In June 2026, total trading volumes across Moscow Exchange's markets was RUB 197.7 trln.  Equities and Mutual Funds Market Trading volume in shares, DRs and investment fund units was RUB 2.8 trln. ADTV was RUB 135.3 bln.   Bonds Market The volume of primary bond placements was RUB 1.9 trln, of which RUB 202 bln were overnight bonds. The secondary market turnover for corporate, regional and sovereign bonds reached RUB 2.8 trln. ADTV was RUB 132.6 bln.   Derivatives Market Trading volumes on the market was RUB 17.5 trln. ADTV was RUB 832.1 bln.   Money Market Money Market turnover reached RUB 157.9 trln. ADTV was RUB 7.5 trln. The volume of CCP-cleared repo transactions was RUB 69.6 trln.   Precious Metals Market In June 2026, the order book turnover in precious metals (spot and swaps) was RUB 385.5 bln.

The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of June 1, 2026, through June 30, 2026. Under the CRA, the OCC assesses an institution’s record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with the safe and sound operation of such institution. The list includes the national banks, federal savings associations, and insured federal branches of foreign banks that have received CRA ratings. Possible ratings assigned are outstanding, satisfactory, needs to improve, and substantial noncompliance. The CRA evaluations released are: Bank NameCityStateRating The First National Bank of Raymond Raymond IL Outstanding Security Federal Savings Bank Logansport IN Outstanding First Federal Savings Bank of Kentucky Frankfort KY Outstanding First National Bank of Louisiana Crowley LA Outstanding Minnesota National Bank Sauk Centre MN Outstanding VersaBank USA National Association Holdingford MN Outstanding Viking Bank, National Association Alexandria MN Satisfactory Ballston Spa National Bank Ballston Spa NY Satisfactory Champlain National Bank Elizabethtown NY Satisfactory The Upstate National Bank Ogdensburg NY Satisfactory The Citizens National Bank of Woodsfield Woodsfield OH Satisfactory The First Central National Bank of St. Paris St. Paris OH Satisfactory First Texoma National Bank Durant OK Satisfactory The Peoples National Bank of Checotah Checotah OK Outstanding First National Bank of Pennsylvania Greenville PA Satisfactory The Bancorp Bank, National Association Sioux Falls SD Outstanding Home Federal Bank of Tennessee Knoxville TN Outstanding Community National Bank Midland TX Satisfactory Southtrust Bank, National Association George West TX Satisfactory The First National Bank of Ballinger Ballinger TX Outstanding The OCC's website offers access to a searchable list of all public CRA evaluations issued since April 1996. The OCC also publishes a list of institutions to be examined for compliance with the CRA. To receive alerts for news releases announcing CRA performance evaluations, subscribe to OCC News email list.

Wednesday, July 1, 2026: The Exchange will observe normal business hours. Thursday, July 2, 2026: The Exchange will observe normal business hours. Friday, July 3, 2026: The Exchange will observe normal business hours. Cryptos will observe their regular schedule. Industry Event - Live Presentations - NAICS 711 will observe their regular schedule Saturday, July 4, 2026: The Exchange will observe normal business hours. Sunday, July 5, 2026: The Exchange will observe normal business hours. Monday, July 6, 2026: The Exchange will observe normal business hours. In accordance with the Nadex Notice ID: 1990.05152026 - Nadex Upcoming System Update and Temporary Delisting of Contracts - FX, Indices, and Commodities Event Contracts have been temporarily paused and will remain unavailable until further notice. Additionally, please note, Nadex is extending the Illiquid Markets coverage to Cryptocurrency products for trade date July 3rd, 2026. As such, Nadex authorized Market Makers operating pursuant to a Market Maker Agreement will be relieved of their quoting obligations relating to size on trade date July 3, 2026, from 6:00pm ET on calendar date July 2, 2026, to 5:00pm ET on calendar date July 3, 2026. Any Market Maker(s) that elects to quote in any Cryptocurrency markets during this period will be required to comply with the spread obligations set forth in its Market Maker Agreement. Please refer to the Holiday Product Schedule Guidelines for specific product trading hours. Should you have any questions or require further information, please contact the Compliance Department.

Click here to download the ' Fixed Income Index Dashboard' for the month ended June 2026.

Pico, a leading global provider of mission-critical technology services, software, data and analytics for the financial markets community, and LDA Technologies, a leader in ultra-low latency networking and FPGA applications, today announced that Pico’s Corvil Analytics platform will support LDA Technologies’ NeoTap X aggregation technology in the upcoming Corvil Analytics 10.2 release. This integration enables firms to capture, analyze and verify enriched network data with unprecedented fidelity, supporting latency analysis, market data reconstruction, operational investigations, and AI workflows. This provides a more deterministic and auditable view of activity across increasingly complex trading environments. As financial institutions increasingly integrate network data into real-time analytics and AI pipelines, the accuracy, consistency, and trustworthiness of underlying data have become critical across increasingly complex trading environments. This new feature  allows Corvil Analytics to ingest NeoTap X’s advanced metadata, including high-precision timestamps, per-port sequencing, and data integrity signals, directly into its analytics pipeline. By preserving metadata generated at the network edge, customers gain more accurate, verifiable packet-level data for real-time monitoring, post-event analysis and automated decision-making. “AI and automation are only as good as the data they operate on,” said Jarrod Yuster, Founder and CEO of Pico. “By supporting LDA’s NeoTap X technology in Corvil Analytics 10.2, we are enabling customers to feed their analytics and AI workflows with high-fidelity, timestamp-accurate, and integrity-validated data. This strengthens Corvil Analytics’ role as a trusted source of truth for trading, risk, and operational teams.” “Modern trading infrastructure demands both performance and precision,” said Vahan Sardaryan, CEO at LDA Technologies. “NeoTap X introduces an industry-first level of visibility into packet flows by embedding comprehensive metadata at the point of capture. Our collaboration with Pico ensures that this data can be fully leveraged within Corvil Analytics, enabling customers to operate with greater confidence in their data.”NeoTap X enhances observability directly within the aggregation layer by embedding high-precision metadata into packet streams. Designed to support up to 400Gbps of aggregate bandwidth, NeoTap X provides precise timestamps, integrity sequencing, checksum monitoring, and port-speed visibility, enabling downstream platforms such as Corvil Analytics to detect aggregation-layer issues, namely packet loss, verify ordering, and identify data ingest quality issues that are often difficult to reconstruct. This development builds on Pico’s continued investment in Corvil Analytics, which focuses on improving data accessibility, performance, and integration with modern observability and AI ecosystems. The addition of NeoTap X support extends Corvil Analytics’ ability to work with next-generation aggregation technologies and reinforces its position at the center of high-performance trading analytics. The integration will be available in Corvil Analytics 10.2.

The Securities and Exchange Commission’s Division of Economic and Risk Analysis (DERA) published updated statistics and data visualizations covering key segments of the U.S. capital markets, including three new asset-backed securities (ABS) issuance data visualizations, one new municipal advisor data visualization, and additional historical statistics for issuances of ABS and commercial mortgage-backed securities (CMBS). The updated statistics also cover initial public offerings (IPOs), follow-on registered offerings, corporate bond offerings, ABS issuances, CMBS issuances, Regulation D offerings, reporting issuers, municipal advisors, transfer agents, security-based swap dealers, and nationally recognized statistical rating organizations (NRSROs).  Key Highlights: First Quarter 2026 In the first quarter of 2026, IPO and follow-on offering activity showed year-over-year growth: There were 99 IPOs raising over $22 billion in Q1 2026, compared to 84 IPOs raising over $11.8 billion in Q1 2025. This represents an approximately 86% increase in proceeds raised.  There were 264 follow-on registered offerings raising over $44.2 billion in Q1 2026, compared to 250 follow-on registered offerings raising over $40.4 billion in Q1 2025. These and other statistics can be found on the SEC’s public statistics and data visualizations webpage. The webpage provides statistics presented in time series charts to show market trends, pie charts to show distribution across different categories, as well as heat maps to show geographic distributions. The visuals are interactive and downloadable, thus allowing the public to explore the information they are interested in. "These statistics and data visualizations are one of the many ways the SEC provides reliable information and valuable insights to the investing public,” said Dr. Joshua T. White, Chief Economist and Director of the SEC’s Division of Economic and Risk Analysis. “I encourage those interested to visit our webpage to explore the data and gain a deeper understanding of the markets we oversee." DERA integrates financial economics and rigorous data analytics into the SEC’s core mission. It provides high-quality economic and statistical analyses to inform Commission rulemaking and oversight, and helps identify and respond to emerging issues, trends, and innovations in the marketplace.

Deutsche Börse with its trading venues Xetra and Frankfurt generated a turnover of €188.94 billion in June (previous year: €138.00 billion / previous month: €171.85 billion). €182.36 billion were attributable to Deutsche Börse Xetra (previous year: €134.63 billion / previous month: €166.46 billion), bringing the average daily Xetra trading volume to €8.29 billion (previous year: €6.41 billion / previous month: €8.32 billion). Trading volumes on Deutsche Börse Frankfurt were €6.58 billion (previous year: €3.38 billion / previous month: €5.40 billion). By type of asset class, equities accounted in total for €143.08 billion. Trading in ETFs/ETCs/ETNs generated a turnover of €43.88 billion. Turnover in bonds was €0.64 billion, in certificates €1.29 billion and in funds €0.05 billion. The DAX stock with the highest turnover on Xetra in June was SAP SE with €10.25 billion. Deutsche Lufthansa AG led the MDAX with €1.13 billion, while Siltronic AG led the SDAX index with €253.13 million. In the ETF segment iShares Core EURO STOXX 50 UCITS ETF generated the largest volume with €2.19 billion. The five stocks with the highest turnover on the Deutsche Börse Frankfurt trading venue were SK HYNIX GDR with €2.05 billion, Micron Technology Inc. with €92.3 million, SpaceX with €71.9 million, Samsung Electronics Co. Ltd. (GDR) with €69.4 million and Nvidia Corp. with €44.5 million. Further details are available in Deutsche Börse’s cash market statistics. For a pan-European comparison of trading venues, see the statistics provided by the Federation of European Securities Exchanges (FESE).

TSE will be closed for three days starting on 4 July 2026. As Tehran is preparing to hold the funeral ceremony for the late Supreme Leader, Ayatollah Ali Khamenei, and due to the announced public holidays in the capital city, Tehran Securities Exchange will be closed 3 days from 4 July 2026. We expect to return to the office on Tuesday 7 July 2026.

The Securities Commission Malaysia (SC) today announced its new Shariah Advisory Council (SAC) line-up for a three-year term from 1 July 2026 to 30 June 2029. The new line-up consists of the following members: Yang Berhormat Senator Dato’ Setia Dr. Haji Mohd Na’im Haji Mokhtar – Senator, Dewan Negara (New appointment) Professor Dr Engku Rabiah Adawiah Engku Ali – Honorary Professor, IIUM Institute of Islamic Banking and Finance (IIiBF), International Islamic University Malaysia (Reappointment) Dato’ Dr Ashraf Md Hashim – Shariah Consultant (Islamic Finance) (Reappointment) Sahibus Samahah Professor Dato’ Dr Asmadi Mohamed Naim – Mufti of Pahang (Reappointment) Sahibus Samahah Dato’ Setia Dr Haji Anhar Haji Opir – Mufti of Selangor (Reappointment) Dr Marjan Muhammad – Deputy President Research, ISRA Institute, INCEIF University (Reappointment) Encik Burhanuddin Lukman – Former Researcher, International Shariah Research Academy for Islamic Finance (ISRA) (Reappointment) Established on 16 May 1996 under the Securities Commission Malaysia Act 1993, the SAC is the authority to determine the application of Shariah principles for Islamic capital market (ICM) businesses or transactions. In addition, the SAC supports market growth through resolutions and policy guidance while upholding Shariah integrity.  The SAC comprises distinguished Shariah scholars, academicians and market practitioners with extensive expertise and experience in Shariah, Islamic finance, capital markets and law. SC Chairman Dato’ Mohammad Faiz Azmi said the SAC plays a pivotal role in ensuring Malaysia’s ICM remains responsive to evolving market developments, while upholding Shariah principles anchored on Maqasid al-Shariah. “The SAC’s guidance continues to support innovation, sustainability and the long-term growth of the ICM ecosystem.” “The new composition of the SAC with collective expertise and experience of its members, is well-positioned to provide robust and forward-looking guidance on Shariah matters. With the Islamic leadership guided by Maqasid al-Shariah as a key differentiator, the SAC will drive the growth and global leadership of the Malaysia’s ICM,”’ he said.   On behalf of the SC, Dato’ Faiz expressed appreciation to the outgoing SAC members for their invaluable contributions and dedicated service to the ICM industry. “Their insights and leadership have contributed towards advancing Malaysia’s ICM to greater heights.” For more information on the SAC, please visit https://www.sc.com.my/development/icm/shariah/members-of-the-shariah-advisorycouncil.   

The FCA has announced Kirsty Cooper will take up the role as Chair of the Listing Authority Advisory Panel (LAAP). Clare Woodman and Matt Hammerstein have been reappointed as Chair of the FCA Markets Practitioner Panel and Chair of the FCA Practitioner Panel. The panels play an important role helping the FCA develop policy – representing the interests of consumers and financial services firms, including smaller regulated firms. Welcoming the appointments, FCA Chair Ashley Alder said: 'I am pleased to welcome Kirsty to the role of Chair of the LAAP at a time of profound change across markets. Clare and Matt will continue their great work leading the practitioner-focused panels enabling input from practitioners and market participants.   'Also, thank you to the outgoing Chair of the LAAP, Mandy Gradden. Mandy has worked tirelessly supporting the FCA’s ambitious programme of innovation and reform of the market.' Kirsty Cooper, Non-Executive Director, Scottish Widows Group and Aon UK, said: 'I am delighted to be joining the Listing Authority Advisory Panel as Chair and look forward to working with the Panel members to deliver on our priorities. The Panel provides the FCA with an essential link to the perspective of the primary markets and continues to play a key role in advising the FCA on emerging policy priorities and market challenges.' Clare Woodman, CEO Morgan Stanley & Co International, said: 'Having seen first-hand the value of close engagement between industry and the FCA, I am very pleased to continue serving as Chair of the Markets Practitioner Panel. As financial markets evolve, that dialogue is more important than ever. The UK continues to be a key global financial centre, and I look forward to working with colleagues across the Panel and the FCA to support and drive markets forward, ensuring capital is allocated efficiently and high standards are maintained.' Matt Hammerstein, CEO, Barclays UK Corporate Bank, said:  'It’s a privilege to continue to chair the FCA Practitioner Panel. The Panel plays a vital role in helping the FCA understand the real‑world impact of its policies and ensuring they deliver the right outcomes. In the current operating environment, and with an increased focus on the FCA’s secondary objective to support UK competitiveness and growth, that role is more important than ever.' Kirsty will take up the position of Chair from 1 July, with Clare and Matt reappointed to continue from 1 August. Background The statutory panels were set up to make and maintain effective arrangements for consulting consumers and practitioners on the extent to which the FCA’s general policies and practices are consistent with its general duties, as set out in the Financial Services and Markets Act 2000 (as amended). Further information about the statutory panels. Appointments of the Chairs of the statutory panels are agreed by the FCA Board and approved by the Treasury. Kirsty Cooper is a Non-executive Director and Chair of the People Committee at Scottish Widows Group and a Non-Executive Director and Chair of the Risk and Compliance Committee at Aon UK Group Limited. Kirsty's career has spanned over 30 years in the Insurance and Financial Services sector. Latterly, she was Group General Counsel and Company Secretary, Head of the Office of the Chairman and an Executive Committee member at Aviva plc until December 2023. Throughout Kirsty’s career at Aviva, she held various roles including Interim Chief People Officer and has managed regulatory affairs, public policy, corporate sustainability and group investigations. She was formerly Senior Independent Director of HM Land Registry and the Royal Opera House. Kirsty received a CBE in 2024 for her work in supporting the Dormant Assets Scheme. Clare Woodman is Head of EMEA, Latin America and Canada and is CEO of Morgan Stanley & Co. International Plc. She is a member of both the global operating and management committees and chair of Morgan Stanley Europe SE. Clare was previously Global Chief Operating Officer for Morgan Stanley’s Institutional Securities Group. Clare holds a number of senior positions across industry organisations, including Chair of the US-UK Business Council. She is a Trustee of the Morgan Stanley International Foundation, overseeing the firm’s philanthropic efforts in EMEA. She is also an active sponsor of the firm’s Women's Business Alliance and is Senior Advisor of the FT Financial Literacy and Inclusion Campaign. Clare studied at the London Business School, where she obtained her MBA, and in 2020 was awarded a CBE for Services to Finance. Matt Hammerstein is the CEO of Barclays UK Corporate Bank. Prior to this, Matt was the CEO of Barclays Bank UK, covering Retail Banking, Business Banking and Barclaycard UK. He was the former Head of Retail Lending, covering both the secured and unsecured lending businesses. Matt joined Barclays in 2004 as Director of Group Strategy, later progressing to become the Group Chief of Staff. He went on to manage Barclays Group Corporate Strategy and Corporate Relations, Barclays Customer and Client Experience in Retail and Business Banking and Barclays UK Retail Products and Segments. Before joining Barclays, Matt was a Senior Management Consultant at Marakon Associates where he worked for 12 years in the financial services, consumer products and energy sectors within the Americas and Europe. He graduated with a degree in Mechanical Engineering from Yale University, and an MBA from the University of Chicago. Matt is a member of the Group Executive Committee, Charities Aid Foundation America Board and is also an active ambassador in Barclays for inclusion and wellbeing. Find additional information about the FCA Practitioner Panel, Listing Authority Advisory Panel and FCA Markets Practitioner Panel. Find out more information about the FCA.

AutoRek today announced a major advancement to AutoRek ARIA, its regulatory‑grade intelligence engine for reconciliation and financial controls. The latest release introduces new capabilities that significantly reduce manual effort, accelerate configuration, and strengthen governance to enable financial institutions to automate reconciliation at scale without compromising the oversight required in regulated environments. The latest release of AutoRek ARIA advances the platform with: Automated rule generation for complex matching scenarios Sub‑30‑minute configuration for routine reconciliations Expanded pattern recognition to reduce manual investigation Enhanced oversight dashboards for real‑time control visibility Improved explainability to support audit and regulatory review Since launching in September 2025, AutoRek ARIA has delivered measurable operational impact for clients, including automated match rates up to 99.99%, a 95% reduction in time spent evaluating manual matches, and a 90–95% reduction in the time required to create new match rules. These results have accelerated product development, with the latest release further automating complex workflows and enabling institutions to scale operations more efficiently.  “Financial institutions are under pressure to operate faster, with greater accuracy and stronger oversight,” said Chris Livesey, CEO of AutoRek. “AutoRek ARIA brings regulatory‑grade intelligence to one of the most operationally intensive areas of finance. This release represents a step‑change in how firms can automate reconciliation at scale while maintaining the transparency and governance regulators expect.” Early client deployments reflect this impact. In June 2026, AutoRek was recognized as Best Reconciliation Solution by the FTF News Technology Innovation Awards, citing AutoRek ARIA’s contribution to accuracy, speed, and control across capital markets operations.  “Before AutoRek ARIA, configuring a new reconciliation could take weeks and required specialist support. Now our team is setting up straightforward processes in under 30 minutes — and we’ve maintained the same level of control throughout,” said a global asset management client of AutoRek.

The Payments Association, a trade body for the payments sector, has appointed Renuka Rawlins as its new Director of Policy & Government Affairs. Rawlins steps into the role to lead the association’s strategic engagement with regulators, government bodies and industry stakeholders during a pivotal era of digital transformation and shifting financial regulations. She brings high-level experience spanning both the public and private sectors, bridging the gap between disruptive fintech innovation, banking and civil service policymaking. Prior to joining The Payments Association, Rawlins served as Head of Policy & Public Affairs for fintech standout Yaspa, following her tenure as Government Affairs & Policy Manager at Revolut. Her track record in the private sector also includes Assistant Vice-President of Government Relations at Barclays. This deep commercial experience is complemented by an extensive career within the UK government, including roles such as a Technical Qualifications Assurance and Regulation Policy Lead at the Department for Education, a Senior Policy Advisor at the Ministry of Justice, and an Inquiry Manager for the House of Commons. Beyond her policy work, Rawlins is deeply committed to social impact, currently serving as an Advisory Board Member and former Mentoring Coordinator for The Catalyst Collective, a community interest company focused on youth empowerment. Emma Banymandhub, CEO of The Payments Association, said: "Renuka is exactly the person we need to continue the policy drive we have seen from The Payments Association in recently years. Her combination of parliamentary insight, fintech knowledge and banking experience makes her uniquely qualified to advocate for our members. As regulatory frameworks evolve, Renuka’s leadership will be invaluable to ensure our industry’s voice remains central in guiding Europe payments future. “Having gained policy experience from working directly with many of our member organisations, she possesses first-hand experience and keen insight into how members can extract the most value from policy initiatives.” Renuka Rawlins, newly appointed Director of Policy & Government Affairs, said: "It’s an exciting time to be joining The Payments Association. Payments innovation is moving fast and our regulatory frameworks need to keep pace without stifling the sector. Having worked across Government, within tier-one banking, and on the frontline of hyper-growth fintech, I look forward to tackling this challenge from the trade body side with a policy lens. The Payments Association has played a major role in defining the future of finance in recent years and I’m delighted to be part of continuing that effort. “Another reason I was so excited to join The Payments Association is that I was hired while pregnant. In a female-led organisation, my pregnancy was simply seen as a fact of life, not a factor in my appointment. Pregnancy says nothing about a person's ambition, capability or leadership potential. The fact that this still feels noteworthy elsewhere shows how much further we still have to go.”

RTGS.global and Bamboo have today announced a strategic partnership to enhance cross-border payment capabilities for financial institutions, payment providers and businesses operating across Latin America, including those supporting regulated iGaming activities enabling faster, more efficient movement of funds across one of the industry's fastest-growing regions. Latin America has emerged as a key growth market for the global iGaming sector, fuelled by regulatory developments, increasing digital payment adoption and rising player participation. However, operators expanding across the region continue to face significant challenges when moving money between markets, including fragmented payment infrastructure, complex currency management requirements and reliance on slow, costly correspondent banking networks. The partnership combines RTGS.global's next-generation cross-border payment infrastructure with Bamboo's extensive local payment network across Latin America, enabling operators, payment providers and financial institutions supporting the sector to access local payment rails and currencies more efficiently. With daily FX turnover across Latin America growing from $135 billion in 2010 to $330 billion today, the region has become an increasingly important destination for international businesses. For iGaming operators in particular, the ability to deliver fast deposits, seamless withdrawals and efficient treasury management across multiple jurisdictions has become a critical competitive differentiator. Through the partnership, Bamboo will provide access to local payment capabilities across key Latin American markets, while RTGS.global's network will enable participating organisations to benefit from real-time settlement, enhanced liquidity management and streamlined cross-border payment execution. Coverage includes Argentina, Brazil, Chile, Colombia, Peru, Uruguay and Mexico, one of the region's largest and fastest-growing payment markets. "Latin America represents one of the most exciting growth opportunities for the global iGaming industry, but operators continue to face significant challenges when moving money efficiently across borders," said Felipe Hillard, Chief Commerical Officer at RTGS.global." Market expectations around deposits and withdrawals have never been higher, while operators are managing increasingly complex payment and treasury requirements across multiple markets. By partnering with Bamboo, we're helping create a more connected payments ecosystem that enables faster settlement, improved liquidity management and more efficient access to local payment infrastructure throughout the region." The partnership will help operators and payment providers serving regulated markets to reduce friction in cross-border transactionsand improve operational efficiency, while also supporting broader payment flows across industries including e-commerce, digital products and services, and financial services. RTGS.global's platform connects financial institutions through a single integration, enabling real-time cross-border payments, foreign exchange and interoperability across global markets. Combined with Bamboo's local market expertise and payment connectivity, the partnership will provide organisations with a more efficient route into key Latin American payment corridors. Latin America continues to see strong investment and growth across digital industries, increasing demand for payment infrastructure that is efficient, reliable and connected to local markets," said Greg Cornwell, Chief Revenue Officer at Bamboo. "Through our partnership with RTGS.global, we are combining deep local expertise with innovative cross-border settlement capabilities to help financial institutions, payment providers and regulated businesses move funds more efficiently across the regionAs regulatory frameworks continue to evolve and the iGaming sector expands across Latin America, both organisations will work together to support financial institutions, payment providers and businesses seeking more efficient, transparent and scalable cross-border payment capabilities.

The Federation of European Securities Exchanges (FESE) has published its response to ESMA’s Call for Evidence on the market structure of European equity markets. FESE welcomes ESMA’s comprehensive assessment, which provides a timely opportunity to assess evolving market structure trends, identify persistent data quality shortcomings, and explore regulatory improvements to strengthen market transparency, price formation and capital market competitiveness. A key trend identified in the ESMA analysis is the gradual shift of trading activity away from continuous lit trading towards less transparent and/or accessible execution mechanisms, with the largest proportional increase recorded in systematic internalisers’ activity. As a growing share of trading relies on prices formed on RMs and MTFs without directly contributing to price discovery, preserving robust price formation should remain a central objective of EU market structure policy. One of the clearest messages emerging from the ESMA call for evidence is the need to improve data quality and transparency in the off-exchange space. Existing shortcomings in transaction reporting and trade flagging limit the ability of regulators, market participants and policymakers to accurately assess market activity, execution quality and market structure developments. Strengthening data quality should therefore be regarded as a priority and a prerequisite for effective supervision, informed policymaking and a sound understanding of how European equity markets are evolving. Our response also underlines the importance of ensuring balanced competitive conditions across execution models and the need for a more comprehensive view of trading activity in EEA shares, including activity taking place in the UK, the exclusion of which has led to an underestimation of the scale of bilateral and off-venue trading. As policymakers consider the future of EU equity markets, key priorities should include: Better data quality, reporting and transparency in bilateral trading. Addressing regulatory asymmetries for more balanced and fair competition. Measures to strengthen price formation and execution quality. Further analysis of market structure developments and the contribution of different trading models to price discovery. Read FESE’s full response to the ESMA Call for Evidence on the market structure of European equity markets.

The World Federation of Exchanges (WFE), the global industry association for exchange groups and central counterparties (CCPs), has today published a new position paper, Mythos – Beyond the Headlines, examining recent developments in artificial intelligence (AI) and cybersecurity.Developed following analysis by the WFE's Cybersecurity Working Group (GLEX), which brings together market infrastructure cyber security leaders globally from member exchanges and clearinghouses, the WFE paper sets out an initial industry position following recent announcements about Anthropic's Mythos model.The paper emphasises that announcements regarding Mythos should be approached with appropriate seriousness. At this stage, the most effective near-term response is likely to be the continued strengthening of existing cyber resilience, operational resilience, and vulnerability management frameworks. Based on current information, Mythos reinforces an existing direction of travel in cybersecurity rather than introducing a fundamentally new threat.AI models are becoming capable of identifying vulnerabilities and automating known attack techniques, expanding their potential use in cyber operations. The priority for financial market infrastructures should be to continue strengthening cyber resilience through rigorous vulnerability management, patching, identity and access controls, software supply-chain assurance and incident detection and response. It also highlights the importance of continued industry coordination and information-sharing (via global industry forums such as WFE Cybersecurity Working Group) as the technology develops.Nandini Sukumar, Chief Executive Officer of the World Federation of Exchanges, said: "Models such as Mythos have drawn attention from boards, regulators and market participants. Based on what we have seen so far, the issue may reflect genuine technical progress and a degree of hype, typical of emerging technologies. The key question for us is whether organisations have good practices in place and how we continue to ensure the financial system is safe in an ever-changing cyber threat landscape."Richard Metcalfe, Head of Regulatory Affairs at the World Federation of Exchanges, said: "There is understandable concern around tools like Mythos falling into the wrong hands, but there is also a positive story here – we potentially have a tool that can help cybersecurity professionals identify vulnerabilities so they can focus on dealing with them."The paper calls for collaboration across the industry and with supervisors to share lessons, reduce duplication in vulnerability research and monitor changes in the cyber threat landscape.In next steps the WFE will continue to analyse emerging cyber security issues via its Cyber Security Working Group, gathering intelligence from members on cyber incidents and emerging attacker techniques as market infrastructures continue to work to make the financial system safer. The GLEX group, a unique group of practitioners and leaders in cyber security, will continue to bring that perspective and offer input via the WFE into regulatory developments to help inform future policy discussions.

Following regulatory approval by the Austrian Financial Market Authority (FMA), the Vienna Stock Exchange’s market segment direct market plus is officially registered as an EU SME Growth Market with effect from today. This will further facilitate access to the capital market for small and medium-sized enterprises and growth companies – for example, through exemptions from the requirement to draw up a prospectus for capital increases and a reduced scope of the prospectus when moving up to the prime market or standard market (Official Market). The legal basis for the registration was established with the national implementation of the EU Listing Act. The direct market plus is aimed at small and medium-sized enterprises and growth companies seeking a simple and cost-effective entry into the capital market. The market segment of the Vienna MTF offers companies the opportunity to make their shares tradable on the Vienna Stock Exchange, gain capital market experience and lay the foundations for further financing steps. Eleven companies are currently listed on the direct market plus.

More than 180 listed companies already onboarded to the new AI-powered platform, centralising market intelligence, shareholder insights and investor relations services across Euronext markets Supports Euronext’s “Innovate for Growth 2027” ambition to expand its SaaS business and create a unified digital ecosystem for listed companies Euronext Corporate Solutions, Euronext’s subsidiary providing SaaS and services to listed companies across investor relations, governance and compliance, today announced the launch of its Investor Relations (IR) Portal. The new secure, AI-powered digital workspace is designed to simplify and enhance the experience of listed companies across Europe, providing investor relations teams with a centralised gateway to Euronext issuer-facing tools, services, market data and expert resources. The portal has already onboarded more than 180 companies across Euronext’s markets in Belgium, France, Greece, Ireland, Italy, the Netherlands, Norway and Portugal.  The launch marks a significant milestone in the execution of Euronext’s “Innovate for Growth 2027” strategic plan, reinforcing the Group’s ambition to scale up its subscription-based SaaS business and deepen engagement with listed companies throughout their journey as public issuers. As European capital markets continue to evolve, listed companies face growing demands for transparency, investor engagement and access to timely market intelligence. The Investor Relations Portal responds to these needs by bringing together critical investor relations resources within a single secure environment, helping issuers operate more efficiently while strengthening their dialogue with investors. The portal provides companies with access to investor relations tools and services through a single, secure login. Through the platform, issuers can access live share price information powered by Euronext; investor activity insights and shareholder analysis; an Academy & learning hub with expert content; events and resources tailored to IR teams; and an AI agent to help users navigate the platform and access IR best practices and knowledge. The environment is GDPR-compliant with enterprise-grade security and role-based access controls. Julien Tessier, CEO of Euronext Corporate Solutions, said: “Onboarding over 180 companies in under two months is a strong signal that our IR Portal responds to what the market needs. We have built a platform where issuers can access live market data, shareholder intelligence and a learning hub through a single entry point. The IR Portal is a concrete step in our commitment to being the most efficient and supportive partner for investor relations teams across European markets.” Giulia Rossi, Head of Investor Relations at Aquafil, said: “What I appreciate most about the IR Portal is having everything accessible through one login: our IR tools, market data, and expert resources through the Academy. It's a centralised workspace that reflects what we really need for our IR environment.” Tove Vestlie, CFO and Investor Relations at Soiltech, said: “The Euronext Corporate Solutions IR Portal has become a core part of our weekly IR workflow. It allows our teams to save time and focus on what drives value: shareholder engagement and strategic communication.” The IR Portal is designed to become the single entry point through which listed companies access Euronext’s full range of resources, tools and services, simplifying the experience for issuers navigating a broad ecosystem. This launch is the first step in a longer-term ambition to build a unified, AI-powered digital experience for listed companies across Euronext markets. Today, Euronext Corporate Solutions serves thousands of corporate clients across Europe through a portfolio of software solutions and advisory services spanning investor relations, governance and compliance.

Effective July 1, 2026, MIAX Options, MIAX Pearl Options, MIAX Emerald Options and MIAX Sapphire Options Exchanges will amend the following fees pending filings with the Securities and Exchange Commission: MIAX Pearl Options Exchange – Non-Penny class rates Simple Maker Rebates for Non-Penny Classes amended to new rates below Priority Customer: ($1.19) for Tiers 1-6 Pearl Market Maker: ($0.80) for Tiers 1-6 Non-Priority Customer, Firm, BD, and Non-MIAX Pearl Market Maker: ($0.80) for Tiers 1-6 Simple Taker Fees for Non-Penny Classes amended to new rates below Pearl Market Maker $1.21 for Tiers 1-6 Non-Priority Customer, Firm, BD, and Non-MIAX Pearl Market Maker: $1.21 for Tiers 1-6 MIAX Options, MIAX Pearl Options, MIAX Emerald Options and MIAX Sapphire Options –  Historical Open-Close Report discount extension From July 1, 2026 to December 31, 2026, any single purchase of $20,000 or more of historical End-of-Day Open-Close Report data and/or historical Intra-Day Open-Close Report data by an existing subscriber to the End-of-Day or Intra-Day Open-Close Report, will receive a 20% discount when the subscriber purchases the same category of historical data for which they have a monthly subscription. MIAX Sapphire Options does not have minimum single purchase size This discount cannot be combined with any other discount offered by the Exchange, including the academic discount provided for Qualifying Academic Purchasers of historical Open-Close Report data REMINDER:  MIAX Exchange Group will modify its Options Regulatory Fee ("ORF") rates beginning in July 2026 as previously announced in this previous Alert: $0.0170 per contract on MIAX Options Exchange $0.0240 per contract on MIAX Pearl Options Exchange $0.0220 per contract on MIAX Emerald Options Exchange $0.0220 per contract on MIAX Sapphire Options Exchange Attached are highlighted summaries of the July 2026 fee changes. MIAX Sapphire Exchange MIAX Emerald Exchange MIAX Pearl Options Exchange MIAX Options Exchange Complete details will be contained in the July 2026 exchange fee schedules, when posted on the MIAX website at MIAX Options Fee Schedule, MIAX Pearl Options Fee Schedule, MIAX Emerald Options Fee Schedule and MIAX Sapphire Options Fee Schedule.For additional information, please contact MIAX Sales at Sales@miaxglobal.com or (609) 897-8177.For assistance, please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.

Deal volume steady: 26 firm offers (H1 2025: 37; H2 2025: 19) Deal values increase: £36 billion aggregate deal value (H1 2025: £23.1 billion; H2 2025: £15.1 billion) Top five transactions accounted for around 90% of total deal value, however, approximately two-thirds of deals in the sub-£250 million range  European bidders active: involved in 35% of firm offers (FY 2025: 7%) Financial services and industrials dominate: 12 firm offers combined; £30.8bn aggregate deal value Seven firm offers for financial services; £19.8bn Listed bidders active: 54% firm offers by listed bidders; 27% PE; 12% unlisted strategics; 8% private individuals Strong pipeline of possible offers: nine ongoing possible offers; £18.6 billion aggregate deal value Commenting, Patrick Sarch, Head of UK Public M&A at global law firm White & Case LLP, said: “The UK public M&A market in H1 2026 has been notably skewed, with a few marquee deals at the top end and a long tail of smaller deals at the other, with the mid market conspicuously underpopulated. One of the standout features from H1 2026 has been the resurgence of interest from Continental European bidders who do not want to miss the opportunity to acquire world-class UK-listed companies that offer global revenue profiles, strong cash generation and established governance standards at lower valuations. “Until the persistent disconnect between the underlying quality of UK businesses and the prices at which they trade closes, the UK public markets will remain a highly attractive hunting ground for overseas bidders and many will chase the same assets. The change of PM and the prospect of a new Chancellor are unlikely to narrow that valuation gap and instead introduce more uncertainty for domestic buyers, which may well deliver a competitive advantage to international acquirers who are less exposed to UK and sterling financing risks. This could accelerate the flow of UK listed companies being taken private by overseas acquirers, particularly those that provide AI and digital transformation capabilities, and businesses in the financial services, defence and industrials sectors.”

Good afternoon, ladies and gentlemen. And thank you, Barbara [Van Allen], for your generous introduction. Before I offer a few reflections, I must note the standard disclaimer that the views I express here today are my own as Chairman and do not necessarily reflect those of the SEC as an institution or of my fellow Commissioners. First, let me begin by expressing what a profound privilege it is to speak to the Economic Club of New York. Of course, this occasion is rendered especially meaningful—and even, serendipitously, a greater honor—by its timing, as we stand mere days away from the 250th anniversary of our Republic. Such a momentous occasion calls not only for celebration, but also for reflection on the great deeds of the past, and a renewed resolve to confirm that the spirit of 1776 remains our animating force today. So, I do not take lightly the moment in which I stand before you, nor the duty ahead of me to adequately honor our extraordinary Nation, its courageous pioneers, and its storied history—a duty, yes, but for me, really a delight. 1776: Two Documents, One Idea Today, the country that we call home stands squarely on the shoulders of the most consequential year in modern history. The epoch of 1776 did not merely mark the birth of a nation; it was the year that the grand idea behind it took political form. One so potent and so threatening to entrenched power that the band of men who dared to permanently endorse it on a piece of parchment pledged their very lives, their fortunes, and their sacred honor to its defense. For the architects of this order were not timid reformers seeking a few modest amendments to an antiquated system; they were revolutionaries declaring an uncompromising extrication from it. A quarter millennium ago, they announced to a king—and thus to the world—that our rights are undeniable—that they are not subject to the will of princes or parliaments, but sacred gifts from the hand of God. Chief among these rights, our forebears proclaimed, was the right to govern themselves; to forge their own destiny through industry and enterprise; to wager everything on an idea to enjoy the fruit of their endeavor safe in their property; to pursue happiness—a happiness far more profound than our simple vernacular definition of “joy” or “contentment.” Instead, they invoked by that term the classical ideal of human flourishing, achieved through virtuous activity over the course of one’s life. At the heart of our Founding Fathers’ revolution stood an idea—one that found its fullest expression in two fateful documents, crafted an ocean apart but together in time in 1776: one penned in the summer heat of Philadelphia, the other in the intellectual winds of Edinburgh. Thomas Jefferson brilliantly articulated the justification of the Continental Congress for becoming a nation. Adam Smith described the way that such a nation could summon wealth from scattered effort. The authors never met, yet their ideas were inseparable, and their contemporaneous works rested on the same conviction: trust the individual, not the institution. On the far side of two and a half centuries, the question before us today is not whether that idea “worked.” History has certainly answered that in the affirmative. Rather, it is whether we, as stewards of this nation and its institutions, have the wisdom, restraint, and the resolve to preserve it. The Invisible Hand and the Visible Framework  Thomas Jefferson was no stranger to Adam Smith’s philosophy—he was, in fact, a student of it, evidenced by the well-worn copy of The Wealth of Nations contained in his library, from which he gleaned wisdom that he shared freely with friends and correspondents.[1] It is little wonder, then, that our founding documents, in many respects, reflect Smith’s central themes that were debated at the time: that government must not grow infinitely. That it should be sizeable enough to protect its people yet small enough not to shackle them. And that its purpose, above all, is to set them free to pursue their own prosperity—and in so doing, to propel the nation’s prosperity—to unleash what Smith immortalized as “the invisible hand.” Yet the Founders understood that this principle, however true or trustworthy, was not self-preserving. They knew that concentrated power—whether lodged in a crown, in a parliament, or in a bureaucracy—would characteristically constrain it. So, they built a framework around it as light as prudence would permit. Carefully constructed on the cornerstones of clear rights, coherent rules, and public authority granted and bounded by the people, our forebears' framework amounted to more of a trellis than a cage—something along which prosperity could climb. For two and a half centuries, that trellis, rightly tended, has liberated the invisible hand to lift a people—indeed, even an entire nation—and, in so doing, has built the most prosperous, innovative, and resilient capital markets in the world. 250 Years of the Invisible Hand at Work Ludwig von Mises wrote that the market economy needs no apologists or propagandists. That “it can apply to itself the words of Sir Christopher Wren’s epitaph in St. Paul’s Cathedral: If you seek his monument, look around.[2] Well, on the cusp of a quarter millennium, I believe that it is fitting not only to look around, but also to look behind. From its earliest days, America exhibited a bold spirit of enterprise, which the French philosopher Alexis de Tocqueville credited as the primary reason for “its rapid progress, its force, [and] its greatness.[3] Likewise, George Washington, who took the presidential oath here in Manhattan, underscored the power of a commercial and enterprising spirit to propel a nation. In 1784, he wrote that a people driven by “the spirit of commerce,” and determined to “pursue their advantages, may achieve almost anything.”[4] A few years later, not far from where we are gathered, America’s unrivaled capital markets were born almost simultaneously with the nation itself. Not by the edict of government design, but by the ethos of American ingenuity. In 1792, beneath the shade of a buttonwood tree, two dozen stockbrokers gathered to assemble a simple agreement—less than a hundred handwritten words—establishing a system that, while certainly not perfect, would facilitate the flow of capital for generations. Free people, organizing themselves to do what our Founders trusted that they would: create the conditions for capital to flow—and for prosperity to climb that trellis. In the decades that followed, within a framework of shared rules and solemn covenants, Americans set the great wheel of ambition turning, and from it, capital flowed. As this productive symbiosis between capital and creativity increased, the unleashing of human ingenuity gave rise to rapid industrial revolution—and to this great American city, whose history stands as a testament to the power of private investment and free enterprise. The towers that stand out against the sky, the railways that fan out from Grand Central and Pennsylvania Station to the rest of the country, and the harbors, factories, and financial institutions that made New York the Empire City were not conjured by directive, but by initiative—by free people willing to stake their savings on a nation still in formation. By the turn of the twentieth century, millions of Americans owned securities. The merchant class became the middle class, and markets—open to many—became an engine of mobility for more. From the rubble of the Second World War, the might of American free enterprise—with its industrial base largely intact—rose to meet the severe needs of a ravaged world through manufacturing goods and providing services. Pent-up demand, abundant savings, and expanding opportunity revitalized our securities markets—and, in turn, reinvigorated that invisible hand. Manufacturing plants that armed the military pivoted to produce a postwar boom—and the American adventurous spirit, not government mandate, spawned innovative automobiles, appliances, and electronics that defined a generation and revolutionized not only industry, but domestic life as well. In time, this revived spirit of enterprise steadily lifted the United States to the seat of dominant global economic leadership. As the postwar boom matured, the principles by which it was produced came under pressure—until a former governor from California reminded the country what it had forgotten. In the 1980s, President Reagan’s bold return to our Founders’ limited-government ideals called forth a new morning from economic malaise—proving, again, that first principles work when we have the resolve to rekindle them. But that period, prosperous as it was, amounted not to a capstone of our free market edifice, but to a continuation of its building. In the decades since, our markets have never stopped turning, their depth and dynamism repeatedly outpacing that of the rest of the world. Of course, we must acknowledge the panics and reckonings woven between the periods of prosperity. Their indelible marks are surely etched into the very streets of this city and the halls of our history. Yet throughout our 250-year story—through boom and recession, war and peace—a pattern emerges with clarity: every crisis threatened to break American capital markets; but none did. On this anniversary, we would do well to ask why. Each time that our markets bent beneath the weight of adversity, they ultimately endured not because a central planning government scaffolded a recovery, but because the underlying bedrock of free enterprise never shifted. And because, in moments of doubt, Americans returned to first principles rather than abandon them. The first federal securities law enacted in 1933, for example, was not a rejection of free markets, but an effort meant to preserve them. Its animating premise was simple: markets function best when investors can make autonomous decisions based on honest, material information. True to that notion, Congress did not seek to substitute the judgement of regulators for that of investors. Rather, it sought to restore trust through transparency—strengthening the framework so that risk-taking and capital formation could swiftly recover and safely rise. Indeed, the history of our markets is not a tale of unbroken ascent. Rather, the long arc bends toward growth—growth that is less a tribute to regulation than to free people investing in free markets, within a government that trusts them to do so. Even outside observers have arrived at the same conclusion. Peruvian economist Dr. Hernando de Soto studied not what the American system has produced, but what its absence had cost the rest of the world. “Without an integrated formal property system,” he concluded, “a modern market economy is inconceivable.”[5] In essence, transparency and rule of law support property rights, dependable valuations, and a defense against kleptocratic government. It is such a system—and such a promise—which we are now called to defend. The American System of Risk and Reward  Behind our market system is not a central planning system but a citizenry—one willing to take risks within the peerless American system that rewards them. Our Founding Fathers took the first and ultimate step: pledging everything against the charge of treason, with no assurance of success and certain execution if they failed. Yet their courage ultimately yielded a constitutional Republic that established the legal framework for all who would follow, enabling generations of Americans to pursue prosperity in their wake. As the nation’s story continued to unfold, and competing ideologies sought to engineer economic strength from the top down, ours was a model that steadily proved its value on the world stage. The many Socialist experiments, built on brute force of totalitarian government and a commitment to central planning, crumbled under a philosophy incapable of channeling the forces of human aspiration. In stark contrast, our system entrusts citizens with freedom, private property rights, and the opportunity to shoulder the burdens and realize the rewards of risk and innovation. Well, in the decades since—if under different leaders, labels, or “Democratic” descriptors—the same Socialist story has unraveled repeatedly, each time ending in collapse, colossal destructiveness, and poverty, while American markets have stood as a steadfast counterpoint based on individual liberty and rights. As then-SEC Chairman Chris Cox reminded this Club just over 20 years ago, “Our market economy, better than any other system in the world, enables the poor to rise from poverty, and enables the vulnerable and marginalized to be protected. Because after all, wealth must be produced before it can be shared.”[6] So perhaps nowhere is this contrast experienced more palpably than by those beleaguered by such communist and socialist systems—individuals abroad who long for a system that lifts and liberates as America’s does, yet who remain captive to the concentrated power above them. As de Tocqueville observed, Americans are instinctively entrepreneurial and generous. As many of us are witnessing, the World Cup playing out across our country right now offers a striking present-day parallel of his early-1800s observation. Thousands of fans from around the world who travelled to the U.S. expecting only a soccer match or so have encountered something that they did not expect: American life as Americans live it—yet often take for granted. On social media, visitors who rave about air conditioning, and Texas barbeque, and big box stores, and yes, even Ranch dressing. So two centuries on, de Tocqueville’s reflections read less like history than like dispatches from this summer. With each generation, we have not just had an opportunity, but a high calling to remind our fellow citizens of—and live up to—the principles of our free market system. Our way of life is exceptional, not inevitable. And yet the temptation to erode it is never distant—so just step outside, where leaders entrusted to govern this great city that built American commerce are beginning to speak the language of control rather than of freedom—to deliver on campaign promises that would undermine the very foundation that has made this nation great. As President Trump reminded us recently, Communism may seem appealing at first, “but, in the end…great violence proceeds at levels never seen before, and the entity dissolves into poverty, squalor, and crime.”[7] The founding vision of our nation—what our forebears fought for, and what our heroes have died for—was always to serve and safeguard risk-takers, not to second-guess or stifle them; to create the conditions for their flourishing, not to control them. It is a vision that, as regulators, we must not treat as an historical artifact but must take as an archetype: our rules must be clear enough to guide but restrained enough not to suffocate—preserving the conditions in which the invisible hand can convert the pursuit of personal gain into the promotion of public good. And that is precisely the path that this SEC is charting today. The SEC Agenda: Returning to First Principles  Too often of late, our regulatory approach has drifted from following the letter of the law predicated on the founding ideals that propelled a young republic to achieve such stunning success. Rules were fashioned to meet social and political goals rather than to preserve First Principles. Enforcement, meanwhile, became a de facto policy instrument. And disclosure obligations, designed to illuminate what is material to investors, were quietly redirected toward what regulators found merely interesting. And with respect to digital assets—the most consequential financial frontier of our time—uncertainty became the policy. Well, innovation did not wait. It simply left our shores. In a world in which telecommunications know no boundaries, Americans found these assets anyway, but without the standards of American laws. Fortunately, the path forward is illuminated by the light of what we know is true—by the proven approach of the generations of Americans who have gone before us. So, in our nation’s 250th year, we at the SEC are doing what our Founders had faith in us to do: clearing and pruning the overgrowth—not to weaken the framework, but to let it bear fruit again. The path to doing so rests on what I am calling the SEC’s “ACT strategy,” which is comprised of three interlocking aims: to Advance our frameworks into the modern era; to Clarify our jurisdictional lines; and to Transform our rulebook by returning it to first principles. A-C-T. The first—Advance—begins where the cost of complacency is clearest. Under the previous administration, digital asset innovators operated under regulatory ambiguity—and those who sought regulatory certainty from the SEC often found themselves under investigation instead. The market rendered its verdict, and an entire generation of digital asset innovation developed overseas. So, over the past year, we have moved purposefully to answer President Trump’s call to make America the Crypto Capital of the World. Through what we’re calling Project Crypto, we are taking historic steps to modernize our rules and regulations to facilitate markets' moving on-chain. And after years of obscurity, we have delivered long-called-for certainty to digital asset issuers—so that investors and entrepreneurs today can know, before they act, whether a digital asset is considered a security and therefore subject to SEC oversight. To be clear: this is not a favor to industry—it is what markets require to function: clear rules of the road, applied without preference.  But a modernized framework is only as valuable as the clarity with which it is applied. Thus, the ‘C’ for clarity. So, after years of fragmented oversight and overlapping authorities, the SEC and CFTC signed an historic Memorandum of Understanding between our two agencies—a framework for aligning key definitions, coordinating oversight, and replacing a regulatory no man’s land between the two agencies with new fertile ground for innovation to grow. The third foundational aim of our strategy—to Transform—in many ways strikes closest to the root of the issue. Between the 1990s and when I returned to the SEC as Chairman last year, the number of companies listed on the U.S. exchanges had cratered by about 40 percent. Every IPO, I believe, is an invitation for individuals to participate in the prosperity of the next generation of American enterprise. When fewer companies extend that invitation, fewer Americans receive it. To that end, under my leadership, we are Making IPOs Great Again—most recently by proposing to modify how and when public companies access capital, and what they must disclose when they do. Our recent registered offering reform and filer status reform proposals would, if adopted, broaden the opportunity to capitalize on favorable market conditions and recalibrate disclosure requirements based on a company’s size and maturity. In turn, more companies would receive relief from some of the most onerous SEC requirements while retaining those that are essential to informed investment. Building on this effort, last month we proposed to rescind the prior administration's ill-advised climate disclosure rule—re-tethering our rulebook to the simple principle that the SEC exists to serve all investors, not to advance an agenda of the politicized few or the business models of those who pander to them. Over the past year—through these steps and others—we have begun clearing the path to going public with materiality as our metric, so that becoming a public company is once again a growing company’s goal—not its last resort. Now, I do not pretend to have the panacea to make IPOs great again. The decline did not occur overnight, and it will likewise not be remedied in an instant. Yet, by creating a new environment and shifting the agency’s overall posture towards public companies, we are turning the tide: for example, initial submissions for firm-commitment IPOs surged 70 percent from January through early June as compared with the same period back in 2024. And just this month, one company alone raised $85.7 billion[8] —a single offering that eclipsed the total capital raised by the entire U.S. IPO market in each of the years 2024 and 2025.[9] However, the benefits of revitalizing our capital markets are certainly not reserved for businesses and those who lead them. Another recent transformational market endeavor holds the promise to change the trajectory of every child’s life in America. Thanks to the leadership of President Trump and Treasury Secretary Scott Bessent, Trump Accounts will launch this week. Beginning on July 4, every U.S. child under 18 is eligible to open a Trump Account: a type of traditional IRA, held in the child’s name, with the parent or guardian serving as custodian until the child turns 18. Family, friends, and employers can contribute up to $5,000 per year, per child. And thanks to private philanthropy already flowing into this initiative, millions of low- and middle-income  children will start ahead of where they otherwise would have. In addition, for citizens born between the 1st of January 2025, and December 31, 2028, the federal government will make a one-time, one-thousand-dollar contribution to each child’s Trump Account. So the Trump Account initiative is a practical example of applying the lessons of saving and investment of our nation’s 250 years to the benefit of the next generation. And looking to the future, with our investor education mandate, the SEC has assisted the Treasury and the rest of the administration in every way that we can to roll out this initiative. Of course, our return to first principles extends beyond the rules that we excise or implement to how they are enforced. Under this SEC, we have ended the “regulation by enforcement” approach of the past and recentered our enforcement program on the Commission’s core mission by prioritizing cases that provide meaningful investor protection and strengthen market integrity. Rather than focusing on the number of enforcement cases and record-setting penalties as opposed to true investor protection, we are redirecting resources toward the types of misconduct that inflict the greatest harm—particularly fraud, market manipulation, and abuses of trust. And, finally, we intend to conduct a broader, thorough review of enforcement processes—something that has only occurred once before in the SEC’s history. Now, as consequential as they are, these reforms are neither comprehensive nor complete. We are forging ahead across every dimension of our mandate to continue modernizing our rulebook; clarifying oversight to unlock innovation; and pruning what is duplicative or frivolous, while preserving what is fit-for-purpose. Every step toward that end rests on the conviction that has colored this speech from the start: that the SEC’s role is not to control our capital markets nor to engineer their outcomes, but to foster the environment in which they can prosper. That was the instinct of the 1933 Securities Act drafters. It was the grand idea of our Founders, who trusted the individual over the institution. And it remains, on this 250th anniversary of the Republic that they built, our surest path forward. Indeed, past Commissions have shown us, with equal clarity, the cost of refusing it. Conclusion So, let me close where I began: that is, with the past and with a promise. With memory of our own beginnings, and with the mandate before us. Two hundred and fifty years ago, our Founding Fathers built the trellis. Less than a hundred years later, de Tocqueville observed its robustness. And by the twentieth century, von Mises asked us to behold the garden of free enterprise that grew along it. The charge before us today is—unlike what some elected officials in this City insist—not to uproot what our predecessors built. Rather, it is to tend the framework that the Founders designed—one along which prosperity can climb—lest we let the foundation of the trellis, meticulously crafted over the years, be destroyed. Indeed, to conserve the promise of our unrivaled Republic for the next quarter millennium and beyond, may we together resolve to steward that trellis and safeguard the invisible hand—not only as government regulators, but as builders, as risk-takers, and above all, as Americans. Thank you very much for your time and attention today. And Larry [Kudlow], I look forward to our conversation ahead. [1] https://www.monticello.org/encyclopedia/wealth-of-nations [2] https://cdn.mises.org/files/2025-05/The%20Quotable%20Mises_Thornton_2019_1.pdf , Page 26 [3] https://www.gutenberg.org/files/816/816-h/816-h.htm, Alexis de Tocqueville, Democracy in America, Volume II, Chapter XVIII [4] https://teachingamericanhistory.org/document/letter-to-benjamin-harrison-3/ [5] Hernando de Soto, The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else. [6] https://www.sec.gov/news/speech/spch121205cc.htm [7] President Trump Truth Social Post [8] https://www.cnbc.com/2026/06/15/spacex-ipo-spcx-greenshoe-overallotment.html [9] https://www.sec.gov/data-research/statistics-data-visualizations/initial-public-offerings-ipos/ipos-number-proceeds