoffrey Gradler, Deputy Director, Consumer Financial Protection Bureau (acting pursuant to delegated authority) Paul S. Atkins, Chairman, Securities and Exchange Commission Travis Hill, Chairman, Federal Deposit Insurance Corporation Michael S. Selig, Chairman, Commodity Futures Trading Commission William J. Pulte, Director, Federal Housing Finance Agency Kyle S. Hauptman, Chairman, National Credit Union Administration Steven Seitz, Director, Federal Insurance Office (non-voting member) Elizabeth K. Dwyer, Director, Rhode Island Department of Business Regulation (non-voting member) Lise Kruse, Commissioner, North Dakota Department of Financial Institutions (non-voting member) Melanie Lubin, Securities Commissioner, Office of the Attorney General of Maryland, Securities Division (non-voting member) Additional information regarding the Council, its work, the proposed interpretive guidance, and the Council’s meeting minutes is available at http://www.fsoc.gov.  

The Financial Stability Oversight Council (Council) today voted unanimously to issue for public comment proposed interpretative guidance on nonbank financial company designations.  This proposed guidance would reinstitute a number of elements first introduced by the Council’s 2019 interpretive guidance and would add critical enhancements that reflect the Council’s current understanding of financial stability, underscoring the importance of economic growth and economic security.  “The Council has a vital mission – identifying and responding to potential threats to the stability of the financial system before they can translate into real economic harms,” said Secretary of the Treasury Scott Bessent.  “Today’s proposed guidance would return the Council to prioritizing an activities-based approach where we focus first on risks that arise from specific activities and practices across markets, rather than single out individual firms.”  The proposed interpretive guidance approved by the Council today would: Incorporate economic growth and economic security into the Council’s analysis of risks to financial stability.  Economic growth provides the foundation for financial stability, and economic security, in turn, supports economic growth.  The proposal describes how the Council would consider impediments to economic growth and economic security when identifying potential risks to U.S. financial stability.   Prioritize identifying, assessing, and addressing risks through an activities-based approach.  Consistent with its statutory authorities, the Council would prioritize its efforts to identify, assess, and address potential risks to U.S. financial stability through an activities-based approach.  Under the proposal, the Council would pursue entity-specific designations only if a potential risk or threat cannot be, or is not, adequately addressed through an activities-based approach.  Prioritizing an activities-based approach would enhance the rigor of the Council’s activities and facilitate the Council’s efforts to consider impediments to economic growth and economic security when identifying potential risks to U.S. financial stability. Enhance analytical rigor by committing to performing a cost-benefit analysis before a designation decision.  In evaluating a potential designation, the Council would perform a cost-benefit analysis before designating a nonbank financial company, and make a designation only if the expected benefits justify the expected costs.  The Council would also assess the likelihood of the company’s material financial distress as part of its analysis of potential benefits and costs of a designation.  These commitments would ensure that the Council’s actions are expected to provide a net benefit to U.S. financial stability and are consistent with thoughtful decision-making. Provide a pre-designation “off-ramp” and promote greater transparency. The proposed guidance maintains strong procedural protections and includes a new pre-designation off-ramp. Under the guidance, the Council would identify steps a nonbank financial company or financial regulators could take to address a potential threat to U.S. financial stability based on the Council’s preliminary evaluation and allow time for the material risks to be addressed. Providing this opportunity to mitigate identified risks would enhance the transparency of the designation process and result in a more effective approach to addressing a potential threat to U.S. financial stability. The full text of the proposed nonbank financial company designation guidance is available here. The proposed guidance will be available for a 45-day public comment period following its publication in the Federal Register.

Today, SIFMA president and CEO Kenneth E. Bentsen, Jr. testified before the U.S. House of Representatives Committee on Financial Services at a hearing entitled Tokenization and the Future of Securities: Modernizing Our Capital Markets. The testimony emphasizes SIFMA’s strong support for innovation in the securities markets and its belief that new technologies such as distributed ledger technology (DLT) and tokenization offer many potential benefits for U.S. investors, issuers and other market participants across the securities lifecycle. At the same time, Bentsen notes “the continued strength of the U.S. securities markets depends on preserving the investor protections and market integrity safeguards that provides the trust and confidence. That strength and efficiency provides for lower cost and greater availability of capital for issuers, broader access and liquidity for investors, and supports retirement savings, business investment, and economic growth. Indeed, our capital markets fund three-quarters of U.S. economic activity, making them essential to the ability of governments, businesses, and consumers to fund their activities – whether that be a company looking to invest in new plant and equipment, a local government seeking to raise funds for infrastructure projects, or a family taking out a mortgage to buy a home. Robust capital markets also provide American workers with opportunities to invest and prepare for retirement, directly and through investment vehicles like 401(k)s and pension funds.” Bentsen also notes, “our securities markets thrive because of, not despite, long-standing regulatory frameworks that protect investors and ensure market quality and integrity. The goal of policy makers should be to modernize markets in a way that builds on these strengths rather than bypassing them. Developing a durable approach that is built on existing regulatory frameworks will provide the necessary foundation for the growth and development of tokenized securities markets, enabling innovation to flourish and new operating models to develop while also protecting investors and ensuring that our markets remain the envy of the world.” The testimony highlights the following recommendations as a path forward to maintain U.S. leadership: First, tokenized securities are securities, technology does not change the underlying definition of the instrument. And like any securities, tokenized securities should be subject to the same robust investor-protection and market-integrity rules that have helped make the U.S. securities markets the deepest, most liquid, and most efficient in the world. Second, DLT and tokenization can deliver meaningful benefits across the securities lifecycle, but those benefits will be realized on a scalable and durable basis only through technology-neutral, functional regulation that protects investors and preserves market quality. Third, while there may be areas where the unique features on DLT create genuine “square peg – round hole” challenges in complying with established regulations, and carefully tailored exemptive relief may be necessary to allow innovation while maintaining the spirit of the regulations and the protections they offer such relief should be reserved for instances where the current regulatory framework is fundamentally incompatible with the technology, making existing requirements infeasible. Even then, bespoke exemptions must be narrow, transparent, time-bound, and aligned with the intent of the underlying regulations.They should never bypass notice-and-comment rulemaking or serve as a substitute for formal rulemakings, especially when investors and other market participants may not benefit from understanding how such exemptive relief could result in changing broader regulatory protections they rely upon today. In such cases, Congress and the Commission must ensure regulations are calibrated to actual risks, avoiding workarounds that might undermine investor protection or market integrity. Fourth, tokenization must be evaluated as part of a broader set of market-structure reforms that also includes extended-hours (23/5 and eventually 24/7) trading and the ongoing review of Rule 611 on trade through prohibitions and other areas of Regulation National Market System, and more. The testimony urges Congress to support “the responsible development of tokenized securities markets by reinforcing that tokenized securities are securities, and they should be integrated into the existing federal securities regulatory framework, not placed outside it.” The testimony concludes: “Tokenization offers real promise across the securities lifecycle, including in issuance, settlement design, collateral mobility, recordkeeping, transparency, and operational efficiency. But those benefits will only be realized if tokenization develops within a framework that preserves investor protection, market integrity, and confidence in fair and orderly markets – thereby building on, rather than undermining, the strength, depth, and efficiency of the U.S. securities markets that investors globally have trust and confidence in today.”

Market capitalisation of approximately NOK 872 million The 12th listing on Euronext in 2026  Euronext today congratulates Jacktel AS (ticker: JACK), owner of the offshore accommodation unit Haven, on its listing on Euronext Growth Oslo. This is the 12th listing on Euronext in 2026. Jacktel is the sole owner of Haven, the only harsh-environment jack-up offshore accommodation rig that is compliant with the standards for the Norwegian Continental Shelf. The unit was built in 2011 and provides accommodation capacity for up to 444 persons, including recreational facilities, offices, hospital facilities, deck cranes, and lifesaving and fire-fighting equipment. Haven has a strong operational track record with blue‑chip clients in Norway and Denmark and offers 100% uptime when positioned alongside host installations. Macro Offshore Management serves as its commercial and technical manager. The company has been registered on Euronext NOTC, the Norwegian marketplace for unlisted shares, since April 2022. Jacktel was listed through the admission to trading of 207,531,066 issued and outstanding ordinary shares. The company completed a private placement prior to the listing, raising gross proceeds of NOK 29.2 million. The private placement was significantly oversubscribed and attracted substantial interest from more than 200 new investors, including a dedicated retail tranche.  At market opening today, the share price was NOK 4.20 per share, giving the company a market capitalisation of NOK 871.6 million. Harald Thorstein, Chairman of Jacktel, said: “We are pleased to welcome all new and existing Jacktel shareholders to Euronext Growth Oslo. The board of Jacktel believes Haven will be an important asset in supporting critical projects and infrastructure in the offshore energy markets going forward. Quarterly dividend payments will be an essential part of our commitment to creating value for our shareholders.” Caption: Morten Astrup, Board Member of Jacktel AS, rang the bell this morning together with Harald Thorstein, Chairman of Jacktel, to celebrate the listing of the company on Euronext Growth Oslo. The company was welcomed by Øivind Amundsen, CEO of Euronext Oslo Børs. (Photo: Thomas Brun | NTB) 

Apex Group Ltd (“Apex Group”), a global financial services provider with over $3.5 trillion in assets serviced, today announced that it has been appointed to provide digital asset servicing, tokenization technology, and operational infrastructure solutions to Chaince Digital Holdings Inc. (NASDAQ: CD), a global technology company focused on institutional‑grade tokenization and blockchain‑based investment platforms. Under the mandate, Apex Group will deliver fund administration, operational support, regulatory reporting, tokenization infrastructure, and other servicing solutions designed to enable the tokenization of investment funds, public equities, and a range of real‑world assets. These services will support Chaince’s expansion into on‑chain investment vehicles and structured digital asset strategies launched for institutional and professional investors. Chaince Digital Holdings is developing a next‑generation platform for digital asset and tokenized investment infrastructure. The company enables the creation, management, and distribution of tokenized financial products across both traditional and blockchain‑based markets, providing institutional investors with transparent, efficient, and compliant access to tokenized funds, tokenized stocks, and other real‑world assets. Wilfred Daye, Chief Strategy Officer, Chaince Digital Holdings, said: “Institutional adoption of digital assets requires the same level of operational rigor and transparency investors expect from traditional financial markets. Apex Group’s tokenization infrastructure and fund administration expertise make them an ideal partner as we build institutional-grade digital asset platforms and tokenized financial products. With Nasdaq advancing its equity token design framework, regulatory and institutional alignment around on-chain equities is accelerating, positioning us to move quickly as tokenized capital markets take shape.” Angie Walker, Commercial Head of Apex Digital, added: “Chaince’s work in tokenized markets reflects a broader shift toward modernizing how financial products are structured, distributed, and accessed. Our appointment underscores Apex Group’s ability to support clients operating at the intersection of traditional market infrastructure and emerging digital asset ecosystems. We look forward to supporting Chaince as they scale institutional‑grade tokenized investment solutions globally.”

Interactive Brokers (Nasdaq: IBKR), an automated global broker, today announced that clients can transfer their existing holdings in supported cryptocurrencies to their Interactive Brokers-linked crypto account, enabling them to trade crypto at lower costs while gaining access to global investment markets – all without selling their digital assets upfront. Interactive Brokers offers a comprehensive solution that brings digital assets and traditional investments together on a single platform, providing access to competitive cryptocurrency pricing and broader investment opportunities. IBKR clients can now move supported digital assets directly from external wallets or platforms into their IBKR‑linked crypto accounts without first liquidating their crypto positions. This enables them to manage digital assets alongside stocks, options, futures, currencies, bonds, and other investments. Interactive Brokers offers some of the lowest cryptocurrency trading costs available through a traditional brokerage platform. Cryptocurrency trading through Paxos or zerohash on the Interactive Brokers platform carries commissions of 0.12% to 0.18% of trade value, with a USD 1.75 minimum per order, and no added spreads or markups. By comparison, many crypto platforms charge trading fees of up to 2.00% of trade value or more, often with additional embedded costs. “Crypto investors should be able to access competitive crypto pricing and diversified investment opportunities without managing multiple accounts or liquidating their positions,” said Milan Galik, Chief Executive Officer of Interactive Brokers. “By enabling direct crypto portfolio transfers, we’re making it easy for traders to benefit from IBKR’s low-cost crypto trading and gain access to our full range of global markets within the same professional trading environment.” Eligible clients of Interactive Brokers LLC and Interactive Brokers (U.K.) Limited can transfer Bitcoin, Ethereum, Solana, and other supported cryptocurrencies directly into their IBKR-linked crypto accounts at Paxos or zerohash. To learn more, please visit: US and countries served by IB LLC: Cryptocurrency Trading  United Kingdom: Cryptocurrency Trading Eligibility for cryptocurrency trading or deposits may vary by country of legal residence. The best-informed investors choose Interactive Brokers

The Federal Reserve Board on Wednesday released annual audited financial statements for the Federal Reserve System for 2025. An independent accounting firm issued unqualified opinions, stating that its audit found no material misstatements in accordance with applicable auditing standards. The Board released audited individual and combined statements for the 12 Federal Reserve Banks, the Board, and one limited liability company (LLC), relating to the Board's response to the COVID-19 pandemic. The audited financial statements provide information about assets, liabilities, and operations as of December 31, 2025. The Federal Reserve Act requires the Board to order an annual independent audit of the financial statements of each Reserve Bank and the Board. A public accounting firm was engaged to conduct these audits. The accounting firm also conducted audits of internal controls over financial reporting for the 12 Reserve Banks and the Board. In addition to annual audited financial statements, the Board also publishes a weekly comprehensive balance sheet and quarterly financial reports.

Commenting on the first transaction on the London Stock Exchange’s Private Securities Market, Dame Julia Hoggett, CEO, London Stock Exchange plc said: “We are thrilled to see the first transaction take place on our Private Securities Market, marking a significant milestone for this new market. It demonstrates how private companies, and structures such as TPEIC, can leverage public market infrastructure and use the PISCES framework in innovative ways to suit their needs. This is just the beginning, and we look forward to expanding the opportunities available to companies, shareholders, and investors.” See the TPE statement here: https://t-pe.co.uk/

Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology, today announced it has been recognized as one of America’s Most Innovative Companies by Fortune for a fourth consecutive year. The prestigious ranking is based on three core pillars: product innovation, process innovation, and innovation culture, underscoring Fiserv’s commitment to driving transformation at the intersection of banking and commerce. Serving millions of merchants and thousands of financial institutions globally, Fiserv has a unique view of the global financial ecosystem that enables the design of innovative solutions that are helping shape the future of money movement. Over the past 12 months, Fiserv has introduced the first bank-friendly stablecoin, FIUSD, to broaden access to digital asset technology, developed strategic partnerships to introduce new agentic capabilities for merchants, and launched AI-driven solutions that help clients operate more efficiently. Other innovative solutions include INDX, a real-time cash-settlement platform for digital assets that provides additional deposit sources for community bank and credit union clients, and biometric payment capabilities for small businesses leveraging Clover®, the world’s smartest point-of-sale system and business management platform. To assess innovation culture and internal perspectives on process innovation for America’s Most Innovative Companies, Statista conducted online surveys allowing employees to evaluate their own organizations. External perspectives on process innovation and product innovation were gathered through surveys of industry experts, including recruiters, management consultants, and patent attorneys. To evaluate intellectual property portfolios, Statista partnered with LexisNexis® Intellectual Property Solutions, using its platform to analyze both the quantity and value of company patents. The 300 U.S. companies with the highest overall scores were included in the final ranking.

Venture capital (VC) funding activity in the US witnessed a sharp increase in value in early 2026, even as the number of deals edged down slightly. The total number of VC deals announced in the US declined by around 2% in January-February 2026 compared to the same period in the previous year, while the corresponding deals value jumped more than eightfold to $208 billion, according to GlobalData, a leading intelligence and productivity platform. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “A key inflection point for market sentiment is the speed at which the funding crossed the $200 billion threshold. It took 11 months for US VC funding value to reach that level in 2025. This trend underscores how quickly capital is now being deployed into select, high-conviction themes.” A defining driver of this value surge was OpenAI’s $110 billion fundraising announced in February 2026, which significantly shaped the overall funding trajectory. This single deal accounted for around 53% of total US VC funding value in January–February 2026 and around 46% of global VC funding value over the same period. Bose adds: “The magnitude of this funding round demonstrates how a small number of outsized transactions can meaningfully influence aggregate funding outcomes, particularly when investors concentrate capital in fewer, perceived category-leading companies.” The US continued to remain the top market for VC funding activity globally and the massive jump in value has further strengthened its global dominance. An analysis of GlobalData’s Financial Deals Database revealed that the US accounted for 28% of the total number of VC deals announced globally during January-February 2026. Meanwhile, its share of global value stood at 87%, up from 58% during the same period a year earlier. Bose concludes: “The jump in global share highlights the extent to which the early-2026 surge was concentrated in the US, reinforcing its position as the central engine of global VC value and underscoring that mega-deals, particularly in AI, are shaping the pace and direction of the venture funding landscape.” 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

Intercontinental Exchange, Inc. (NYSE: ICE), one of the world's leading providers of financial market technology and data powering global capital markets, today released the February 2026 ICE First Look at mortgage delinquency, foreclosure and prepayment trends. "February saw a clear rebound in prepayment activity, with speeds rising 14% month over month and 80% year over year as the wave of refinances triggered by lower rates in January reached closing,” said Andy Walden, Head of Mortgage and Housing Market Research at ICE. “Delinquencies also edged higher, driven by seasonal increases in early-stage delinquencies and a notable rise in seriously past-due loans, though overall delinquency rates remain below pre-pandemic levels. These dynamics bear watching in the coming months, as default activity continues to trend off recent record lows." Key takeaways from this month’s findings include: Prepayments rebounded: The single-month mortality (SMM) rate, a measure of prepayment speed, increased by 10 basis points (bps) in February to 0.82% and was up 80% from the same time last year. The uptick follows a refinance wave driven by January rate drops. Delinquencies edged up in February: The national delinquency rate rose by 7 bps in February to 3.72%, driven by a 4% seasonal rise in early (30-day) delinquencies and a 3% rise in seriously delinquent (90-plus day) loans. The rate is up 20 bps from the same time last year but remains 12 bps below its February 2020 pre-pandemic benchmark. Combined serious delinquency and foreclosure volumes increased: At the end of January, 878,000 loans were in a state of severe delinquency or foreclosure. That figure is up 175,000 (25%) over the past four months, the highest since June 2022, and the highest since June 2018 when excluding the immediate effect of the pandemic. FHA loans account for roughly 80% of the recent increase. Cure rates have slowed: The rise in seriously delinquent loans is driven primarily by a decline in cure activity rather than a spike in new defaults. While the number of new loans that have become 90-plus days delinquent over the past four months has remained roughly flat on an annual basis, cure rates among 90-plus day delinquent mortgages are down by more than 40%. Foreclosure activity is rising off recent record lows: February saw 35,000 foreclosure starts, down 16% from January but up 7% year over year. Foreclosure sales declined 13% in the month but rose 25% year over year. The share of loans in active foreclosure remains 6 bps below pre-pandemic levels, though it rose by 4% in February and is up 25% from a year ago. Data as of February 28, 2026Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.72%Month-over-month change: 2.00%Year-over-year change: 5.61% Total U.S. foreclosure pre-sale inventory rate: 0.48%Month-over-month change: 4.03%Year-over-year change: 24.63% Total U.S. foreclosure starts: 35,000Month-over-month change -15.86%Year-over-year change: 6.46% Monthly prepayment rate (SMM): 0.82%Month-over-month change: 14.13%Year-over-year change: 79.89% Foreclosure sales: 7,000Month-over-month change: -13.60%Year-over-year change: 24.70% Number of properties that are 30 or more days past due, but not in foreclosure: 2,046,000Month-over-month change: 40,000Year-over-year change: 133,000 Number of properties that are 90 or more days past due, but not in foreclosure: 612,000Month-over-month change: 17,000Year-over-year change: 84,000 Number of properties in foreclosure pre-sale inventory: 266,000Month-over-month change: 10,000Year-over-year change: 55,000 Number of properties that are 30 or more days past due or in foreclosure: 2,312,000Month-over-month change: 50,000Year-over-year change: 188,000 Top 5 States by Non-Current* Percentage Louisiana: 8.64% Mississippi: 8.51% Alabama: 6.39% Arkansas: 6.08% Indiana: 5.96%   Bottom 5 States by Non-Current* Percentage Colorado: 2.41% Hawaii: 2.39% Montana: 2.35% Washington: 2.26% Idaho: 2.16%   Top 5 States by 90+ Days Delinquent Percentage Mississippi: 2.59% Louisiana: 2.47% Alabama: 1.93% Arkansas: 1.77% Georgia: 1.71%   Top 5 States by 12-Month Change in Non-Current* Percentage Hawaii: -2.93% South Dakota: -0.39% Florida: 1.96% Montana: 2.21% New York: 2.82%   Bottom 5 States by 12-Month Change in Non-Current* Percentage Utah: 18.83% Arizona: 14.90% Maryland: 14.36% Nevada: 12.96% Minnesota: 12.05% *Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state. Notes: 1) Totals are extrapolated based on ICE’s loan-level database of mortgage assets. 2) All whole numbers are rounded to the nearest thousand, except foreclosure starts and sales, which are rounded to the nearest hundred. The company will provide a more in-depth review of mortgage performance data in its monthly Mortgage Monitor report, an in-depth analysis of mortgage and housing market trends that is supplemented by charts and graphs. The Mortgage Monitor report is available online at https://www.icemortgagetechnology.com/resources/data-reports. For more information about gaining access to ICE’s loan-level database, email ICE-MortgageMonitor@ice.com.

A new study published by Europex and prepared by Frontier Economics provides compelling empirical evidence that EU electricity markets deliver efficient and resilient outcomes - both in normal times and under stress - while highlighting the need for further integration to unlock their full potential. Against the background of the European energy crisis (2021–2023) and the ongoing reform debate, the report examines market functioning and its performance under varying conditions. The analysis is based on data from 39 bidding zones - areas in which electricity is traded at a uniform price - covering 26 European countries over the period 2018–2024. Amid growing concerns over global energy supply disruptions linked to geopolitical tensions in the Middle East, the findings show that European electricity markets continue to function as intended. Wholesale price levels and volatility reflect underlying supply and demand fundamentals - including gas prices, weather conditions and system tightness - rather than structural shortcomings in market design. The report confirms that short-term wholesale markets play a central role in enabling efficient price discovery, supporting security of supply and minimising system costs. Market coupling and cross-border trade have further enhanced system efficiency and contributed to reducing price volatility across Europe While volatility increased significantly during the energy crisis, this was largely driven by external shocks - most notably elevated and volatile gas prices, unfavourable weather conditions affecting renewables, hydro and nuclear generation, and insufficient cross-zonal transmission capacity. The report further underlines that price volatility is an inherent and necessary feature of wellfunctioning electricity markets. It provides essential signals for operational decisions and for investment in flexibility, including storage, demand-side response and interconnection capacity. Based on these findings, and in light of current geopolitical tensions, Europex calls on policymakers to prioritise measures that strengthen, rather than distort, market functioning. In particular, the report recommends: Preserving marginal pricing and avoiding market-distorting interventions; Maintaining efficient coupled single day-ahead and intraday markets across the EU; Supporting liquid forward markets to enable effective hedging of price risks; Deepening European market integration and expanding cross-border trade; and Addressing affordability concerns through a holistic view of retail electricity prices, including network costs and taxes, rather than focusing solely on wholesale prices.                                                     The report also highlights the importance of a coherent policy framework that accelerates investments in infrastructure, generation and flexibility, while maintaining efficient price signals across wholesale and retail markets. As Europe advances its energy transition, well-functioning and integrated electricity markets will remain essential to delivering an affordable, secure and decarbonised energy system. Read the full report here.

ETFGI reports Asia Pacific ex‑Japan ETF industry Assets Hit Record US$1.81 Trillion at the end of February. During February the ETFs industry in Asia Pacific (ex-Japan) gathered net inflows of US$34.37 billion, bringing YTD net outflows to US$62.01 Bn, according to ETFGI's February 2026 Asia Pacific (ex-Japan) ETFs and ETPs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. ETFGI, is a 14 year old leading independent research and consultancy firm renowned for its expertise in subscription research, consulting services, 6 annual ETFGI Global ETFs Insights Summits, and ETF TV on global ETF industry trends. (All dollar values in USD unless otherwise noted.) Highlights Assets in the Asia Pacific (ex‑Japan) ETF industry reached a new record of $1.81 trillion at the end of February, surpassing the previous high of $1.76 trillion set in December 2025. Assets rose 2.9% year‑to‑date in 2026, increasing from $1.76 trillion at year‑end 2025 to $1.81 trillion. ETFs s saw $34.37 billion in net inflows during February. Despite February’s inflows, year‑to‑date net outflows total $62.01 billion, the highest YTD net inflows were US$71.17 billion in 2024, followed by US$31.38 billion in 2022. February marked the first month of net inflows in 2026. “The S&P 500 declined by 0.76% in February and was up 0.68% year‑to‑date in 2026. Developed markets excluding the U.S. rose 6.03% during February and were up 12.55% year‑to‑date, with Korea (up 20.11%) and Luxembourg (up 16.61%) recording the strongest gains among developed markets for the month. Emerging markets increased by 2.47% in February and were up 8.11% year‑to‑date, led by Thailand (up 19.48%) and Taiwan (up 11.63%),” said Deborah Fuhr, Managing Partner, Founder, and Owner of ETFGI. Growth in assets in the ETFs industry in Asia Pacific (ex-Japan) as of the end of February The Asia Pacific (ex-Japan) ETF industry had 4,445 ETFs, with 4,690 listings, assets of US$1.81 Tn, from 301 providers on 21 exchanges in 15 countries at the end of February. China Asset Management is the largest provider in terms of assets with $115.72 Bn, reflecting 6.4% market share; Samsung Asset Management is second with $109.06 Bn and 6.0% market share, followed by E Fund Management with $100.50 Bn and 5.5% market share. The top three providers, out of 301, account for 17.9% of Asia Pacific (ex-Japan) ETF AUM, while the remaining 298 providers each have less than 6% market share. Net flows: During February, ETFs in the region gathered $34.37 billion in net inflows.Equity ETFs recorded $8.88 billion in net inflows for the month, bringing year‑to‑date net outflows to $86.59 billion, compared to $2.82 billion in net inflows at this point in 2025. Fixed income ETFs attracted $5.50 billion in net inflows during February, resulting in YTD net outflows of $8.12 billion, down from the $5.47 billion in net inflows seen by the end of February 2025. Commodities ETFs reported $5.47 billion in net inflows in February, lifting YTD net inflows to $15.89 billion, well above the $2.65 billion reported year‑to‑date in 2025. Active ETFs saw $5.23 billion in net inflows during the month, bringing YTD net inflows to $5.99 billion, higher than the $3.12 billion gathered over the same period in 2025. Substantial inflows can be attributed to the top 20 ETFs by net new assets, which collectively gathered $19.92 Bn during February. Samsung KODEX KOSDAQ 150 ETF (229200 KS) gathered $2.31 Bn, the largest individual net inflow. Top 20 ETFs by net new assets in February 2026: Asia Pacific (ex-Japan) 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. The top 20 ETPs by net new assets collectively gathered $6.71 Bn during February. MERITZ SECURITIES MERITZ KIS CD RATE ETN 63 (610063 KS) gathered $909 Mn, the largest individual net inflow. Top 20 ETPs by net inflows in February 2026: Asia Pacific (ex-Japan) 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 ETFs/ETPs during February.

The Monitoring Group (MG) is a group of regulatory and international organizations committed to advancing the public interest. It meets this objective by supporting the development of high-quality international auditing, assurance, ethics, and independence standards that are responsive to the public interest and by exchanging views related to international audit quality, regulatory, and market developments having an impact on auditing. including periodic effectiveness reviews and appointment of board members to the Public Interest Oversight Board (PIOB). The members of the Monitoring Group are the Basel Committee on Banking Supervision, European Commission, Financial Stability Board, International Association of Insurance Supervisors, International Forum of Independent Audit Regulators, International Organization of Securities Commissions, and the World Bank. The MG is pleased to announce the term extensions for the following PIOB members: Mr. Philippe Christelle Mr. Tom Furusawa Mr. Mark Smith Each of these PIOB members are currently serving their second term, which will be extended through December 31, 2027. The MG is also pleased to announce the extension of Ms. Tshego Modise’s term as Chair of the PIOB through December 31, 2027. Emily Fitts, Chair of the MG stated: “On behalf of the Monitoring Group, we look forward to our continued collaboration with the PIOB, under Tshego Modise’s leadership. I want to thank each of the PIOB members for their service and dedication to promoting high quality international auditing, assurance, ethics, and independence standards.”

ING and UniCredit have structured a €375 million mini-perm project financing for Retelit Datacentre, the data centre arm of leading Italian telecommunications and ICT operator Retelit. The operation intends to support the expansion of the national data centre interconnection platform, backing the construction of three new data centres across Milan and Rome. This will expand Retelit's current 18 MW total capacity by 27 MW, reinforcing Italy's role as a critical connectivity hub in Southern Europe. Retelit Datacentre operates Italy's leading interconnection platform, with 38 data centres including the Avalon Campus in Milan, serving telecommunications operators, businesses, public administrations and global technology companies. ING and UniCredit acted as Structuring Banks, Debt Advisors, Global Coordinators and Bookrunners on the transaction. ING Italia also served as Facility Agent. Andrea Diamanti, CEO and Head of Wholesale Banking at ING Italy, said: "ING has long been recognised as a pioneer in data centre financing, with over 200 transactions completed globally. This deal reflects the strength of our Wholesale Banking division in Italy and the value of our global network, with ING's Italian and Dutch teams collaborating closely to bring it to completion." Sicco Boomsma, Global Head Digital Infrastructure Advisory at ING Bank: “this is a very relevant transaction for the Italian DC market, allowing enterprises, carriers and cloud service providers to optimize their DC communications function across a network of distributed DC infrastructure in Italy. It was an absolute honor to support the company in this transaction during a phase of transition in the group, where they carved out the DC platform from the carrier-based business. During this process, we structured a brownfield PF structure for them, which was really well received in the market.”  The deal underscores ING's commitment to financing infrastructure that aims to balance growth with responsibility. Retelit powers its data centres entirely from renewable energy sources and maintains Power Usage Effectiveness (PUE) levels below the market benchmark. Since entering this sector almost two decades ago, ING has closed over 200 financing structures for data centre operators including Equinix, Atlas Edge and Ark Data Centres – one of the largest sustainability-linked loans ever completed for a UK operator at the time. As Europe's leading data centre finance house, ING has financed some of the largest data centres deals across the continent. ING remains committed to financing the digital infrastructure underpinning Europe's technological future. Click here for the full press release of the deal.

More people could access financial advice, under proposals set out by FCA. The FCA is consulting on how to make it easier for firms to give more simplified forms of individualised financial advice to consumers. Simplified forms of advice can help consumers with more straightforward needs and do not require a full assessment of all their financial circumstances, making it more accessible and affordable. Sarah Pritchard, deputy chief executive of the FCA, said: 'For too long the support people need to make important financial decisions has been out of reach for many.   'A market that provides good quality, lower cost simplified advice alongside comprehensive financial advice and targeted support will better support people making decisions about their financial lives. We want to see more people getting supported, who aren’t currently, and a market that innovates and offers tailored services to meet differing consumer needs. 'We welcome everyone’s views on whether our proposals will achieve our aim of building firms’ confidence to offer a wider range of advice and ultimately to help consumers navigate their financial lives.' Firms are already able to provide more simplified forms of advice but not many offer it. To encourage innovation and open access, the FCA is proposing to make small changes while maintaining appropriate consumer protections, which it believes can revitalise the sector, including:  Simplifying and consolidating the suitability framework into one set of common rules and expectations. Clarifying existing flexibilities in suitability rules with an expectation that advisers consider ‘sufficient’ information. Rebalancing the role and purpose of suitability communications to support firms making them concise, consumer-focused and proportionate. Changes to give firms greater flexibility in how they design and deliver ongoing advice services. This includes moving from a fixed annual suitability review to periodic reviews based on clients’ needs. The FCA is starting a discussion about the future of trail commission to modernise the rules and to prevent potential consumer harm. Qualification standards for advisers will remain unchanged. The FCA is also not proposing to change the adviser charging rules. Advice will still need to be paid via agreed-upon adviser charges rather than provider-paid commission or through cross-subsidisation. The FCA has already acted to help consumers get more support. From April some financial firms   will be allowed to offer targeted support and suggest products to consumers based on what they would recommend to those in similar circumstances. While targeted support will enable support to be given to groups of consumers, many consumers will need or value individual advice tailored to their specific circumstances. Other than updating our perimeter guidance, this is the final piece in the FCA’s policy work to make sure that the advice market works for the millions who depend on it for their financial futures. Background Read the full consultation (PDF).  The consultation closes on 22 May 2026. There are many situations in which simplified forms of advice may help. An example could be if a client wants to invest a one-off lump sum into a single investment. But where the financial situation is more complicated, such as deciding how to draw income in retirement from multiple sources, comprehensive forms of advice will likely be more appropriate as a firm will need to take account of more information.

Deal activity in the Asia-Pacific (APAC) region contracted during the early months of 2026 amid heightened economic challenges and shifting investor priorities. The total number of deals (comprising mergers & acquisitions (M&A), private equity and venture financing deals) announced in the region decreased by around 6% during January-February 2026 compared to the same period in the previous year, according to GlobalData, a leading intelligence and productivity platform. An analysis of GlobalData’s Financial Deals Database revealed contrasting performance across deal types. The total number of M&A deals announced in the APAC region fell by 32% during January-February 2026 compared to January-February 2025, while private equity deals volume reduced by more than half. Meanwhile, venture financing deals volume registered a year-on-year (YoY) growth of 28%. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “While the growth in venture financing is encouraging, the significant declines in M&A and private equity highlight the challenges facing the APAC deals landscape, reflecting broader economic uncertainties that have dampened deal-making sentiments.” The deal activity trend across the key markets in the region also remained a mixed bag. China stood out, with a 47% jump in deal volume during January-February 2026 compared to the same period a year earlier. This growth helped offset the declines faced by other APAC markets to some extent. India, Japan, Australia and South Korea were among some of the key APAC markets that registered declines. These markets saw respective deal volume fall by 5%, 51%, 17% and 26% YoY during January-February 2026. 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