Nasdaq (Nasdaq: NDAQ) today announced the results of the annual reconstitution of the Nasdaq-100 Index® (NDX®), which will become effective prior to market open on Monday, December 22, 2025. The following six companies will be added to the Index: Alnylam Pharmaceuticals, Inc. (Nasdaq: ALNY), Ferrovial SE (Nasdaq: FER), Insmed Incorporated (Nasdaq: INSM), Monolithic Power Systems, Inc. (Nasdaq: MPWR), Seagate Technology Holdings plc (Nasdaq: STX), Western Digital Corp. (Nasdaq: WDC). The Nasdaq-100 Index is a globally recognized index that tracks the performance of 100 of the largest non-financial companies listed on the Nasdaq Stock Market® encompassing a diverse range of industries and sectors. From technology and retail to healthcare, telecommunications, biotechnology, and media, these companies collectively shape the new 21st century economy. The Nasdaq-100® is reconstituted each year in December, timed to coincide with the quadruple witch expiration Friday of the quarter. As of December 2025, the Nasdaq-100 Index underpins more than 200 tracking products with over $600 billion in assets under management globally, including the Invesco QQQ Trust (QQQ®), which seeks to deliver investment results that, before expenses, correspond to the performance of the Nasdaq-100 Index. In addition to QQQ, a range of derivatives and structured instruments, such as futures, options, and other products based on the Nasdaq-100 Index and the Invesco QQQ Trust trade on various exchanges. As a result of the reconstitution, the following six companies will be removed from the Index: Biogen Inc. (Nasdaq: BIIB), CDW Corporation (Nasdaq: CDW), GlobalFoundries Inc. (Nasdaq: GFS), Lululemon Athletica Inc. (Nasdaq: LULU), ON Semiconductor Corporation (Nasdaq: ON), The Trade Desk, Inc. (Nasdaq: TTD). Information For information about the six companies to be added to the Nasdaq-100 Index, please visit the following respective company websites: Alnylam Pharmaceuticals, Inc. – https://www.alnylam.com/ Ferrovial SE – https://www.ferrovial.com/ Insmed Incorporated – https://insmed.com/ Monolithic Power Systems, Inc. – https://www.monolithicpower.com/ Seagate Technology Holdings plc – https://www.seagate.com/ Western Digital Corp. – https://www.westerndigital.com/

The BC Prosecution Service has stayed quasi-criminal charges against a Vancouver resident. The charges against Yazan Al Homsi, which resulted from an investigation by the BC Securities Commission’s Criminal Investigations Branch, were stayed on December 12. About the BC Securities Commission (bcsc.bc.ca) The BC Securities Commission, an independent provincial government agency, strives to make the investment market benefit the public. We set rules, monitor compliance by industry, take action against misconduct, and provide guidance to investors and industry. As guardians of B.C.’s investment market, we’re committed to maintaining a market that is honest, fair, competitive and dynamic, enabling British Columbians to thrive.  

ETFGI, a leading independent research and consultancy firm renowned for its expertise in subscription research, consulting services, events, and ETF TV on global ETF industry trends, reported today that assets invested in the ETFs industry in the United States reached a new record of US$13.22 trillion at the end of November. During November, the ETFs industry in the United States gathered net inflows of US$143.72 billion, bringing year-to-date net inflows to a record US$1.28 trillion, according to ETFGI's November 2025 US ETFs and ETPs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. (All dollar values in USD unless otherwise noted.) Highlights Assets invested in the ETFs industry in the United States reached a record $13.22 trillion at the end of November, surpassing the previous record of $13.08 trillion set in October 2025. Assets have grown 27.8% year-to-date, rising from $10.35 trillion at the end of 2024 to $13.22 trillion. Net inflows of $143.72 billion in November. Year-to-date net inflows of $1.28 trillion—the highest on record, ahead of $1.03 trillion in 2024 and $803.40 billion in 2021. 43rd consecutive month of net inflows.  “The S&P 500 rose 0.25% in November and is up 17.81% year-to-date. Developed markets excluding the U.S. gained 0.73% in November and are up 30.79% in 2025, with Luxembourg (+9.82%) and Ireland (+8.05%) posting the largest monthly increases. Emerging markets declined 1.69% in November but remain up 22.40% year-to-date, while Saudi Arabia (-8.57%) and the United Arab Emirates (-6.05%) recorded the largest monthly decreases,” according to 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 November The ETFs industry in the United States has 4,773 products, assets of US$13.22 Tn, from 449 providers listed on 3 exchanges at the end of November. iShares is the largest provider in terms of assets with $3.92 Tn, reflecting 29.7% market share; Vanguard is second with $3.81 Tn and 28.8% market share, followed by State Street SPDR ETFs with $1.81 Tn and 13.7% market share. The top three providers, out of 449, account for 72.2% of assets invested in the ETF industry in the United States, while the remaining 446 providers each have less than 7% market share. November Highlights Total net inflows: $143.72 billion in November. Equity ETFs: $71.18 billion in November. YTD inflows: $507.93 billion (+0.35% vs. $506.17 billion in 2024). Fixed Income ETFs: $27.48 billion in November. YTD inflows: $234.35 billion (+33.4% vs. $175.60 billion in 2024). Commodities ETFs: $2.01 billion in November. YTD inflows: $47.03 billion (+1,515% vs. $2.91 billion in 2024). Active ETFs: $45.35 billion in November. YTD inflows: $470.77 billion (+70% vs. $276.92 billion in 2024).   Substantial inflows can be attributed to the top 20 ETF‘s by net new assets, which collectively gathered $79.24 Bn in November. Vanguard S&P 500 ETF (VOO US) gathered $20.98 Bn, the largest individual net inflow.Top 20 ETFs by net new assets November 2025: US Name Ticker Assets($ Mn) Nov-25 NNA($ Mn) YTD-25 NNA($ Mn)Nov-25 Vanguard S&P 500 ETF VOO US     823,203.18           124,458.25         20,981.16 iShares Core S&P 500 ETF IVV US     724,085.64             48,636.09         11,993.14 iShares 0-3 Month Treasury Bond ETF SGOV US       63,399.99             33,457.51           5,138.10 iShares 7-10 Year Treasury Bond ETF IEF US       45,437.27             12,233.15           4,841.32 iShares Core MSCI Emerging Markets ETF IEMG US     116,976.58             16,060.81           4,581.23 iShares S&P 500 Value ETF IVE US       47,514.14              8,204.04           4,099.76 iShares Russell 2000 ETF IWM US       72,369.08             (6,557.80)           2,922.33 Invesco Nasdaq 100 ETF QQQM US       69,994.61             19,949.85           2,264.60 Vanguard Value ETF VTV US     155,581.04             10,497.72           2,252.75 Vanguard Short-Term Bond ETF BSV US       41,502.11              7,223.46           2,240.04 Vanguard Total International Stock Index Fund ETF VXUS US     113,365.99             16,632.91           2,198.81 Vanguard Russell 1000 Growth VONG US       35,609.06              5,150.22           2,174.74 ProShares UltraPro QQQ TQQQ US       30,895.61             (5,431.43)           2,155.93 Vanguard Total Stock Market ETF VTI US     563,121.36             33,257.05           1,945.36 iShares Core MSCI EAFE ETF IEFA US     160,027.24             10,722.53           1,823.53 Vanguard Total Bond Market ETF BND US     144,834.27             18,722.50           1,688.08 Vanguard Growth ETF VUG US     202,876.24             13,768.73           1,658.36 SPDR Bloomberg Barclays 1-3 Month T-Bill ETF BIL US       43,183.49              6,908.24           1,432.61 Vanguard Total International Bond ETF BNDX US       74,047.00             11,294.60           1,428.60 iShares Biotechnology ETF IBB US         8,787.33                 609.84           1,418.16       The top 10 ETPs by net assets collectively gathered $200.62 Mn during November. ProShares UltraShort DJ-UBS Natural Gas (KOLD US) gathered $85.21 Mn, the largest individual net inflow. Top 10 ETPs by net new assets November 2025: US Name Ticker Assets($ Mn)Nov-25 NNA($ Mn)YTD-25 NNA($ Mn)Nov-25 ProShares UltraShort DJ-UBS Natural Gas KOLD US            170.15                (120.01)               85.21 FPA Global Equity ETF FPAG US            282.14                   69.19               26.95 ProShares UltraShort Silver ZSL US              44.54                   61.26               19.07 Grayscale Bitcoin Mini Trust ETF BTC US         4,436.50              1,126.45               14.77 UBS AG ETRACS Gold Shares Covered Call ETN GLDI US            138.11                   17.12               13.79 MicroSectors FANG Innovation -3X Inverse Leveraged ETN BERZ US              20.64                   19.59               13.09 Teucrium Soybean Fund SOYB US              60.23                   31.41                 9.37 iPath Select MLP ETN ATMP US            529.40                   36.71                 6.91 Bitwise Ethereum ETF ETHW US            360.13                   (1.76)                 6.71 Franklin Ethereum ETF EZET US              67.14                   32.78                 4.76  Investors have tended to invest in Equity ETFs/ETPs during November.

Special Announcement: The processing and publication of Commitments of Traders data were interrupted from October 1 – November 12 due to a lapse in federal appropriations. Following a return to normal operations, the CFTC has resumed publication of the Commitments of Traders reports in chronological order. A revised release schedule depicts the intended COT Report publication dates for the data associated with the original publication date. The reports for the week of November 18, 2025 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 Revised 2025 Release Schedule CFTC Public Reporting Environment (PRE) PRE User Guide PRE Frequently Asked Questions (FAQs)

Thank you, Secretary Bessent and Deputy Assistant Secretary Skinner, for your leadership on the Financial Stability Oversight Council. It has been an honor to serve with you to deliver on President Trump’s vision for a Golden Age of America. Mr. Secretary, your decisive agenda has been inspiring. I am pleased to support the Council’s focus on U.S. economic growth as critical to financial stability. This year, the CFTC has unlocked many tens of billions of dollars—over $25 billion at least—of capital and collateral regulatory relief that can now be redeployed towards credit and financing for businesses and households to drive U.S. economic growth. The CFTC has also eliminated duplicative, unnecessary, and excessive regulatory requirements that will achieve an estimate of hundreds of millions of dollars in annual cost savings for our market participants. Thank you for this opportunity.

Commodity Futures Trading Commission Acting Chairman Caroline D. Pham today announced the Commission has approved a proposed order to grant a limited exemption necessary for the Chicago Mercantile Exchange Inc. (CME) and the Fixed Income Clearing Corporation (FICC) to make their existing cross-margining arrangement available to certain customers with appropriate safeguards.  “The CFTC is committed to working with the SEC to implement Treasury market reforms,” Acting Chairman Pham said. “Expanding cross-margining to customers will provide capital efficiencies that can increase liquidity and resiliency in U.S. Treasuries, the most important market in the world.” This proposed order implements a CFTC Global Markets Advisory Committee recommendation on Treasury market reform and the Securities and Exchange Commission’s U.S. Treasury clearing mandate [see CFTC press release No. 8860-24]. Currently, only clearing members may cross-margin futures positions in U.S. Treasury securities cleared at CME with cash market positions in U.S. Treasury securities cleared at FICC. Comments on the proposal are due 30 days following publication in the Federal Register. Comments may be submitted electronically through the CFTC Comments online process. All comments received will be posted on CFTC.gov. RELATED LINKS Federal Register

The Office of the Comptroller of the Currency (OCC) today announced its conditional approval of five national trust bank charter applications. Subject to meeting the OCC’s conditions, these institutions will join approximately 60 other national trust banks currently supervised by the OCC. In granting these conditional approvals, the OCC applied the same rigorous review and standards it applies to all charter applications. The OCC carefully reviewed each application, based on its individual merits, consistent with applicable statutory and regulatory factors. “New entrants into the federal banking sector are good for consumers, the banking industry and the economy,” said Comptroller of the Currency Jonathan V. Gould. “They provide access to new products, services and sources of credit to consumers, and ensure a dynamic, competitive and diverse banking system. The OCC will continue to provide a path for both traditional and innovative approaches to financial services to ensure the federal banking system keeps pace with the evolution of finance and supports a modern economy.” The OCC conditionally approved applications for de novo national trust bank charters for First National Digital Currency Bank and Ripple National Trust Bank. The OCC also conditionally approved applications to convert from a state trust company to a national trust bank for BitGo Bank & Trust, National Association, Fidelity Digital Assets, National Association and Paxos Trust Company, National Association. The federal banking system includes more than 1,000 national banks, federal savings associations, and federal branches of foreign banking organizations operating in the United States that range in size from 1,000 smaller community banks under $30 billion in assets focused on meeting local needs to the largest internationally active banks. These banking companies conduct a wide array of businesses that range from retail and wholesale banking activity to trust, credit card and other more narrowly focused services. The institutions that make up the federal banking system conduct approximately 67 percent of the banking activity in the United States, hold more than $17 trillion in assets combined and administer more than $85 trillion under their control. Related Links OCC Decision to Conditionally Approve First National Digital Currency Bank, National Association (PDF) OCC Decision to Conditionally Approve Ripple National Trust Bank (PDF) OCC Decision to Conditionally Approve BitGo Bank & Trust, National Association (PDF) OCC Decision to Conditionally Approve Fidelity Digital Assets, National Association (PDF) OCC Decision to Conditionally Approve Paxos Trust Company, National Association (PDF)

SIFMA has confirmed its previous holiday recommendations for the U.S., the U.K., and Japan in observance of the New Year’s Day holiday. United StatesSIFMA recommends an early close at 2:00 p.m. EST on Wednesday, December 31, 2025, and a full market close on Thursday, January 1, 2026, for the trading of U.S. dollar-denominated fixed income securities in observance of the New Year’s Day holiday. United KingdomSIFMA has confirmed its previous recommendation for a full market close on Thursday, January 1, 2026, for the trading of U.S. dollar-denominated fixed income securities in observance of the New Year’s Day holiday. JapanSIFMA recommends full market closes on Wednesday, December 31, 2025, and Thursday, January 1, 2026, for the trading of U.S. dollar-denominated fixed income securities in observance of the New Year’s Day and Bank Holiday. These recommendations apply to trading of U.S. dollar-denominated government securities, mortgage- and asset-backed securities, over-the-counter investment-grade and high-yield corporate bonds, municipal bonds and secondary money market trading in bankers’ acceptances, commercial paper and Yankee and Euro certificates of deposit. The early close will not affect the closing time for settlements. SIFMA’s recommended early and full market closes are recommendations only; each member firm should decide for itself whether its fixed income departments remain open for trading. All SIFMA recommendations are subject to change due to market conditions.

A panel of the BC Securities Commission (BCSC) has found that a Vancouver resident failed to comply with a demand to produce records during an investigation and obstructed justice. In June 2024, BCSC staff demanded that Lucas Christopher Birdsall produce certain records, as required by B.C.’s Securities Act. The BCSC served the demand by mail, email and by posting it on his front door after several unsuccessful attempts to serve him in person. Despite being granted two extensions to the deadline by the BCSC, Birdsall has not provided any records. The panel concluded that he failed or refused to comply with the demand and that he failed or refused to produce the records and things, or classes of records and things, in his custody, possession or control. His refusal to give a record that was reasonably required for a BCSC investigation was an obstruction of justice under the Act, the panel said.  “What is in the public interest here is for Birdsall to comply with the Demand so the investigation can continue,” the panel said. The Executive Director and the respondent have been directed to make submissions on sanctions.  The panel also dismissed eight applications made on behalf of Birdsall during the course of the proceedings.

A summary of Deutsche Börse Group's business indicators for November 2025 is now available on the Deutsche Börse website: Trading Statistics There you can also find the Excel file 'Major business figures' containing historic business indicators for the respective reporting segments.

Nasdaq (Nasdaq: NDAQ) announced today the results of the semi-annual review of the OMX Copenhagen 25™ Index, (Nasdaq Copenhagen: OMXC25), which will become effective at market open on Monday, December 22, 2025. The following security will be added to the Index: FLSmidth & Co. A/S (FLS). The OMX Copenhagen 25™ Index measures the performance of a selection of the largest and most traded securities listed on Nasdaq Copenhagen A/S. The Index is reviewed semi-annually in June and December. As a result of the semi-annual review, the following security will be removed from the Index: Nordea Bank Abp (NDA DK). For a list of current Index Securities please refer to Nasdaq's Global Index Watch. For more information, please refer to the Nasdaq Copenhagen 25 Index Methodology.

A total turnover of 4.373 billion shares worth N97.783 billion in 110,736 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 6.617 billion shares valued at N113.224 billion that exchanged hands last week in 109,590 deals. Click here for full details.

On 15 December 2025, the following updated constituents list for OFZ Zero Coupon Yield Curve will come into force. No. Name Registration number 1 OFZ 26245 SU26245RMFS9 2 OFZ 26219 SU26219RMFS4 3 OFZ 26226 SU26226RMFS9 4 OFZ 26207 SU26207RMFS9 5 OFZ 26232 SU26232RMFS7 6 OFZ 26212 SU26212RMFS9 7 OFZ 26242 SU26242RMFS6 8 OFZ 26228 SU26228RMFS5 9 OFZ 26218 SU26218RMFS6 10 OFZ 26241 SU26241RMFS8 11 OFZ 26221 SU26221RMFS0 12 OFZ 26244 SU26244RMFS2 13 OFZ 26225 SU26225RMFS1 14 OFZ 26233 SU26233RMFS5 15 OFZ 26240 SU26240RMFS0 16 OFZ 26243 SU26243RMFS4 17 OFZ 26230 SU26230RMFS1 18 OFZ 26238 SU26238RMFS4 19 OFZ 26239 SU26239RMFS2 20 OFZ 26247 SU26247RMFS5 21 OFZ 26236 SU26236RMFS8 22 OFZ 26237 SU26237RMFS6 23 OFZ 26248 SU26248RMFS3 24 OFZ 26235 SU26235RMFS0 25 OFZ 26224 SU26224RMFS4 26 OFZ 26246 SU26246RMFS7 27 OFZ 26249 SU26249RMFS1 28 OFZ 26250 SU26250RMFS9 29 OFZ 26252 SU26252RMFS5 Read more on the Moscow Exchange: https://www.moex.com/n96056

Exchange Data International (EDI) is proud to announce that it has been awarded Best Corporate Actions Data Provider at the A-Team Group Data Management Insight Awards Europe 2025, recognizing the company’s excellence and continued innovation in global corporate actions data solutions. The Data Management Insight Awards celebrate leading providers of data management solutions, services, and consultancy to Europe’s capital markets. Winners are determined by industry votes and independent assessment from A-Team Group. Angela Wilbraham, CEO at A-Team Group, and host of the 4th annual Data Management Insight Awards Europe 2025, commented:“We extend our sincere congratulations to Exchange Data International on securing the Best Corporate Actions Data Provider award at the A-Team Group Data Management Insight Awards Europe 2025. The data management landscape continues to evolve at pace, and these awards are a crucial recognition of the firms who are delivering truly impactful solutions, services, and consultancy to Europe’s capital markets.” This recognition underscores EDI’s commitment to delivering accurate, timely, and comprehensive corporate actions data to financial institutions, wealth managers, fintechs, and capital markets participants worldwide. Over the past year, the company has introduced new enhancements across its corporate actions offering, ensuring clients receive accurate, timely, and comprehensive data to support critical operational and regulatory needs. Jonathan Bloch, CEO of Exchange Data International, commented:“EDI has a strong focus on corporate actions. We have been extending the range of instruments for which we cover corporate actions to now include open ended funds as well as equity derivatives. In addition, we have added four feeds a day, up from three making a total of seven feeds a day. This means that our clients receive timely announcements of corporate actions from around the world. EDI remains the only niche provider of corporate actions. We are pleased that the industry has recognised our achievements.” To learn more about EDI’s award-winning corporate actions offering and how it can support your business, please visit the Worldwide Equity Corporate Actions product page.

Trading at the Deutsche Börse Frankfurt on December 5 yields €80,000 Donation check handed over to four charitable organizations with a Bell Ringing today With the help of the “Trading Charity – Trading and Helping” initiative, Deutsche Börse and the seven securities trading banks (specialists) on the Frankfurt trading floor raised a sum of €80,000. The donation amount comes from the transaction and trading fees collected on December 5. Investors who traded stocks, bonds, funds, ETFs, ETCs, or ETNs on the trading venue Deutsche Börse Frankfurt last Friday equally supported all organizations. This year, four charitable organizations are supported: Die Arche, Ambulanter Kinder- und Jugendhospizdienst Frankfurt/Rhein-Main (DKHV e.V.), Kinderhospiz Bärenherz Wiesbaden and Frankfurter Kältebus e.V.. The donation check was handed over today with a Bell Ringing event at Deutsche Börse Frankfurt.“Volunteering is an invaluable contribution to a strong and solidary community. It not only strengthens social cohesion but also provides hope where it is most needed. We are therefore delighted to donate 80,000 euros to this important cause as part of our Trading Charity. This success is a joint effort, and we would therefore like to express our gratitude to our dedicated specialists on the trading floor and to all investors who have made this possible by trading on the Deutsche Börse Frankfurt trading venue,” says Michael Krogmann, Head of Cash Market Business Development and Board Member of the Frankfurt Stock Exchange.The Trading Charity was established in 2015. It is a joint initiative of Deutsche Börse and the specialists operating on the trading floor. All market participants contribute to supporting charitable work and strengthening the local community. Since 2015, a total of more than €980,000 in donations has been collected on the event days. For more information and a list of participating specialists, visit https://live.deutsche-boerse.com/en/charity

Click here to download Malawi Stock Exchange's weekly summary report.

With the adoption of the 2024 EU hydrogen and gas decarbonisation package, ACER is tasked with carrying out a periodic cost comparison assessing the efficiency of gas transmission system operators (TSOs) across the EU. ACER has taken into account the previous (voluntary) benchmarking studies of gas TSOs, and has consulted stakeholders extensively, including an ACER public consultation, a workshop and engaged experts to conduct an independent assessment (Expert Review) of the proposed methodology.  The consultancy study, published today, provides general guidance for ACER in designing the methodology and procedures for phase II (data collection and validation) and phase III (modelling) of the ACER efficiency comparison. Some elements of the methodology have been adapted based on the input received from third parties.Why does the cost-efficiency of gas TSOs matter? Ultimately, gas consumers pay the costs of natural gas transmission networks through their bill. The TSOs’ allowed revenue is set by the national regulatory authority (NRA) and is recovered from network users through network tariffs, in line with the EU-wide Network Code on Harmonised Transmission Tariff structures. Benchmarking compares the costs of a TSO (a monopoly) to other operators in the EU. ACER’s efficiency comparison, which is mandatory for all EU TSOs, will help ensure that TSOs’ costs and the resulting tariffs across Europe are efficient.   What’s next? January 2026: The second phase of the ACER efficiency comparison will start. ACER will request TSOs to submit the data that will be used for modelling in the third phase, as well as carry out a validation process to remove any reporting errors and ensure a high data quality. As part of the validation, TSOs or NRAs are expected to audit the reported data. ACER will consult with TSOs on the data that will be requested and the overall process. Between late Q4 2026 – early Q1/2027: The third phase will be launched to focus on the modelling of the ACER efficiency comparison. Stakeholders will be consulted on the model specifications and process in the course of 2027. By 5 August 2027: Completion of the first ACER efficiency comparison. Following the first publication, ACER should repeat the calculation every four years. Further updates will be provided along these process steps. Read more.

KEY POINTS 265 listed companies qualified for SET ESG Ratings in 2025, up from 219 in 2024. Average scores improved across all ESG dimensions, with Environmental (E) scores surpassing 80 points for the first time. SET ESG Ratings will transition to FTSE Russell ESG Scores framework in 2026. The Stock Exchange of Thailand (SET) announced the 2025 SET ESG Ratings results, with 265 listed companies qualifying for the rating—up from 219 companies last year. Listed companies achieved higher average scores across all ESG dimensions this year, indicating their readiness for the upcoming transition to the global FTSE Russell ESG Scores framework in 2026. The ratings breakdown comprises 102 companies rated AAA, 80 companies rated AA, 67 companies rated A, and 16 companies rated BBB. These companies collectively account for 70 percent of the combined market capitalization of SET and Market for Alternative Investment (mai) as of December 11, 2025. SET Senior Executive Vice President Soraphol Tulayasathien stated that over the past 11 years, SET ESG Ratings has established itself as a crucial sustainability benchmark for Thailand's capital market, catalyzing the transformation of companies from conducting CSR activities to strategically embedding sustainability into their business operations. The widespread adoption of this assessment is reflected in the steady year-on-year growth in participation. Today, SET ESG Ratings serves multiple investment purposes: fund managers utilize the ratings to define the investment universe for Thailand ESG Funds (Thai ESG), which have reached THB 76 billion (approx. USD 2.38 billion) in assets under management (AUM); equity analysts incorporate the ratings into their research; and financial institutions reference them when offering sustainability-linked financial incentives. “Listed companies this year posted higher average scores across all ESG dimensions, with the Environmental score surpassing 80 points for the first time. This reflects the growing priority most companies are placing on establishing Net Zero greenhouse gas emission targets and mandating board and executive oversight of climate-related risks and performance tracking. However, certain challenges remain, especially for small and medium-sized listed companies, including the collection of GHG Emission Scope 3 data, linking sustainability performance to financial metrics, and demonstrating to investors the business opportunities arising from managing material sustainability issues," Soraphol added. SET ESG Ratings members are selected from listed companies that voluntarily participate in the assessment and achieve scores of at least 50 percent in each of the E, S, and G dimensions, and meet SET's qualification requirements. These criteria include: Receiving a Corporate Governance Report (CGR) rating of at least 3 stars. Having no company, directors, or executives accused of or convicted of ESG violations by authorities or relevant agencies. Not being subject to caution or suspension symbols (CB (Business), CC (Non-Compliance), CF (Free Float), and CS (Financial statements). SET continuously monitors members' qualifications and may remove companies from SET ESG Ratings if they subsequently fail to meet the criteria. A notation system accompanies the ratings to alert investors to relevant ESG news or developments that merit additional consideration. The 2025 SET ESG Ratings announcement marks the final year of this assessment framework. The 2025 ratings’ results will remain valid as eligibility criteria for the SET ESG Index during the December 2025 and June 2026 rebalancing periods and will continue to define the investment universe for Thai ESG through December 2026. Starting in 2026, SET will transition to announcing results under the FTSE Russell ESG Scores framework, representing a pivotal step towards aligning Thailand's capital market sustainability assessment with global standards. Interested parties can view the SET ESG Ratings 2025 and access the ESG Online Assessment at www.setsustainability.com/ESG-ratings.

The Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) today published a report that reviews the implementation of margin requirements for non-centrally cleared derivatives. The report concludes that the framework has been effectively implemented and finds no evidence of material issues. No changes to the framework are proposed. The BCBS-IOSCO Working Group on Margining Requirements (WGMR) recommends ongoing monitoring through supervisory information exchange and the sharing of experiences among member authorities. The BCBS and IOSCO today published a report that reviews the implementation of margin requirements for non-centrally cleared derivatives. The assessment marks a milestone in the ongoing monitoring of the standard introduced in response to the 2011 G20 call to enhance the resilience of financial markets. The standard, first published in September 2013, establishes a framework for margin requirements for non-centrally cleared derivatives. The final phase of implementation occurred in September 2022, and implementation has now reached a steady state. The WGMR assessed the framework’s implementation, drawing on a 2024 quantitative impact study, a survey of WGMR members and recent international margin-related work. The assessment found no material issues with the framework. The amount of margin exchanged for non-centrally cleared derivatives has increased materially since 2012, contributing to greater financial system resilience. The framework has been effective in supporting the intended functioning of capital and centrally cleared margin frameworks, including during recent episodes of market stress. The BCBS and IOSCO do not propose changes to the framework, but recommend continued monitoring in the form of supervisory information exchange and the sharing of experiences among their members to address evolving market practices. The full report is available on the BCBS and IOSCO websites.

Nasdaq (Nasdaq: NDAQ) announces that trading in the shares of Viva Wine Group AB (ticker name: VIVA) will commence today on the Nasdaq Stockholm Main Market. The company was listed on the Nasdaq First North Premier Growth Market in 2021. Viva Wine Group is the 42nd company to be admitted to trading on Nasdaq’s Nordic and Baltic markets* in 2025, and the 148th company to transfer from Nasdaq First North Growth Markets to Nasdaq Main Markets in the Nordics over the years. Viva Wine Group AB is a leading European wine group offering a wide range of quality wines to monopoly markets, retailers, restaurants and consumers. Through a large number of operating companies with a strong entrepreneurial spirit, the Company develops, markets and sells wines under both its own and partner brands. Viva Wine Group values a decentralised business model that allows scope for innovation while creating a common platform for synergies and economies of scale that drive value creation. With a strong track record, the Company focuses on generating profitable growth through the continuous development of its customer offering, complemented by strategic acquisitions. "The move to Nasdaq Stockholm Main Market is an important milestone and a natural step for us as a company. I am proud that our organization and business model meet the Main Market’s high governance standards and the transfer of listing is a clear proof of that. By providing us with stronger opportunities for market visibility and increased liquidity, the listing will further support us in building Europe’s leading wine group," says Emil Sallnäs, CEO of Viva Wine Group. "We are delighted to welcome Viva Wine Group to Nasdaq Stockholm’s Main Market and celebrate this significant milestone together. Viva Wine Group’s position as a major player in the European wine industry is a testament to their strong track record and entrepreneurial spirit. We look forward to supporting Viva Wine Group as it continues to grow and thrive within Nasdaq Stockholm’s dynamic capital market," says Adam Kostyál, Head of European Listings at Nasdaq and President of Nasdaq Stockholm.*Main markets and Nasdaq First North at Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland and Nasdaq Stockholm as well as Nasdaq Baltic.