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.  

Click here to download Tehran Securities Exchange's monthly bulletin.

Click here to download Tehran Securities Exchange's weekly market snapshot.

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.

During today's call with G7 Finance Ministers, Secretary Bessent reiterated President Trump's call to our G7 partners that, if they are truly committed to ending the war in Ukraine, they should join the United States in imposing tariffs on countries purchasing oil from Russia. Secretary Bessent and Ambassador Greer also welcomed commitments to increase sanctions pressure and explore using immobilized Russian sovereign assets to further benefit Ukraine’s defense. "Only with a unified effort that cuts off the revenues funding Putin’s war machine at the source will we be able to apply sufficient economic pressure to end the senseless killing," said Secretary Bessent and Ambassador Greer. "Thanks to President Trump’s bold leadership, the United States has already taken dramatic action against the purchasers of Russian oil.  We are encouraged by the assurances of our fellow G7 nations that they are committed to ending this war, and we are hopeful that they will join us in taking decisive action at this critical time."

The Commodity Futures Trading Commission’s Market Participants Division today announced it has issued a no-action letter extending to UBS Europe SE the no-action position in CFTC Staff Letter No. 12-70, notwithstanding that UBS Europe SE may be subject to statutory disqualification solely for the reasons described in the letter. RELATED LINKS CFTC Staff Letter 25-31

A total turnover of 3.188 billion shares worth N99.685 billion in 132,711 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 3.117 billion shares valued at N90.295 billion that exchanged hands last week in 118,018 deals. Click here for full details.

The current reports for the week of September 09, 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 COT Release Schedule CFTC Public Reporting Environment (PRE) PRE User Guide PRE Frequently Asked Questions (FAQs)

Gov. Gavin Newsom has appointed Lisa Middleton as the insurance industry representative on the CalPERS Board of Administration. She previously served on the CalPERS Board of Administration, as the representative for local government elected officials from 2019 to February 2025 as a member of the Palm Springs City Council. “We welcome Lisa back to CalPERS and look forward to the experience and perspective she will bring in service to our 2.3 million members,” said CalPERS Chief Executive Officer Marcie Frost. “We have seen firsthand how Lisa’s commitment to public service, both as a city leader in Palm Springs and a former board member, will be invaluable to our mission to provide retirement security and quality health care benefits to those who serve California.” Prior to her role at CalPERS, Middleton spent more than three decades at California's State Compensation Insurance Fund, from 1974 to 2010. At her retirement she was the senior vice president of Internal Affairs with executive responsibility for internal audits, fraud investigations, public records, and governance. She was also a member of California's Fraud Assessment Commission, which she chaired in 2010. “Lisa has made an indelible impact, touched countless lives, and strengthened communities through her service,” said CalPERS Board of Administration President Theresa Taylor. “She exemplifies integrity, compassion, and excellence. Her return to the CalPERS board will set a high standard for all of us to follow.” Middleton earned a bachelor's degree in political science and holds a master's degree in public administration from the University of Southern California. She also completed the LGBT Leadership Institute program through the University of California, Los Angeles, Anderson School of Management. Middleton is the first transgender person elected to a non-judicial office in the State of California. The 13-member CalPERS Board of Administration sets policy and oversees the administration of retirement and health benefits on behalf of California public employers, and their active and retired employees. The board also oversees administration of the pension fund’s investments. Under the California Constitution, the CalPERS Board has exclusive authority to administer the CalPERS pension fund. The next board meeting will take place on September 15-17, 2025.

Regulation National Market System (NMS) Rule 611 a.k.a. Order Protection Rule (OPR) was adopted 20 years ago. The SEC is hosting a roundtable on September 18, 2025 with 3 panel discussions: (1) market participants’ experience with trade-through prohibitions; (2) a trade-through prohibition’s role in today’s market structure; and (3) forward thinking. Two Commissioners (one being the current SEC Chair Paul Atkins) had previously expressed their dissent on the OPR. Is it the right time to roll-back or modernize OPR? What changes to the OPR and other relevant provisions of the NMS would contribute to the furtherance of market efficiency without compromising market integrity? This article discusses the strategic possibilities. Context Matters The historical transition from principle-based “Intermarket Trading System” (ITS) that was launched in late 1970s to OPR, the SEC cited concerns and rationales in the past that included: “fairness across venues where investors receive inferior price because of trade-throughs; uniform rules reduce fragmentation and gaming of slower venues; and codify protection foster trust in NMS in the post-decimalization era given the rise of Electronic Communication Networks and Alternative Trading Systems (ATSs).” OPR was welcomed by retail, while it complicated the way institutional firms move trade blocks. OPR price protection in automated markets relies on a centralized Processor – SIP for market data. Best Execution (BestEx) requires a trade-by-trade review with consideration of liquidity priced better than the top-of-book National Best Bid and Offer (NBBO). To foster an ecosystem in racing toward constant refreshing of the NBBO with meaningful size of at least a round lot to execute a trade, OPR’s simultaneous routing requirement is: “when a trading center [Exchanges, ATSs, and other OTC market makers] receives an Intermarket Sweep Order (ISO), it may execute the order immediately – even if better-priced quotations exist elsewhere – provided that the ISO sender simultaneously routes additional ISOs to those other venues to execute against the full displayed size of any better-priced protected quotations.” Points of controversy include: technically difficulties during high-speed market events (e.g. Flash Surge, MEME); latency-sensitive traders exploited latency gaps between quote updates and ISO routing; logistical challenges, analogy to different travel sites offer varying top recommendations (i.e. fragmentation); and the time precision on what constitutes as “simultaneous”. We do NOT believe any trading centers lack the technical know-how to handle simultaneous routing, but whether they want to and to what degree it would be profitable for them. The noumenon of NMS, where a single change to the components (OPR, Market Data, Tick Size, Access Fees, Payment for Order Flow, BestEx compliance, definition of Exchange / Dealer, etc.) can affect the entire system, market integrity, as well as the US competitiveness with foreign markets. Amid imperfection, “the US equity markets are the most robust in the world and continue to be among the deepest, most competitive, most liquid and most efficient.” Some feel comfortable with the current stage of equilibrium amid the NMS stock and listed options markets have as they evolved overtime. When formal rules do not yield the most optimized market efficiency, informal practices as “sub-system” emerge as a counter response. What broken needs to be fixed OPR did provide exceptions (e.g. non-automated quotes, flickering quotes, VWAP trades). Our observed counter responses to a less-than-optimal NMS include: ATSs together with all the TCA, BestEx compliance, liquidity sourcing, outsourced execution tools and smart order routers were developed to fabricate the fragmented markets that are underserved by exchanges. These tools are “bandages” and often profit from an ever more fragmented market. Market participants are required to comprehend various order types and functions of different lit and dark venues. More and more choose to collaborate with HFTs for outsourced execution capabilities rather than compete. Distorted rebates and other gimmicks to get ahead of others all favor the Elites. Smaller firms struggle to survive and merge away (number of FINRA registered firms has dropped from 4,000+ in 2014 to 3,249 at 2024-year end). Bandages-over-bandages of bureaucracy attributed to an upside-down smile curve and have widened the gap between the “haves” and “have-not.” Market Data Infrastructure Rule (MDIR) modernizes how market data is collected and disseminated by introducing competing consolidators to create a decentralized, competitive market data infrastructure. It will ultimately replace the previous exclusive, exchange-run SIP model. MDIR is a step towards allowing competing market forces to reduce the government or centralized party involvement in the markets. However, the SEC currently has a partial stay of the amendments to §600(b)(89)(i)(F) of MDIR that requires “the primary listing exchange to provide an indicator … of the applicable minimum pricing increment… under the definition of regulatory data” with respect to OPR Rule 612, and Rule 610(c) regarding reduction in access fee cap. Many smaller broker dealers depend on ATSs to counter the disadvantages they face with lit venues’ skewed privileges (32 mils super tier rebates, faster proprietary feed market data connections, DMM programs, etc.) provided to the elites. There are “onerous administrative obligations on data users, ambiguous language in the agreement, frequent unilateral amendments to the agreement, general lack of transparency on terms and conditions, excessive fees, increase of fees through penalties, and overly burdensome audits,” plus high switching and connectivity costs, as well as learning about nuances like trade-out, allocation, anti-gaming, adverse selection, pool vetting, etc. All drive up the cost of market transactions. Within and among Exchanges, ATSs, Systematic Internalizers (SIs), Single Dealer Platforms (SDPs), there is already intense competition. Unhealthy competition in a low-latency arms race has made the trading community subservient to the telecom infrastructure. To address that, time-lock encryption should be adopted to make market data available securely in synchronized time. Another key issue to address is the LACK OF STANDARDS across different market centers’ rebate and incentive. A mechanism is needed to efficiently delineate the rights and obligations about WHO OWNS THE DATA. US advantages over other jurisdictions OPR does NOT put the US in a competitive disadvantage to its neighbors – Canada and Europe. Similar to the US, the enforcement of Canadian-style order protection focuses on trading venues’ responsibility. In contrast, the scope of the Canadian rule is applicable to all visible accessible quotes instead of the US top-of-book per CSA National Instrument 23-101. In Canada, OPR is a shared responsibility between marketplaces and participants, and directed action orders resemble ITS-era discretionary routing, allowing participants to bypass better-priced quotes without strict simultaneity. The UK and EU have no OPR. They place substantial burden on investment firms to comply with best execution obligations under MiFID II and MiFIR. Amid Europe is catching up in building a centralized Consolidated Tape (CT, similar but different than the US SIP), industry associations are opposing mandatory consumption of CT for BestEx quality assessment. The ESMA has stated, “these evaluations will not take the standardized shape of SEC Rule 605 or 606”. Addressable liquidity is a fluid concept in Europe. The UK Financial Conduct Authority has opted to shift away from it, particularly in the context of SIs and post-trade transparency reforms. The US should resist any impulse to emulate regulatory missteps observed abroad—it must lead, not follow, in setting robust market standards. Factors attributed to the US advantages over other jurisdictions: (a) placing the burden on those who can afford it (e.g. Exchanges who rent seek from everyone, G-SIBs) and be practical to drive down costs for all market participants; plus (b) innovations. We acknowledge that it increases costs to connect with additional venues for BestEx compliance when those additional venues may add little or no real benefit. Canada introduced a 5% market share threshold to exempt dealers having to connect to new marketplaces with visible quotes that are under the threshold. That being said, such thresholds hinder innovations from smaller venues and deter new entrants to compete with their larger counterparts. To NOT exacerbate the gap between the “haves” and “have-not,” the focus should be about incentivizing innovations to overcome the high switching and connectivity costs, as well as learning about nuances like trade-out, allocation, anti-gaming, adverse selection, pool vetting, etc. For example, Model Context Protocol (MCP) works like a USB-C connector to ease some of the API costs. MCP accommodates latency draft and can be used for cross-venue price discovery. AI agents reconcile fragmented quotes in conjunction with MCP’s context-rich orchestration that respect execution preference, data providers’ paywall integration, and how HFTs may monetize microstructure inefficiencies in real with MCP are to be wait-and-see. No point in gutting OPR for Crypto Trading It is an Animal Farm where every constituent wants to negotiate to be “more equal.” One size does not fit all. Mass customization and shared services unleash tremendous values that traditional property rights frameworks struggle to capture. Yet, we are concerned that when “everybody a trading venue, nobody a trading venue.” Opportunists will not abide by multilateral agreements when bilateral deals generate higher returns without compromising efficiency. If everybody trades or transacts on decentralized chains (distributed ledger technology), there may be no point in having any market. The existence of markets is because there is a finite amount of goods and financial resources where effective valuations and delineate the exchanges of rights and obligations can occur efficiently. SEC Investor Protection should ONLY be applicable to countable securities (strict rule 15c3-3 around custody). The trading of those uncountable digital assets that akin to "non-cashable gambling chips" should NOT be subjected to investor protection over securities trading activities. CFTC is in a better position to regulate the trading of Spot Crypto Asset Contracts and Tokens sold via SAFT. Its authority under §2(c)(2)(D) of Commodity Exchange Act and COMEX Rule 7 help curb and mitigate situations such as the Monex case, retail metal fraud cases, and Silver Thursday event. Changes to the SEC’s OPR should steer clear of non-securities and non-exchange matters.   We do NOT desire the SEC to cross subsidize the cost to regulate crypto from equity trading. We suggest a stackable approach to create a “2-tier hierarchy” and periodically review the long-term betting odds at a securities exchange, an ATS, a Designated Commodity Market, or other Digital Assets Portals. Private activities should NOT induce harms to the public. Concerns with Opt-Out + One size does not fit all NMS reform needs to focus on: (i) the economics dynamics of “farmers” (asset maximizers), “hunters” (performance optimizers) and various intermediaries; (ii) reduce the need of regulatory enforcements or constant policing; (iii) to let the functioning of markets be self-managed with healthy competition, (iv) ensure the fairness and timely access to essential information where people can make educated choices, and (v) achieve sustainable grow of the overall pie. To encourage limit orders and aggressive quoting, an “opt-out” from the trade-through rule for informed customers was previously considered but NOT adopted. Using Smart contract attestations for opt-out consent does NOT alleviate concerns about market depth. As I have said in the past, “artificially altering the queue (equal waiting line at all checkout counters, except leaving much room for the Exchanges to selectively use tier rebates and other perks to divide the cake with the elites in hurting the other “content” creators) may affect the “apparent”, NOT the real supply and demand for securities.” Depending on the SIPs/ competing consolidators increasing their bandwidth to cater for the additional data under MDIR and tick size regime, some degree of data fragmentation will happen under a decentralized consolidation model, and benchmark reference-price arbitrage will persist due to multiple-NBBOs. It is inevitable that policy makers have to deal with capabilities differences of different trading venues. Tiered protection regimes based on investor sophistication and/or venue type is one of the possibilities, amid fragmentation would still persist, venues with lower protection standards may incentivize fleeting or non-committal quoting behavior, degrading the reliability of displayed prices. Audit trail ambiguity and timestamp arbitration would add costs and complexity to transparency and surveillance. We are concerned about its potential burden on broker-dealers. Protection without constant policing and healthy grow of the overall pie Our counter recommendations are as follow. Picture the Exchanges, ATSs, SIs, SDPs as different streaming platforms. Broker-dealers, and their algo developers/ traders are the content creators, like the “record labels/ publishers”, and “featured composers/ artists” in the music industry. STANDARDIZE the way different trading centers’ reward to “content creators” without pushing potential conflicts down or upstream nor rebate harvesting through phantom quotes. Let assume the existing copyright frameworks are applied to our capital markets. Order flows would be like “songs” streaming on different platforms. Broker-dealers would earn “performance royalty” on top of their trading revenue, whereas “performance royalty” in today’s term would be equivalent to access fee rebates or Payment for Order Flow (PFOF), except the incentives being standardized and available to all “content creators.” See this for further elaboration and a discussion about derivative work. Consideration factors are: whether streamers are exploiting content creators with rent seeking behaviors; would aggregators opt for heightening prices to pass increased costs on subscribers or restricting access to cause information asymmetry. The opportunity here is – a substantial portion of traders and algorithm developers’ cost would be paid for by this Copyright mechanism, off-loading burden for participating broker-dealers. By no mean does our proposal take anything away from the Exchanges. All streaming platforms, including Communication Protocol Systems, ought to bear royalty payments before earning appropriate subscription fees. It uses existing funding resources such as Access Fee Rebates and PFOF to realign capabilities of different venues and how incentives are paid out – NOT by volume-based tiers, but are determined by contributions to the 4Vs. This is a simpler market structure. It will help weed out conflict-of-interest, curb rent seeking behaviors, and address issues of arbitrage or a particular type of trading venue at competitive disadvantage compared to other streaming platforms. According to Hannes Datta, George Know, and Bart J. Bronnenberg in their empirical research, “adoption of streaming leads to: INCREASES in QUANTITY of consumption … INCREASES in VARIETY of consumption… INCREASE in DISCOVERY of NEW music … Streaming revenue are climbing not only because more consumers are adopting streaming, but because consumers’ OVERALL consumption of music is GROWING as well. Streaming creates a MORE LEVEL PLAYING FIELD for SMALLER artists… Streaming EXPANDS consumers’ ATTENTION to a WIDER SET of artists… Streaming INCREASES consumer WELFARE by reducing search frictions (e.g., ENHANCING DISCOVERY) and help users DISCOVER NEW HIGH-VALUE CONTENT.”  The authors measured volume based on the number of songs (order flow) each user consumes in a given period. They measured the breath of variety consumed by users, and concentration – popularity of consumed content and calculated the concentration ratio based on each user’s own favorite top song and genres, as a share of total plays. They measured repeat consumption share for both new and known artists, calculated the ratio of top new variety plays to top overall plays over a rolling period to access chance of new artists and/or songs being ‘discovered’. “Discovery” in the context of Capital Markets, can encompass veracity in price discovery, velocity in filling orders/ finding matches, as well as discovering unknowns. Rebates in the form of standardized copyright royalties encourage contents creation and help build communities. In short, the 4Vs are essential elements to contrive a New Paradigm, where there are bigger pieces for everyone. By Kelvin To, Founder and President of Data Boiler Technologies Data Boiler has patented inventions (US, Canada, Singapore, Japan, Europe, and Australia). It is a crossover between Music and Trading in signal processing, trade analytics, machine learning, time-lock cryptography, etc. We commented frequently on regulatory policies, was a Type C organization member of the European Commission’s Data Expert Group, and a former committee of BITS (Banking Policy Institute). With over 12 years in business, we remain deeply passionate about the long-term development of capital markets. By Kelvin To, Founder and President of Data Boiler Technologies Data Boiler has patented inventions (US, Canada, Singapore, Japan, Europe, and Australia). It is a crossover between Music and Trading in signal processing, trade analytics, machine learning, time-lock cryptography, etc. We commented frequently on regulatory policies, was a Type C organization member of the European Commission’s Data Expert Group, and a former committee of BITS (Banking Policy Institute). With over 12 years in business, we remain deeply passionate about the long-term development of capital markets.

WHAT: Acting Chairman Caroline D. Pham will speak at a fireside chat on “Instability as a Catalyst - Fintech’s Role in a Global Interconnected Economy” and participate in a panel discussion titled “Are Digital Assets Fundamentally Transforming the Ecosystem of Financial Markets?” at Money 20/20 Middle East. WHEN: Instability as a Catalyst - Fintech’s Role in a Global Interconnected EconomyMonday, September 15, 20251:50 p.m. (UTC+3/Riyadh)6:50 a.m. (EDT/USA)Are Digital Assets Fundamentally Transforming the Ecosystem of Financial Markets?Tuesday, September 16, 20251:35 p.m. (UTC+3/Riyadh)6:35 a.m. (EDT/USA) WHERE: Riyadh Exhibition & Convention CenterMalham, Riyadh792P+JQ, Malham 13380Saudi Arabia

Secuoya Content Group has registered a new commercial paper programme in the Fixed Income market of BME, MARF, for an amount of 75 million euros. The commercial paper under this programme will have unit nominal values of 100,000 euros, will be aimed at qualified investors, and will have maturities of up to 24 months. With this new programme, Secuoya, whose shares are listed on BME Growthopens in a new tab, diversifies its financing sources towards Fixed Income. Banca March participates as Lead Arranger and Registered Advisor of the Programme, and the Dealers are Banca March itself, Banco Sabadell, and Renta 4 Banco. Cuatrecasas Legal has collaborated as the issuer's legal advisor in the registration of the programme. Secuoya is a global audiovisual group focused on two main business areas: the creation and production of original content (series, movies, documentaries, entertainment) through its Secuoya Studios division, and the provision of integrated audiovisual and communication services, which include marketing, technological solutions, and outsourced transmission operations, with its Services division. In recent years, it has evolved from being a pure audiovisual service provider to a multidisciplinary company that maintains a service platform for broadcasters and institutions, while increasingly focusing on content creation through its Secuoya Studios division, which produces, owns, and licences original intellectual property globally; it operates in Latin America (Colombia, Peru, Chile, Mexico) and the United States (Los Angeles, Miami). The Group is also present in the Middle East (Qatar, Dubai) and other territories through production alliances (Pods), such as Spain, Mexico, France, Iceland and UK reflecting its strategic commitment to international expansion. At the end of 2024, Secuoya Content Group reached consolidated sales of 142 million euros and an adjusted EBITDA of 31.5 million.

Euronext today announced the results of the quarterly review1 for the MIB ESG® index, which will be implemented after markets close on Friday, 19 September 2025 and will be effective from Monday, 22 September 2025. Results of the Quarterly Review MIB ESG® Inclusion of: Exclusion of:  Diasorin - Interpump Group - Euronext retains the right to change the published selection, for instance in the case of a removal due to a takeover, until the publication of the final data after close of Wednesday, 17 September 2025. All events happening after that date will not lead to a replacement of the selected company that possibly needs to be removed from the final selection. Review MIB ESG®  Family The MIB ESG® index is reviewed quarterly (March, June, September, December). Next review will be announced on Friday, 12 December 2025.       The MIB ESG  index methodology incorporates rule changes effective from the June 2025 review of the MIB ESG index, including the introduction of the index investable universe.

The TF2606 5-year China government bond futures contract is scheduled to be listed on September 15, 2025 at the listing benchmark price of RMB 105.47. The T2606 10-year China government bond futures contract is scheduled to be listed on September 15, 2025 at the listing benchmark price of RMB 107.385. The TS2606 2-year China government bond futures contract is scheduled to be listed on September 15, 2025 at the listing benchmark price of RMB 102.294. The TL2606 30-year China government bond futures contract is scheduled to be listed on September 15, 2025 at the listing benchmark price of RMB 114.85.