Key takeaways: Digital asset investment products recorded US$1.06B of inflows the third consecutive week, highlighting resilience during geopolitical stress and reinforcing Bitcoin’s role as a relative safe haven. US investors accounted for 96% of flows, while Hong Kong saw its largest inflows since August 2025; Germany recorded the first weekly outflows of the year. Ethereum attracted US$315M, partly driven by new US staking ETF listings, bringing year-to-date flows close to neutral. The full research features in CoinShares’ weekly newsletter, which can be found here.

Today, the Commission proposed amendments to revise Rule 15c2-11 to refer only to equity securities. While I am pleased to support these amendments, I regret the protracted and unnecessarily burdensome process that led us here. By its terms, the text of Rule 15c2-11 always has applied to quotations of a “security.” Market participants and other observers including me, however, understood the rule to apply only to quotations of over-the-counter (“OTC”) equity securities.[1] This tension between the rule’s text and its application came to a head after the Commission amended Rule 15c2-11 in 2020. As the compliance date of those amendments approached, the Commission began signaling that the rule encompassed fixed-income securities and surprised market participants sought clarity from the Commission.[2] They pointed out that many of the rule’s requirements and exemptions were clearly written with equity markets in mind. They highlighted that the 2020 rule amendments relied entirely on OTC equity data and did not even mention the term “fixed income” once. They noted that they were unaware of Rule 15c2-11 ever being applied to fixed income securities. And they warned that the application of the rule would gravely harm the fixed income market and investors, with no discernable reduction in fraud. At that point, the Commission should have granted long-term no-action relief while we assessed whether the application of the rule to the fixed income market was appropriate and then amended the rule as necessary. Instead, the Commission, mostly through a series of staff no-action letters, granted several rounds of limited relief, sometimes for as short a period as three months, that were claimed to provide the fixed income industry with sufficient time to come into compliance with the rule. Eventually, the Commission issued permanent exemptive relief from Rule 15c2-11 for some fixed income securities[3] and the staff issued permanent no-action relief for another subset of fixed income securities. But by then, we had fostered uncertainty in this market and wasted the resources of the industry, and our staff, for multiple years and for no good reason. Staff, who were following the bizarre directive of the Commission to start reading the rule with a breadth at odds with historical understanding and market reality, are not at fault. I continue to blame myself for failing to ensure that we made the scope of the rule’s application crystal clear during the adoption of amendments to Rule 15c2-11.[4] The staff have been constructive throughout, and I thank the Division of Trading and Markets, the Division of Economic and Risk Analysis, and the Office of General Counsel for their diligent work on this corrective proposing release. I encourage commenters to write in and convey their views as to whether this proposal, if adopted, would resolve the tension between the rule text and the appropriate application of this rule to certain markets. I am particularly interested in commenters’ views as to the questions about the definition of “equity security,” the rule’s application to crypto assets, and the appropriate next steps with respect to the formation of an “expert market.”  [1] Commissioner Hester M. Peirce, Statement on Staff No-Action Letter Regarding Amended Rule 15c2-11 in Relation to Fixed Income Securities (Sept. 24, 2021) (“2021 Statement”), https://www.sec.gov/newsroom/speeches-statements/peirce-nal-rule-15c2-11-2021-09-24. [2] Letter from Asset Management Group of the Securities Industry and Financial Markets Association, the Investment Company Institute, the Investment Adviser Association, the Managed Funds Association, and the U.S. Chamber’s Center for Capital Markets Competitiveness (Sept. 23, 2021), https://www.sifma.org/wp-content/uploads/2021/09/Investor-15c2-11-letter-final-2021-09-23.pdf. [3] Order Granting Broker-Dealers Exemptive Relief, Pursuant to Section 36(a) and Rule 15c2-11(g) under the Securities Exchange Act of 1934, from Rule 15c2-11 for Fixed-Income Securities Sold in Compliance with the Safe Harbor of Rule 144A under the Securities Act of 1933, Exchange Act Release No. 98819 (Oct. 30, 2023), 88 FR 75343 (Nov. 2, 2023), https://www.sec.gov/files/rules/exorders/2023/34-98819.pdf. [4] See 2021 Statement (“I acknowledge that I thought of the rule’s application only in the OTC equity context. I ought to have solicited comment on the rule’s broader application. However, my failure to do so, the failure of the Commission to highlight this issue for active consideration by the public, and the failure of the relevant market participants to identify the issue during the rulemaking process, is not a reason for us now to move forward robotically and apply the rule to fixed income markets without proper deliberation.”).

CFTC's Weekly Swaps Report has been updated, and is now available: http://www.cftc.gov/MarketReports/SwapsReports/index.htm.Additional information on the Weekly Swaps Report. Archive Explanatory Notes Swaps Report Data Dictionary Release Schedule Released: Weekly on Mondays at 3:30 p.m.

The Securities and Exchange Commission today proposed amendments to Exchange Act Rule 15c2-11, which sets out certain information gathering and review requirements for broker-dealers that publish quotations for, or maintain a continuous quoted market in, securities in the over-the-counter (OTC) market.  Since its adoption, Rule 15c2-11’s focus has been on preventing certain manipulative and fraudulent trading schemes in the OTC equity markets. The proposed amendments would amend Rule 15c2-11 to refer to only equity securities. “Regulations should be appropriately tailored to fit the asset class to which they apply,” said SEC Chairman Paul S. Atkins. “This proposal would clarify regulatory obligations when publishing quotations and affirm what was always understood: Rule 15c2-11 applies to equity securities.” The proposing release is published on SEC.gov and will be published in the Federal Register. The comment period will remain open for 60 days after the date of publication of the proposing release in the Federal Register. Resources Proposed Rule Fact Sheet Submit Public Comment

Cboe Global Markets, Inc. (Cboe: CBOE), a leading global markets operator and pioneer in equity derivatives, announced it submitted a proposal to the Securities and Exchange Commission (SEC) to launch near 24x5 U.S. equities trading on its Cboe EDGX Equities Exchange (EDGX). Cboe is preparing to launch in December 2026, pending regulatory approval of its filing, and contingent upon the readiness of required industry infrastructure providers.   In its filing, Cboe outlines its plans to make all listed NMS stocks available for trading on EDGX from Sunday 9 p.m. ET to Friday 8 p.m. ET, with a one-hour operational pause 8 to 9 p.m. ET Monday through Thursday. This will allow for near 24x5 trading, excluding U.S. market holidays. All trades are planned to be cleared through the Depository Trust and Clearing Corporation (DTCC). "Cboe's filing with the SEC is the latest step in ensuring we are ready to offer overnight trading once the industry launches in December. Since announcing our plans for near 24x5 trading amid growing global interest for U.S. markets, we have been engaging with clients and market participants across the globe, underscoring the importance of collaboration throughout this process," said Oliver Sung, Head of North American Equities at Cboe. "Cboe has a strong track record of operating liquid, around-the-clock derivatives and FX markets, and will leverage that expertise to ensure robust market and investor protections are in place." Demand for U.S. equities outside of traditional trading hours has grown significantly over recent years, evidenced by the growth in Cboe's U.S. Equities Early Trading Hours volumes. Cboe currently offers trading from 4 a.m. ET to 7 a.m. ET on two of its four exchanges, including EDGX, and has seen a 590% average daily volume (ADV) growth from February 2022 to February 2026. Cboe has successfully operated around-the-clock trading through its proprietary index futures and options and its Global FX markets for several years. Trading in Cboe's proprietary index options during Global Trading Hours (8:15 p.m. to 9:25 a.m. ET) is at record levels in 2026, as investors look to hedge positions or reposition as needed, particularly during pre-market news. Cboe FX, which offers a true 24x5 market, operates a follow‑the‑sun operations model with continuous operational coverage, incident response, and client support across all global time zones. Outside of regulatory approval and infrastructure readiness, critical components to launching overnight trading include increasing market access and the availability of high-quality, real-time data. Cboe continues to expand distribution of its Cboe One U.S. Equities Feed, which offers consolidated, real-time market data from Cboe's four U.S. equities exchanges. In 2025, Cboe's four exchanges accounted for 20.2% of U.S. equities on-exchange trading. "Cboe understands that accurate and reliable market data is the foundation for making informed investment decisions," said Brian McElligott, Head of Cboe Data Vantage. "We continue to focus on expanding the availability of our U.S. equities data offerings, reflecting the strong desire for access to U.S. markets from Europe and APAC investors. Whether it's real-time, top-of-book, or historical data, Cboe Data Vantage is helping investors navigate today's markets and prepare for U.S. equities overnight trading." For more information, visit here: Expanding Market Access: Why Cboe Plans to Launch Near 24x5 U.S. Equities Trading this Year.

McKay Brothers, the leading global provider of data transport for financial markets, and its sister company Quincy Data, the leader in distributing critical real-time market data, are launching new services linking Illinois futures markets with key trading hubs in Sydney, Australia. The services connect the CME (Aurora, IL) and ICE Futures (Chicago, IL) with Sydney’s major trading facilities, including the Australian Liquidity Centre (ALC) and Equinix SY5, home to ASX and Cboe Australia, respectively.The new services provide a robust platform for price discovery between North American and Australian markets. McKay will offer private transport capacity, while Quincy Data will distribute its Snapshot Feeds, providing essential market information for select futures, including equity indices, energy, metals, and FX. The connection is engineered for best-in-class performance between North America and Australia, with a round-trip delay of less than 168 milliseconds.“We are pleased to expand our global footprint to Sydney, supporting tighter markets and broader participation,” said Stéphane Tyc, co-founder of McKay Brothers and Quincy Data. “Our focus is on providing all firms with the best possible tools for price discovery on a level playing field and ensuring that the most advanced infrastructure is accessible to every market participant.”A hallmark of McKay and Quincy’s global operations is the Level Playing Field policy, which provides any client—regardless of size—equal access to the same high-performance infrastructure.

Candidates seeking to run in three upcoming CalPERS Board of Administration elections can now submit their nomination materials.   Board seats representing state, school, and public agency employees are up for election:  The current state member representative is Theresa Taylor, who will be stepping down after serving in the position since 2015. She is not seeking re-election and will finish her term through January 15, 2027. The current school member representative is Kevin Palkki, who has served in the position since 2023.  The current public agency member representative is Mullissa Willette, who has served in the position since 2022.  The 13-member CalPERS Board of Administration is responsible for overseeing the approximately $600 billion CalPERS pension fund on behalf of its 2.4 million members and oversees the delivery of health care to 1.5 million public employees, retirees, and their families. Nomination petitions with required signatures, candidate statements, and nomination acceptance/ballot designation forms are due on May 14 by 5:00 p.m., PT. All active state, school, and public agency members are eligible to vote in their affiliated election. Voting by mail, by phone, and online will be available to all eligible voting members starting August 28, when ballots will be mailed. Votes must be received by September 28 and ballots will be processed beginning September 29. The winners will serve four-year terms beginning January 16, 2027, and ending January 15, 2031. For each of these seats, a runoff election may be held later this year if a candidate doesn’t receive the majority of votes cast in the primary election. Information on the upcoming board elections and resources for members and candidates can be found on the Board Elections page. The Notices of Election, released today, are available on the Board Elections page under Resources. They provide timelines for the fall 2026 elections, information such as eligibility and nomination requirements for interested candidates, and access to required forms.

The Securities and Exchange Commission today announced that Judge Margaret A. Ryan has resigned from her role as Director of the Division of Enforcement. Principal Deputy Director Sam Waldon has been named Acting Director of the Division, effective March 16, 2026.   “Our goal has been to the lead the Division of Enforcement back to Congress’ original intent: enforcing the federal securities laws, particularly as they relate to fraud and manipulation,” said SEC Chairman Paul S. Atkins. “I am pleased to report significant progress toward this objective.”  Chairman Atkins continued, “Judge Ryan has served with honor and distinction since joining the Commission last year, hallmarks that have served her incredibly well throughout her distinguished career and will continue to do so. Under her leadership, the division reprioritized enforcing the nation’s securities laws, with a focus on pursuing fraud. I thank Meg for her many contributions and wish her very well.”  “I extend my thanks to Chairman Atkins, the Commission, and the staff of the Enforcement Division for the opportunity to continue my public service in a different role,” said Judge Ryan. “As I recently said, I did not seek the role of Director of the SEC’s Division of Enforcement. Rather, this role found me. And for that, I am grateful. I am confident that the foundation I helped to shape – working together with Chairman Atkins - will continue to serve investors and the markets well.”   During her tenure, Judge Ryan oversaw a critical course correction within the division – returning its focus to prioritizing cases that provide meaningful investor protection and strengthen market integrity rather than technical rule violations with no charges alleging investor harm. She redirected the division staff toward the types of misconduct that inflict the greatest harm, such as fraud, market manipulation, and abuses of trust, and away from approaches that prioritized touting volume over impact. This also includes a renewed focus on holding individual wrongdoers accountable, which promotes stronger deterrence and better safeguards investors.   The Commission is expected to announce a permanent successor as Enforcement Division Director in the coming weeks. 

This week, law enforcement agencies from the United States, United Kingdom and Canada are conducting Operation Atlantic, a joint international law enforcement initiative focused on identifying victims who may have lost - or are at risk of losing - crypto assets through "approval phishing,” which is often linked to cryptocurrency investment scams. The operation aims to disrupt organized fraud schemes, assist victims on how to secure assets to prevent further loss, recover stolen funds and raise public awareness about cryptocurrency investment scams. It is co-hosted by the U.S. Secret Service, the UK’s National Crime Agency, the Ontario Provincial Police, and the Ontario Securities Commission. “Approval phishing and investment scams cost victims millions in financial loss each year,” said Brent Daniels, the Deputy Assistant Director for the U.S. Secret Service’s Office of Field Operations. “During Operation Atlantic, the U.S. Secret Service, alongside our international law enforcement partners, will identify and disrupt these scams in near real-time denying criminals the ability to further profit from their crimes.” "Operation Atlantic is a strong example of the OSC's commitment to working across borders to tackle the growing risks posed by scams," said Bonnie Lysyk, Executive Vice President, Enforcement at the Ontario Securities Commission. "Through our partnerships with the OPP, UK National Crime Agency, and U.S. Secret Service we are using innovative techniques, advanced tools, and extensive expertise to disrupt bad actors and protect investors from the harm they seek to cause." Additional agencies participating include the Royal Canadian Mounted Police, the City of London Police, the U.S. Attorney’s Office for the District of Columbia and the UK’s Financial Conduct Authority. The operation is being conducted in close collaboration with private industry partners.“Approval phishing scams are becoming increasingly sophisticated. Operation Atlantic is designed to protect the public by warning people early and helping them secure their assets,” said Phil Macey, Crypto Manager at the UK’s National Crime Agency. “This joint international operation really brings together strong relationships. Criminals operate across borders, so our response must do the same.” Operation Atlantic builds on the success on Project Atlas, a 2024 Canadian-led operation hosted by the Ontario Provincial Police and attended by the U.S. Secret Service, which targeted international cryptocurrency investment fraud networks. “Project Atlas demonstrated the power of coordinated disruption. We’re proud to be part of Operation Atlantic, which builds on that approach by uniting international partners to take action in real time,” said Detective Superintendent Jennifer Spurrell, Director of the Financial Crimes Services Bureau at the Ontario Provincial Police.  “As fraud becomes increasingly global, this level of collaboration is essential.” Approval phishing is a scam designed to trick victims into unknowingly granting full access to their cryptocurrency wallet. These scams are often associated with cryptocurrency investment scams, also known as pig butchering. Scammers will send a fake pop‑up or alert that appears to come from a trusted app or service, asking the victim to “approve” access. Once a victim grants the request, criminals gain full control of that crypto wallet allowing them to transfer funds. Once money leaves the victim’s account, these transactions can’t be reversed, and funds are difficult to recover.If someone believes they are a victim of this type of fraud, please visit the websites below for resources and additional information. U.S.: www.secretservice.gov/OperationAtlantic  UK: https://www.nationalcrimeagency.gov.uk/news/operation-atlantic  Canada: www.opp.ca/atlas  How to avoid phishing scams | GetSmarterAboutMoney.ca  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 www.osc.ca.

The Alberta Securities Commission (ASC) is pleased to announce that the Lieutenant Governor in Council has appointed Deanna Steblyk, K.C. as a Vice-Chair of the ASC for a term to expire on March 10, 2032. “I sincerely thank outgoing Vice-Chair Tom Cotter for his tremendous contributions to the ASC over the last 12 years,” said Stan Magidson, Chair and CEO of the ASC. “I am also delighted to welcome Ms. Steblyk as Vice-Chair and look forward to her continued contributions to our mandate of ensuring a fair and efficient capital market while encouraging strong investor protection.”  As Vice-Chair, Ms. Steblyk will also serve as a Commission Member. Members act as the ASC's board of directors overseeing the management of the Commission, as well as considering and approving changes to Alberta securities laws. Ms. Steblyk possesses extensive legal and regulatory experience. She is a senior Alberta-trained lawyer with expertise in administrative law, securities law, and the Canadian securities regulatory environment. She is also a former litigator who has appeared before several regulatory tribunals, all levels of court in Alberta, and the Federal Court of Canada. She joined the ASC in 2008 and spent a number of years prosecuting securities enforcement matters before joining the Office of the Vice-Chairs. For the last nine years she has been assisting the Vice-Chairs and other Commission Members with their adjudicative and policy-making responsibilities. Before joining the ASC, Ms. Steblyk practiced civil litigation at several law firms, including what is now DLA Piper LLP, Burnet Duckworth & Palmer LLP, and McCarthy Tetrault LLP.  Ms. Steblyk holds a degree in English from the University of Calgary, a degree in law from the University of Alberta, and was called to the Alberta bar in 1999. She received the Queen’s Counsel (now the King’s Counsel) designation in 2020, and prior to that the Queen Elizabeth II Diamond Jubilee Medal in 2013. Among other volunteer and leadership roles, she is a past President of the Law Society of Alberta and is a past Chair of the Board of Directors of both Legal Aid Alberta and the Calgary Humane Society.  Ms. Steblyk succeeds Tom Cotter, who is retiring from the ASC. During Mr. Cotter’s tenure, he served on a number of panels that set precedent for Canadian securities laws and influenced international securities law through his participation in the North American Securities Administrators Association (NASAA). The ASC extends its sincere thanks to Mr. Cotter for his leadership, service and contributions to Alberta’s capital market. The ASC is the regulatory agency responsible for administering the province’s securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada’s capital markets.

Hélène Rey, Professor of Economics at London Business School, appointed as Economic Adviser and Head of the Monetary and Economic Department of the BIS. Ms Rey is appointed for a five-year term, effective September 2026. She will lead the economics work of the Bank and join its Executive Committee. The Board of Directors of the Bank for International Settlements (BIS) today announced the appointment of Hélène Rey as its new Economic Adviser and Head of the Monetary and Economic Department for a five-year term, effective 1 September 2026. This follows the retirement of Hyun Song Shin, who leaves the Bank at the end of August. The Monetary and Economic Department undertakes research and analysis on policy issues of concern to central banks, supports BIS committees and organises key meetings of senior central bankers. Ms Rey is currently the Lord Raj Bagri Professor of Economics at London Business School, a position to which she was appointed in 2016. In addition, she is a Vice President at the Centre for Economic Policy Research. She was President of the European Economic Association in 2025 and currently serves on its Board. Her research focuses on trade and financial imbalances, financial crises and the organisation of the international monetary system. She is a Fellow of the British Academy and a member of the American Academy of Arts and Sciences and the Group of Thirty. She is a prominent contributor to global economic policy and has advised the International Monetary Fund and the Group of Seven on issues ranging from financial stability to global imbalances. She was a member of the French macroprudential and microprudential authorities. Ms Rey holds a PhD in economics from the London School of Economics and the École des Hautes Études en Sciences Sociales, Paris, as well as degrees from Stanford University and the École Nationale de la Statistique et de l'Administration Économique. She will succeed Hyun Song Shin when he retires on 31 August 2026 and will join the Executive Committee of the BIS. The Board recognised Mr Shin's outstanding contributions to academic leadership and research during his 12 years at the BIS. Related information Management of the BIS

The March 2026 issue of the BIS Quarterly Review is out: Overview Markets recalibrate amid shifting currentsFinancial markets had to adjust to shifting currents, and volatility rose, exacerbated by early March's Middle East conflict. Articles Evolving approaches to monetary policy communication in the face of uncertainty: fan charts, scenarios and guidanceby Sarah Bell, Matthieu Chavaz, Boris Hofmann, Daniel Rees and Matthias RottnerUnderstanding key features of different communication tools can help central banks deploy the most appropriate tool for communicating evolving uncertainty. The rise and risks of synthetic risk transfersby Prashant Babu, Michael Chui and Costas StephanouFinancial stability risks from synthetic risk transfers are modest at present but may grow as the market expands, requiring enhanced risk monitoring. BISTRO: a general purpose oracle for macroeconomic time seriesby Batuhan Koyuncu, Byeungchun Kwon, Marco Jacopo Lombardi, Fernando Perez-Cruz and Hyun Song ShinA new model, BISTRO, akin to a "ChatGPT" for time series, provides forecasts for key macroeconomic aggregates. Monetary responses to external shocks in emerging market economies: the role of financial vulnerabilitiesby Mikael Juselius and Dora XiaEmerging market economies adjust policy rates based on how external shocks affect their financial conditions. International finance through the lens of BIS statistics: offshore activityby Iñaki Aldasoro, Bryan Hardy, Goetz von Peter and Philip WooldridgeThe BIS international banking and financial statistics look through residence to nationality to show who ultimately borrows and lends offshore.

The Group Managing Director/Chief Executive Officer of Nigerian Exchange Group Plc, Temi Popoola, has said Nigeria’s ongoing economic reforms are already strengthening domestic capital formation and positioning the country for deeper global investment partnerships. Popoola made this known while speaking at the Nigeria–United Kingdom Investment Roundtable organised by the Nigerian Investment Promotion Commission in collaboration with the Commonwealth Enterprise and Investment Council in London. Drawing comparisons with countries such as Indonesia, Brazil and India, Popoola noted that economies that implemented structural reforms often witnessed strong domestic capital mobilisation and strengthened corporate balance sheets. According to him, Nigeria is currently experiencing a similar trend as local investors and corporates increasingly respond to policy reforms. “The real test of reforms is what local capital does and how domestic corporates respond,” Popoola said. “In Nigeria today, local capital is playing a very strong role. Markets were up more than 50% last year, issuers are raising new capital, retail investors are returning to the market, and corporate balance sheets and governance standards are improving.”  He also highlighted the strong capital market relationship between Nigeria and the United Kingdom, noting that collaboration between the Nigerian Exchange Group and the London Stock Exchange has helped facilitate cross-border capital raising for corporates in both jurisdictions. Looking ahead, Popoola said Nigeria’s capital market is positioning itself to support larger transactions and broader wealth creation opportunities. “We see a future where capital markets go beyond facilitating capital raising to supporting business expansion and wealth creation for Nigerians,” he said, adding that continued market modernisation and digital transformation are strengthening the country’s financial ecosystem. Also speaking at the roundtable, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, highlighted the Federal Government’s reform agenda aimed at restoring macroeconomic stability, strengthening fiscal sustainability and attracting long-term investment into the country. Meanwhile, the Governor of Lagos State, Babajide Sanwo-Olu, emphasized Lagos’ role as a leading economic hub in Africa and spoke about the state government’s collaboration with TheCityUK to further develop Lagos as a global financial and investment centre. He also invited participants to the upcoming Lagos Investment Forum scheduled to take place in June. Earlier in her welcome remarks, the Chief Executive Officer of the Nigerian Investment Promotion Commission, Aisha Rimi, noted that the roundtable was aimed at strengthening investment partnerships between Nigeria and the United Kingdom. She was joined by Lord Marland of the Commonwealth Enterprise and Investment Council, who underscored the importance of collaboration between governments, investors and private sector institutions in unlocking new investment opportunities across the Commonwealth. The Nigeria–United Kingdom Investment Roundtable brought together policymakers, investors and business leaders to explore opportunities for deeper investment collaboration between both countries as Nigeria continues to implement wide-ranging economic reforms.

Commodity Futures Trading Commission Chairman Michael S. Selig today announced Jessica Harris as director, Division of Data, and chief data officer. “I am pleased to welcome Jess back to the CFTC,” Chairman Selig said. “Data is integral to everything we do at the Commission from surveillance to policymaking and Jess’s decades of experience will ensure the CFTC has the right data strategy during this period of rapid transformation and innovation in the derivatives markets.” “I am honored to return to the CFTC as the director of the Division of Data and the Chief Data Officer,” Harris said. “I would like to express my sincere gratitude to Chairman Selig for entrusting me with this important responsibility. I am eager to cultivate a culture of data excellence, encourage innovation, and reinforce the resilience of our financial markets.” Harris’s background encompasses surveillance, market conduct, data standards, and financial regulation over a career spanning 25-years. Having previously held roles at both the CFTC and the NFA, combined with years of experience in regulatory banking and financial services, she has been deeply involved in leveraging data analytics and technology to address the complexities of the financial markets. Harris’s balanced approach to regulation and data utility supports data-driven insights into policy and practices. Harris received her bachelor’s degree in business administration from Western Michigan University and her M.E. in systems engineering from the University of Virginia.

Clearstream and Euroclear Bank, the two International Central Securities Depositories (ICSDs), today announced that they launched their respective dematerialized Eurobond issuance services, now live and available for market use, marking a major milestone in the evolution of the €15.3 trillion Eurobond market. Issuers can now bring Eurobonds to market in fully paperless form through both Clearstream and Euroclear. The elimination of physical global certificates represents a significant step forward in modernizing the Eurobond lifecycle across issuance and post-trade processes. Market participants will benefit from faster processing, improved operational efficiency, and reduced costs through the removal of physical global note handling. The dematerialized frameworks also enhance security by eliminating risks associated with loss, theft, or forgery, while providing full transparency through electronic ownership records. Dematerialized Eurobonds can be issued initially under English law, with further jurisdictions to be added.Jens Hachmeister, Head of Issuer Services & New Digital Markets at Clearstream, said: “This initiative represents a fundamental shift for the international debt markets, moving from a paper-based history to a fully digital future. We are committed to providing our clients with a seamless digital-native experience, empowering issuers to access capital more efficiently and securely than ever before. The digitization efforts by the two ICSDs significantly support the growth and effectiveness of European capital markets, making them more robust and attractive for issuers and investors globally.”Isabelle Delorme, Head of Product Strategy & Innovation at Euroclear, commented: “The launch of our dematerialized issuance service marks a pivotal moment for the Eurobond market. A market of this scale—valued at more than €15 trillion and experiencing double-digit growth in 2025 could not remain paper-based. It was neither sustainable nor fit for purpose to meet the needs of borrowers and their partners, including agents, law firms and investors. Through this truly collaborative effort, focused on delivering value to our clients through digitalized issuance, Euroclear and Clearstream have reached an important milestone in the digital transformation of the Eurobond market.”The Eurobond market is the world’s third largest debt market and, in addition, supports asset classes such as Exchange-Traded Products (ETPs), structured securities and certain equities. It caters to issuers and investors from all time zones and supports issuance, settlement, asset servicing and financing of currently 350,000 distinct Eurobonds that represent a total market value equivalent to over €15.3 trillion. With 12,000 issuers based across 130 countries, Eurobonds represent a truly global offering, with a more diverse issuer base than any other bond market worldwide. The Eurobond ecosystem is built on a network of global corporate trust banks, dealers and specialized service agents. Eurobonds can be issued under over 50 governing laws and in up to 100 currencies.

On March 4-5, 2026, the IFRS Foundation Monitoring Board (Monitoring Board) held its meeting in London. The Monitoring Board discussed the activities of the Trustees of the IFRS Foundation (Trustees), including the Trustees’ oversight responsibilities with respect to the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB). The Monitoring Board also held a joint meeting with the members of the Trustees under the leadership of Erkki Liikanen, Chair of the Trustees, as well as Andreas Barckow, Chair of the IASB, and Emmanuel Faber, Chair of the ISSB. Strengthening governance and ensuring high-quality standard-setting The Monitoring Board reaffirmed its commitment to ensuring the quality and independence of the IFRS Foundation (Foundation)’s standard-setting activities at a time when the Foundation continues to implement its multi‑year transformation programme, as well as the need to maintain proper balance in geographical representation and skillsets among board members and staff. The Monitoring Board also underscored the importance of a stable and broad-based funding model. Members also discussed potential approaches to enhancing the governance and oversight model of the IFRS Foundation and certain other elements of the financial reporting ecosystem, and will continue that discussion at future meetings. Additionally, recognizing the importance of sound governance, the Monitoring Board welcomed progress toward finalizing the revised Due Process Handbook. This initiative is expected to reinforce the due process requirements applicable to both standard-setting boards. The Monitoring Board will continue to monitor the Trustees’ oversight to ensure that the boards adhere to rigorous due process and maintain robust governance standards. Standard-setting developments and multi-location model1 The Monitoring Board took note of the IFRS Foundation’s recent standard-setting activities, and reaffirmed the importance of having proper strategic priorities and communicating with key stakeholders on standard setting activities. The Monitoring Board also discussed the Foundation’s multi-location model, emphasizing the importance of ensuring operational efficiency and alignment with the Foundation’s strategic priorities. Statement from the Monitoring Board Chair Toshiyuki Miyoshi, Chair of the IFRS Foundation Monitoring Board and Vice Minister for International Affairs of Financial Services Agency, Japan, stated: “It was a privilege to chair this Monitoring Board meeting and co-chair a joint meeting with the Chair of the IFRS Foundation Trustees for the first time. At this pivotal stage of the Foundation’s transformation programme, continued dialogue between the Trustees and Monitoring Board members is essential to strengthening good governance, improving the Foundation’s funding, and supporting the development of high‑quality international standards for capital markets worldwide.” About the IFRS Foundation Monitoring Board The Monitoring Board was created in 2009 with the aim of monitoring and reinforcing the public interest oversight function of the IFRS Foundation, whose Trustees exercise oversight over the IASB (International Accounting Standards Board) and the ISSB (International Sustainability Standards Board). The members of the Monitoring Board are the Board of the International Organization of Securities Commissions (IOSCO), the IOSCO Growth and Emerging Markets Committee, the Financial Services Agency of Japan, the European Commission, the U.S. Securities and Exchange Commission, the Comissão de Valores Mobiliários of Brazil, the Financial Services Commission of Korea, the Ministry of Finance of the People’s Republic of China and the Financial Conduct Authority of the United Kingdom. The Basel Committee on Banking Supervision and the IOSCO Inter-American Regional Committee, are observers. Through the Monitoring Board, interaction with the IFRS Foundation has facilitated the ability of capital markets authorities, who are responsible for setting the form and content of financial reporting in their respective jurisdictions, to carry out their mandates regarding investor protection, market integrity and capital formation. The IFRS Foundation has a multi-location footprint with offices in London, Beijing, Frankfurt, Montreal, San Francisco and Tokyo.

XConnect, a Somos Company, a provider of world-class numbering intelligence and mobile identity solutions, has partnered with SONIO, a leader in Identity Orchestration Solutions, to integrate XConnect network APIs into SONIO’s Identity Orchestration Platform. The partnership supports regulated sectors including Online Sports Betting and gambling, fintech, banking and enterprise with enhanced onboarding, stronger fraud prevention and improved compliance through a single integration. SONIO customers gain access to XConnect’s SIM Swap, MPM KYC Match, and Number Verify API services to strengthen network-level identity and fraud signals. This single integration into SONIO’s Identity as a Service (IDaaS) platform makes rich network data available to SONIO’s enterprise clients without the need to build and maintain separate connections to multiple operators or identity vendors. “As digital onboarding accelerates and fraud activity becomes more advanced, enterprises require faster, more reliable ways to establish and maintain trust,” said Mark Harvey, Chief Identity Officer, XConnect. “By combining SONIO’s flexible onboarding and compliance workflows with XConnect’s live SIM Swap, MPM KYC Match and Number Verify APIs, enterprises can make stronger decisions that drive trust and minimise integration effort. Our goal is to empower organisations across key geographies and industries with the tools they need to overcome evolving risks and challenges.” SONIO’s orchestration layer combined with XConnect’s real-time operator data enables enterprises to decrease security and compliance gaps. They benefit from reduced fraud risk with faster onboarding, fewer call drop-offs, stronger identity assurance, and unified verification workflows under one API call. For iGaming and gambling clients, XConnect’s MPM KYC Match improves compliance and age verification and addresses bonus abuse and fraud. “Integrating XConnect’s network-based identity signals into SONIO’s Orchestration Platform gives our customers direct access to trusted mobile network operators' data within their existing workflows,” said Xhejn Dule, Chief Sales Officer, SONIO. “By working with XConnect, we’re making it easy for highly regulated sectors to take control of their identity strategies and adapt to complex environments. Together, our partnership is helping businesses to combat fraud, boost compliance and keep customer experience simple and seamless.” XConnect delivers integrated numbering intelligence services and network API capabilities globally and is trusted by carriers, banks, platforms and enterprises. Its Network APIs deliver critical signals — including SIM Swap detection, Call Forwarding checks, Number Verify and MPM KYC Match — through a single integration, enabling enterprises to consume live network data efficiently and at scale.

ETFGI reported today that assets invested in the ETFs industry in the United States reached a new record of US$14.28 trillion at the end of February. During February, the ETFs industry in the United States gathered net inflows of US$192.25 billion, bringing year-to-date net inflows to US$358.90 billion, according to ETFGI's February 2026 US ETFs and ETPs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. ETFGI, is a 14 year old leading independent research and consultancy firm renowned for its expertise in subscription research, consulting services, 6 annual ETFGI Global ETFs Insights Summits, and ETF TV on global ETF industry trends, (All dollar values in USD unless otherwise noted.) Highlights Assets invested in U.S. ETFs reached a record $14.28 trillion at the end of February, surpassing the previous high of $13.96 trillion in January 2026. February net inflows totalled $192.25 billion. Year‑to‑date net inflows of $358.90 billion set a new all‑time record, exceeding the prior YTD highs of $201.76 billion in 2025 and $153.96 billion in 2021. February marked the 46th consecutive month of net inflows into U.S. ETFs. The global ETF industry celebrated its 36th anniversary on March 9th, commemorating the listing of the world’s first ETF — the Toronto Index Participation Shares (TIPS) — on the Toronto Stock Exchange in Canada. The SPDR S&P 500 ETF Trust (SPY) — the first U.S.-listed ETF — was launched and began trading on January 22, 1993, on the New York Stock Exchange. “The S&P 500 declined by 0.76% in February and was up 0.68% year‑to‑date in 2026. Developed markets excluding the U.S. rose 6.03% during February and were up 12.55% year‑to‑date, with Korea (up 20.11%) and Luxembourg (up 16.61%) recording the strongest gains among developed markets for the month. Emerging markets increased by 2.47% in February and were up 8.11% year‑to‑date, led by Thailand (up 19.48%) and Taiwan (up 11.63%),” said Deborah Fuhr, Managing Partner, Founder, and Owner of ETFGI. Growth in assets in the ETFs industry in the United States as of the end of February The ETFs industry in the United States has 5,031 products, assets of $14.28 Tn, from 469 providers listed on 3 exchanges at the end of February. iShares is the largest provider in terms of assets with $4.21 Tn, reflecting 29.5% market share; Vanguard is second with US$4.09 Tn and 28.7% market share, followed by State Street SPDR ETFs with $1.92 Tn and 13.4% market share. The top three providers, out of 469, account for 71.5% of AUM invested in the ETFs industry in the US, while the remaining 466 providers each have less than 6% market share. During February, ETFs and ETPs gathered net inflows of $192.25 billion.Equity ETFs attracted $78.69 billion in net inflows for the month, bringing year‑to‑date inflows to $156.83 billion, significantly higher than the $67.02 billion recorded at the same point in 2025. Fixed income ETFs saw $32.41 billion in net inflows during February, lifting year‑to‑date inflows to $61.43 billion, compared with $45.23 billion by the end of February 2025. Commodities ETFs reported $6.74 billion in net inflows for the month, bringing year‑to‑date inflows to $10.42 billion, nearly double the $5.13 billion recorded year‑to‑date in 2025. Active ETFs gathered $76.12 billion in net inflows in February, with year‑to‑date inflows in the U.S. reaching $140.83 billion, well above the $88.47 billion reported at this point in 2025. Substantial inflows can be attributed to the top 20 ETF‘s by net new assets, which collectively gathered $89.84 Bn in February. ProShares GENIUS Money Market ETF (IQMM US) gathered $18.25 Bn, the largest individual net inflow.Top 20 ETFs by net new assets February 2026: US Source: ETFGI data sourced from ETF/ETP sponsors, exchanges, regulatory filings, Thomson Reuters/Lipper, Bloomberg, publicly available sources and data generated in-house. Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional data becomes available. The top 10 ETPs by net assets collectively gathered $6.66 Bn during February. SPDR Gold Shares (GLD US) gathered $2.51 Bn, the largest individual net inflow. Top 10 ETPs by net new assets February 2026: US Source: ETFGI data sourced from ETF/ETP sponsors, exchanges, regulatory filings, Thomson Reuters/Lipper, Bloomberg, publicly available sources and data generated in-house. Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional data becomes available. Investors have tended to invest in Equity ETFs during February.

Today, Europex joined a broad coalition of European and international associations from across the energy and financial sectors in a joint letter to Ursula von der Leyen and António Costa ahead of the upcoming Energy Council and European Council discussions. While the signatories fully support the EU’s efforts to ensure affordable energy and strengthen Europe’s industrial competitiveness, the letter raises serious concerns about proposals to introduce a natural gas price cap. In global gas markets, clear price signals are essential to attract LNG supplies to Europe and allow market participants to hedge risk effectively. Artificially constraining prices risks diverting supplies to other regions, weakening Europe’s security of supply and undermining the functioning of energy markets that help protect consumers and producers from volatility. As industry stakeholders with direct experience of these markets, the associations therefore call on policymakers to preserve market-based price formation and ensure that any consumer support measures are implemented outside the wholesale price formation process. Safeguarding well-functioning energy markets remains essential to maintaining both security of supply and affordability for European households and industries. Click here to download the Association's letter.

ACER kicks off its 2026 Monitoring Report series with key insights into the EU energy markets, highlighting major developments in 2025 and examining the interplay between gas and electricity markets in the energy transition. What are the key findings? The report shows solid progress in Europe’s clean energy transition. It also underlines persistent structural challenges (such as price volatility, system flexibility and supply risks) and how to address them. Wholesale energy prices continued to decline, but global competitiveness remains a challenge, with both gas and electricity prices structurally higher than in the US. Household gas and electricity prices remain high despite falling wholesale prices. Renewables lead the power mix, providing 50% of total EU electricity generation. Solar drives the energy transition, with investments in solar generation rising by 41 TWh compared to 2024.  Electricity price volatility increased: Daily wholesale power price swings were around five times higher than in 2020, highlighting the growing need for flexibility. Gas provides evening flexibility: As solar generation drops in the evening, gas-fired power plants are increasingly used to meet demand, pushing wholesale prices upward. Extreme weather drives price spikes: A heatwave on 1 July 2025 reduced cooling efficiency at thermal and nuclear plants, pushing power prices in Poland to around 470 EUR/MWh. Regional price differences highlight the value of interconnections: Different generation mixes and system flexibility across countries offer opportunities when systems are well interconnected. Gas markets remained stable, with hub spreads generally below 2 EUR/MWh. EU slashed its reliance on Russian gas, replacing it with global LNG: Russian pipeline imports to the EU fell by about 162 TWh compared to 2024 and were fully offset by record-high LNG imports. Low year-end gas storage: Heavy winter withdrawals left storage levels 10% below 2024. What are ACER’s recommendations? To support global competitiveness and decarbonisation, Europe should step up efforts to expand energy market integration: Make energy prices more efficient and transparent: Ensure efficiency across all price components (energy and supply, network charges and taxation) to improve household affordability and industrial competitiveness. Harness flexibility: Expand demand response, electric vehicles (EVs) and battery use to balance supply and demand, reduce price swings and strengthen grid resilience. Strengthen market integration: Expand interconnections to support cross-border use of renewables, reduce fossil fuel dependence and improve system flexibility and security. Diversify gas supply: Higher LNG supplies replaced Russian pipeline gas but increased reliance on US LNG imports. Greater supply diversification, including domestic decarbonised gases, would reduce vulnerability and mitigate the impact of global price volatility. Reduce reliance on conventional gas: With gas consumption still well above 2030 targets, further action is needed to cut demand and accelerate the uptake of renewable gases.   Read more.