Good afternoon, ladies and gentlemen, and thank you, Chairman Selig, for your insightful remarks. It is a pleasure to join you today to discuss a subject that sits at the center of American innovation, capital formation, and the enduring principles of our securities laws. Before I go any further, let me offer the customary disclaimer that the views I express here are my own as Chairman and not necessarily those of the SEC as an institution or of the other Commissioners. For over a decade, market participants have operated without clear guidance on a fundamental question: when does a crypto asset implicate the federal securities laws? Today, I am pleased to announce that the SEC’s persistent failure to provide clarity on this question is over. As we speak, the Commission is implementing a token taxonomy and investment contract interpretation. Our interpretation—grounded in existing law and informed by extensive public input—establishes four asset categories that are not deemed securities: digital commodities, digital collectibles, digital tools, and payment stablecoins under the GENIUS Act. With these categories in place, the interpretation then clarifies that only one crypto asset class remains subject to the securities laws: digital securities, namely traditional securities that are tokenized. This distinction returns the Commission to its core mission—and statutory authority—of protecting investors involved in securities transactions. Of course, even a crypto asset that is not a security may become subject to the Federal securities laws if it is offered and sold as part of an investment contract. Which is why, more importantly, our interpretation addresses how the investment contract ends, freeing the subject crypto asset from the SEC’s statutes. A key tenet of our interpretation is that the project team clearly discloses the representations or promises that they make, so investors understand the bundle of rights they are purchasing. We clarify that the representations or promises that generate reliance under Howey must be explicit and unambiguous as to the essential managerial efforts that the project team intends to undertake. While this interpretation provides long-needed clarity, I should like to assure this audience that today’s announcement amounts to a beginning, not an end. In just a few moments, I look forward to discussing how the SEC and CFTC plan to work together to implement this interpretation. But first, allow me to take some time to preview the broader framework that we are building. Of course, I would also like to recognize someone whose fingerprints are all over what I will describe today—my colleague, Commissioner Hester Peirce. For years, Commissioner Peirce has been a principled, and sometimes solitary, voice calling for clarity in the crypto asset markets. In fact, the proposal that I will discuss today, my vision for Regulation Crypto Assets, traces its lineage directly to the framework that she first introduced in February 2020 as the Token Safe Harbor.[1] So, to Commissioner Peirce, thank you for your inspired leadership on these issues. We would not be here today but for your efforts, and I am confident that the Commission will continue to make strides toward your vision in the coming years. Future-Proofing Against Rogue Regulation Before proceeding further, let me also emphasize one important point. Only Congress can ensure that regulation in this area is future-proofed through comprehensive market structure legislation. I strongly support the ongoing bipartisan efforts on Capitol Hill to establish a durable framework for these markets. Regulation Crypto Assets is a framework that would draw heavily from Congressional work over recent years, particularly the CLARITY Act. Any exemptive rulemaking that the Commission considers, as described below, would give us a head start implementing historic bipartisan market structure legislation that will soon reach President Trump’s desk. A Compliant Path Forward: Regulation Crypto Assets Now, I suspect that many in this audience are tired of hearing about the perils of uncertainty. Quite frankly, so am I. It is past time for us to stop diagnosing the problem and start delivering the solution. On that note, I would like to walk you through my thoughts for what a safe harbor proposal could consist of. Such a safe harbor would provide crypto innovators bespoke pathways to raise capital in the U.S., while providing appropriate investor protections. Startup Exemption First, I believe that the Commission should consider a fit-for-purpose “startup exemption,” which would be a time-limited registration exemption for offerings of investment contracts involving certain crypto assets. Such an exemption could last (say up to four years) and provide developers with a regulatory runway during which they could work to reach maturity. Importantly, this exemption could be non-exclusive, meaning that all other exemptions to raise capital under the Federal securities laws could remain available. The exemption could also allow entrepreneurs to raise up to a defined amount (say $5 million) during the four-year period, with notices to the Commission when relying on the exemption and when exiting. To avail themselves of this exemption, entrepreneurs could provide certain principles-based disclosures about the investment contract and the underlying crypto asset, similar to what we see in white papers today, which could be made available on a public website. Fundraising Exemption Second, what I have in mind is that the Commission could consider a “fundraising exemption,” which could be a new offering exemption for investment contracts involving certain crypto assets. Entrepreneurs could raise up to a defined amount (say $75 million) during any 12-month period while retaining the ability to rely on other exemptions from registration under the Federal securities laws. Issuers relying on the exemption could file a disclosure document with the Commission that could include (1) the same principles-based disclosure, as in the “startup exemption”; (2) a discussion of the issuer’s financial condition; and (3) the issuer’s financial statements. Investment Contract Safe Harbor Third, I would like for the Commission to consider an “investment contract safe harbor” from the definition of “security” for certain crypto assets. This safe harbor could apply once the issuer has completed or otherwise permanently ceased all essential managerial efforts that the issuer represented or promised that it would engage in under the investment contract. What I have in mind here is a safe harbor that could provide a rule-based standard to give issuers and other market participants greater certainty about when a crypto asset is not subject to the Federal securities laws. The safe harbor could align with the principles articulated in the Commission’s interpretative release. Of course, the proposal would not require issuers to rely on this framework. A New Chapter for American Innovation In the coming weeks, I expect the Commission to consider releasing such a proposed rule for public comment. I look forward to hearing from investors, developers, academics, and market participants across the ecosystem. As we look toward the next chapter of our nation’s economic history, it behooves us to remember what has always made America exceptional. It is not merely the size of our markets or the sophistication of our financial institutions, but our willingness to trust individuals with the freedom to innovate. To take risks. To build new systems that expand opportunities for others. Our securities laws were designed to amplify that energy, not to suppress it. As regulators, we must ensure that our rules remain faithful to the principles that inspired them. If we succeed, then the next generation of entrepreneurs will not need to ask whether innovation is possible in America. They will know that it is possible. And they will build the future here. Thank you very much. I look forward to the work ahead—and to discussing these ideas further in the discussion to follow. Thank you. [1] http://sec.gov/newsroom/speeches-statements/peirce-remarks-blockress-2020-02-06

Cboe Global Markets, Inc. (Cboe: CBOE), a leading global markets operator and pioneer in equity derivatives, will announce its financial results for the first quarter of 2026 before the market opens on Friday, May 1, 2026. A conference call with remarks by the company's senior management will begin at 7:30 a.m. CT (8:30 a.m. ET).  A live audio webcast for the conference call and the presentation that will be referenced during the call will be available on the Investor Relations section of Cboe's website at ir.cboe.com under Events. The presentation will be archived on the company's website for replay. A replay of the recording is expected to be available two hours after the conference call ends. To listen to the live conference call via telephone, please dial (800) 715-9871 (toll-free) or (646) 307-1963 (toll) and use the Conference ID 8939587.

The Commodity Futures Trading Commission joined the Securities and Exchange Commission today in issuing an interpretation clarifying how the federal securities laws apply to certain crypto assets and transactions involving crypto assets. The CFTC joined the interpretation to provide guidance the CFTC and its staff will administer the Commodity Exchange Act consistent with the SEC’s interpretation. This is a major step in the agencies’ efforts to provide greater clarity regarding the treatment of crypto assets, and complements Congressional endeavors to codify a comprehensive market structure framework into statute.  “For far too long, American builders, innovators, and entrepreneurs have awaited clear guidance on the status of crypto assets under the federal securities laws and Commodity Exchange Act,” said CFTC Chairman Michael S. Selig. “With today’s interpretation, the wait is over. Chairman Atkins and I are committed to fostering a regulatory environment that allows the crypto industry to flourish in the United States with clear and rational rules of the road. Today’s joint agency action reflects a shared commitment to developing workable, harmonized regulations for the new frontier of finance.” “After more than a decade of uncertainty, this interpretation will provide market participants with a clear understanding of how the Commission treats crypto assets under federal securities laws. This is what regulatory agencies are supposed to do: draw clear lines in clear terms,” said SEC Chairman Paul S. Atkins. “It also acknowledges what the former administration refused to recognize – that most crypto assets are not themselves securities. And it reflects the reality that investment contracts can come to an end. This effort serves as an important bridge for entrepreneurs and investors as Congress works to advance bipartisan market structure legislation, which I look forward to implementing with Chairman Selig in the near future.”  The SEC’s interpretation:  Provides an interpretation of the definition of “security” as applied to crypto assets and transactions involving crypto assets as part of its efforts to provide greater clarity regarding the Commission’s treatment of crypto assets under the Federal securities laws. Provides a coherent token taxonomy for digital commodities, digital collectibles, digital tools, stablecoins, and digital securities.  Addresses how a “non-security crypto asset”—which is a crypto asset that itself is not a security—may become subject to, and how it may cease to be subject to, an investment contract.  Clarifies the application of federal securities laws to airdrops, protocol mining, protocol staking, and the wrapping of a non-security crypto asset. The CFTC provides guidance the CFTC and its staff will administer the CEA consistent with the SEC’s interpretation, and that certain non-security crypto assets could meet the definition of “commodity” under the CEA. The interpretation discusses digital commodities in further detail. Market participants—from innovators and issuers to individual investors—should review this interpretation to better understand the regulatory jurisdiction between the SEC and CFTC. The interpretation will be published on CFTC.gov and in the Federal Register.  RELATED LINKS Federal Register Fact Sheet

The Securities and Exchange Commission (SEC) today issued an interpretation clarifying how the federal securities laws apply to certain crypto assets and transactions involving crypto assets. This is a major step in the Commission’s efforts to provide greater clarity regarding the Commission’s treatment of crypto assets, and complements Congressional endeavors to codify a comprehensive market structure framework into statute. The Commodity Futures Trading Commission (CFTC) joined the interpretation to provide guidance that the CFTC and its staff will administer the Commodity Exchange Act consistent with the Commission’s interpretation. “After more than a decade of uncertainty, this interpretation will provide market participants with a clear understanding of how the Commission treats crypto assets under federal securities laws. This is what regulatory agencies are supposed to do: draw clear lines in clear terms,” said SEC Chairman Paul S. Atkins. “It also acknowledges what the former administration refused to recognize – that most crypto assets are not themselves securities. And it reflects the reality that investment contracts can come to an end. This effort serves as an important bridge for entrepreneurs and investors as Congress works to advance bipartisan market structure legislation, which I look forward to implementing with Chairman Selig in the near future.” “For far too long, American builders, innovators, and entrepreneurs have awaited clear guidance on the status of crypto assets under the federal securities and commodity laws,” said CFTC Chairman Michael S. Selig. “With today’s interpretation, the wait is over. Chairman Atkins and I are committed to fostering a regulatory environment that allows the crypto industry to flourish in the United States with clear and rational rules of the road. Today’s joint agency action reflects a shared commitment to developing workable, harmonized regulations for the new frontier of finance.” The Commission interpretation: Provides a coherent token taxonomy for digital commodities, digital collectibles, digital tools, stablecoins, and digital securities. Addresses how a “non-security crypto asset”—which is a crypto asset that itself is not a security—may become subject to, and how it may cease to be subject to, an investment contract. Clarifies the application of federal securities laws to airdrops, protocol mining, protocol staking, and the wrapping of a non-security crypto asset. Market participants—from innovators and issuers to individual investors—should review this interpretation to better understand the regulatory jurisdiction between the SEC and CFTC. The interpretation will be published on SEC.gov and in the Federal Register.  Resources Fact Sheet Commission Interpretation

The Securities and Exchange Commission’s Division of Economic and Risk Analysis (DERA) published a new report on security based swap dealers (SBSDs) and updated statistics and data visualizations on initial public offerings (IPOs), follow-on registered offerings, corporate bond offerings, Regulation A offerings, Regulation Crowdfunding offerings, Regulation D offerings, municipal advisors, transfer agents, SBSDs, and asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS) issuances. “We continue to provide increasing amounts of useful data to the public,” said Dr. Joshua T. White, Chief Economist and Director of the SEC’s Division of Economic and Risk Analysis. “These updates offer insight into how our markets are functioning and increase overall transparency for investors, issuers, and the public.” Market activity increased across several categories in 2025. The updated statistics show that in 2025 there were 374 IPOs raising over $70 billion in proceeds, up from 246 IPOs raising $39 billion in 2024. The number of follow-on registered offerings increased slightly in 2025, while the amount of capital raised in the offerings decreased slightly. Amounts raised in unregistered offerings also increased in 2025. There were 34,553 Regulation D offerings in 2025 compared to 32,554 Regulation D offerings in 2024. These offerings raised $2.1 trillion in capital in 2024 and $2.4 trillion in 2025.  In 2025, there was a slight decrease in the number of corporate bond offerings—from 1,795 to 1,694—but the amount raised increased slightly from $1.17 trillion to $1.25 trillion. There were 2,320 ABS issuances in 2025, an increase from 2,032 in 2024. The number of CMBS issuances also increased with 348 issuances in 2025 compared to 302 in 2024. These findings 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. In addition to the statistics updates, Commission staff also released a report on The Financial Conditions of Security-Based Swap Dealers. The report presents statistics on selected measures of SBSDs’ financial conditions, including statistics on assets held, cash, financial leverage, profitability, and aggregate positions in security-based swaps, swaps, and mixed swaps.  DERA integrates financial economics and rigorous data analytics into the SEC’s core mission. It conducts detailed, high-quality economic and statistical analyses to advise on Commission matters and helps identify and respond to issues, trends, and innovations in the marketplace.

ISDA has announced that LSEG has integrated ISDA’s Digital Regulatory Reporting (DRR) solution into its Post Trade Solutions business, TradeAgent, representing a significant milestone in the industry deployment of the ISDA DRR. The ISDA DRR converts an industry-agreed interpretation of reporting requirements into unambiguous, machine-readable code and has so far been applied to eight sets of reporting rules around the world. By integrating it within TradeAgent, the new market utility will have the certainty of a unified, mutualized industry interpretation of reporting rules. TradeAgent is a centralized over-the-counter derivatives post-trade processing platform designed to eliminate inefficiencies and streamline workflows through three services: trade confirmation and routing; a central authoritative data store; and calculation and settlement of bilateral cashflows. Like the ISDA DRR, TradeAgent is built on the Common Domain Model (CDM), an open‑source data standard for financial products, trades and lifecycle events, which provides the vital foundation to standardize and automate industry processes. “Integration of the ISDA DRR within the TradeAgent platform is an important step forward in the broad adoption of the CDM and ISDA DRR. By embedding the CDM and the DRR into post-trade platforms as LSEG has done, industry service providers can achieve greater standardization and automation, improve the accuracy and consistency of regulatory reporting and reduce operational complexity across the trade lifecycle,” said Scott O’Malia, ISDA’s Chief Executive. “Integrating ISDA’s Digital Regulatory Reporting solution into TradeAgent is a significant step in delivering greater consistency, accuracy and confidence in regulatory reporting for our customers,” said Annabel Harrison, Head of Agent Services, Post Trade Solutions, LSEG. “By combining the DRR with TradeAgent’s CDM‑based post‑trade processing platform, we are helping firms reduce operational complexity, achieve a single, reliable interpretation of reporting rules and advance the industry’s move towards more standardized, automated post‑trade processes.” “It is very exciting to see LSEG’s TradeAgent leveraging the CDM, reflecting years of industry collaboration to create a shared standard ready for production deployment. The CDM’s flexible, composable representation of trades supports a growing range of use cases. As adoption expands across banks, fintechs and market infrastructure providers, the transformative value of this shared data model will only continue to grow,” said Jane Gavronsky, Chief Operating Officer of the Fintech Open Source Foundation (FINOS), which provides the open-source governance framework for the CDM. For more information on the ISDA DRR and the CDM, visit the ISDA Solutions InfoHub.

 The Ontario Securities Commission (OSC) is warning Ontario investors that the following companies are not registered to deal or advise in securities in Ontario: FINAD-AI Prime Wealth dexfinexpro (new website variant: Dex Finex) At the OSC, we issue investor warnings and alerts about possible harmful or illegal activity in progress, and maintain a warning list of companies or individuals performing activities that may pose a risk to investors. A full list of OSC investor warnings and alerts is available on the OSC’s website. Investors can sign up for email notifications when new warnings and alerts are issued and can follow the OSC’s X feed at @OSC_News  . Ontarians who have been approached by any of the individuals or firms listed above, or any other unregistered company or individual, are advised to contact the OSC Contact Centre at 1-877-785-1555 or via email at inquiries@osc.gov.on.ca . Always check the registration of any person or business trying to sell you an investment or give you investment advice. This can be done by visiting the Check Before You Invest or the Crypto businesses pages on the OSC website. The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at https://www.osc.ca.

The Prudential Regulation Authority (PRA) has today published proposals aimed at ensuring banks can monetise liquid assets quickly in a fast-paced stress event – such as the collapse of Silicon Valley Bank in 2023.  Specifically, the PRA consultation to modernise liquidity standards proposes to: Require firms to evaluate their liquidity, identify barriers to monetising assets, and conduct internal stress tests on how they would react to rapid outflows within a week (alongside a month in current reporting); Remove an exemption for sovereign bonds and other “level 1 assets” for annual testing of monetising non-liquid assets, to provide further assurance that firms are able to quickly raise liquidity; Reduce data requests of firms in other areas around this topic, preventing an overall increase in reporting as a result of the changes;  Encourage firms to be operationally prepared to make use of central bank facilities when needed. The PRA’s proposals focus on preparedness for stress by ensuring liquidity is available, while not setting additional requirements to hold more liquid assets and minimising additional work for firms. Sam Woods, Deputy Governor for Prudential Regulation and Chief Executive Officer of the PRA, said:  “This proposed update of our liquidity requirements takes forward key lessons we’ve learnt from the past few years. We’ve focused the changes not on increasing the amount of liquid assets banks have to hold, but instead on making sure that those assets do what they say on the tin and really are usable in the event of a run.”  These proposals come in light of the significant advancement in banking, payment and communication technology since they were last updated in the wake of the 2008 financial crisis. They also factor in significant lessons learnt from the collapse of Silicon Valley Bank and Credit Suisse in March 2023. The changes sit alongside the PRA’s extensive work to maintain stability and promote growth and competitiveness in the financial sector. Recent changes include: The removal of the Building Societies Sourcebook alongside new measures to support the growth of the mutuals sector; Simplifying capital requirements for smaller firms through Strong and Simple, while simultaneously introducing Basel 3.1 for larger firms; Cutting red tape and supporting increased and rapid investment for insurance firms through Solvency UK and the Matching Adjustment Investment Accelerator; And offering tailored support to fast-growing and innovative financial firms through the Scale-up Unit. Background  Read the full consultation.

Doral Group has entered into an agreement with the Tel Aviv Stock Exchange under a dedicated Tailor‑Made market making program for the Company’s shares, within which the Exchange enables listed companies to register for a track specifically tailored to the individual needs of each company. The dedicated market making program is expanding into additional sectors, with Doral Group being the first renewable energy company in the TA‑90 Index to join it. To date, seven companies are registered in the program, all of which are part of the TA‑35 Index. The renewable energy sector is among the fastest‑growing sectors on the local exchange, standing out in its performance since the beginning of the year and generating significant investor interest. Doral’s share records an average daily trading volume of approximately NIS 30 million over the past 90 trading days and is included in the TA‑Israel Energy Index, which was launched recently. The Company is joining the program with the objective of increasing the tradability and liquidity of its shares and strengthening its position among local and international investors. As part of the dedicated program for Doral Group, the Exchange will approach entities with experience in providing liquidity in securities and financial instruments who are interested in being appointed as market makers for the Company’s shares. The program will be managed by the Exchange in full coordination with Doral Group and in accordance with the defined objectives. The Exchange will engage with the market makers selected through the process and will provide the Company with ongoing liquidity reports regarding activity under the program. The deadline for submitting applications to the Exchange by prospective market makers is Tuesday, March 31, 2026

Ben Gully will lead the international standard setter's Secretariat in Basel. Mr Gully has been appointed for a three-year term, starting in August. He is currently Deputy Superintendent at the Office of the Superintendent of Financial Institutions (OSFI) in Canada. The Chair of the Basel Committee on Banking Supervision, Erik Thedéen, today announced the appointment of Ben Gully as the Committee's next Secretary General for a term of three years, effective 14 August 2026. The Basel Committee is the primary global standard setter for the prudential regulation of banks and provides a forum for regular cooperation on banking supervisory matters. Its 45 members comprise central banks and bank supervisors from 28 jurisdictions. The Secretary General is responsible for managing the operations of the Secretariat and assisting the Chair in representing the Committee externally. Mr Gully is currently the Deputy Superintendent at OSFI, where he manages the Supervision Sector. He has more than 25 years' experience in bank regulation and supervision on three continents. In his current capacity, Mr Gully serves as OSFI's representative to the Basel Committee and is co-chair of the Committee's Supervisory Cooperation Group. He has also served on several working groups at the Financial Stability Board. He was previously the Australian Prudential Regulation Authority's Chief Risk Officer and began his career as an analyst in the Bank of England's financial stability area. Mr Gully holds both a Doctorate and a Master of Arts in economics from the University of St Andrews as well as a Master of Science in economics from the University of Glasgow. He succeeds Neil Esho, who has served as Secretary General since February 2022 and is retiring on 31 March 2026. Deputy Secretary General Toshio Tsuiki will serve as Acting Secretary General until Mr Gully assumes his new role.   Ben has extensive experience in prudential regulation and supervision in multiple jurisdictions and has been an active and highly respected member of the Committee for the last six years. His broad and deep knowledge of the regulatory and supervisory landscape, global perspective and proven leadership skills make him the ideal candidate to lead the Secretariat.   Erik Thedéen, Chair of the Basel Committee and Governor of the Sveriges Riksbank Tiff Macklem, Chair of the Basel Committee's oversight body, the Group of Central Bank Governors and Heads of Supervision, and Governor of the Bank of Canada, thanked Mr Esho.  "Neil has made a substantial contribution to the work of the Committee over the last 20 years. He was instrumental in supporting the development of standards such as the Basel III framework and has shown excellent leadership as Secretary General for the last four years. We wish him all the best for the future." Related information Basel Committee organisation and governance

LSEG Risk Intelligence global study of 21,000 people finds scams leave lasting psychological scars, changing behaviour and eroding trust in the digital economy Women more likely than men to experience anxiety or fear after being scammed Baby Boomers more likely to feel emotional impact than younger generation Financial fraud is inflicting a deep and lasting emotional toll on consumers worldwide, with anger, anxiety and shame emerging as the most common responses among victims, according to new research from LSEG Risk Intelligence. The global study and report, After the scam: The emotional and financial impact of global fraud, surveyed more than 21,000 adults across 14 countries and found that the impact of scams extends far beyond financial loss. It fundamentally alters how people feel, behave and trust others. David Wilson, Group Head at LSEG Risk Intelligence, comments: “Every transaction has a story - and too often, that story is one of anger, anxiety or shame. Our research shows that fraud leaves a lasting emotional impact that changes how people behave and whom they trust. “The emotional damage caused by scams creates a wider trust deficit. When people no longer feel confident engaging digitally, the effects ripple across the financial system and the wider economy. “Tackling fraud effectively means understanding its human impact. Raising awareness, improving education and clearly communicating available protections are essential not just to reduce losses, but to help rebuild confidence and trust.” Among those who have been targeted by a financial scam, more than half (52%) report feelings of anger or frustration, making it the most common emotional response. 34% experienced anxiety or fear around money, while 32% reported embarrassment or shame, and feelings of helplessness or loss of control. Respondents also reported guilt (28%), feelings of helplessness or loss of control (28%), and stress or sleep difficulties (25%), underlining the psychological toll scams can take on victims. Emotional harm accompanies widespread exposure The findings come as scam exposure becomes increasingly common. More than half of adults globally (54%) say they have either been personally targeted by a scam or know someone who has, reinforcing the fact that fraud is now becoming increasingly common. Direct victimisation remains significant. 26% of adults say they have personally been targeted by a scam in the past two years, and among those targeted, 20% say they lost money as a result. Overall, 11% of all adults globally report having lost money to a financial scam in that same period. The research also highlights gender and generational differences in emotional impact. Women are far more likely than men to experience anxiety or fear after being scammed, with 40% reporting financial anxiety compared with 29% of men. Feelings of embarrassment and shame are particularly acute among older victims, affecting 39% of Baby Boomers compared to 32% of all victims. Scams change behaviour and erode trust The emotional effects of fraud translate directly into behavioural change. Nearly all scam victims (97%) say the experience changed how they behave, with many becoming more cautious about online payments, more reluctant to share personal information, and more suspicious of digital communications. Following a scam: 46% say they are now more cautious when making online payments 41% are more careful about where and how they share financial details 37% double‑check the legitimacy of companies more often 29% say they have lost trust in people or companies Confidence masks vulnerability Despite the scale of emotional harm, many consumers believe they are well prepared to protect themselves. 78% of adults globally say they feel educated about how to spot and avoid scams, with a quarter of those believing they are very well educated. However, this confidence contrasts sharply with awareness of support after a scam occurs. Only 13% of adults say they are fully aware of the protections, reimbursements or support available if they are scammed, while 28% say they are not aware of any protections at all. This gap suggests many victims may be left dealing with the emotional fallout of fraud without clear knowledge of where to turn for help. A growing need to address the human cost of fraud The findings highlight the need for a broader response to financial crime - one that recognises and addresses its psychological as well as financial consequences. The full report is available here.

David Arnold, CFO of TMX Group, and Luc Fortin, President and CEO of TMX Global Markets and Post Trade, will present at the 24th annual National Bank Financial Services Conference on Wednesday, March 25, 2026 from 11:30 - 11:55 a.m. ET. A link to the webcast will be available and archived in TMX's shareholder events section.

Intercontinental Exchange, Inc. (NYSE: ICE), one of the world's leading providers of financial market technology and data powering global capital markets, today at its ICE Experience (X26) annual mortgage conference unveiled AI voice and chat agents currently in beta testing for its mortgage servicing solutions. The agents are designed to help homeowners answer questions about their loans and execute loan management actions within governed processes. Simultaneously, ICE also announced the launch of more than a dozen exception-based servicing automation agents. “Last month we announced the transformation of MSP’s user experience. Now we are building on that with responsible automation- and AI-driven productivity agents that work for both homeowners and the teams supporting them,” said Bob Hart, President of ICE Mortgage Technology. “These agents are purpose-built to make it easier for homeowners to manage their mortgages, for servicing teams to manage fluctuating call volumes and for servicers to reduce their cost per loan serviced — all while supporting compliance requirements for mortgage servicing." Voice agent for ICE Customer Service The ICE Customer Service voice agent is an AI call center support agent. Integrated with MSP®, ICE’s servicing system, it can answer common homeowner questions about topics such as escrow, private mortgage insurance and servicing transfers, and it can assist with actions like making payments and managing autopay enrollment. The voice agent can manage thousands of simultaneous interactions, and when a situation requires human intervention, it transfers the call to customer service representative along with loan details and situational context. Chat agent for ICE Servicing Digital The ICE Servicing Digital chat agent is a chatbot embedded within ICE’s servicing portal for homeowners. Integrated with MSP, the chat agent can help homeowners learn about their mortgage by explaining escrow, principal and interest details, retrieving documents and more. Through natural language conversation, homeowners can instruct the chat agent to perform common tasks like managing payments and adjusting account settings. Additionally, it supports retention by helping homeowners explore rate-and-term and cashout refinance options. ICE BI servicing automation agents ICE also announced the immediate availability of 16 exception-based automation agents for servicing that are built within ICE Business Intelligence (BI) and integrated with MSP. The agents apply predefined business rules to automate highly complex operational tasks. Newly available automations include disaster-tracking updates that identify and update loans affected by FEMA disasters, and HELOC credit score-based line adjustments that review customer credit scores and update available HELOC lines accordingly. ICE’s AI solutions are powered by ICE Aurora, ICE’s enterprise AI framework for embedding responsible AI into complex, data-intensive workflows across its businesses, including mortgage technology. “ICE is building AI into mortgage on the principle that it must be both powerful and responsible,” said Mayur Kapani, ICE Mortgage Technology. “By embedding agentic, explainable AI directly into origination and servicing workflows, we’re helping customers move from manual, repetitive tasks to exception-based operations while maintaining transparency, governance and trust.” The newly released agents build on a series of recent servicing solution updates, including an enhanced MSP user experience, AI-based call prediction and account summarization capabilities, and an integration between ICE’s servicing and origination solutions that allows homeowners to apply for home equity and refinance loans directly through their servicing portal. ICE plans to systematically introduce more enhanced automations and productivity agents across its servicing solutions.

Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology, today announced an agent bank partnership with Western Alliance Bank (NYSE: WAL) that will bring preeminent commerce and business management technology, including Clover, to the bank’s clients. Together, Western Alliance Bank’s tailored banking experience with the scale of the Fiserv product ecosystem will establish a new benchmark for how leading financial institutions deliver specialized, tech-forward merchant solutions to complex commercial industries. “Banks differentiate themselves by the technology they put in their clients’ hands,” said Chris Foskett, Vice Chairman at Fiserv. “Our alliance with Western Alliance Bank extends proven, scalable commerce capabilities to businesses that demand reliability, performance, and growth at scale.” Uniquely positioned at the intersection of financial institutions and small businesses, Fiserv provides market-leading merchant technology that will empower Western Alliance Bank to offer a high-performance commerce experience to its client base, which ranges from small businesses to large-scale national enterprises. This collaboration marks the largest agent bank partnership in Fiserv’s history by asset size and expands its regional bank footprint in the Western United States, where Western Alliance Bank’s national commercial banking operations are headquartered. “Aligning with Fiserv enables us to bring best-in-class merchant solutions to our clients while maintaining the high-touch relationship and specialized industry expertise Western Alliance is known for,” said Steve Curley, Chief Banking Officer, National Business Lines at Western Alliance Bank. “This collaboration strengthens our ability to support businesses with secure, modern payment technology while offering scalable solutions across in-store, online and mobile payment channels.”

Intercontinental Exchange, Inc. (NYSE: ICE), one of the world's leading providers of financial market technology and data powering global capital markets, today announced the launch of ICE Private Credit Intelligence, which will bring greater transparency to the private credit market. Apollo (NYSE: APO) is supporting the launch as an anchor partner and ICE expects to onboard additional originators, asset managers and capital markets participants over the coming months. The $40 trillion private credit market has experienced rapid growth over the last decade, fueled by regulatory change, increased adoption among large, high-quality corporate borrowers and growing global demand for long-duration capital. As the market grows and public and private markets converge, the data infrastructure supporting the asset class has not kept pace, creating a need for greater transparency, standardized data and clearer information for investors. ICE Private Credit Intelligence establishes a private credit data infrastructure layer that is largely consistent with the experience of public credit markets. Key features include: Secure, permissioned data sharing utilizing a standardized reference data set that enables the flow of deal-level information with authorized counterparties without exposing proprietary data broadly. Scalable data distribution and extraction, leveraging ICE’s technology stack to ingest deal documents, extract key terms and data points and distribute secured, consistent information at scale. Expanded capabilities over time, including performance analytics and pricing insights to enhance portfolio management, risk assessment and market transparency. “Since ICE was founded over 25 years ago, we have been using sophisticated technology to modernize markets and offer innovative new services to our customers that help manage risk and support their alpha generation initiatives,” said Chris Edmonds, President of ICE Fixed Income and Data Services. “By bringing our vast data science expertise, and working with a leading firm like Apollo, we’re excited to launch a new service that will solve crucial challenges in the private credit market and ultimately offer new opportunities to our customers.” “As private credit continues to scale, the next phase of the market’s evolution will require stronger infrastructure and more standardized data that enables market participants to own and transact in private credit in a way that mirrors the public credit experience,” said Eric Needleman, Partner and Head of Apollo Capital Solutions. “Working with Intercontinental Exchange to develop the foundational data layer that the market has historically lacked is an important step toward improving transparency, enabling more efficient market activity and supporting the continued maturation of private credit.” Apollo is a leader in private credit that has taken several steps to support the continued evolution of the asset class with more frequent pricing and transparency, including launching a dedicated secondary trading effort last year that has already facilitated nearly $10 billion of trading volume. Apollo is also beginning to transition to more frequent pricing reporting across its credit business, as private credit increasingly serves as a core fixed income allocation replacement in investor portfolios amid more fragmented and less liquid public fixed income markets. ICE is a global leader in fixed income and data services, providing comprehensive fixed income execution, clearing and data solutions that can help enhance market insights, manage risks, and uncover investment opportunities. ICE provides fixed income evaluations on approximately three million instruments, reference data across global markets, and indices across all asset classes, with $2 trillion in AUM benchmarked to them. For connectivity and data access, ICE offers a suite of desktop solutions and data feeds, as well as the ICE Global Network, which offers high-quality content, delivery and execution services through ultra-secure, highly resilient fiber and wireless networks.

Europex joined a coalition representing the European hydrogen value chain. The statement warns that without urgent adjustments to the EU hydrogen framework, Europe risks missing its climate targets and holding back industrial decarbonisation and economic competitiveness.  Despite the EU’s 2030 goal to produce 10 million tonnes of renewable hydrogen, unclear and complex rules coupled with high production costs are delaying projects and discouraging investment on both the demand and supply side.  The coalition is calling on the European Commission to simplify rules, reward low-emission products based on their GHG emissions performance, streamline the roll out of hydrogen, derivatives and CO2 infrastructure, and strengthen financing. The co-signatories also call for the revised European Hydrogen Strategy to facilitate crossborder trade and enable the role of both renewable and low-carbon hydrogen (including imports) in delivering the EU’s decarbonisation objectives.   A coalition representing the European hydrogen value chain including Eurogas, Ammonia Europe, GIE, and the Carbon Capture and Storage Association, is warning that without urgent adjustments to the EU’s hydrogen framework, Europe will not be able to scale up hydrogen and derivatives sufficiently to make a difference to industrial emissions.  The statement comes ahead of the first European Hydrogen Regulatory Forum and the revision of the European Hydrogen Strategy later this year, which the coalition describes as a decisive moment for building a viable hydrogen market and derivatives. Scaling up domestic renewable and low-carbon hydrogen production is not only key to achieving Europe’s climate goals but can also strengthen its energy resilience. The EU has set a 2030 goal to produce 10 million tonnes of renewable hydrogen, but only around 29,000 tonnes were produced in 2024, and the EU is unlikely to meet its target, according to the Agency for the Cooperation of Energy Regulators (ACER). The high cost of renewable hydrogen, which remains around four times more expensive to produce than conventional hydrogen and 23 times more expensive than low-carbon hydrogen. The industry coalition says the strict production rules add further costs and complexity, making projects difficult to finance and limiting demand. The coalition argues that recent EU legislation, including the RFNBO and Low-Carbon Fuels Delegated Acts, is too rigid and complex, increasing costs and delaying investment decisions and projects. Industry also warns that binding RFNBO consumption targets have been introduced before sufficient affordable supply, infrastructure or financial support were in place, exposing industrial users to high costs and uncertainty.  As a result, companies are struggling to sign long-term supply contracts, which are essential to unlock investment on both the production and demand sides. This is undermining the emergence of a competitive, liquid European hydrogen market including derivatives. Andreas Guth, Secretary General of Eurogas, said: "The Hydrogen Forum is the EU’s chance to show it’s serious about scaling this industry. Only by making producing and using clean hydrogen economically viable can we realistically expect industry to invest, scale up projects, and accelerate the transition to a competitive low-carbon economy." Stephen Jackson, CEO of Ammonia Europe, said: "The EU’s hydrogen strategy should be revised to be simpler and truly fit for purpose. It must take a technology-neutral approach that recognises the role of both low-carbon and renewable hydrogen in delivering decarbonisation, while reflecting the specific realities of the ammonia sector in Europe." Lucie Boost, Secretary General of GIE (Gas Infrastructure Europe), said: "Hydrogen infrastructure is the backbone of a functioning hydrogen market. To connect producers with industrial users at scale, Europe must enable timely investments in hydrogen transport and storage infrastructure, including the repurposing of existing gas assets. A clear and pragmatic regulatory and financial framework is essential to support market development. " Thierry Grauwels, EU Director of CCSA (Carbon Capture and Storage Association), said: "Low-carbon hydrogen produced with CCS technologies will be essential to scale up Europe’s hydrogen economy quickly and cost-effectively. CCUS enables large-scale hydrogen production with significantly lower emissions while supporting industrial competitiveness. Achieving this will require alignment across the full value chain, including support for the development of CO₂ transport infrastructure, and recognising its strategic role for the hydrogen value chain. The Hydrogen Forum is Europe's chance to prove it is serious about building a competitive hydrogen market." Christian Baer, Secretary General of Europex,  said: “A competitive hydrogen market requires a transparent, trading-oriented design. This means moving beyond bilateral offtake agreements towards standardised trading and virtual trading hubs. Traded hydrogen markets would enhance liquidity, enable transparent price discovery and strengthen the link between infrastructure and trading. Ultimately, only an open, market-based framework can deliver the price signals needed to unlock large-scale investment and integrate hydrogen into the wider energy system.”    Philippe Cornille, General Secretary of EIGA, said: “Industry is ready to invest, but we need a technology-neutral framework that accelerates production, unlocks demand and supports infrastructure.” Felicia Mester, Managing Director for Europe and IMO Affairs at Methanol Institute, said: “Hydrogen derivatives like methanol are essential to move hydrogen where it’s needed and decarbonise sectors that can’t electrify easily. Europe must reward fuels based on real CO₂ performance, regardless of the technology used. Clear demand signals and reliable offtake are urgently needed to build an affordable and liquid market for hydrogen-based fuels.” The coalition is calling on the European Commission to ensure the revised European Hydrogen Strategy, expected by end of 2026, creates the necessary conditions for Europe to realistically develop a thriving hydrogen market including derivatives by: Simplifying hydrogen production rules to provide flexibility and ensure technology neutrality, linking support eligibility to verified lifecycle GHG intensity of the fuel. Rewarding lower-emission products based on lifecycle CO₂ performance standards. Adopting a phased cluster-based approach to hydrogen infrastructure, complemented by blending, asset repurposing, bunkering and recognising CO₂ infrastructure’s strategic role in the hydrogen value chain. Strengthening financing frameworks across the hydrogen value chain to address competitiveness gaps, de-risk infrastructure and enable timely final investment decisions. Enable both renewable and low-carbon hydrogen and its derivatives as well as imports, including import corridors and bunkering, and strategic partnerships to support EU’s demand ambitions, effectively contribute to EU’s decarbonisation objectives.

The International Organization of Securities Commissions (IOSCO) today published an updated Statement on Non-GAAP (Generally Accepted Accounting Principles) Financial Measures. This Statement is intended to assist issuers in providing clear and useful disclosure for investors and other users of non-GAAP financial measures, and to help reduce the risk that such measures are presented in a way that could be misleading. This Statement is an update to the 2016 and 2002 IOSCO Statements on Non-GAAP Financial Measures, highlighting IOSCO’s commitment to clear, useful and standardized disclosures to reduce risks for investors and other users of financial information. Financial statements prepared in accordance with Generally Accepted Accounting Principles (GAAP) provide investors, analysts, and other users with a defined basis for conducting financial analysis and comparison among different entities.1 However, issuers may also convey financial information using other measures, commonly referred to as non-GAAP financial measures or alternative performance measures. Non-GAAP financial measures can be useful to issuers and investors in providing additional insight into an issuer’s financial performance, financial condition and/or cash flow. The use of non-GAAP financial measures also can provide issuers with flexibility in communicating useful, entity-specific information. Problems can arise, however, when non-GAAP financial measures are presented inconsistently, defined inadequately, or obscure financial results determined in accordance with GAAP. Non-GAAP financial measures also typically lack a standardised meaning and, in those cases, are generally not comparable from one issuer to the next. All references to financial statements mean financial statements and the notes thereto.

TrafficGuard, a leading platform in AI-powered digital ad verification and invalid traffic (IVT) prevention, has appointed Scott Thomson as Head of AI. Thomson will oversee and accelerate the execution and embedment of AI into TrafficGuard’s platform and processes, building on more than eight years of machine learning innovation that has positioned the company at the forefront of ad fraud detection since its founding. He brings over a decade’s worth of experience in technology and AI innovation, having previously worked for Google, Adobe, and Telstra, as well as founding strategic consultancy firm SCRYPTID.  TrafficGuard was among the first ad verification platforms to deploy machine learning models for real-time invalid traffic detection, processing billions of data points to identify fraud patterns invisible to rules-based systems. That early investment in AI infrastructure now serves as the foundation for the company's next generation of detection capabilities - engineered to combat an increasingly sophisticated threat landscape.  "We are delighted to welcome Scott in an executive capacity at a pivotal time for TrafficGuard. His deep expertise in AI spanning Google Cloud, generative AI strategy, and enterprise innovation is directly aligned with where we are taking this business,” said Mat Ratty, CEO of TrafficGuard. “Scott's appointment accelerates our ability to execute our AI roadmap and deliver advanced fraud prevention to advertisers globally. We look forward to the contribution he will make as we enter our next phase of growth."  Scott Thomson will support TrafficGuard’s expansion of its AI capabilities, ensuring the platform is well positioned to manage ad exposure and fraud risks  as the digital advertising ecosystem undergoes its most significant shift in a decade. He will leveragehis extensive experience in AI strategy and innovation to accelerate product development and commercial execution, bringing to market advanced solutions that monitor, detect, analyse, and respond to invalid traffic, while driving adoption across new verticals and channels.  Scott Thomson, Head of AI, Traffic Guard said: "Having served as a non-executive director since early 2024 with TrafficGuard, I'm looking forward to adding my experience and guidance more directly to our already significant team. The AI arms race in ad fraud is real. Fraudsters are already deploying agentic bots and generative AI to evade detection at scale, and staying ahead requires deep AI expertise and a platform built for continuous evolution.  The appointment comes at a critical inflection point for the industry. The rapid proliferation of agentic AI - autonomous bots capable of browsing, clicking, filling out forms, and mimicking genuine user behaviour, is fundamentally reshaping the threat landscape for digital advertisers. Unlike traditional bot traffic, agentic bots operate with human-like intent patterns, making them significantly harder to detect using conventional verification methods. Industry analysts project that AI-generated invalid traffic will account for an increasingly material share of digital ad spend waste over the coming years, creating an urgent need for AI-native detection that can evolve at the same pace as the threats it defends against.  “TrafficGuard has a strong foundation in machine learning-driven detection, and I'm here to accelerate what's next,” said Thompson. “Expanding our AI-powered capabilities beyond fraud detection into intelligent optimisation tools that help advertisers not just protect their spend, but maximise its performance. We're evolving the platform to cover new channels and deliver actionable insights that turn fraud data into a genuine competitive advantage. Tackling ad fraud has become increasingly essential for advertisers, and I can't wait to be part of the talented team building the future of ad verification.”  This strategic appointment will further strengthen TrafficGuard’s commitment to driving innovation in ad fraud prevention. It supports TrafficGuard’s wider global channel growth strategy, following its recent expansion in the United States and the appointment of CPO Miguel Lopes. The company plans to significantly expand its team, enabling brands to boost their revenue and confidently scale advertising campaigns by eliminating invalid traffic. As brands allocate record budgets to digital channels, TrafficGuard's mission to ensure every ad dollar reaches a real human has never been more commercially critical. 

Sage Capital Management, which provides the complete operating system for digital assets, has opened an office in Zug, Switzerland. The timing coincides with being granted an SRO/VQF license, recognised by the Swiss Financial Market Supervisory Authority (FINMA). Under the new license, Sage Capital Management is recognised as a financial intermediary in Switzerland under AML regulations and can offer spot digital asset trading and lending to institutional clients, including hedge funds, asset managers, trading firms, corporate treasuries and digital asset treasuries. Having a presence in Switzerland builds on Sage Capital Management’s recently expanded offering which now includes a private banking service for institutional clients. Designed specifically for crypto professionals, this service enables seamless management between fiat and digital asset markets within a single operating environment. With a fully integrated financial network, powered by its new technology platform, Sage Capital Management gives clients the ability to operate end-to-end – across banking, liquidity, capital and technology – without friction. Nathan Sage, CEO, Sage Capital Management says, “Our new Swiss entity and license mark another key milestone in growing our global presence and regulatory status, and a powerful validation for institutional clients considering doing business with Sage Capital Management. Switzerland is a highly respected jurisdiction for digital assets and our new regulatory status adds further credibility to our offering. It highlights our commitment to the highest standards in terms of governance, transparency and safety of client funds, and reinforces our focus on providing a market-leading, trusted offering, with all the infrastructure that institutional clients need to seamlessly move, trade, and manage digital assets globally.” This latest development from Sage Capital Management follows its appointment of Rupertus Rothenhaeuser to the firm’s Supervisory Board. Rupertus is based in Switzerland and will oversee Sage Capital Management’s Swiss entity. Sage Capital Management operates within a multi-jurisdictional framework across the UK, EU and other recognised financial authorities. Banking, payments, custody and credit services are delivered through regulated entities and partners, ensuring institutional-grade governance, compliance, and operational oversight

AutoRek, a global provider of automated reconciliation and financial controls solutions, today announced the appointment of Jonathan Cathie as Chief Operating Officer. Cathie brings more than a decade of experience scaling financial technology businesses. Joining Gresham Technologies in 2013 as General Counsel, he progressed to COO as the business scaled in both headcount and revenue, leading structural and process changes across commercial, legal, and cross-functional teams. Having previously supported AutoRek on a consultancy basis, he joins with an established understanding of the business. "AutoRek has a product that is best-in-class, a loyal and growing customer base, and ambition to match" said Jonathan Cathie, COO, AutoRek "The business is at an exciting inflection point – scaling fast, with significant momentum globally. I'm looking forward to bringing my experience of scaling a high growth fintech to the team and strengthening the operational foundations to accelerate that trajectory." At AutoRek, Cathie will take responsibility for Professional Services, GRC, and Legal, placing him at the centre of the firm's customer relationships. The appointment reflects AutoRek's rapid growth and increasing need to build operational capability that can scale with the demands of an increasingly global customer base. “As the business grows and our customer requirements become more complex, we need to scale in a way that matches our global ambitions.” Chris Livesey, CEO, AutoRek, said. “Jonathan brings the experience to help us do that. He has navigated the challenges of scaling a fintech business from the inside, and he joins as a known and trusted part of our team, ready to hit the ground running. I'm delighted to welcome him to the Executive Team."