The Commodity Futures Trading Commission today announced the U.S. District Court for the Southern District of New York entered a consent order imposing permanent injunctive relief, disgorgement, and equitable relief against Tennessee resident Stephen Ehrlich, the former CEO of now-bankrupt entities Voyager Digital Ltd., Voyager Digital Holdings Inc., and Voyager Digital LLC (collectively, Voyager). Ehrlich must pay $750,000 in disgorgement to Voyager customers via the Voyager bankruptcy liquidation procedures. Additionally, for a three-year period, the order imposes a registration ban against Ehrlich and enjoins him from managing or advising the trading for or on behalf of any third parties. The order also permanently enjoins him from violating certain anti-fraud provisions of the Commodity Exchange Act and CFTC regulations. “This resolution once again highlights the CFTC’s important role in the digital asset space,” said Charles Marvine, Acting Chief of the Division of Enforcement’s Retail Fraud and General Enforcement Task Force. “Compensating victims and limiting a defendant’s ability to cause future harm are squarely within the CFTC’s core mission.” Case Background The consent order stems from a CFTC complaint filed against Ehrlich in October 2023. [See CFTC Press Release No. 8805-23]. The CFTC acknowledges and appreciates the cooperation and assistance of the Federal Trade Commission. The Division of Enforcement staff responsible for this case are Alan Simpson, Anthony Biagioli, Stephen Turley, Rachel Hayes, Christopher Reed, and Charles Marvine. RELATED LINKS Consent Order: Stephen Ehrlich

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.

US regulators are in the process of making important changes to the regulatory capital framework by proposing modifications to the enhanced supplementary leverage ratio, which should help stop it from acting as a non-risk-sensitive constraint on bank capacity – a change we strongly agree with. But we think regulators should make further modifications to the rules to avoid limiting the ability of banks to provide the intermediation services so vital to deep and liquid markets. A critical part of that is recognizing the risk-reducing benefits of cross-product netting. Many banks have cross-product netting arrangements in place with counterparties that allow them to settle on a net basis across multiple transaction types, including derivatives and repo-style transactions, reducing credit risk between two counterparties. A growing focus on the efficient use of funding resources to support liquidity means these arrangements are becoming more popular, driven by client demand. But the US capital framework does not recognize the risk-reducing benefits of cross-product netting agreements under the standardized approach for counterparty credit risk (SA-CCR), the method all banks would have to use based on US Basel III endgame proposals. While cross-product netting can be recognized under the internal model method, this was not part of the Basel III proposals. This matters. It means required capital is out of synch with risk, putting an unnecessary strain on bank balance sheets that may affect their capacity to provide liquidity, especially in stressed markets. This is particularly important in the context of the US Treasury market, where increasing issuance volumes – nearly $30 trillion and counting – means the ability of banks to offer intermediation services is more crucial than ever, while the introduction of the Securities and Exchange Commission’s clearing mandate from the end of next year will require banks to expand their client clearing offerings. Initiatives by central counterparties to introduce cross-margining programs will bring significant efficiencies to clearing, helping to ease potential strains on market liquidity by ensuring the amount of initial margin posted reflects the actual risk of a portfolio of trades, even if those trades are cleared at two separate clearing houses. Without similar recognition in the capital framework, banks would either need to ask a customer to post the full amount of margin to reduce their exposure – negating the benefits of cross-margining programs and putting a strain on market liquidity – or face a significant increase in capital requirements. This would reduce bank balance sheet capacity to facilitate the clearing of client transactions at a time when volumes of cleared trades will increase with the introduction of the Treasury clearing mandate. While the lack of recognition of cross-product netting is particularly punitive when cross-margining arrangements are in place, the issue is much broader than that. The US capital framework should be appropriate and risk sensitive, and that means recognizing offsets in a portfolio of products when covered by a qualifying cross-product master netting agreement. Changes have been made to the documentation framework to allow firms to document derivatives and securities financing transactions under a single ISDA Master Agreement, reducing credit risk by expanding netting sets. It’s time the US capital framework followed suit by recognizing the reduced risk from cross-netting arrangements under a legally enforceable master netting agreement. This will require revisions to the SA-CCR framework, most likely as part of the Basel III endgame re-proposal. Given SA-CCR feeds into other parts of the framework, including the supplementary leverage ratio, and at a time when regulators are focusing on accurate measurement and management of counterparty credit risk, we should take this opportunity to make SA-CCR more risk sensitive. This, in turn, will help enhance market liquidity and improve efficiency, especially during periods of stress.

José Manuel Campa, current Chairperson of the European Banking Authority (EBA), announced last week to the EBA Board of Supervisors his decision to step down from his role and leave the Authority at the end of January 2026 because of personal, family-related issues. Jose Manuel will continue to be fully engaged with the EBA until the end of January 2026 to ensure a seamless leadership transition and minimise any possible disruption at this time of change. To this end, the EBA is initiating the standard process to select the new Chairperson.  Background José Manuel Campa was appointed as Chairperson of the EBA in March 2019 and reconfirmed for a second mandate in February 2024. The appointment of the EBA’s Chairperson is governed by Article 48 of the EBA Regulation (EU) No 1093/2010, which details their role and responsibilities. The Chairperson is selected through an open selection procedure and their appointment is subject to the approval of the European Parliament.

EuropeanIssuers, the Federation of European Securities Exchanges (FESE), the European Commission and the European Investment Fund (EIF) are delighted to announce the shortlist for the 13th annual European Small and Mid-Cap Awards.  The twelve shortlisted companies, selected from among the most dynamic small and mid-caps to have gone public in the period 2023-24, have been pinpointed by an independent, expert jury for their outstanding performances across the four Awards categories.   The winner of each category will be revealed during a grand ceremony set to take place on 11th November 2025 as part of the European Commission’s SME Assembly in Copenhagen, Denmark.   On top of the category prizes, the coveted Star of 2025 will shine on the best overall entry, selected from among the winners of the four categories: Rising Star, International Star, Star of Innovation, and Star of Sustainability.   The ‘Special Mention’ will also be awarded to an individual or company that has had a significant impact on facilitating small and mid-cap issuers’ access to capital markets.    Rising Star: BYTETRAVEL S.A. listed on BME, SIX Group Nordrest listed on Nasdaq Sweden ODYSSEE TECHNOLOGIES listed on Euronext Paris International Star: COX listed on BME, SIX Group NextGeo Group listed on Euronext Milan Steyr listed on Deutsche Börse Group Star of Innovation: Apotea listed on Nasdaq Sweden THEON INTERNATIONAL listed on Euronext Amsterdam Sys-Dat listed on Euronext Milan   Star of Sustainability: EBRO listed on BME, SIX Group ICOP listed on Euronext Milan VERTIKAL Group listed on Budapest Stock Exchange Background: Please note that the shortlisted companies for each category are listed in alphabetical order.  About the European Small and Mid-Cap Awards The objective of the Awards is to promote best practices and highlight the best European Small and Mid-Sized Companies that have gained access to capital markets via an Initial Public Offering (IPO). They showcase the diversity of European markets, and aim to promote stock listings, in particular targeting SMEs and growth companies. These companies are critical to accomplishing the EU’s goals of job creation, competitiveness, and growth. https://europeansmallandmidcapawards.eu/  The Awards Jury The shortlisted companies are chosen by an independent jury: Detlef Fechtner, EU Correspondent, Börsen-Zeitung Eglė Fredriksson, Portfolio Manager, East Capital Ekaterina Gianelli, Partner, Inventure Martin Hock, Finance Editor, Frankfurter Allgemeine Zeitung (F.A.Z.) Phaedon Tamvakakis, Vice Chairman, Alpha Trust Investment Services About the European Commission The Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs (DG GROW) of the European Commission develops and implements a range of policies to improve access to finance for SMEs in the EU. SMEs are critical to European economic recovery and to accomplishing the EU’s goals of job creation, competitiveness and growth. For more information, please visit https://ec.europa.eu/growth/access-to-finance_en. About the European Investment Fund (EIF) The European Investment Fund (EIF) is part of the European Investment Bank Group. It supports Europe’s SMEs by improving their access to finance through a wide range of selected financial intermediaries. The EIF designs, promotes and implements equity and debt financing instruments targeting SMEs. In this role, EIF fosters EU objectives in support of entrepreneurship, growth, innovation, research and development, the green and digital transitions and employment. About EuropeanIssuers EuropeanIssuers is a pan-European organisation representing the interests of publicly quoted companies across Europe to the EU Institutions. We seek capital markets that serve the interests of their end users, including issuers. For more information, please visit www.europeanissuers.eu. About FESE The Federation of European Securities Exchanges (FESE) is the unique voice of European exchanges, advocating for fair, transparent and efficient capital markets to support growth and prosperity in Europe. We are committed to financing the economy, ensuring financial stability, and fostering sustainable development. https://www.fese.eu/

Srikanth Seshadri is an experienced global finance leader, with a broad expertise in financial control, corporate finance, and funding. His background, shaped by Audit & Risk consulting at Arthur Andersen and leadership roles in complex international environments at Alstom, will be key to driving transformation & streamlining efforts at Worldline. He replaces Gregory Lambertie who has decided to leave Worldline to pursue other opportunities. Pierre-Antoine Vacheron, CEO of Worldline, stated: “I am pleased to announce the appointment of Srikanth Seshadri to our Executive Committee as Chief Financial Officer. His broad international background and demonstrated expertise in complex financial environments will be highly valuable as Worldline advances its transformation and maintains its emphasis on financial discipline. I would also like to extend my gratitude to Gregory Lambertie. Gregory has played a pivotal role in the Group’s growth journey, first at Ingenico and then within Worldline, contributing to the creation of a leading European payments provider. As Chief Financial Officer, his strong commitment to the Group’s key strategic projects while securing our refinancing has prepared us well for the next phase. In line with his commitment to Worldline, Gregory will ensure the smoothest possible transition to Srikanth.” Srikanth Seshadri began his career at Arthur Andersen, and spent 5 years in Audit as well as in Technology Risk Consulting Practice, in India.  Since 2002, he has been with Alstom, living in France, Switzerland, Singapore and United Kingdom. In 2014, he led Finance and then Strategy for Asia Pacific in Singapore before returning to Europe to head Group M&A. From 2019 to 2023, he was Divisional CFO for the global vertical, Digital & Integrated Systems. He had been instrumental in setting performance metrics driving growth, profitability & cash generation. This included the post-merger integration of the Signalling business of Bombardier following its acquisition by Alstom, bringing the enlarged perimeter into a common finance framework, including product convergence. Since 2023, he has been Alstom Group Head of Treasury & Financing and played a key role in deleveraging the company, stabilising its Investment Grade outlook in a turnaround situation. Srikanth is a British National, of Indian origin.  He comes with an international experience and outlook, with functional expertise in Operations Finance, Strategy & Corporate Finance, in both turnaround & growth environments. He holds a Bachelor of Commerce degree, is a Chartered Accountant, with Executive Education from INSEAD.

Pirum, the trusted technology partner for securities finance automation and collateral management, today announced that Zoë Balkwell has joined the firm to lead the development and adoption of Pirum TradeConnect. Balkwell will drive the evolution of Pirum TradeConnect, the innovative pre-trade service offering the industry a modern, turnkey, resilient trading solution. She will also lead in the development of complementary trading solutions, collaborating closely with Pirum clients to ensure that Pirum’s pre-trade offering delivers the same levels of cutting-edge technology and white-glove service as the firm’s industry-leading Post Trade platform. Balkwell joins from JPMorgan Chase & Co., where she served as Head of Flow Trading for EMEA, leading the global bank's European agency securities finance operations. Prior positions include senior securities finance roles at State Street, EquiLend, and Merrill Lynch, having started her career as a Securities Finance Software Engineer at Goldman Sachs. Zoë Balkwell said, “I'm excited to join Pirum at this pivotal moment for pre-trade innovation. As a long-time admirer of Pirum's Post Trade solutions, I've seen the firm's successful track record in launching fantastic products that solve real-world problems. The opportunity to head up Pirum’s pre-trade offering was thefore hugely appealing. I am excited to get to work with Pirum’s leadership and teams in London and New York, as well as our clients, to drive our pre-trade offering to become the gold standard for pre-trade and trade connectivity." Robert Frost, Chief Product Officer Pirum, said: "I am delighted to welcome Zoë to our team. She brings the perfect combination of deep securities lending expertise and strategic technology vision – understanding both how technology can optimize existing trading flows and how it can unlock new opportunities for industry participants. I look forward to seeing Zoë’s impact on Pirum's pre-trade and trading offering."

The European Banking Authority (EBA) issued today a revised list of validation rules in its Implementing Technical Standards (ITS) on supervisory reporting, highlighting those which have been deactivated either for incorrectness or for triggering IT problems. Competent Authorities throughout the EU are informed that data submitted in accordance with these ITS should not be formally validated against the set of deactivated rules. The EBA also published today a small validation package including a micro taxonomy package and DPM VR deactivation updates scripts, which are needed from release 4.0, for each deactivation exercises, to deactivate rules in taxonomy and in DPM in a consistent manner. Documents EBA Validation Rules release 4.0 2025-09-15 (new format) (154.65 KB - Excel Spreadsheet) EBA validation rules scope release 4.0 2025-09-15 (144.17 KB - Excel Spreadsheet) EBA validation rules 2025-09-15 (old format) (12.48 MB - Excel Spreadsheet) Related content Page Reporting framework 4.0 Page Small validation rules packages

(Note: Italicised terms have the same meaning as given in the UK Listing Rules.) Date: 15 September 2025 Name of applicant: London Stock Exchange Group plc Name of scheme:     London Stock Exchange Group Long Term Incentive Plan 2014   London Stock Exchange Group Restricted Share Award Plan 2018   London Stock Exchange Group Deferred Bonus Plan   London Stock Exchange Group International Sharesave Plan 2018   London Stock Exchange Group SAYE Option Plan   London Stock Exchange Group International Share Incentive Plan     Period of return: From: 15 March 2025 To: 14 September 2025 Balance of unallotted securities under scheme(s) from previous return: 479,467 Plus:  The amount by which the block scheme(s) has been increased since the date of the last return (if any increase has been applied for): 0 Less:  Number of securities issued/allotted under scheme(s) during period (see UKLR 20.6.7G): 26,000 Equals:  Balance under scheme(s) not yet issued/allotted at end of period: 453,467   Name of contact: Lisa Condron Telephone number of contact: 020 7797 1000

The summit of the Ibero-American Federation of Exchanges, which includes 23 exchanges and markets, will be held at the Madrid Stock Exchange Palace from September 16 to 18 Juan Flames, CEO of BME; Juan Pablo Córdoba, president of FIAB and CEO of nuam, and Carlos San Basilio, president of CNMV, will open the Annual Meeting on the 18th José Luis Escrivá, governor of the Bank of Spain, and Rodrigo Buenaventura, secretary general of IOSCO, among the panelists at the event Financial experts from both sides of the Atlantic will discuss issues such as 24/7 trading, artificial intelligence, or investment in Ibero-America BME will host the 52nd General Assembly and Annual Meeting of the Ibero-American Federation of Exchanges (FIAB)opens in a new tab from tomorrow until Thursday, September 18. The 23 exchanges and markets that are part of FIAB will attend this great Ibero-American summit, which over three days will allow discussions on the economic current affairs of the region and strengthen ties among its members to reinforce cooperation and boost capital markets. The first day, Tuesday, the 16th, will be the turn of the Working Subcommittee meeting, and the second day will be the Executive Committee and General Assembly meeting. The public part of the event will be the Annual Meeting on Thursday, the 18th, which will have an extensive programme of panelsopens in a new tab that can be consulted at this link and followed via streaming hereopens in a new tab. Juan Flames, CEO of BME; Juan Pablo Córdoba, president of FIAB and CEO of nuam, and Carlos San Basilio, president of CNMV, will open the day at 9 a.m. Panels will follow on topics such as the impact on clearing and custody of 24/7 trading, artificial intelligence, or the challenge of smart regulation. In this last panel, among others, Rodrigo Buenaventura, secretary general of IOSCO, will participate. At 1 p.m., José Luis Escrivá, governor of the Bank of Spain, will deliver a special address followed by lunch. In the afternoon, panels will be held on investment in Latin American assets or the future of sustainable finance. The closing of the day, at 5:30 p.m., will be led by Juan Pablo Córdoba, Rodrigo Bolaños, chairman of the Board of Directors of the National Stock Exchange of Costa Rica, and Carmen Tejera, deputy councilor of Economy and Employment Community of Madrid. The event, which has confirmed the attendance of more than 250 professionals from the financial sector, will bring together among its panelists representatives from the World Federation of Exchanges (WFE), Euroclear, the International Organization of Securities Commissions (IOSCO), the Community of Madrid, the Financial Market Commission of Chile, Nasdaq, or the CNBV Mexico, among other institutions. Juan Pablo Córdoba, president of FIAB, states that "FIAB is a space for collaboration between the markets of Ibero-America. This Assembly allows us not only to share experiences and best practises, but also to jointly project how to strengthen our capital markets in the face of global challenges and capitalise on growth opportunities in our region. Today more than ever, we must advance in the integration of our markets and work with the regulators of our countries on an agenda that recognises the benefits of working together and taking advantage of economies of scale in regional infrastructures." Juan Flames, CEO of BME and member of the Executive Committee of FIAB, explains that “it is a pleasure to welcome FIAB members to Madrid and hold these days of meetings and discussions on collaboration between exchanges, on Ibero-America, and on the main current issues affecting capital markets. We share the conviction that promoting exchanges is the best way to foster economic growth, business development, and social welfare on both sides of the Atlantic.” The sponsors of the event are Invest in Madrid, Nasdaq, GVC Gaesco, Kreab, Auxadi, BVRD (Dominican Republic Stock Exchange), nuam, and Latinex. The 23 exchanges and markets members of FIAB are the Buenos Aires Stock Exchange, Argentine Exchanges and Markets, Rosario Stock Exchange, Argentine Market of Values, A3 Markets, Bolivian Stock Exchange, B3-Brazil, Stock Exchange, Balcão, Santiago Stock Exchange - nuam, Electronic Stock Exchange of Chile (BEC), Colombian Stock Exchange - nuam, National Stock Exchange – CR, Guayaquil Stock Exchange, Quito Stock Exchange, El Salvador Stock Exchange, BME, Mexican Stock Exchange, Latin American Stock Exchange (Latinex), Asunción Stock Exchange, Lima Stock Exchange - nuam, Dominican Republic Stock Exchange, Montevideo Stock Exchange, Electronic Stock Exchange of Uruguay, and Caracas Stock Exchange. Links of interest: • Official website of the 52nd General Assembly and Annual Meeting of FIAB. • FIAB websiteopens in a new tab. • Annual Meeting programmeopens in a new tab. • Streaming to follow the panels on Thursday, the 18thopens in a new tab. • Press kitopens in a new tab. About FIAB The Ibero-American Federation of Exchanges and Stock Markets, currently the Ibero-American Federation of Exchanges – FIAB, was founded on September 27, 1973, in Rio de Janeiro, Brazil. Its objective is to facilitate the participation and channelling of popular savings to boost the productive processes of the public and private sectors, encourage the improvement of exchanges and stock markets for these purposes. It also promotes cooperation for economic and financial integration and convergence towards unified standards, practises, and customs. FIAB also acts as a representative of its members before international organisations and national authorities.

Over 3,200 participants, 200+ investors, 180+ speakers and 34 events across 10 European locations reflecting a dynamic week of dialogue on sustainable investment, regulation and innovation   Euronext, the leading European capital market infrastructure, has successfully concluded the 2025 edition of Euronext Sustainability Week, reinforcing its pivotal role in accelerating Europe’s sustainable and strategic resilience through capital markets.   Since its launch in 2017, Euronext Sustainability Week has grown into a leading platform for dialogue, education and action in sustainable finance. The 2025 edition has broken new ground, bringing together over 3,200 participants and more than 180 expert speakers across 34 events held in ten European locations, with over 200 institutional and retail investors actively engaged in discussions, workshops and meetings on sustainable investment, ESG regulation, and innovation.   Throughout the week, Euronext reaffirmed its strategic commitment to positioning capital markets as a catalyst for Europe’s sustainable future, enabling investors and issuers to align with long-term climate objectives and contribute to strengthening Europe’s strategic autonomy in a volatile geopolitical and environmental landscape.   Stéphane Boujnah, CEO and Chairman of the Managing Board of Euronext N.V., said: “This week has demonstrated how Europe’s financial ecosystem is maintaining its efforts to address the challenges of the energy transition, climate risk and sustainable growth in a complex geopolitical landscape. At Euronext, we remain committed to leading by example, delivering innovative solutions and strengthening collaboration between public and private stakeholders. The success of this edition reaffirms that the convergence of sustainability, energy security and strategic resilience is no longer a future ambition but a present reality shaping the evolution of capital markets.”  Announcing new initiatives in sustainable finance and governance  Throughout the week, Euronext shared a series of developments underlining its continued commitment to corporate sustainability, as well as its contribution to sustainable finance and governance solutions.  Euronext Sustainable Network1   Euronext announced the founding partners of the Euronext Sustainable Network, Euronext’s initiative aimed at providing qualitative intelligence to the financial and business communities, to strengthen its collective impact on sustainable finance. The founding partners include: PwC, ING, ERM, Moody’s Ratings, South Pole, CDP, PRI, ClimeFi, De Pardieu Avocats and the EU Chapter Zero network (France, Ireland, Italy, the Netherlands and Nordics (Boards Impact Forum)).  Euronext Foundation2 initiatives  In collaboration with INSEAD, Euronext will be supporting a dedicated scholarship for underprivileged women, fostering greater opportunities and promoting diversity in leadership. This initiative brings together two pan-European institutions with global outreach, united by shared values of innovation, resilience, and diversity.  Additionally, the Euronext Foundation is officially launching the inaugural edition of the Euronext Trading Game3, designed to enhance financial literacy among university students across Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal.  Strengthening employee engagement on sustainability  Euronext is partnering with AXA Climate School, a recognised leader in sustainability education and part of the AXA Group, to provide Euronext employees with ongoing access to engaging, high-quality learning resources focused on climate and environmental issues. This partnership reinforces Euronext’s commitment to embedding sustainability across its operations by equipping its employees with the knowledge and tools needed to support the Group’s long-term sustainable transformation.  Enhanced ESG data transparency   Euronext announced an upcoming update in Q4 of My ESG Profile, Euronext’s tool showcasing listed companies’ sustainability efforts to the market and helping investors access relevant ESG data, that will enhance data granularity and integrate climate targets. It reaffirms Euronext’s unique position as the only exchange standardising and publishing the ESG data of its listed companies, with nearly 1,800 ESG profiles available on Euronext-listed companies.    Euronext also launched My ESG Benchmark, a digital platform which enables listed companies to assess and compare their ESG performance more effectively. The updated dashboard includes company scores and industry comparisons, offering clearer insights to support strategic decision-making and communication.  Euronext released an updated version of its ESG Reporting Guide to help listed companies navigate evolving disclosure requirements following the Omnibus Package and growing expectations around transition plans and biodiversity. Access the full ESG Reporting Guide 2025.   The ESG Trends Report 2025 was also published, offering fresh insights into regulatory developments, market behaviour and corporate progress towards sustainable goals, supporting investors and issuers alike in navigating the evolving ESG landscape. Access the full ESG Trends Report 2025.   Nord Pool energy market innovation  In partnership with other pan-European energy market stakeholders, Nord Pool, a Euronext company, will implement a 15-minute market time unit (MTU) for European day-ahead market coupling - a key milestone in advancing the efficient integration of renewable energy sources into Europe’s power markets. This initiative aligns with the objectives of the EU Clean Energy Package and supports the transition towards a more flexible, sustainable, and interconnected energy system.  Expansion of corporate governance solutions offering  Euronext is expanding the reach of Admincontrol’s state-of-the-art board and corporate workflow management solutions across its European markets, with France set to launch by year-end. This rollout marks a key milestone in Euronext Corporate Solutions’ ambition to become a leading governance SaaS provider, helping companies meet the highest standards of transparency, accountability and sustainable business practices. Admincontrol’s secure and user-friendly board portal streamlines board management while upholding the highest standards of corporate governance. The portal has recently launched a fully integrated board evaluation module, which enables companies to effortlessly run board surveys, monitor board participation and gain actionable insights to optimise board effectiveness and ensure compliance with European governance regulations.   In addition, Euronext Corporate Solutions has also introduced iBabs Stream, a fully integrated webcasting solution that enables public organisations to schedule, live-stream and publish meetings directly through the iBabs platform and its public portal. It increases transparency and makes public meetings accessible to all citizens.  Driving transparency in European bond markets  Euronext also presented MTS Greenium, a data product from MTS, which provides information about Greenium, the yield differential between government-issued green bonds and their conventional equivalents. Built on firm, executable prices from the MTS Cash market as well as on composite prices, and updated throughout the day, MTS Greenium brings unparallelled insight into ESG bond pricing. This innovation aims to help investors, issuers and policymakers monitor, benchmark and understand how markets value sustainability.  Empowering Europe’s sustainable growth  Euronext’s commitment to sustainability is deeply embedded within its ‘Innovate for Growth 2027’ strategic plan, which positions sustainable finance as a transversal enabler of its strategy. Euronext is committed to advancing its science-based 1.5°C targets toward long-term Net Zero, expanding ESG offerings, and leveraging inclusion as a driver of innovation.   Through initiatives like Euronext Sustainability Week, the Group is advancing its mission to educate, facilitate and lead sustainable growth, helping Europe’s capital markets serve as a catalyst for positive change.    Notes to Editors:    1About the Euronext Sustainable Network  The mission of the Euronext Sustainable Network is to create an integrated ecosystem for European Capital Markets to foster the development of Sustainable Finance solutions. Together with a selected group of members, Euronext promotes an innovative culture of Sustainable Finance, supports Euronext’s 1,800 European issuers and 6,000 international investors, and drives innovation in ESG. The Network also aims to align efforts across stakeholders and educate members on ESG topics, regulations, and trends, leveraging collective expertise to advance Sustainable Finance. The Euronext Sustainable Network is made up of Sustainable Finance experts from diverse fields, including auditors, consultancy firms, lawyers, banks, environmental disclosure specialists, and investors. Their main objective is to offer valuable and innovative insights to Euronext’s community. Founding partners include PwC, ING, ERM, Moody’s Ratings, South Pole, CDP, PRI, ClimeFi, De Pardieu Avocats and the EU Chapter Zero network (France, Ireland, Italy, the Netherlands and Nordics (Boards Impact Forum)), whose descriptions can be found on the Euronext Sustainable Network webpage.    2About the Euronext Foundation  The Euronext Foundation aims to foster Euronext's support of local sustainable communities and projects across Europe in the fields of financial literacy, diversity and inclusion in finance, marine resources, and peace, justice and strong institutions. It acts as an umbrella encompassing Euronext’s philanthropic and educational support via dedicated funding and volunteering initiatives to empower young people, promote sustainability, and strengthen our connections with local communities.    3About the Euronext Trading Game  The Euronext Trading Game is a trading simulation challenge designed to help university students navigate the complexities of financial markets. Participants have a dedicated space to learn, interact, and equip themselves with the tools and guidance needed to succeed, with no prior knowledge required. They access market data from Euronext’s seven marketplaces and receive a virtual fund to invest in equities and ETFs, providing a realistic investing experience. Open to students in Belgium, France, Ireland, Italy, the Netherlands, Norway and Portugal, the competition promotes collaboration, integration and healthy competition among the next generation of European market participants.  

The September 2025 issue of the BIS Quarterly Review is out: Overview Markets shrug off trade conflictsGlobal markets soared on AI enthusiasm and policy easing during the review period, but steepening yield curves signalled fiscal concerns. Articles A multi-sector assessment of the macroeconomic effects of tariffsby Matthias Burgert, Benoit Mojon, Daniel Rees, Matthias Rottner and Hongyan ZhaoModelling shows higher tariffs lower growth broadly but have nuanced inflation effects, posing complex trade-offs for monetary policy globally. A global survey of household perceptions and expectationsby Francesco D'Acunto, Fiorella De Fiore, Damiano Sandri and Michael WeberA global BIS survey reveals households expect high inflation, perceive faster post-pandemic price increases and have limited knowledge of the central bank. Monetary policy operational frameworks - a new taxonomyby Paolo Cavallino, Mathias Drehmann, Richard Finlay and Julie RemacheA new BIS taxonomy explores how central banks' operational frameworks influence banks' incentives, liquidity management and financial system outcomes. International finance through the lens of BIS statistics: bond markets, domestic and internationalby Tracy Chan, Goetz von Peter and Philip WooldridgeBIS statistics shed light on bond market growth, driven by government issuance and diverse private sector borrowing, including in foreign currencies.

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 all-time high of US$12.19 trillion at the end of August.  During August, the ETFs industry in the United States gathered net inflows of US$120.65 billion, bringing year-to-date net inflows to a record US$798.77 billion, according to ETFGI's August 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.) U.S. ETF Industry Highlights – August 2025 Assets invested in ETFs in the United States reached a new all-time high of $12.19 trillion at the end of August, surpassing the previous record of $11.81 trillion set just a month earlier in July. This represents a 17.8% increase year-to-date, up from $10.35 trillion at the end of 2024. The industry recorded net inflows of $120.65 billion in August, contributing to year-to-date net inflows of $798.77 billion—the highest on record. This surpasses the previous YTD records of $643.49 billion in 2024 and $594.43 billion in 2021. Over the past 12 months, ETFs in the U.S. have gathered $1.33 trillion in net inflows, marking the 40th consecutive month of net inflows. iShares remains the largest ETF provider in the United States, managing $3.64 trillion in assets, which represents a 29.9% market share. Vanguard follows closely with $3.52 trillion, accounting for 28.9% of the market. SPDR ETFs ranks third with $1.68 trillion, holding a 13.7% market share.  Together, these top three providers control 72.5% of total U.S. ETF industry assets under management (AUM).    “The S&P 500 index rose 2.03% in August, bringing its year-to-date gain to 10.79%. Developed markets excluding the US index advanced 4.29% during the month, and are now up 24.56% year-to-date. Among developed markets, Denmark (+6.37%) and Japan (+6.24%) experienced the largest declines in August. Emerging markets index posted a 2.48% gain in August, with year-to-date performance reaching +16.04%. Chile (+9.63%) and Brazil (+8.46%) led the gains among emerging markets during the month.” 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 August     The ETFs industry in the United States had 4,480 products, assets of US$12.19 Tn, from 415 providers listed on 3 exchanges at the end of August. U.S. ETFs Net Inflows – August 2025 During August, ETFs listed in the United States gathered $120.65 billion in net inflows. Equity ETFs attracted $42.02 billion in net inflows during the month, bringing year-to-date inflows to $291.66 billion—slightly ahead of the $288.59 billion recorded at the same point in 2024. Fixed income ETFs saw $31.66 billion in net inflows in August, pushing year-to-date inflows to $151.79 billion, up from $129.53 billion by the end of August 2024. Commodities ETFs reported $4.98 billion in net inflows for the month, bringing year-to-date inflows to $27.78 billion—a significant turnaround from the $1.53 billion in net outflows recorded over the same period in 2024. Active ETFs attracted $43.41 billion in August, with year-to-date inflows reaching $307.18 billion, a substantial increase from $180.22 billion at this point last year.  Substantial inflows can be attributed to the top 20 ETF‘s by net new assets, which collectively gathered $57.11 Bn in August. Vanguard S&P 500 ETF (VOO US) gathered $9.17 Bn, the largest individual net inflow.Top 20 ETFs by net new assets August 2025: US     The top 10 ETPs by net assets collectively gathered $1.43 Bn during August. Fidelity Ethereum Fund (FETH US) gathered $493.44 Mn, the largest individual net inflow. Top 10 ETPs by net new assets August 2025: US   Investors have tended to invest in Active ETFs during August.

The UK government has published a Roadmap on AI Assurance with a focus on the need for AI systems are developed and deployed responsibly and in compliance with the law. Z/Yen has led thinking on the development of thinking on ethical computing and AI for some time, including working alongside the British Computer Society in 2010 on a report "Ethics in the Provision and Use of IT for Business". More recently Z/Yen’s Chairman, Professor Michael Mainelli, launched the Lord Mayor’s Ethical AI Initiative when he served as Lord Mayor of London in 2023-24. One part of the initiative was the Walbrook AI QI Accord, promoting the use of the ISO/IEC 42001:2023 Artificial Intelligence – Management System, which led to AI Quality Infrastructure being established in Barcelona. Z/Yen, the UK Accreditation Service (UKAS), and the British Standards Institute (BSI) have grown the AI QI Consortium to encompass 200 organisations spanning nearly 70 countries. A further part of the initiative was the development of a course in ethical AI - “Delivering Ethics Courses For AI Deployers & Builders”. The widely franchised course is burgeoning with the course offered as part of professional training by the Chartered Institute for Securities & Investment, the Law Society, the Royal Institution of Chartered Surveyors, the British Computer Society, the Institute & Faculty of Actuaries, and the ACCA. Welcoming the government’s publication of its Trusted third-party AI assurance roadmap, and the development of standards for AI assurance, Professor Michael Mainelli, Chairman of Z/Yen, said: “AI has the potential to bring great benefits, if used well. We have had a longstanding interest in the ethical deployment of technology, including AI, and we are pleased that the government has recognised the importance of high quality AI assurance.”

Sky News has reported that former Conservative minister Lord Hammond will step down from the board of digital assets group Copper after three years. This decision comes as Copper plans to strengthen its focus on the U.S. market.

Tehran Securities Exchange (TSE), in collaboration with the Federation of Euro-Asian Capital Markets (FEAS), held the online meeting of WG on Tuesday, September 9, to advance digital oversight of capital markets. The session, attended by Mohammadreza Shahnazari, Deputy for Market Surveillance, and Reza Ghafouri, Director of Market Surveillance, underscored TSE’s commitment to combating market manipulation through technology-driven regulation. Habib Ghazanfari, Head of Market Integrity Watch, introduced TSE’s newly launched Digital Surveillance Framework, outlining global challenges posed by social media platforms such as Telegram, X (former Twitter), and Instagram in distorting investor behavior and asset prices. He highlighted historical cases of coordinated pump-and-dump schemes and emphasized TSE’s proactive response: the creation of a dedicated Social Media Surveillance Task Force to detect and neutralize manipulative content in real time. “The Market Integrity Watch is now working on automating their processes to improve violation detection speed and accuracy”, he said. He highlighted the difficulties in tracing the original publication of content compared to other platforms and mentioned the increasing use of videos and pictures, which complicates analysis. He also touched on the challenges of proving intention behind posts, dealing with account deletions or changes, and monitoring private channels and groups. Despite these challenges, he emphasized that overcoming them has provided valuable insights for future steps. Zahra Ramazani, a Market Integrity Officer, detailed the technical tools underpinning this initiative, including AI-powered Persian-language sentiment analysis, anomaly detection algorithms, and cross-platform monitoring systems that track suspicious posting patterns across encrypted and public channels. These tools enable regulators to move from reactive investigations to predictive prevention. She explained how they analyze trading activity and social media discussions to identify potential market manipulation and maintain stability. The process involves detecting unusual price fluctuations, cross-referencing with social media content, and using Python for data integration and analysis. The insights gained from this monitoring help regulatory bodies take timely actions to protect investors and ensure market fairness. The meeting concluded with a presentation by Fatemeh Nazemi, another Market Integrity Officer who presented two verified cases of market manipulation via social media. In one case, a Telegram network artificially inflated a small-cap stock price by over 50% using fake news; in another, impersonators misled retail investors into buying illiquid securities. Both incidents led to regulatory sanctions, trading suspensions, and legal referrals — demonstrating TSE’s growing capacity to enforce accountability in the digital sphere. The meeting concluded with an emphasis on the critical importance of strengthening innovative regulatory approaches and enhancing the preparedness of capital markets to address evolving challenges in the digital space. The establishment and regular convening of this Working Group under the oversight of the Tehran Securities Exchange’s Market Surveillance Directorate reflects TSE’s firm commitment to leveraging advanced technologies, fostering international cooperation, and pioneering innovation in market surveillance — all aimed at safeguarding the integrity, security, and transparency of Iran’s financial markets against today’s digital threats.  

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Time of Securities market trading resumption is 11:40 MSK 13.09.2025. The trading system is available for order withdrawal

Please be advised that trading on the Securities market was suspended at 10:12 MSK 13.09.2025. The time of trading resumption would announced in a due course.