The European Association of CCP Clearing Houses (EACH) has responded to ESMA’s consultation on EMIR 3 draft RTS on Participation Requirements. EACH Members particularly welcome that the draft RTS preamble seeks to give CCPs the flexibility to adapt the conditions to their participants, and would like to emphasise the importance of calibrating the type of issues this draft RTS is trying to address The key messages that EACH Members would like to convey are the following: Support the adaptive risk-based approach proposed by ESMA and suggests tweaks to its implementation – We agree with the provisions specifying that a CCP should tailor its admission criteria to its specific risks and the risk profile of the type of product cleared, the type of membership, and/or the type of clearing member. However, we believe that the draft RTS does not reflect this flexibility explicitly enough in the articles themselves, and suggest some amendments to address this matter. Avoid overly extensive and unrealistic criteria – EACH Members have noted that, cumulatively, the list of criteria that a CCP shall consider is extensive and many of the criteria would be difficult for a CCP to verify. For example, to truly verify compliance with the operational conditions, a full on-premises audit including potentially of suppliers would be required, which would be very costly and of limited added value. We would therefore like to clarify that CCPs should not be forced to become a quasi-regulator of their clearing members: especially where clearing members are regulated financial institutions, they are already subject to extensive requirements and supervision. Complement rather than duplicate the CCP risk management framework – We would like to emphasise that the draft RTS in its current form includes elements that are covered in the risk management framework of the CCP and should not be addressed via the admission criteria. For example, during the onboarding phase of clearing members, the CCP cannot assess the future portfolio of a clearing member or the relative importance of client activity in comparison to proprietary clearing. Such risks are however sufficiently covered in a CCP’s risk management framework. Please find the full EACH response here.

The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of December 1, 2025, through December 31, 2025. Under the CRA, the OCC assesses an institution’s record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with the safe and sound operation of such institution. The list includes the national banks, federal savings associations, and insured federal branches of foreign banks that have received CRA ratings. Possible ratings assigned are outstanding, satisfactory, needs to improve, and substantial noncompliance. The CRA evaluations released are: InstitutionCityStateCRA Rating USAA Federal Savings Bank Phoenix AZ Outstanding Beacon Business Bank, N.A. San Francisco CA Satisfactory First National Bank of Griffin Griffin GA Satisfactory Crystal Lake Bank & Trust Company, N.A. Crystal Lake IL Outstanding Hometown National Bank LaSalle IL Satisfactory Libertyville Bank & Trust Company, N.A. Libertyville IL Outstanding Resource Bank, N.A. DeKalb IL Satisfactory Home Bank S.B. Martinsville IN Outstanding Argentine Federal Savings Kansas City KS Outstanding Cumberland Valley National Bank & Trust Company London KY Outstanding First & Farmers National Bank, Inc. Somerset KY Outstanding Forcht Bank, N.A. Lexington KY Satisfactory Leader Bank, N.A. Arlington MA Satisfactory Winter Hill Bank, F.S.B. Somerville MA Outstanding The First National Bank of Bemidji Bemidji MN Satisfactory Western National Bank Cass Lake MN Outstanding The First National Bank of Gordon Gordon NE Outstanding Hana Bank USA, N.A. Fort Lee NJ Satisfactory Newfield National Bank Newfield NJ Satisfactory First National Bank Alamogordo NM Satisfactory M.Y. Safra Bank, F.S.B. New York NY Outstanding Quontic Bank Astoria NY Satisfactory Safra National Bank of New York New York NY Satisfactory JPMorgan Chase Bank, N.A. Columbus OH Outstanding First National Bank Heavener OK Satisfactory Triad Bank, N.A. Tulsa OK Satisfactory First Federal Savings & Loan Association of Greene County Waynesburg PA Satisfactory Citizens National Bank Sevierville TN Satisfactory American First National Bank Houston TX Outstanding American Express National Bank Sandy UT Outstanding Oak View National Bank Warrenton VA Satisfactory The Bank of Bennington Bennington VT Satisfactory National Bank of Commerce Superior WI Outstanding   The OCC's website offers access to a searchable list of all public CRA evaluations issued since April 1996. The OCC also publishes a list of institutions to be examined for compliance with the CRA in the next two calendar quarters.

The Joint Board of Appeal (“The Board”) of the European Supervisory Authorities (ESAs) – the EBA, ESMA, EIOPA – has issued its decision on costs arising in the appeal brought by NOVIS Insurance Company, NOVIS Versicherungsgesellschaft, NOVIS Compagnia di Assicurazioni, and NOVIS Poisťovňa a.s. (“NOVIS”) against the European Insurance and Occupational Pensions Authority (“EIOPA”). In its Decision of 30 July 2024, the Board had ordered EIOPA to reimburse NOVIS’ costs for the appeal. The breakdown of costs subsequently submitted by NOVIS was contested by EIOPA. The matter was brought to the Board for a decision.  In its Decision of 03 December 2025, the Board confirmed its competence to decide on the allocation and taxation of costs. It clarified that only costs that are objectively necessary and reasonable may be reimbursed. The Board also decided on those aspects, ruling on a total amount of costs to be reimbursed by EIOPA. Related Documents DateReferenceTitleDownloadSelect 05/01/2026 BoA-D-2025-01 Decision in an Appeal by NOVIS vs EIOPA

FTSE Russell announces the FTSE 100 has reached an historical milestone, closing at 10004.57 points the first time.  The continued upward momentum follows on from 2025 where the index increased of 21.51% - the largest annual percentage increase since 2009 (22.07%). The total points rise of the FTSE 100 in 2025 was 1758.36.  Gerald Toledano, Group Head of Equities at FTSE Russell, said: “The FTSE 100 passing 10,000 points is a landmark moment for the UK market. It demonstrates the enduring dynamism of British companies and the important role London continues to play as a global financial centre.”  Please see attached for daily price history for the FTSE 100 since 1st January 2020.  Additionally, please find some facts and figures about the FTSE 100 below:   Total market capitalisation: £2.4 trillion  Largest daily return: 9.84% (Total Return, 24th Nov 2008)  Smallest daily return: -12.2% (Total Return, 20th Oct 1987) 

Summary HM Treasury and the UK Debt Management Office are consulting on expanding and deepening the UK Treasury bill (T-bill) market, as announced at Autumn Budget 2025. This supports our commitment to maintaining a well-diversified investor base, to enhance the resilience of the government’s financing programme. This consultation closes at11:59pm on 27 February 2026 Consultation description In recent years, the government’s net financing requirements have been met primarily via gilt sales. Through this consultation, the government is seeking to better inform the structure of its T-bill issuance programme, as well as exploring options to promote participation in the T-bill market – both via its primary market operations and through the development of a more active and liquid secondary market in the UK. Together, these could potentially support a higher level of T-bill stock over time, which may in turn support a larger role for T-bills in the government’s debt financing programme. The government welcomes views from all interested parties, and in particular from current and potential participants in the T-bill market. Any decisions about the government’s approach to T-bill issuance and the T-bill market will consider stakeholder feedback, in addition to cost and risk considerations (in line with the government’s debt and cash management objectives). Said decisions will be communicated in the 2026-27 financial year, with sufficient notice to give the market time to prepare. How to respond We strongly encourage responses via email to tbillconsultation@dmo.gov.uk. If you cannot respond via email, you may send a written response to the UK Debt Management Office at the address provided in the consultation document. When responding, please clearly indicate which consultation question each comment relates to, and state whether you are responding as an individual or representing the views of an organisation, business, or representative body. Documents The UK Treasury bill market – a consultation document PDF, 424 KB, 27 pages This file may not be suitable for users of assistive technology. Request an accessible format. If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email digital.communications@hmtreasury.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use. Ways to respond Email to: policy@dmo.gov.uk

Fiserv, Inc. (NASDAQ:FISV), a leading global provider of payments and financial services technology, has published the Fiserv Small Business Index for December 2025, indicating small businesses closed out the holiday season with modest gains. The seasonally adjusted Index climbed to 144, while year-over-year sales grew (+1.6%), due to higher average ticket sizes and steady demand for essentials. December sales rose month-over-month (+0.8%), while transaction volume remained flat. Compared to 2024, average ticket sizes were up (+2.0%), signaling that consumers spent more per purchase during the holiday period. “December’s sales gains show the resilience of small businesses during a competitive holiday season,” said Prasanna Dhore, Chief Data Officer at Fiserv. “Consumers focused on essentials and made selective discretionary purchases, driven by ongoing cost pressures. These patterns, resulting in modest monthly sales growth, highlight how small businesses continue to adjust in a challenging economic climate.” Key Takeaways Holiday Demand Boosts Retail Sales Retail sales among small businesses rose (+0.9%) month-over-month and (+0.3%) year-over-year, with Core Retail (excluding volatile categories) posting stronger (+1.1%) year-over-year growth. Sporting Goods (+5.2%) led annual gains, supported by increased foot traffic (+5.8%). Spending on Essentials Outpaces Discretionary Spending Essential categories continued to outperform discretionary purchases, growing (+2.8%) year-over-year compared to (+0.7%) for discretionary items. Grocery sales dipped slightly (-0.3%) despite a small uptick in foot traffic (+0.2%). Restaurant Sales Remain Flat in December Small business restaurants saw minimal change, with sales up (+0.1%) year-over-year and flat month-over-month. Falling year-over-year foot traffic (-1.5%) was the key driver of the low annual growth. Limited-Service Restaurants (+0.5%) outperformed Full-Service Restaurants (-0.6%) year-over-year, while bars saw +1.0% growth, driven entirely by increased foot traffic. States Experience Broad Sales Growth Compared to November, sales grew in 43 of 50 states during the month of December, a significant increase from the month prior, when only 11 states saw sales increases. Month-over-month increases from high-volume states, including California (+1.6%) and Texas (+1.1%), contributed significantly to this growth. New York (-0.5%), Colorado (-1.5%) and Pennsylvania (-0.2%) were among the few states to experience month-over-month declines. To access the full Fiserv Small Business Index, visit fiserv.com/FiservSmallBusinessIndex. About the Fiserv Small Business Index® The Fiserv Small Business Index is published during the first week of every month and differentiated by its direct aggregation of consumer spending activity within the U.S. small business ecosystem. Rather than relying on survey or sentiment data, the Fiserv Small Business Index is derived from point-of-sale transaction data, including card, cash, and check transactions in-store and online across approximately 2 million U.S. small businesses, including hundreds of thousands leveraging the Clover point-of-sale and business management platform. Benchmarked to 2019, the Fiserv Small Business Index provides a numeric value measuring consumer spending, with an accompanying transaction index measuring customer traffic. Through a simple interface, users can access data by region, state, and/or across business types categorized by the North American Industry Classification System (NAICS). Featuring the most detailed classification available, the Fiserv Small Business Index provides visibility into 56 standardized level-6 national industries across 26 subsectors and 13 sectors, allowing users to track sales trends with precision and understand the diverse dynamics shaping the U.S. small business economy.

Record annual ADV in interest rate, energy, agricultural, metals and cryptocurrency products Record annual ADV in U.S. Treasury and SOFR complexes Record annual ADV reached outside the U.S. Record Q4 and December ADV CME Group, the world's leading derivatives marketplace, today reported its full-year, Q4 and December 2025 market statistics, with record average daily volume (ADV) of 28.1 million contracts during the year, an increase of 6% over 2024. Q4 ADV reached a record 27.4 million contracts and December ADV reached a record 23.5 million contracts. Market statistics are available in greater detail at https://cmegroupinc.gcs-web.com/monthly-volume. Full-year 2025 highlights across asset classes include: Interest Rate ADV increased 4% to a record 14.2 million contracts Record annual U.S. Treasury futures and options ADV of 8.3 million contracts Record annual SOFR futures and options ADV of 5.4 million contracts Record annual 5-Year U.S. Treasury Note futures ADV of 1.8 million contracts Record annual 2-Year U.S. Treasury Note futures ADV of 1 million contracts Record annual 10-Year U.S. Treasury Note options ADV of 971,000 contracts Record annual 30-Day Fed Funds futures ADV of 495,000 contracts Equity Index ADV increased 8% to 7.4 million contracts Record annual Micro E-mini Nasdaq-100 futures ADV of 1.6 million contracts Micro E-mini S&P 500 futures ADV increased 35% to 1.2 million contracts Energy ADV increased 8% to a record 2.7 million contracts Record annual Henry Hub Natural Gas futures and options ADV of 904,000 contracts Record annual NY Heating Oil futures ADV of 197,000 contracts Agricultural ADV increased 8% to a record 1.9 million contracts Record annual Corn futures ADV of 437,000 contracts Record annual Soybean futures ADV of 293,000 contracts Record annual Soybean Oil futures ADV of 182,000 contracts Metals ADV increased 34% to a record 988,000 contracts Record annual Micro Gold futures ADV of 325,000 contracts Record annual Gold options ADV of 96,000 contracts Record annual Micro Silver futures ADV of 48,000 contracts Foreign Exchange ADV of 980,000 contracts Foreign Exchange options ADV increased 19% to 53,000 contracts Cryptocurrency ADV increased 139% to a record 278,000 contracts ($12 billion notional) Record annual Micro Ether futures ADV of 144,000 contracts Record annual Micro Bitcoin futures ADV of 75,000 contracts Record Ether futures ADV of 19,000 contracts International ADV increased 8% to a record 8.4 million contracts, with record EMEA ADV of 6.1 million contracts, record APAC ADV of 1.9 million contracts and Latin America ADV of 172,000 contracts Q4 2025 highlights across asset classes include: Interest Rate ADV of 13 million contracts Record Q4 U.S. Treasury options ADV of 1.4 million contracts SOFR options ADV increased 4% to 1.4 million contracts 30-Day Fed Funds futures ADV increased 39% to 576,000 contracts Equity Index ADV increased 22% to 7.7 million contracts Micro E-mini Nasdaq 100 futures ADV increased 41% to 1.8 million contracts Micro E-mini S&P 500 futures ADV increased 49% to 1.3 million contracts E-Mini Russell 2000 futures ADV increased 20% to 218,000 contracts Energy ADV of 2.5 million contracts Henry Hub Natural Gas futures ADV increased 4% to 655,000 contracts Henry Hub Natural Gas options ADV increased 22% to 323,000 contracts NY Heating Oil futures ADV increased 10% to 187,000 contracts Agricultural ADV increased 2% to 1.8 million contracts Soybean futures ADV increased 2% to 322,000 contracts Soybean options ADV increased 8% to 106,000 contracts Record Q4 Metals ADV of 1.4 million contracts Record Q4 Micro Gold futures ADV of 594,000 contracts Record Q4 Micro Silver futures ADV of 126,000 contracts Record Q4 Gold options ADV of 109,000 contracts Record quarterly Cryptocurrency ADV of 379,000 contracts ($13.3 billion notional) Record quarterly Micro Bitcoin futures ADV of 89,000 contracts Micro Ether futures ADV increased 164% to 201,000 contracts Ether futures ADV increased 137% to 22,000 contracts December 2025 highlights across asset classes include: Interest Rate ADV increased 5% to 10.6 million contracts Record December U.S. Treasury options ADV of 1.3 million contracts SOFR futures and options ADV increased 4% to 4.5 million contracts 30-Day Fed Funds futures ADV increased 14% to 495,000 contracts Equity Index ADV increased 2% to 6.9 million contracts Micro E-mini Nasdaq 100 futures ADV increased 18% to 1.5 million contracts Micro E-mini S&P 500 futures ADV increased 33% to 1.1 million contracts Energy ADV of 2.3 million contracts Henry Hub Natural Gas futures ADV increased 9% to 708,000 contracts Henry Hub Natural Gas options ADV increased 16% to 326,000 contracts Record December Metals ADV of 1.3 million contracts Record monthly Micro Silver futures ADV of 200,000 contracts Micro Gold futures ADV increased 312% to 449,000 contracts Silver futures ADV increased 364% to 344,000 contracts Record December Cryptocurrency ADV of 339,000 contracts ($9.4 billion notional) Micro Ether futures ADV increased 32% to 154,000 contracts Ether futures ADV increased 45% to 18,000 contracts Micro Products ADV Micro E-mini Equity Index futures and options ADV of 2.8 million contracts represented 40.5% of overall Equity Index ADV and Micro WTI Crude Oil futures accounted for 1.8% of overall Energy ADV BrokerTec U.S. Repo average daily notional value (ADNV) increased 14% to $386 billion and European Repo ADNV increased 11% to €305 billion Customer average collateral balances to meet performance bond requirements for rolling 3-months ending November 2025 were $135 billion for cash collateral and $163 billion for non-cash collateral

SIX has seen substantial growth of listing, capital raising and trading activity on its stock exchanges in Switzerland and Spain, accompanied by record performances of its blue chip benchmarks, SMI and IBEX35, over the course of 2025. In addition, SIX once again demonstrated the strength and reliability of its market infrastructure. Tables of Current Month Tables of Current Month View Tables View Document   Blue Chip Indices: Historic Highs In both Switzerland and Spain, the main stock market indicators of SIX hit new all-time highs in 2025. For the first time, the Swiss Market Index SMI® crossed the 13,000-point threshold in February, culminating at 13,288.7 on 23.12.2025, while the Spanish IBEX35® surpassed 17,000 points in December. At year-end, the SMI reached 13,267.5, a 14.4% increase over the course of the year, while the IBEX35 rose by an even more impressive 49.3% to peak at 17,308 points. Trading Activity: Double-Digit Growth Across both exchanges, total trading turnover in 2025 reached CHF 1,627.1 billion (+15.5% compared to 2024). On SIX Swiss Exchange, overall turnover was up 12.8% to reach CHF 1,135.0 billion, with the Equities segments up 10.5% to reach CHF 874.8 billion. With an increase of 47.6%, the Swiss ETF segment reached a turnover of CHF 124.3 billion – almost surpassing the record of 2019 (at CHF 124.7 billion). On BME Exchange, turnover was up 24.3% to reach EUR 525.3 billion. Equities were up 21.2% to reach EUR 384.6 billion, while the largest increase was recorded in the Fixed Income segment with 34.1% to reach a trading turnover of EUR 139.3 billion. In terms of transactions, SIX saw an increase of 8.9% across both markets to reach a total of 84,803,601. Trading activity in Switzerland was up by 10.3% to reach 52,802,069 trades, while 32,001,532 transactions were carried out in Spain (+6.7%). ETFs in Switzerland (+36.4%) - reaching a new record of 3,369,968 – and Securitized Derivatives in Spain (+32.5%) were the segments with the largest increases over the course of 2025. Capital Raising: Twenty Successful Listings In 2025, SIX saw a total of twenty companies complete successful listings across Switzerland and Spain. The IPO season in Switzerland was opened with the listing of BioVersys at SIX Swiss Exchange in February (MCap CHF 216 million at opening price), followed by the listings of Amrize (spin-off from Holcim, MCap CHF 26 billion) and SMG Swiss Marketplace Group (MCap CHF 4.7 billion). At the time in September, SMG was the largest IPO in Europe in terms of transaction size and by year-end it ranked as the second largest European IPO of 2025. Combined, BioVersys (CHF 80 million) and SMG (CHF 997 million incl. over-allotment) raised over a billion Swiss francs in fresh capital. Furthermore, already listed companies used the Swiss capital market to raise around CHF 2.7 billion via equity capital increases in the past year, 15.6% more than in 2024 (CHF 2.3 billion). In Spain, three companies listed on the BME Main Market in 2025: HBX Group, Izertis and Cirsa Enterprises. Over the course of the year, Spanish listed companies increased their capital by EUR 10.9 billion, 79.7% more than in the same period of 2024. The growth markets of BME continued to fulfill their role as a corporate financing instrument for smaller companies. While fourteen new companies joined BME Growth and BME Scaleup, the launch of BME Easy Access in 2025 provides an additional innovative IPO mechanism that allows shares to be admitted without the requirement of a minimum share distribution. With regards to capital raising, the fixed income markets in Switzerland and Spain also report a successful year. On SIX Swiss Exchange, new all-time highs were recorded with 558 bond listings (+18% compared to 2024) and a listed volume of CHF 124 billion (+15%). In Spain, the volume of corporate debt issues increased by 52% to exceed EUR 79 billion in 2025, while the Alternative Fixed-Income Market MARF achieved a new milestone with a total outstanding balance exceeding EUR 10 billion for the first time. Further Asset Classes: Attractive Distribution Network In the year of its 25th anniversary, the ETF segment of SIX Swiss Exchange underlined its growth trajectory with seven new issuers joining and 307 new ETFs launched, resulting in a new record of 2,099 listed products available to investors at year end. The number of ETP issuers increased by four and the overall number of ETPs rose to 266, of which 214 are crypto ETPs. Furthermore, three real estate fund providers listed their investment funds on SIX Swiss Exchange. The listing activity in the structured products segment of SIX Swiss Exchange reached unprecedented heights. Over the course of 2025, 169,099 new products were listed – 52.6% more than the previous year’s record of 110,870. In April, investors had for the first time a choice of over 70,000 structured products available on SIX Swiss Exchange. The market of securitized derivatives in Spain saw the number of listings rise by 19.6% to reach 7,632. In terms of turnover growth, Stock Options recorded a plus of 50.7% compared to 2024, reaching a turnover of EUR 1.8 billion, while the IBEX35 Futures reached a turnover of EUR 49.0 billion at year-end. Paving the Way for Future Growth To foster wider capital market participation, both SIX Swiss Exchange and BME Exchange have facilitated increased retail participation by extending their trading hours. In Switzerland, Structured Products can now be traded from 8.00 a.m. to 9.45 p.m., whereas on BME Exchange, IBEX 35® futures can now be traded from 8.00 a.m. to 10.00 p.m. Additional retail-oriented measures included the relaunch of the Sponsored Foreign Shares segment in Switzerland and the launch of European-style stock options in Spain. Gregor Braun, Head Cash Market Sales, Exchanges, comments: “2025 has been a very successful year for both SIX Swiss Exchange and BME Exchange – and with the addition of Aquis, SIX has strengthened its position as an innovative and reliable partner in capital markets, offering both exchange services and technology solutions. Operating across Switzerland, the EU, and the UK, we are well positioned to develop markets, technologies and offerings that address evolving market needs, while fostering pan-European growth and creating opportunities for firms to work closely with us, explore new initiatives, and shape the future of capital markets together.”    More Detailed Information Detailed statistics on turnover and transaction volumes per segment compared with the previous month and previous year, on newly listed products and on the development of the most important indices can be found in the tables below. The website of SIX Swiss Exchange provides you with full access to our complete information offering. We provide you with the latest market data and comprehensive statistics for our entire securities universe. This includes order book information, prices, volumes and turnover figures as well as historical data and statistics. We also provide official notices of listed companies, management transactions and other relevant information to ensure safe and transparent trading. Discover more.   Statistical Monthly Report Statistical Monthly Report   Intraday Activity Intraday Activity

​The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, is launching the first selection procedure for the Consolidated Tape Provider (CTP) for over the counter (OTC) derivatives. Entities interested to apply are encouraged to register and submit their requests to participate in the selection procedure by 11 February 2026.  ​The CTP aims to enhance market transparency and efficiency by consolidating post-trade data from data contributors, such as trading venues, into a single and continuous electronic stream. This consolidated view of market activity will help market participants to access accurate and timely information and make better-informed decisions, leading to more efficient price discovery and contributing to the Savings and Investment Union (SIU).  ​The CTP will collect and disseminate data on OTC derivatives based on the proposals in ESMA’s Final Report on transparency for derivatives.  ​The contract notice and procurement documents are available on the EU Funding & Tenders Portal.   ​Next Steps ESMA will assess the received requests against the exclusion and selection criteria and will invite the successful candidates to submit their application. Any questions during the application period will be answered via the Portal.   ​ESMA intends to adopt a reasoned decision on the selected applicant by early July 2026.  ​The successful applicant will be selected to operate the CTP for OTC derivatives for a period of five years and invited to apply for authorisation with ESMA. Once authorised, the CTP will be supervised by ESMA. Further information about the process is available on the dedicated webpage. ​ 

January 2026 The 2025 BIS Triennial Survey explained A special edition of the BIS Quarterly Review leverages new statistics to examine how structural shifts and policy changes have shaped trading activity in FX and derivatives markets. Insights on global FX markets In April, foreign exchange trading surged as participants managed currency risk, amid volatility and dollar depreciation following US tariff announcements.  Growth in interest rate derivatives markets The transition away from Libor, monetary policy shifts and the rise of cash-futures basis trade have reshaped interest rate derivatives markets.  Shifting currents in FX and interest rate derivatives Listen to the BISness podcast of Hyun Song Shin, Andreas Schrimpf and Goetz von Peter discussing the analysis of the BIS Triennial Survey. Are US equities and gold in bubble territory? For the first time in 50 years, gold and US equities have surged together into "explosive territory" – a rare phenomenon. Project Leap: quantum-proofing the financial system Project Leap successfully tested the integration of quantum-resistant cryptography into a real-life payment system. More BIS publications  BIS Bulletin: Global value chainsClassifying shippers by their owners’ nationality offers a new perspective and novel insights into the evolving global trading system. BIS Paper: Monetary policy under uncertaintyThe collection of papers shows how central banks adjusted their monetary policy decision-making process and communication under heightened uncertainty.FSI Insight: Securitisation reformsBy striking the right balance, policymakers can ensure that securitisation promotes both long-term financial stability and sustainable economic growth.  Upcoming By 30 January: International banking statistics and global liquidity indicators for Q3 2025.

More than 250 university students visited Tehran Securities Exchange (TSE) during the Fall 2025 as part of the Exchange’s ongoing educational outreach initiative. Tehran Securities Exchange (TSE), as Iran’s oldest established pillar of the local capital market, has consistently strived not only to fulfill its core mandate, facilitating corporate financing, ensuring market transparency, and upholding fairness, but also to foster sustainable development by cultivating a new generation well-versed in the principles of productive investment. Toward this end, TSE collaborates closely with universities and academic institutions nationwide to host student delegations and organize educational tours. Central to this effort is the “From Classroom to Trading Floor” program, a 90-minute immersive session designed to provide students with direct, unmediated exposure to Iran’s premier securities exchange. Participants gain practical insights into functions and structure of the broader capital market, learn the fundamentals of sound investment practices and trading mechanics, and become acquainted with the Exchange’s support mechanisms and services for market stakeholders. The session concludes with a Q&A segment, where TSE specialists address students’ inquiries, followed by a guided visit to the iconic trading hall. Notably, since the start of the new academic year, a total of 253 students from universities, including the University of Tehran, Imam Khomeini International University (Qazvin), Kharazmi University, Shahid Beheshti University, and the University of Qom, have taken part in these visits, underscoring the growing academic interest in capital market literacy among Iran’s future financial professionals.

WAMID Analytics was developed in partnership with BMLL, the leading independent provider of harmonized Level 3, 2, and 1 historical data and analytics Analytics Dashboard, a cutting-edge platform available in Arabic and English, forms the centerpiece of the WAMID Analytics suite Analytics Dashboard delivers powerful, no-code analytics designed to enhance transparency, insight, and efficiency across Saudi and global capital markets WAMID, the technology and innovation arm of Saudi Tadawul Group (“STG”), today announced the launch of WAMID Analytics, a comprehensive suite of advanced market analytics solutions designed to enhance transparency, insight, and efficiency across the Saudi Arabian and global capital markets.  Developed in collaboration with BMLL, a leading global provider of harmonized Level 3, 2, and 1 historical data and analytics, WAMID Analytics enables local and international market participants to access sophisticated analytics tools for regional and global markets.  At the core of WAMID Analytics is the Analytics Dashboard, a no-code, cloud-based platform that delivers powerful analytics and visualization capabilities. It provides access to advanced metrics derived from order book data collected from global equity markets. It also allows users to analyze market behavior, liquidity, and execution quality in granular detail – supporting smarter, faster, and data-driven decision-making. In addition to its comprehensive analytics library, Analytics Dashboard includes intuitive visual tools that enable users to compare trends, benchmark performance, and explore market microstructure across time horizons. Built on a flexible, cloud-native architecture, it is designed to serve a broad range of use cases, from institutional research to trading strategy optimization. Yazeed Al Domaiji, Chief Executive Officer of WAMID, said: “The launch of WAMID Analytics represents a major step forward in WAMID’s mission to deliver innovative market infrastructure solutions that strengthen the Saudi capital market and enhance its global integration. WAMID is committed to driving the digital transformation of Saudi Arabia’s financial ecosystem and to building a data-driven environment that fosters growth, innovation, and connectivity across global markets.” As the technology and innovation arm of STG, WAMID continues to lead the digital transformation of Saudi Arabia’s financial markets by developing and deploying advanced technological solutions that enhance accessibility and efficiency. The launch of WAMID Analytics builds on WAMID’s growing portfolio of innovative services, including WAMID DataHub, WAMID Newswire, Co-Location, and Liqaa, further cementing its role in shaping the future of market intelligence and global market connectivity.

LSEG announces it has purchased the following number of its ordinary shares of 679/86 pence each from Citigroup Global Markets Limited ("Citi") on the London Stock Exchange as part of its share buyback programme, as announced on 04 November 2025. Date of purchase: 02 January 2026 Aggregate number of ordinary shares purchased: 114,344 Lowest price paid per share: 8,818.00p Highest price paid per share: 9,010.00p Average price paid per share: 8,916.77p   LSEG intends to cancel all of the purchased shares. Following the cancellation of the repurchased shares, LSEG has 510,293,731 ordinary shares of 679/86 pence each in issue (excluding treasury shares) and holds 21,451,599 of its ordinary shares of 679/86 pence each in treasury. Therefore, the total voting rights in the Company will be 510,293,731. This figure for the total number of voting rights may be used by shareholders (and others with notification obligations) as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules. In accordance with Article 5(1)(b) of Regulation (EU) No 596/2014 (the Market Abuse Regulation) (as such legislation forms part of retained EU law as defined in the European Union (Withdrawal) Act 2018, as implemented, retained, amended, extended, re-enacted or otherwise given effect in the United Kingdom from 1 January 2021 and as amended or supplemented in the United Kingdom thereafter), a full breakdown of the individual purchases by Citi on behalf of the Company as part of the buyback programme can be found at: http://www.rns-pdf.londonstockexchange.com/rns/5458N_1-2026-1-2.pdf This announcement does not constitute, or form part of, an offer or any solicitation of an offer for securities in any jurisdiction. Schedule of Purchases Shares purchased:       114,344 (ISIN: GB00B0SWJX34) Date of purchases:      02 January 2026 Investment firm:         Citi Aggregate information: Venue Volume-weighted average price Aggregated volume Lowest price per share Highest price per share London Stock Exchange 8,916.77 114,344 8,818.00 9,010.00 Turquoise        

Centre reinforces Dubai’s position as a centre of excellence for family wealth, next-generation leadership and succession planning Coinciding with the National Family Growth Agenda 2031, DIFC reaffirms commitment to helping families prosper With 1250+ family-related entities, and 600 supporting financial firms and advisors, DIFC is home to the largest family ecosystem, rapidly becoming a cornerstone of global private wealth Gordian Capital is delighted to announce its plan for expansion into the Middle East, subject to approval from the Dubai Financial Services Authority (“DFSA”)“The Dubai International Financial Centre, (“DIFC”) has seen and continues to experience strong growth in the number of managers across alternatives and traditional strategies establishing an operation” Mark Voumard Founder of the group and CEO of Gordian Capital Singapore Private Limited noted”. He commented “Going cross border can have its challenges, primarily in terms of speed to market, as well as meeting rigorous initial and ongoing operational and regulatory standards.  This is where, provided we obtain regulatory approval, with the group’s history of success and growth in Asia over the last 20 years, we plan to provide, a highly regulated market entry pathway and infrastructure for institutional quality GP’s and managers seeking to establish a regulated presence in DIFC”. Gordian Capital is Asia’s only fully licensed institutional fund platform operating in Singapore, Hong Kong and Tokyo, Asia’s three key financial centers and is fully licensed and regulated with MAS (Singapore), SEC (USA), SFC (Hong Kong), FSA (Japan), NFA as a CTA (USA) and ASIC (Australia). The group is also required to meet guidelines and registration requirements with SEBI (Securities and Exchange Board of India), CSRC, (China Securities Regulatory Commission) and CBI (Central Bank of Ireland) as both an investor and investment manager. The firm has launched over 115 funds across both private and public strategies, including Private Equity, Real Estate, Venture Capital, Private Credit, Infrastructure, Trade Finance, multiple Hedge Fund strategies as well as long only and absolute return strategies, including activism. It works with some of the words largest GP’s and asset managers supporting them as they both invest and expand into Asia. 96% of its USD17bn AUM is from institutional investors. Gordian’s planned Fund Platform offering in DIFC, which is subject to approval by the DFSA, would leverage Gordian Capital’s 20 plus years of expertise acting as the Manager, for experienced investment professionals, who require an institutional level regulated, physical and operational fund infrastructure where Gordian Capital handles the business and operational management of each fund allowing the investment professionals on our platform to concentrate on investing. Gordian Capital as a key regulated infrastructure provider, is already part of the ecosystem of prime brokers, executing brokers, fund administrators, legal, tax and audit firms with operations in Asia and, subject to regulatory approval, expects to also become a key market provider in, and help expand the DIFC ecosystem.  This concatenation creates a continuous string of combined values thereby further differentiating the position of DIFC as a global hub for hedge funds and other alternative asset managers.  Salmaan Jaffery, Chief Business Development Officer at DIFC Authority commented “We are pleased that Gordian Capital, Asia’s leading independent institutional fund management platform, has announced its intention to establish a presence in Dubai International Financial Centre. Their decision reflects the strength of DIFC as the region’s leading financial hub with unparalleled depth in asset management, attracting new firms and business models that access the fast-growing markets of the Middle East, Africa and South Asia. We look forward to welcoming Gordian Capital to our ecosystem and supporting their expansion into the region.”Gordian Capital’s clients include global institutional asset managers, Multi strategy/pod platforms, Family Offices, GPs, Hedge funds and Corporates across multiple strategies and structures across private equity, real estate, venture capital, infrastructure, hedge, absolute return and long only strategies.  Established in 2004 by capital markets professionals and alternatives industry veterans active in Asia since the 1980s, Gordian Capital initially launched its first operating subsidiary in Singapore in 2005. The group now boasts a regulated presence in Singapore, Japan, and Australia, with both its Singapore and Tokyo operations registered with the U.S. SEC as Registered Investment Advisers and representative offices in Melbourne and Shanghai.Voumard also commented “We have been given a warm welcome by the pro-business, market friendly, and highly professional team at DIFC and, subject to receiving regulatory approval, expect to work closely with them to help develop DIFC even further as an asset management centre.  

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Today, President Trump published an order ordering the divestment by HieFo Corporation (“HieFo”), a Delaware corporation and foreign person of certain assets of EMCORE Corporation (“EMCORE”), a New Jersey corporation.  The assets that were the subject of the transaction comprised EMCORE’s digital chips and related wafer design, fabrication, and processing business, including a semiconductor manufacturing facility (the “EMCORE Digital Chips Business”).   The Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”) reviewed and investigated this transaction pursuant to Section 721 of the Defense Production Act of 1950, as amended (“Section 721”). CFIUS identified a national security risk arising from the transaction relating to potential access to EMCORE’s intellectual property, proprietary know-how, and expertise and to the potential diversion of supply of indium phosphide chips manufactured by the EMCORE Digital Chips Business away from the United States.  To address this risk, the President’s order directs HieFo to divest all interests and rights in the EMCORE Digital Chips Business.    HieFo did not file the transaction with CFIUS until after CFIUS’s non-notified team investigated the transaction.  CFIUS’s non-notified function has been enhanced by authorities provided by Congress in FIRRMA and ongoing appropriations to support the Committee’s ability to identify and review non-notified transactions.  Parties to transactions should carefully consider whether or not any transaction they may be undertaking may be subject to CFIUS jurisdiction, including whether or not the transaction has a potential nexus to U.S. national security. The CFIUS process focuses exclusively on identifying and addressing national security risks arising from a covered transaction.  CFIUS's risk analysis involves consideration of the potential threat, vulnerability, and consequence of any given transaction.  CFIUS reviews each transaction on a case-by-case basis and considers the specific facts and circumstances relating to that transaction.  As such, the disposition of each CFIUS case is reflective only of CFIUS’s analysis of that specific transaction and not indicative of a general position on the transaction parties, countries, or industries involved.  CFIUS’s mandate to conduct case-by-case reviews is reflective of the U.S. Government’s commitment to maintaining its open investment policy while protecting U.S. national security. View a copy of the President’s order. ABOUT CFIUS CFIUS is an interagency committee authorized to review certain transactions involving foreign investment in the United States and certain real estate transactions by foreign persons, in order to determine the effect of such transactions on the national security of the United States.  CFIUS is chaired by the Secretary of the Treasury and includes as members the Secretaries of State, Defense, Commerce, Energy, and Homeland Security, the Attorney General, the Director of the White House Office of Science and Technology Policy, and the U.S. Trade Representative.  The Director of National Intelligence and the Secretary of Labor participate as non-voting, ex-officio members, and the Secretary of the Department of Agriculture is a member when a case involves elements of the agricultural industrial base that have implications for food security.   Treasury’s Office of Investment Security leads CFIUS’s efforts to identify transactions where no voluntary notice has been filed under section 721 of the Defense Production Act of 1950, as amended. If CFIUS determines that a non-notified transaction may be a covered transaction or covered real estate transaction and may raise national security considerations, the Committee may contact the transaction parties and request a CFIUS filing.  Members of the public may contact Treasury with any tips, referrals, or voluntary self-disclosures at CFIUS.tips@treasury.gov. 

Interactive Brokers (Nasdaq: IBKR), an automated global electronic broker, today announced that its clients outperformed the S&P 500 Index in 2025, reflecting the benefits of cost efficiency, execution quality, and broad access to global markets. In 2025, Interactive Brokers’ individual clients achieved an average return of 19.20%, compared with the 17.9% return of the S&P 500 Index. During the same period, Interactive Brokers’ hedge fund clients achieved an average return of 28.91%, outperforming the index by approximately 11 percentage points. These results demonstrate how Interactive Brokers helps enhance client returns across the investment lifecycle. Global market access enables clients to allocate capital across various regions and asset classes, while lower trading and financing costs, along with efficient execution, help IBKR investors retain more of their returns over time. “Investment returns are not just about picking the right trades. They are influenced by the costs you pay, the prices you get, and how efficiently your capital is put to work,” said Thomas Peterffy, Founder and Chairman of Interactive Brokers. “When investors pay less in fees and trade with efficient execution, those advantages add up and compound over time. All of this is more evidence that the best-informed investors choose Interactive Brokers.” How Interactive Brokers Helped Support Client Success in 2025: Interest on uninvested cashIBKR clients can earn interest of up to USD 3.14% on uninvested cash balances, helping capital remain productive even when not fully invested. Low margin and financing costsIBKR clients benefit from margin rates as low as USD 4.14%, which is up to 55% lower than industry averages, improving capital efficiency over time. Global market accessIBKR clients can trade stocks, options, futures, currencies, bonds, and funds across 160+ global markets from a single, integrated platform. Professional-grade execution and toolsIBKR clients have access to advanced order types, smart routing, and institutional-quality trading tools that support efficient execution, transparency, and disciplined risk management. IBKR is Nasdaq-listed, a member of the S&P 500, and serves more than 4 million clients worldwide, with over $750 billion in client assets. The best-informed investors choose Interactive Brokers. To learn more about how IBKR helps clients invest efficiently, visit: For Individuals: Canada: IBKR Client Outperformance Singapore: IBKR Client Outperformance Hong Kong: IBKR Client Outperformance Australia: IBKR Client Outperformance United Kingdom and Dubai: IBKR Client Outperformance Europe: IBKR Client Outperformance India: IBKR Client Outperformance United States and all other countries served: IBKR Client Outperformance   For Hedge Funds:  Canada: IBKR Hedge Fund Outperformance Singapore: IBKR Hedge Fund Outperformance Hong Kong: IBKR Hedge Fund Outperformance Australia: IBKR Hedge Fund Outperformance United Kingdom and Dubai: IBKR Hedge Fund Outperformance Europe: IBKR Hedge Fund Outperformance India: IBKR Hedge Fund Outperformance United States and all other countries served: IBKR Hedge Fund Outperformance   Returns shown are based on aggregate data for Interactive Brokers accounts meeting minimum thresholds as of January 1, 2025 ($50,000 for individual accounts and $1,000,000 for hedge fund accounts). Results may vary significantly among clients. Comparisons to the S&P 500 are for informational purposes only.

BISX is pleased to announce its BISX All-Share Index and trading statistics for the three-month period ending March 31, 2025 with comparison to the same period of 2024. BISX ALL SHARE INDEX For the three-month period ending March 31, 2025 the BISX All-Share Index closed at 3,026.26. This represents a year to date increase of 18.04 or 0.60%. By comparison, for the three-month period ending March 31, 2024 the BISX All-Share Index closed at 2,937.08. This represents a year to date increase of 85.44 or 3.00%. The BISX All-Share Index is a market capitalization weighted index comprised of all primary market listings excluding debt securities.  As at March 31, 2025 the market was comprised of 20 ordinary shares with a market capitalization of $6.67 Billion. In addition, there were 4 preference shares with a market capitalization of $60 million, 5 BGS and Corporate Bonds with a face value of $349 Million and 254 BGRS with a face value of $4.5 Billion. Click here for full details.

Monthly statistics including stock and derivative statistics; Volumes and Market cap Most traded companies Most active members Listings and member Attachments:Statistics_December_2025_summary_.pdf

The following notification is made in accordance with Rule 5.6 of the FCA's Disclosure Guidance and Transparency Rules. As at close of business on 31 December 2025, London Stock Exchange Group plc (LSEG) confirms that its share capital consists of a total 531,859,674 ordinary shares made up of: (i) 510,408,075 ordinary shares of 6 79/86 pence each (excluding treasury shares); and (ii) 21,451,599 ordinary shares held in treasury. Therefore, the total number of voting rights in LSEG on 31 December 2025 is 510,408,075. The above figure of 510,408,075 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, LSEG under the FCA's Disclosure Guidance and Transparency Rules.