Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Monday) the launch of its Five-Year China Government Bond (CGB) Futures contract, marking a significant step forward in the development of Hong Kong’s fixed-income and currencies (FIC) ecosystem and further enriching the city’s offshore Renminbi (RMB) market. HKEX also warmly welcomes the measures announced by Wu Qing, Chairman of the China Securities Regulatory Commission, to deepen cooperation and connectivity between the Chinese Mainland and Hong Kong financial markets, and supporting the continued development of Hong Kong as an international financial centre. Speaking at the CGB Futures launch ceremony today, Mr Wu outlined a number of measures – as part of a joint announcement between the CSRC and the Securities and Futures Commission (SFC) – that include the continuing support of eligible Mainland enterprises to list in Hong Kong and for eligible Hong Kong-listed companies to list in the Mainland; supporting index providers in both markets to strengthen cooperation and launch more indices based on Chinese assets; deepening cooperation between the Hong Kong and Chinese Mainland futures markets to support the launch of a wider range of RMB-denominated futures products in Hong Kong; and supporting institutions in both markets to launch more ETF products.  For HKEX, the new CGB Futures contract expands its growing China-related product suite and complements existing mutual market access programmes, including Bond Connect and Swap Connect. As the only CGB futures contract available in the offshore market, this on-exchange listed instrument enhances investors’ ability to manage duration and interest-rate exposure to the Chinese Mainland bond market. HKEX’s launch ceremony at HKEX Connect Hall today brought together senior representatives from regulatory agencies, financial infrastructure institutions, market participants and industry stakeholders. In addition to Mr Wu, other attendees included Paul Chan, Financial Secretary of the HKSAR, Zhou Ji, Director of the Liaison Office of the Central People’s Government in the HKSAR, Kelvin Wong, Chairman of the Securities and Futures Commission (SFC), Julia Leung, Chief Executive Officer of the SFC, Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, Carlson Tong, Chairman of HKEX, and Bonnie Y Chan, Chief Executive Officer of HKEX, as well as other distinguished guests. HKEX Chairman, Carlson Tong, said: “A vibrant FIC market is critical to Hong Kong’s future growth as an international financial centre. As global investors increase their participation in Asia’s bond and RMB markets, Hong Kong has an important role to play as a trusted, open and connected hub that links China and the world. The launch of Five-Year China Government Bond Futures further strengthens Hong Kong’s offshore RMB product suite, supports the continued internationalisation of the currency, and reinforces the city’s position as a comprehensive platform for capital formation, trading and risk management.” HKEX Chief Executive Officer, Bonnie Y Chan, said: “We are delighted to see the launch of Five-Year China Government Bond Futures today, marking a key milestone as HKEX delivers on its strategic imperative to develop a more diversified, multi-asset marketplace. From Bond Connect and Swap Connect to our growing derivatives, commodities and FIC offerings, we are creating a more integrated ecosystem that enables investors to allocate capital, manage risk and access new opportunities. Looking ahead, we will be working closely with regulators, infrastructure partners and market participants to expand connectivity, broaden product choice and strengthen risk-management capabilities across asset classes.” The CGB Futures contract’s pricing benchmark is supported by ChinaBond Pricing Center Co. Ltd., which licenses bond valuation data and provides price calculation services, enhancing transparency and credibility for offshore market participants. Underlying bond Five-year China Government Bonds issued in the Chinese Mainland, with a 3% annual coupon and annual interest payment Contract size RMB500,000 Contract months The two nearest quarter months, namely March, June, September and December Minimum fluctuation 0.005% of the contract size, equivalent to RMB25 Settlement method Cash settled for difference in RMB Trading arrangements Designated as a derivatives holiday trading contract; no after-hours trading session The SFC Commission Levy will be exempted for the first six months of trading and a market-wide trading fee discount of 50 per cent will be applied until 30 July 2027. At launch, the contract is supported by 13 liquidity providers from banks and securities firms together with extensive market participants, reflecting strong industry engagement. More details about the Five-Year CGB Futures are available on the HKEX website.      CSRC Chairman Wu Qing gives a keynote speech at the launch ceremony of HKEX’s Five-Year CGB Futures. HKSAR Financial Secretary Paul Chan delivers a remark at the launch ceremony of HKEX’s Five-Year CGB Futures. SFC Chairman Kelvin Wong delivers an address at the launch ceremony of HKEX’s Five-Year CGB Futures. HKEX Chairman Carlson Tong welcomes guests at the launch ceremony of HKEX’s Five-Year CGB Futures.  

TMX Group Limited (TMX Group) announced today it has completed the acquisition of Middlebury Holdings Pty. Limited (Cboe Australia) from Cboe Global Markets, Inc. The transaction was announced in April 2026. The transaction will bolster TMX Group's ability to serve clients across the capital markets ecosystem, expand the company's global presence and accelerate the company's growth strategy. TMX's acquisition of Cboe Australia will bring together the world's leading mining and energy transition financing ecosystems, unlocking potential to innovate for a growing global client base. Cboe Australia, which will be rebranded as TMX Australia Exchange, is an innovative securities exchange offering companies strategic tailored support for public market listings, including ETFs, as well as structured products and warrants, and providing a trading venue for brokers and investors with efficient and cost-effective access to local and global investment opportunities. Cboe Australia was also recently granted a license for corporate listings. For more information please visit tmxaustralia.com.

Cboe Global Markets, Inc. (Cboe: CBOE), a leading global markets operator and pioneer in equity and index derivatives, today announced it has completed the sale of Cboe Australia (now TMX Australia Exchange) to TMX Group Limited (TMX Group). "Over the past year, Cboe has taken decisive steps to refocus our business, concentrate resources on our core strengths and invest in our most compelling growth opportunities. The sale of Cboe Australia is a part of that strategy, allowing us to further align our organization and capital with our long-term priorities," said Prashant Bhatia, EVP, Head of Enterprise Strategy & Corporate Development at Cboe. "Looking ahead, Cboe remains committed to maintaining a strong presence in Asia Pacific – a strategically important region where demand for Cboe's U.S. equities, derivatives, market data and educational offerings continues to accelerate." Cboe's planned sale of Cboe Canada to TMX Group, announced in April alongside its planned sale of Cboe Australia, is expected to close at a later date, subject to local regulatory approvals and customary closing conditions.

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AVA Capital Plc has been admitted to the Main Board of Nigerian Exchange Limited (NGX) following the listing by introduction of its 5 billion ordinary shares at ₦7.50 per share, with a market capitalisation of ₦37.5 billion. The listing marks a significant milestone in the Company’s growth journey, reinforcing its commitment to sustainable growth, strong corporate governance and long-term value creation, while enhancing its visibility within Nigeria’s capital market. Speaking at the listing ceremony, the Chief Executive Officer of AVA Capital Plc, Kayode Fadahunsi, described the admission as a defining moment in the Company’s evolution. “Our admission to the Main Board of Nigerian Exchange is more than a listing; it is a public affirmation of the business we have built and the future we are committed to creating. We have established a resilient institution with a clear growth strategy, strong governance culture and an unwavering focus on creating sustainable value for our shareholders. Becoming a listed company deepens our accountability, broadens our visibility and positions us to seize new opportunities as we continue our growth journey.” Commenting on the listing, the Chief Executive Officer of Nigerian Exchange Limited, Jude Chiemeka, said the admission reflects the continued confidence of businesses in Nigeria’s capital market as a platform for sustainable growth. “Today’s listing reflects the confidence that forward-looking companies continue to place in the Nigerian capital market. By joining the Main Board of Nigerian Exchange, AVA Capital Plc is embracing the transparency, governance standards and market discipline that define public companies, while positioning itself to access a broader investor base and unlock long-term value. We are delighted to welcome AVA Capital Plc to the NGX family and look forward to supporting its continued growth.” The admission of AVA Capital Plc expands the range of investment opportunities available to investors while reinforcing NGX’s commitment to connecting businesses with long-term capital and supporting their growth through enhanced visibility, strong governance and deeper investor engagement.

A total turnover of 5.119 billion shares worth ₦404.762 billion in 285,223 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 4.433 billion shares valued at ₦306.143 billion that exchanged hands last week in 255,589 deals. Click here for full details.

Effective August 1, 2026, the MIAX Options, MIAX Pearl Options, MIAX Emerald Options and MIAX Sapphire Options Exchanges will amend the following fees pending filings with the Securities and Exchange Commission: MIAX Options Exchange – Priority Customer Rebate Program Priority Customer Rebate Program Tiers 3 and 4 amended to the following thresholds: Tier 3 – Above 1.50% to 1.90% Tier 4 – Above 1.90% to 3.50% Percentages are eligible Priority Customer volume as a percentage of OCC Customer volume                MIAX Pearl Options Exchange – Non-Penny class rates Simple Maker Rebates for Non-Penny Classes amended the following rates: Market Maker: ($0.55) to ($0.80) for respective Tiers 1-6 Non-Priority Customer, Firm, BD, and Non-MIAX Pearl Market Maker: ($0.55) to ($0.80) for respective Tiers 1-6 Simple Taker Fees for Non-Penny Classes amended to the following rates: Market Maker $1.23 for Tiers 1-6 Non-Priority Customer, Firm, BD, and Non-MIAX Pearl Market Maker: $1.23 for Tiers 1-6 MIAX Sapphire Options Exchange – QCC/cQCC rates and Away-Market Maker Facilitation For Electronic and Trading Floor QCC/cQCC orders, Professional Customer fees/rebates amended to the following rates: Initiating and Contra Fees: $0 Executing Broker or Floor Broker Rebates: Professional Customer vs. Priority Customer: ($0) Professional Customer vs. Professional Customer: ($0) Professional Customer vs. Market Maker, Away Market Maker, Broker-Dealer, non-capped Firm: ($0.17) For Trading Floor, Away-Market Maker Facilitation of QFO/cQFO orders will be charged tiered rates based on monthly breakup %: Qualifying volume/requirements: QFO or cQFO orders that are not QCC/cQCC orders or Strategy Orders The rates for the Away Market Maker Facilitation will apply to any Trading Floor transaction where a member firm directs a paired order to the trading floor, where is agency order is a customer of the member firm, and where the contra side of the transactions is the Away Market Maker of the member firm Volume requirement of eligible facilitation orders of at least 1,000 initiating sides for QFO or smallest leg is 1,000 initiating sides for cQFO.  Floor Broker must attest by marking the ‘Billing Trade Type’ field with “F” Away-Market Maker must notify the Exchange to participate in this program. Please contact the Sales team to participate in the program. Fees/Rebates Tiered monthly Breakup % and Away-Market Maker Facilitation fee: 0 to 5%: $0.10 Above 5% to 15%: $0.09 Above 15% to 25%: $0.08 Above 25% to 35%: $0.07 Above 35% to 40%: $0.06 Above 40%: $0.05 Rebates Contra side receiving the discounted Away-Market Maker rates are not eligible for Floor Broker Rebates Orders will still be eligible for Floor Broker Breakup Credit ($0.20) for executions that trade with a Floor Market Maker MIAX Options, MIAX Pearl Options, MIAX Emerald Options and MIAX Sapphire Options Exchanges – Routing Fees On each respective MIH Exchange fee schedule, Routing Fees to the destination exchange added/modified below: MIAX Pearl Options Routed, Public Customer that is not a Priority Customer, Non-Penny Program: $1.40 MEMX2 and IEX Routed, Priority Customer, Penny Program: $0.65 Routed, Priority Customer, Non-Penny Program: $1.00 Routed, Public Customer that is not a Priority Customer, Penny Program: $0.65 Routed, Public Customer that is not a Priority Customer, Non-Penny Program: $1.40 Nasdaq BX Options name changed to Nasdaq Texas Options Attached are highlighted summaries of the August 2026 fee changes.Full details will be included in the August 2026 exchange fee schedules when posted on the MIAX website at MIAX Options Fee Schedule, MIAX Pearl Options Fee Schedule, MIAX Emerald Options Fee Schedule and MIAX Sapphire Options Fee Schedule.For additional information, please contact MIAX Sales at Sales@miaxglobal.com or (609) 897-8177.For assistance, please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.

The Commodity Futures Trading Commission today announced an order filing and settling charges against former Congressman George Santos for engaging in manipulative activity in an event contract — whose underlying event Santos controlled — designed to affect the price of the swap. Under the order, Santos must disgorge the profits he made from his unlawful trading totaling $17,569.98 and pay a civil monetary penalty of $17,500. Santos agreed to a cease and desist from further violations of the Commodity Exchange Act and CFTC regulations. Under the order, a three-year trading ban is imposed on Santos.  The order finds that between February 12, 2026, and February 25, 2026, Santos traded a contract titled “Who will attend the State of the Union?” and more specifically, traded on whether he would attend the 2026 State of the Union or not. While buying and selling positions in this market, Santos posted on social media about his plans to attend or not attend the SOTU. In his social media posts, Santos made a series of material misrepresentations and omissions about whether he would attend the SOTU. After these posts, the SOTU contract prices moved in a direction that was favorable to Santos’ positions which allowed him to make over $17,500. RELATED LINKS Order: George Anthony Devolder Santos

The current reports for the week of July 28, 2026 are now available. Report data is also available in the CFTC Public Reporting Environment (PRE), which allows users to search, filter, customize and download report data. Additional information on Commitments of Traders (COT) | CFTC.gov Historical Viewable Historical Compressed COT Release Schedule CFTC Public Reporting Environment (PRE) PRE User Guide PRE Frequently Asked Questions (FAQs)

The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (the agencies) today proposed targeted changes to their current rules implementing the Community Reinvestment Act (CRA) to better align with the statutory mandate; better ensure that community development grants reach the communities they are intended to benefit; reduce burden for banks, particularly for community banks; and provide greater clarity for how to obtain CRA consideration. The CRA requires the agencies to assess a bank’s record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with safe and sound operations. The rulemaking would retain the key elements of the regulatory framework that the agencies have generally applied since 1995 and would propose certain substantive, technical, and process-oriented changes. Although the agencies adopted CRA final rules on October 24, 2023, the U.S. District Court for the Northern District of Texas issued an order enjoining those final rules before they went into effect. The proposed rules announced today seek to increase the focus on lending and ensure that community development grants and donations reach the communities they are intended to benefit instead of being diverted to other activities or excessive operating costs. The proposed rules would also narrow the range of retail banking services the agencies consider to focus on credit services, thereby excluding deposit services. Under the rulemaking, banks with $10 billion or less in assets would not be subject to data collection, maintenance, and reporting requirements and would receive more flexible supervision. The rulemaking would streamline other requirements and increase the clarity, transparency, and objectivity associated with CRA evaluations for banks of all sizes. Comments on the proposed rule are due 60 days after the date of publication in the Federal Register. Related Link Notice of Proposed Rulemaking (PDF)

CCP NCC sets the following new concentration limit per issuer on Securities market from August 3-rd, 2026: № Group Limits per issuer from August, 3rd 2026 (RUB) 1 FPK_BOND 4 000 000 000 2 GPB_Finance_BOND 15 600 000 000 3 Akron_BOND 11 075 000 000 4 Vympel_BOND 9 128 000 000 5 Rosseti_Sibir_BOND 500 000 000

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published today the latest edition of its Spotlight on Markets newsletter, covering key activities and publications from June and July 2026. This edition opens with the statement on the end of the MiCA transitional period, calling on unauthorised crypto-asset service providers to wind down their activities in an orderly manner while safeguarding clients’ interests and protecting market integrity. Top news highlights include the final report on simplifying transaction reporting, identifying up to €1 billion in potential annual savings through a "report once" approach, ESMA’s call on firms to finalise preparations ahead of T+1 settlement deadlines, and the publication of 2025 Annual Report, focusing on stronger supervision, regulatory simplification and innovation. Key publications featured in this edition include: the ESAs’ first annual report on major ICT-related incidents under the Digital Operational Resilience Act (DORA); consultation on technical advice to simplify the EU Taxonomy disclosure framework and reduce reporting burdens for market participants. ESMA's authorisation of EuroCTP as the Consolidated Tape Provider for shares and exchange-traded funds. Other updates cover the selection of Etrading Software (Netherlands) B.V. as Consolidated Tape Provider for OTC derivatives, preliminary findings on the Active Account Requirement under EMIR, a report on the supervision of cross-border investment services, and the launch of Common Supervisory Actions on risk management functions and digital operational resilience for CASPs. The Spotlight on Markets newsletter is published regularly and is available on ESMA’s website. For regular updates, follow ESMA on LinkedIn, X and Instagram. Related Documents DateReferenceTitleDownloadSelect 31/07/2026 ESMA newsletter Newsletter June and July 2026

Public-private collaboration and the use of securitizations to give SMEs access to capital markets are two keys to increasing their competitiveness BME’s fixed-income market, AIAF, has admitted to trading a Santander securitization fund backed by the EIB Group, through its subsidiaries the European Investment Bank (EIB) and the European Investment Fund (EIF). This securitization seeks to increase the supply of financing for SMEs and midcaps in Spain by 1.43 billion euros. The operation is in line with the objectives of the EU’s Savings and Investments Union (SIU). The EIB will invest approximately 476 million euros and the EIF 400 million euros, together with other private sector investors. The EIF’s investment is made through a guarantee embedded in the class A2 notes. This is the first securitization transaction carried out in Spain with a guarantee embedded directly in the securitization notes. This operation will enable Santander to mobilize around 1.43 billion euros in loans to drive the green transition and the competitiveness of SMEs and midcaps in Spain, job creation, and the retention of human capital. “We welcome this new securitization, which very well represents the direction to follow. Public-private collaboration and better access to capital markets for SMEs are among the OECD’s recommendations to boost the competitiveness of capital markets in Spain. Promoting securitizations of SME loans is one of the initiatives being advanced in the working groups in which BME participates together with the CNMV and other stakeholders to strengthen capital markets in Spain. We work from the conviction that solid securities markets are the best ally for business growth, social well-being, and the smooth running of the economy as a whole,” explains Susana de Antonio, head of primary markets at BME. In 2025, BME’s Fixed Income markets recorded 16.88 billion euros in securitizations, representing growth of 8.9% compared to the previous year. As of the end of June 2026, the amount recorded so far this year stands at 8.632 billion. You can find more information about BME’s fixed-income markets on its websiteopens in a new tab.

The Data Point Model Alliance, a joint initiative of the  EBA, ECB and EIOPA, is committed  to making financial sector statistical  and supervisory reporting across the EU simpler, smarter and more proportionate. To facilitate the integration of reporting, they launched today a public consultation on enhancements to their DPM metamodel for two months. They also published naming conventions for a consistent approach to metadata. What is the DPM Alliance proposing? DPM 2.1, the new version of the DPM metadata model now  being shared by the  DPM Alliance represents an important milestone: it will support the next steps towards integrated European reporting across all regulatory frameworks in the financial sphere. It builds on the DPM, a structured, consistent and machine-readable approach to regulatory metadata. This will help reduce complexity, improve data quality and lower reporting costs. It will facilitate the integration and alignment of the EBA’s integrated prudential and resolution reporting frameworks and the ESCB Integrated Reporting Framework (IReF). In particular, it introduces enhanced metadata versioning and extends the metamodel to host logical data models. In addition, the DPM Alliance is publishing naming conventions to enhance consistency across regulatory reporting frameworks. This common approach for naming metadata will support the effective use of the common data dictionary. Consultation process The consultation is open for two months. Responses can be submitted using DPM 2.1 public consultation. Unless requested otherwise, all contributions received will be published after the consultation closes. The deadline for submitting comments is 30 September 2026. Background DPM is a well-established and proven data dictionary developed and used by the EBA and EIOPA, to integrate their respective reporting frameworks in the areas of banking, insurance and pensions activities in the EU. As reporting requirements had increased in scale, granularity and complexity, the EBA and EIOPA published DPM Standard 2.0 in June 2023. In March 2024, the EBA, EIOPA, and the ECB established their “DPM Alliance”[1] to extend DPM to ECB statistical reporting and jointly govern the standard going forward. The SRB participates as an observer.  For more details on EBA’s initiatives on reporting efficiency, please see its October 2025 report and already implemented simplification actions. [1]https://www.eba.europa.eu/publications-and-media/press-releases/eba-eiopa-and-ecb-set-joint-governance-framework-collaboration-dpm-20-standard Documents Factsheet on DPM standard 2.1 (426.77 KB - PDF) Naming conventions - Guidelines for naming metadata used in reporting (492.87 KB - PDF) Related content Page DPM data dictionary

The Commodity Futures Trading Commission on Wednesday held its first Agricultural Advisory Committee meeting of 2026 in Washington. Following opening remarks from CFTC Chairman Michael S. Selig, Senator Tommy Tuberville (R-AL), and AAC Chairman Ed Prosser, membership discussed the Basel III proposal, risk management tools for agricultural end users, 24/7 trading and emerging markets, and recent CFTC activity in the agricultural industry.  At 1 p,m. ET, Chairman Selig convened the meeting and delivered opening remarks. “President Reagan remarked that ‘this Commission is one of my favorites because it proves that government can do a good job without soaking up the taxpayers’ money or overregulating the marketplace’ and it ‘does its job without hindering industry growth and innovation.’ It’s my hope as Chairman to ensure that President Reagan’s words continue to ring true today and for years to come,” said Chairman Selig. Watch his full remarks here. Following Chairman Selig’s remarks, Senator Tuberville addressed AAC membership. “Don’t let your problems go unsolved because they can be solved up here… Let’s make farming better. Let’s give the farmers a chance,” said Senator Tuberville. Watch his full remarks here. Following Senator Tuberville’s remarks, Chairman Prosser addressed AAC membership. “This is the venue where we can explore ways that new technology could promote new efficiencies in our markets, and, even more importantly, where market structures designed for different commodities might not benefit, or might even hurt, the efficiencies our markets have today. The insight and expertise around this table will be essential as we work through them,” said Chairman Prosser. Watch his full remarks here. At 1:20 p.m. ET, representatives from the Office of the Comptroller of the Currency, Federal Reserve Board, and Federal Deposit Insurance Corporation delivered a presentation on the Basel III Proposal followed by AAC member discussion. Watch the presentation here. At 1:45 p.m. ET, CFTC Division of Data Director Jessica Harris delivered a presentation on the Commitments of Traders (COT) Report followed by AAC member discussion. Watch the presentation here. At 2:05 p.m. ET, AAC Chairman Posser convened a panel on potential gaps in risk management tools for agricultural end users featuring representatives from the U.S. Department of Agriculture, and AAC members from the American Farm Bureau Federation, National Cattlemen’s Beef Association, and National Corn Growers Association followed by AAC member discussion. Watch the panel here. At 3:10 p.m. ET, Liam Smith, AAC member representing PTG, delivered a presentation on perpetual futures’ funding rate mechanism followed by AAC member discussion. Watch the presentation here. At 4 p.m. ET, Chairman Selig adjourned the meeting.

The following is the weekly trading summary for DFM Regulated Short Sell Transactions for the abovementioned period. ** No RSS Trades for the period from 27th July 2026 to 31st July 2026. For further information on RSS, please check the DFM Market Rules Module Three Membership, Trading, And Derivatives Rules & Operational Model and Procedures for Implementation of Regulated Short Selling available at  http://www.dfm.ae/the-exchange/regulation/market-rules This Dubai Financial Market Announcement will be available on the website at  https://www.dfm.ae/the-exchange/news-disclosures/market-announcements

Macro summary European equities’ relative outperformance versus the US, which defined the first two months of the year, reversed through Q2. Having led by over 500 basis points through February, the peak of the “de-Americanisation” trade, Europe gave back its relative advantage as the March sell-off cleared and risk appetite returned. From the March-end low, the recovery favoured the US and Asia-Pacific. The S&P 500 rallied over 16 percentage points from its trough, while APAC surged nearly 26 percentage points. Europe’s recovery was steadier but more muted. By the end of June, the STOXX 600 had returned +6.7% year-to-date versus +8.5% for the US and +18.0% for APAC, leaving Europe as the relative underperformer despite being the consensus overweight entering the year. Click here for full details.

The Federal Reserve Board on Friday requested comment on a proposal to modernize its rule governing the extension of credit to bank "insiders"—bank executives, board members and major shareholders who could potentially influence a bank's lending decisions. The proposal updates outdated thresholds while maintaining safeguards against preferential treatment. Regulation O has not been comprehensively updated since 1979. The rule addresses a unique challenge for community banks, where board members and executives are often local business owners and civic leaders who provide valuable perspective and expertise to bank governance and information on the local economy. The proposal updates dollar-based thresholds and indexes them to economic growth going forward. It addresses unnecessary applications of the rule to passive interests in companies held by investment funds, codifies other statutory requirements, incorporates long-standing regulatory interpretations, and simplifies the application of the rule. "Today's proposal modernizes Regulation O by updating outdated dollar-based thresholds and ensuring their future relevance, while preserving necessary safeguards," said Vice Chair for Supervision Michelle W. Bowman. "Community banks often face challenges recruiting experienced business leaders to serve as members of bank boards and as bank executives. Many potential board members are business owners whose expertise is invaluable. This rule recognizes that value by providing clearer, more straightforward standards that protect against potential conflicts of interest while supporting effective governance." Comments on the proposal are due 60 days after publication in the Federal Register. Federal Register notice: Loans to Executive Officers, Directors, and Principal Shareholders of Member Banks; Bank Holding Companies (PDF) Board memo (PDF) Statement by Governor Barr

The Federal Reserve Board on Friday requested comment on a proposal to modernize rules for mutual banking organizations. These institutions are owned by depositors rather than shareholders, and more than 90 percent have less than $3 billion in total assets. The Board assumed regulatory and supervisory authority over mutual banks from the Office of Thrift Supervision in 2011. The rules governing these banks were first established in 1993. They have not been updated and have proven over time to be overly burdensome and complex. "Today's proposal is another important step in our work to modernize the bank regulatory framework by updating mutual bank regulations for the first time in 30 years. The continued success of this model contributes to the institutional diversity of the U.S. banking system, which is one of the greatest strengths of our financial system," said Vice Chair for Supervision Michelle W. Bowman. "This proposal will allow mutual banks to continue to grow and more effectively serve communities across the country, while preserving their unique depositor-owned structure." The proposal would modernize the framework and increase flexibility for certain mutual banks to raise capital. More specifically, it would clarify which instruments count as regulatory capital and reduce procedural burdens, among other comprehensive updates. Comments on the proposal are due 60 days after publication in the Federal Register. Federal Register notice: Regulatory Modernization and Relief for Mutual Holding Companies (PDF) Board memo (PDF) Statement by Governor Barr

This monthly report provides key statistics relating to the various stages in discharging our regulatory oversight duties during the reporting period. The information for the reporting period covers, among others, the number of applications processed and their current status, the number of comment letters and guidance issued to new/ potential new listing applicants and their advisers with the corresponding processing time, the number of rejection and return of listing applications, as well as the number of delisted and suspended companies.  Overview of listed companies  Number of listed companies 1. As at 1 January 2026 2,374 312 2,686 2. Newly listed companies  102 2 104 3. Delisted companies 19 8 27 4. As at 31 July 2026 2,457 306 2,763   Initial Public Offering Applications (As at 31 July 2026) A. Applications Processed (2026 Year-to-date)(2) (3) (4) 793 _____ 14 _____ 31 _____ 838 _____ 1. Applications brought forward from 31 December 2025 and renewal applications 372 6 1 379 2. New applications acknowledged in 2026 (5) 421 _____ 8 _____ 30 _____ 459 _____   Total 793 14 31 838 The application status of which as at 31 July 2026(2)  1. Listed (6)  102 2 27 131 2. Approved by the Listing Committee pending listing   12 0 0 12 3. Under processing  474 7 4 485 4. Others (i.e. lapsed (7), rejected (8) , returned (8) (9) or withdrawn)  205 _____ 5 _____ 0 _____ 210 _____  Total  793 14 31 838 Below are the respective processing time taken by the Exchange in respect of different types of submissions. In this table, the data covers the letters/ responses made by the Exchange within the relevant reporting month, and the processing time taken by the Exchange refers to business days taken between the acknowledgement date of the relevant application/ submission and the date of issue of the letter/ response by the Exchange. The Exchange treats all applicants fairly and equally in accordance with relevant Listing Rules, and the length of the processing time depends on various factors including quality and timeliness of the applicants’ responses and time required for obtaining clearance by the applicant from other relevant authorities and regulators. The Exchange generally does not impose any deadline for response to its comment letters/ guidance. B. Processing Time Guidance Issued in July 2026 on Potential New Applications on Matters Relating to the Listing Rules 13 Median of business days taken by the Exchange for issuing written response 9 First Comment Letters Issued in July 2026 on New Applications 83 Median of business days taken by the Exchange for issuing first comment letter 15 Second Comment Letters Issued in July 2026 on Applications 20 Median of business days taken by the Exchange for issuing second comment letter 20 Hearing Bundle Letters Issued in July 2026 on Applications (10)(11) 5 Median of business days taken by the Exchange for issuing hearing bundle letter 17 Applications with Incomplete Response/ Major Concerns Letters/ Comment Letters on New Material Developments Issued in July 2026 (12) 43 Applications presented to the Listing Committee hearing for the 12 months ended 31 July 2026(13) 179 1. Median of total business days taken by the Exchange to issue comments from the listing application acknowledgement date to the date of hearing bundle letter (13) (14) 36 2. Median of total business days taken by parties other than the Exchange (e.g. sponsors) from the listing application acknowledgement date to the date of hearing bundle letter (14) 70 3. Median of total business days taken from the listing application acknowledgement date to the date of hearing bundle letter (14) 106 New Listings for the 12 months ended 31 July 2026 (15) 171 Median of total business days from the Listing Committee hearing to listing 18   (1) Including application by investment vehicle pursuant to Chapters 20 and 21 of the Main Board Listing Rules. (2)  The number of applications processed also includes application by investment vehicle pursuant to Chapters 20 and 21 of the Main Board Listing Rules, application for transfer of listing from GEM to the Main Board, application for listing of a successor company which satisfies the new listing requirements under Chapter 8 of Main Board Listing Rule as a result of an acquisition of, or a business combination with, a De-SPAC target by a SPAC, and deemed new applicant pursuant to Main Board Listing Rules 8.21C or 14.84/ GEM Listing Rule 19.84, and very substantial acquisition treated as reverse takeover pursuant to Main Board Listing Rule 14.06(6)/ GEM Listing Rule 19.06(6).Renewal applications refer to applications acknowledged within three months following a lapsed application by the same applicant. In this context, the Exchange considers such renewal application as a continuance of its original application.New applications include (i) applications filed with the Exchange for the first time; and (ii) applications filed after a returned, rejected or withdrawn application, or more than three months after a lapsed application by the same applicant. (3)  For the applications processed in a relevant reporting year, they include applications that were approved by the Listing Committee prior to, or during, the relevant reporting year. As at the date of this report, 92 Main Board applications and 1 GEM applications were approved by the Listing Committee during 2026. (4) The applications processed in 2026 include 802 applications under the Enhanced Application Timeframe (as defined in the Joint Statement on Enhanced Timeframe for New Listing Application Process issued by the Exchange and Securities and Futures Commission on 18 October 2024 (the Joint Statement)), of which there were 144 eligible A-share listed companies for Accelerated Timeframe (as defined in the Joint Statement). (5)  New Applications acknowledged in July 2026 include 48 Main Board applications, 3 GEM applications, and 5 applications pursuant to Chapter 20 of the Main Board Listing Rules. (6)  Including 2 transfer of listings from GEM to the Main Board, 0 listings of a successor company which satisfies the new listing requirements under Main Board Chapter 8 as a result of an acquisition of, or a business combination with, a De-SPAC target by a SPAC, and 0 listing of a deemed new applicant pursuant to Main Board Listing Rules 8.21C or 14.84/ GEM Listing Rule 19.84, and very substantial acquisition treated as reverse takeover pursuant to Main Board Listing Rule 14.06(6)/ GEM Listing Rule 19.06(6). (7)  An application shall lapse when six months have elapsed since the submission of an application form pursuant to Main Board Listing Rule 9.03/ GEM Listing Rule 12.07. (8)  There have been 0 rejection and 1 return of listing application for the year to date. If an application is rejected or returned, the same applicant may resubmit a new listing application once it has subsequently satisfied all applicable Listing Rules. (9)  Applications returned on the ground that the information in the listing application proof or related documents is not substantially complete. (10)  Subsequent to the issuance of the hearing bundle letter, when the applicants and their sponsors have a listing document that is ready for hearing, and having obtained all requisite approvals from other authorities or regulators, the application will proceed to the hearing.   (11) Including 1 hearing bundle letters issued for applications under the Accelerated Timeframe for eligible A-share listed company. (12) Including 43 incomplete response/ nil major concerns letters/ nil comment letters on new material developments were issued. Generally, the reasons for issuing the above letters are related to material legal/ regulatory development/ material complaint/ material changes in financial information/ pending update of financial information (including, for example, applications relying on early filing). (13)  The applications presented to the Listing Committee hearing for the 12 months ended 31 July 2026, include 171 applications under the Enhanced Application Timeframe since 18 October 2024 of which 40 applications were under the Accelerated Timeframe for eligible A-share listed company. Pursuant to the Joint Statement, the business days taken for each round of comments may be subject to slight adjustments. In particular, it is noted that there was recent significant surge in the number of new listing applications and the overall volume of applications being processed during the relevant period. With the overriding objective of continuing to properly discharge regulatory duties and uphold market quality, the actual time required by the Exchange, both for individual rounds of comments and overall, for a portion of the applications under review has been modestly extended beyond the Enhanced Application Timeframe, taking into account the quality of the application materials and the complexity and/or regulatory issues involved in individual cases. (14)  For applications acknowledged prior to the adoption of the Enhanced Application Timeframe, the latest round of comment letter issued by the Exchange immediately prior to the hearing is treated as the hearing bundle letter for computation purpose. (15) Not including listings by investment vehicle(s) (including Exchange Traded Funds (ETFs) and Real Estate Investment Trust (REITs)) and investment companies pursuant to Chapters 20 and 21 of the Main Board Listing Rules.   Delisting and Suspension Information(As at 31 July 2026) A. Number of delisted companies (since 1 January 2026) 1. Cancellation of listing pursuant to delisting procedures under the Listing Rules 12 5 17 2. Voluntary withdrawal of listing (16) 7 1 8             3. Transfer of listing from GEM to Main Board  N/A 2 2 4. De-SPAC transaction (17) 0 _____ N/A _____ 0 _____  Total 19 8 27 B. Number of companies in suspension for three months or more (as at 31 July 2026)        1. Delisting approval by the Listing Committee 6 3 9 (18)  2. Other suspended companies (19)   82 (20) _____ 13 (21) _____ 95 _____  Total 88 16 104     (16)  Either under (a) a compulsory acquisition under Main Board Rule 6.15(1) or GEM Rule 9.23(1) or (b) a privatisation by way of a scheme of arrangement or capital reorganisation under Main Board Rule 6.15(2) or GEM Rule 9.23(2). (17) An acquisition of, or a business combination with, a De-SPAC target by a SPAC that results in the listing of a successor company which satisfies the new listing requirements under Chapter 8 of Main Board Listing Rule. (18) 5 Main Board companies have applied to the Exchange to review the delisting decisions of the Listing Committee. The review procedures are in progress. (19) The Exchange may cancel the listing of companies if trading in their securities has remained suspended for 18 continuous months under Main Board Rule 6.01A or 12 continuous months under GEM Rule 9.14A.  Depending on the specific facts and circumstances of a suspended company, the Exchange may at any time publish a delisting notice stating its right to delist the company if it fails to resume trading within a shorter period specified in the notice. (20) Please refer to the Monthly Prolonged Suspension Status Report (Main Board) for the status of companies suspended for three months or more. (21) Please refer to the Monthly Prolonged Suspension Status Report (GEM) for the status of companies suspended for three months or more.