As the markets for securities and non-securities increasingly converge, we are excited to embark on a new beginning for coordination between U.S. market regulators. The work of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) has never been more intertwined—and the wave of innovation before us never more dependent on the depth of our cooperation. Harmonization between U.S. market regulators is essential to the viability of a broad range of innovative products. Today, we build on our divisions’ joint statement on facilitating trading of certain spot crypto asset products and highlight the innovations that greater harmonization of SEC and CFTC regulatory frameworks can unleash. The securities and commodity derivatives regulatory regimes have differing statutorily prescribed jurisdictions, but fostering innovation in both new markets and new products demands that U.S. regulators be flexible and agile. The SEC and CFTC must coordinate to ensure there is not a regulatory “no man’s land” due to inaction by one or both agencies. Failure to coordinate, and the resulting regulatory uncertainty, have chilled productive economic activity even when the products would otherwise be allowable under federal law. That chapter belongs to history. It is a new day at the SEC and the CFTC, and today we reaffirm the need to ensure regulation does not stand in the way of progress. By working in lockstep, our two agencies can harness our nation’s unique regulatory structure into a source of strength for market participants, investors, and all Americans. Tuesday’s joint staff statement on spot crypto asset products is only a first step. To the extent possible and appropriate in the public interest under existing statutes, our respective agencies should consider harmonizing product and venue definitions; streamlining reporting and data standards; aligning capital and margin frameworks; and standing up coordinated innovation exemptions using each agency’s existing exemptive authority. Working together, the agencies can consider how to craft a reliable playbook for innovators and investors, advancing U.S. competitiveness and market integrity, consistent with our statutory mandates. We look to a future where the meeting of our statutes is not a point of friction, but a source of clarity. Next Steps – Bringing Novel and Innovative Products Back to America Today, we are announcing a joint SEC-CFTC roundtable on regulatory harmonization, which will be held on September 29, 2025. As detailed by the President’s Working Group on Digital Asset Markets Report on Strengthening American Leadership in Digital Financial Technology, we are committed to using our existing authorities to establish fit-for-purpose regulations for innovative products and trading platforms. The United States has long been the home of financial innovation, but recently, novel products have been driven overseas by fragmented oversight and legal uncertainty. The SEC and the CFTC should encourage the reversal of this trend by harmonizing their approaches to product offerings, enabling increased market choice, and protecting investors through clear, predictable, and pro-innovation regulatory frameworks. We present the priorities below as potential areas of coordination to be discussed at the joint roundtable. 24/7 Markets For on-chain finance to scale, the SEC and the CFTC should collaborate to consider the possibility of further expanding trading hours, where appropriate. Factors that may be relevant to this consideration include operational feasibility and liquidity consistent with investor and customer protections. Certain markets, including foreign exchange, gold, and crypto assets, already trade continuously. Further expanding trading hours could better align U.S. markets with the evolving reality of a global, always-on economy. Expanding trading hours may be more viable in some asset classes than others, so there may not be a one-size-fits-all approach for all products. Event Contracts Prediction markets, while they have existed around the world for decades, are undergoing rapid growth with growing demand from both market operators and the public. We should work together to provide clarity for innovators that want to list event contracts on prediction markets responsibly, including those based on securities. The SEC and CFTC should examine opportunities to collaborate to consider where event contracts may be made available to U.S. market participants regardless of where the jurisdictional lines fall. Perpetual Contracts Perpetual contracts, or derivatives without a defined expiry date, are common in offshore crypto markets. Jurisdictional and definitional constraints have limited their use in the United States. The agencies could consider concurrent steps to onshore perpetual contracts that meet investor and customer-protection standards, potentially allowing these products to trade across SEC- and CFTC- regulated platforms. This endeavor would capture economic activity now flowing exclusively to foreign platforms and bring U.S. traders access to products with transparent leverage limits and robust risk management. Portfolio Margining A coordinated SEC-CFTC framework for portfolio margining could potentially reduce capital inefficiencies by recognizing offsetting positions across product classes. Today, unharmonized requirements and structural inefficiencies often force market participants to post collateral separately at SEC-registered and CFTC-registered entities, even when their positions hedge each other in real economic terms. By considering harmonizing margin requirements, the agencies could allow broker-dealers, futures commission merchants, and clearing members to more efficiently net exposures. This would reduce the cost of carrying hedged positions, free up balance sheet capacity, and lower barriers for institutional and retail participation in cross-market strategies. The two agencies should consider taking action to allow clearinghouses to offer portfolio-based margin across their respective product lines that retains resiliency without triggering duplicative registration or conflicting compliance burdens. By reducing capital lock-up while maintaining robust risk controls, the agencies could catalyze liquidity, tighten spreads, and encourage innovation in market structure. This kind of collaborative red tape cutting could meaningfully strengthen market resiliency and better align U.S. markets to compete internationally. Innovation Exemptions and Decentralized Finance Today’s decentralized finance (DeFi) protocols enable direct peer-to-peer trading without the need for intermediaries. We reaffirm that both agencies are prepared to consider “innovation exemptions” to create safe harbors or exemptions that allow market participants to engage in peer-to-peer trading of spot, leveraged, margined, or other transactions in spot crypto assets, including derivatives such as perpetual contracts, over DeFi protocols. These safe harbors and exemptions would allow market participants to build commercially viable models while the agencies advance longer-term rulemaking. The right to self-custody one’s assets is a core American value. While market participants have paths under current law to trade spot crypto on federally regulated venues, the path remains open for peer-to-peer spot crypto trading as well. We encourage market participants to meet with our respective staffs as entrepreneurs onshore trading activity and innovate. Conclusion Today, we are ready to usher in a new era of innovation by recalibrating our posture toward regulatory cooperation. By harmonizing our regulatory frameworks, leveraging exemptive authorities, and collaborating on innovative products and trading platforms, the two agencies could unlock new opportunities for market participants, foster innovation, and solidify the United States as the global leader in crypto and blockchain technology.  Building on the PWG Report’s recommendations, we can work to create a regulatory environment that allows American businesses to flourish, innovate, and lead in global markets. Working together, we can ensure that the next chapter of financial innovation is written right here in America, and that the United States remains the premier place in the world to start a business, develop breakthrough technologies, and participate in capital markets.

Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for the month of August 2025 of $54.1 trillion (tn)[1]. Average daily volume (ADV) for the month was $2.5tn, an increase of 11.3 percent (%) year-over-year (YoY). August 2025 Highlights rates    U.S. government bond ADV was down 3.9% YoY to $219.2 billion (bn). European government bond ADV was up 20.4% YoY to $44.3bn. U.S. government bond volumes declined YoY due to weaker activity in the wholesale and retail client channels, partially offset by growth in the institutional client channel. Robust European government bond ADV was driven by strong volumes in our institutional and wholesale client channels. Mortgage ADV was up 0.6% YoY to $232.1bn. The increase in To-Be-Announced (TBA) activity was primarily driven by an uptick in wholesale activity YoY, which was partially offset by a decline in institutional activity. Tradeweb’s specified pool platform recorded its strongest monthly ADV of the year, driven by accelerated client participation and expanded liquidity provider coverage. Swaps/swaptions ≥ 1-year ADV was up 8.0% YoY to $434.5bn and total rates derivatives ADV was up 20.8% YoY to $878.5bn. Swaps/swaptions ≥ 1-year saw a strong increase in risk trading activity YoY driven by central bank rate cut speculations, as well as economic data prints. This was partially offset by a 2% YoY decline in compression activity, which carries a relatively lower fee per million. 3QTD compression activity as a percentage of swaps/swaptions ≥ 1-year was lower than 2Q25. credit    Fully electronic U.S. credit ADV was up 3.6% YoY to $6.7bn and European credit ADV was up 23.8% YoY to $1.8bn. U.S. credit volumes were driven by increased client adoption of Tradeweb protocols, most notably in request-for-quote (RFQ), Portfolio Trading (PT), and Tradeweb AllTrade®. Tradeweb captured 17.9% and 7.5% share of fully electronic U.S. high grade and U.S. high yield TRACE, respectively, as measured by Tradeweb. We also reported 24.6% total share of U.S. high grade TRACE and 9.6% total share of U.S. high yield TRACE for the month. European credit volumes were supported by robust growth in PT and RFQ, with Tradeweb’s Automated Intelligent Execution (AiEX) tool continuing to build strong momentum YoY. Cash credit PT ADV increased by 14.9% YoY, with non-comp PT ADV up 33.7% YoY. PT carries a relatively lower FPM as compared to the broader cash credit average, with non-comp PT carrying a lower FPM than PT overall. Municipal bonds ADV was up 37.3% YoY to $538 million (mm). Municipal bonds reported strong growth across the retail and institutional platforms, outpacing the broader market, which was up 5% YoY.[2] Credit derivatives ADV was down 37.1% YoY to $11.7bn. Lower credit market volatility led to subdued swap execution facility (SEF) and multilateral trading facility (MTF) credit default swaps activity. equities    U.S. ETF ADV was up 15.7% YoY to $8.4bn and European ETF ADV was down 7.0% YoY to $2.5bn. U.S. ETF growth was driven by continued institutional ETF adoption as well as increased trading in our wholesale equity businesses. European ETF volumes were lower alongside a reduction in market volatility YoY. money markets    Repo ADV was up 16.6% YoY to $750.4bn. Global repo trading activity was supported by increased client participation across the platform. In the U.S., strong growth was driven by the effects of the Fed’s balance sheet unwind. Additionally, balances in the Fed’s reverse repo facility (RRP) remained at relatively low levels throughout most of the month, despite a small increase into month-end. In Europe, volumes were driven by increased government bond issuance, as well as market volatility. Other Money Markets ADV was down 2.0% YoY to $276.6bn. Other money markets activity was lower YoY, driven by certain ICD clients continuing to rebuild their money market fund balances following share buyback activity in the market and increased business-related spend earlier this year. This decline was partially offset by the addition of new clients. Please refer to the report posted to https://www.tradeweb.com/newsroom/monthly-activity-reports/ for complete information and data related to our historical monthly, quarterly and yearly ADV and total trading volume across asset classes. [1] Total trading volume reported includes volumes from ICD subsequent to its acquisition date of August 1, 2024. [2] Based on data from MSRB.

CCP NCC sets the following new concentration limit per issuer on Securities market from September 9-th, 2025.

CME Group Inc. will announce earnings for the third quarter of 2025 before the markets open on Wednesday, October 22, 2025. Written highlights for the quarter will be posted on the company's website at 6:00 a.m. Central Time, the same time it provides its earnings press release. The company will also hold an investor conference call that day at 7:30 a.m. Central Time, at which time company executives will take analysts' questions.  A live audio Webcast of the conference call will be available on the Investor Relations section of the company's website. Following the conference call, an archived recording will be available at the same site. Those wishing to listen to the live conference via telephone should dial 877-918-3040 if calling from within the United States, or +1 312-470-7282 if calling from outside the United States, at least 10 minutes before the call begins. The participant passcode for both telephone numbers is 1944793.

MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced trading volume and preliminary variable transaction fees per million (“FPM”) for August 2025.1 Select August 2025 Highlights* (See tables 1-1C and table 2) We delivered strong progress with our new initiatives across the client-initiated, portfolio trading and dealer-initiated channels. Client-Initiated Channel 8% growth in block trading ADV consisting of a 1% decline in U.S. credit, 14% growth in emerging markets, and 95% growth in eurobonds.— Cumulative trading volume from our targeted block trading solution is now approximately $8.9 billion. Portfolio Trading Channel 18% increase in total portfolio trading ADV to $1.2 billion, with record U.S. high-yield portfolio trading ADV of $344 million. Our estimated market share of U.S. credit portfolio trading was 19.4%, compared to 21.8% in the prior year, but up from 15.6% in July. Dealer-Initiated Channel 18% increase in dealer-initiated ADV to $1.3 billion. August 2025 Variable Transaction Fees Per Million1 (See table 1D) The decrease in total credit FPM compared to the prior year was driven principally by protocol mix and product mix, specifically the lower duration of bonds traded in U.S. high-grade on a decrease in the weighted average years to maturity traded. The slight increase compared to July 2025 was driven principally by product mix, specifically the higher duration of bonds traded in U.S. high-grade on an increase in the weighted average years to maturity traded. The increase in total rates FPM year-over-year was driven by the impact of product mix, and slight decline month-over-month was also driven by the impact of product mix. *All comparisons versus August 2024, unless otherwise noted. Table 1: MarketAxess ADV Month % Change Aug-25 Jul-25 Aug-24 MoM YoY MKTX ADV ($ millions) Credit U.S. High-Grade $ 5,934 $ 6,389 $ 6,702 (7) % (11) % U.S. High-Grade (incl. SD PT)2   6,134   6,576   7,019 (7) (13) U.S. High-Yield   1,232   1,348   1,286 (9) (4) U.S. High-Yield (incl. SD PT)2   1,473   1,477   1,304 (0) 13 Emerging Markets   3,455   3,766   3,187 (8) 8 Eurobonds   1,885   2,263   1,488 (17) 27 Other Credit Products3   580   576   590 1 (2) Municipal Bonds   579   575   580 1 (0) Total MKTX Credit ADV (excl. SD PT)2 $ 13,086 $ 14,342 $ 13,253 (9) (1) Rates U.S. Government Bonds $ 22,544 $ 21,291 $ 27,305 6 % (17) % Agencies and Other Government Bonds   1,243   1,355   1,052 (8) 18 Total MKTX Rates ADV $ 23,787 $ 22,646 $ 28,357 5 (16) Total MKTX Trading ADV $ 36,873 $ 36,988 $ 41,610 (0) (11) U.S. Trading Days4   21   22   22 U.K. Trading Days4   20   23   21 Table 1A: Market Trading ADV Month % Change Aug-25 Jul-25 Aug-24 MoM YoY MARKET ADV ($ millions) Credit U.S. High-Grade TRACE $ 31,643 $ 36,188 $ 33,603 (13) % (6) % U.S. High-Yield TRACE   9,679   11,685   8,921 (17) 8 Total U.S. Credit TRACE   41,322   47,873   42,524 (14) (3) Municipal Bonds MSRB   10,645   10,837   6,745 (2) 58 Rates U.S. Government Bonds TRACE $ 1,021,133 $ 924,223 $ 1,027,791 10 % (1) % Agency TRACE   3,865   3,213   4,308 20 (10) U.S. Trading Days4   21   22   22 U.K. Trading Days4   20   23   21 Table 1B: Estimated Market Share2 Month Bps Change Aug-25 Jul-25 Aug-24 MoM YoY MKTX ESTIMATED MARKET SHARE (%) U.S. High-Grade % of U.S. High-Grade TRACE (incl. SD PT)2   19.4%   18.2%   20.9% +120 bps (150) bps % of U.S. High-Grade TRACE (excl. SD PT)2   18.8%   17.7%   19.9% +110 (110) U.S. High-Yield % of U.S. High-Yield TRACE (incl. SD PT)2   15.2%   12.6%   14.6% +260 bps +60 bps % of U.S. High-Yield TRACE (excl. SD PT)2   12.7%   11.5%   14.4% +120 (170) Other Credit Products % of Municipal Bonds MSRB   5.4%   5.3%   8.6% +10 bps (320) bps Rates % of U.S. Government Bonds TRACE   2.2%   2.3%   2.7% (10) bps (50) bps Table 1C: Strategic Priorities Month % Change Aug-25 Jul-25 Aug-24 MoM YoY STRATEGIC PRIORITIES ADV ($ millions) Client-Initiated Channel U.S. Credit Block Trading $ 2,261 $ 2,435 $ 2,276 (7) % (1) % Emerging Markets Block Trading   1,471   1,432   1,292 3 14 Eurobonds Block Trading   299   338   153 (12) 95 Portfolio Trading Channel Total MKTX Portfolio Trading $ 1,163 $ 1,286 $ 988 (10) % 18 % Total MKTX U.S. Credit Portfolio Trading   992   990   885 0 12 Total U.S. Credit TRACE Portfolio Trading   5,103   6,349   4,058 (20) 26 Dealer-Initiated Channel Total Dealer Initiated (DRFQ & Mid-X) $ 1,335 $ 1,508 $ 1,128 (11) % 18 % Other Open Trading $ 3,950 $ 4,224 $ 3,987 (6) % (1) % AxessIQ   150   157   110 (4) 36 U.S. Trading Days4   21   22   22 U.K. Trading Days4   20   23   21 Table 1D: Variable Transaction Fees Per Million (FPM)1 Month % Change Aug-25 Jul-25 Aug-24 MoM YoY AVG. VARIABLE TRANS. FEE PER MILLION (FPM) Total Credit $ 141 $ 140 $ 153 1 % (8) % Total Rates   4.21   4.31   4.03 (2) 4 1 The FPM for total credit and total rates for August 2025 are preliminary and may be revised in subsequent updates and public filings. The Company undertakes no obligation to update any fee information in future press releases. 2 “SD PT” is defined as single-dealer portfolio trades. The Company is currently highlighting the impact of single-dealer portfolio trading volume on U.S. high-grade and U.S. high-yield trading volume and estimated market share, but will continue to exclude single-dealer portfolio trading activity from each product’s aggregated trading volume and estimated market share and the total credit FPM calculation. 3 “Other Credit Products” includes municipal bonds, leveraged loans, convertible bonds and structured products. 4 The number of U.S. trading days is based on the SIFMA holiday recommendation calendar and the number of U.K. trading days is based primarily on the U.K. Bank holiday schedule. General Notes Regarding the Data Presented Reported MarketAxess volume in all product categories includes only fully electronic trading volume. MarketAxess trading volumes and the Financial Industry Regulatory Authority (“FINRA”) Trade Reporting and Compliance Engine (“TRACE”) reported volumes are available on the Company’s website at investor.marketaxess.com/volume.

Fiserv, Inc. (NYSE: FI), a leading global provider of payments and financial services technology, today announced it has completed its acquisition of the remaining 49.9% of AIB Merchant Services (AIBMS), the company’s longstanding joint venture with AIB Group. The acquisition supports Fiserv’s growth in the broader European market, including expanding growth opportunities for Clover, the world’s smartest point-of-sale system, across the region. AIBMS is one of Ireland’s largest payment solution providers and one of Europe’s largest e-commerce acquirers. As part of the transaction, AIB Group will continue to refer businesses needing card acquiring services to Fiserv on an exclusive basis.

The FCA is investigating whether the London Stock Exchange Group and the landlord of the LSE data centre building have hindered competition for low latency connectivity services (LLCS) between certain trading venues. Currently, only LSEG can use the rooftop of the data centre building for radio equipment used for LLCS. To address our competition concerns, LSEG and the landlord have proposed to offer equal access to the rooftop to others.   The FCA’s competition investigations LLCS providers build and operate high-speed connections between trading venues, which allow trading firms to process trades very quickly. Offering very fast connections is key to competition, and to maximise the speed of their connections, providers must be able to place radio units close to trading venues. The FCA’s investigations under competition law relate to the supply of LLCS between the LSE trading venue in London and 2 other trading venues in the UK: Cboe Europe and ICE. Currently, LSEG has exclusive rights to locate radio units on the rooftop of the data centre building. We are concerned that these rights and LSEG’s rooftop policy at the LSE trading venue prevent rival LLCS providers from installing equipment on the rooftop, favouring LSEG’s own LLCS and so hindering competition. The firms’ commitments To address our concerns, LSEG and the landlord have proposed:   To end LSEG’s exclusive rights to the rooftop. In future, LSEG will only use part of that space for its equipment.   To make an equivalent space on the rooftop available to third parties, on a fair and reasonable basis.     Our consultation We provisionally consider that the commitment proposals address our competition concerns. We are consulting on them before reaching a final decision on whether to accept them and close the investigations accordingly.  Find more details in our Notice of Intention to Accept Commitments (PDF). The consultation runs from 11am on 5 September 2025 to 5pm on 29 September 2025. Any person wishing to comment on the proposed commitments should email: CA98.2023.02@fca.org.uk. Further information In investigations under the Competition Act 1998 (CA98), a firm under investigation can offer commitments (that is, binding promises relating to its future conduct) to address the FCA’s concerns. The FCA has discretion on whether to accept commitments. If the FCA proposes to do so, it must be satisfied that the commitments offered address its competition concerns. Under the CA98, we must consult third parties that are likely to be affected by the commitments before deciding on whether to accept them or not. We have reached no view, provisional or otherwise, on whether competition law has been breached. Offering commitments does not amount to a breach of competition law, or an admission of infringement by those under investigation and the parties have made no such admission in this case.

Today, ACER publishes its 2025 Monitoring Report on electricity cross-zonal capacities and congestion management. ACER Director, Christian Zinglersen, is in Copenhagen today to present key insights from the ACER report at the Council’s informal meeting of energy ministers under the Danish presidency. The 2019 Clean Energy Package introduced a legal requirement on EU electricity transmission system operators (TSOs) to make at least 70% of their physical transmission capacity available for cross-zonal trade (by the end of 2025 at the latest) on all lines of cross-zonal relevance. This ensures that enough transmission capacity is allocated for cross-zonal trade with neighbours and mitigates discrimination against cross-zonal trade in favour of internal trade. This ACER report highlights the importance of implementing the ‘70% rule’ to facilitate more cross-zonal electricity trade. Increasing the level of electricity trade between EU Member States enhances the resilience of the power system, optimises available resources and facilitates the efficient integration of renewable energy. What are ACER’s findings? Untapped value of additional cross-zonal trade: Persistent price differences between bidding zones highlight the need for more cross-zonal trade to unlock further market benefits. Meeting the 70% requirement would: Ensure that domestic electricity flows are not prioritised over cross-border trade. Reduce price volatility and price spikes (such as those seen in summer 2024 across South-East Europe). Bring additional welfare to EU electricity markets. In 2024 alone, meeting 70% in the Core region would have provided at least EUR 580 million in economic welfare through more electricity trading, had Core region TSOs implemented the 70% rule. Progress, but work to be done as the ‘end-2025 deadline’ is at risk: While TSOs are progressing (Core region TSOs made available on average 54% of the capacity on the most congested lines in 2024), implementation delays could prevent some of them from meeting the legal deadline (of 70% on all relevant lines) at the end of 2025. Growing grid congestion: Delays in grid reinforcement continue to widen the gap between grid development and system needs, ensuring continued reliance on costly remedial actions to relieve grid congestion. In 2024, EU TSOs spent €4.3 billion on 60 TWh (comparable to Austria’s annual electricity consumption) of remedial actions to manage EU power grid congestion. What are ACER’s recommendations? This ACER report underlines the importance of cross-zonal trade as a key source of power system flexibility, helping to shield consumers from price volatility and support the growth of renewables. ACER recommends: Member States and TSOs to prioritise the 70% requirement using the different options available e.g. investing in grid-enhancing technologies (non-wire alternatives) to increase network capacity. TSOs and nominated electricity market operators (NEMOs) to continue improving how available cross-zonal capacity is calculated and allocated. TSOs to promptly implement the EU framework for congestion management to ensure grid congestion is addressed efficiently and in a coordinated manner. Explore ACER’s interactive dashboard for data on cross-zonal electricity trade, congestion management costs and progress in meeting the 70% capacity rule by region. Read more.

Solactive is proud to be recognized as a leading global index provider at The Asset Triple A Private Capital Awards 2025, earning four prestigious awards. These accolades underscore Solactive’s commitment to delivering innovative, customized, and cost-efficient index solutions tailored to the specific needs of the Asia-Pacific investment community. Solactive received awards in multiple key categories, reflecting the company’s broad expertise in developing index solutions driven by a strong focus on innovation: Best Index Provider – Innovation (Asia) Best Index Provider – Equity (Australia) Best Index Provider – Multi Asset (Hong Kong) Best Index Provider – Thematic (South Korea) Solactive’s presence in APAC is built on close collaboration with ETF issuers, asset managers, banks, and institutional investors. The awards come at a time of growing demand for agile and forward-thinking index concepts combined with regional excellence. Solactive’s expanding footprint in APAC reflects its strategic focus on building lasting partnerships and supporting local innovation through global index expertise. Steffen Scheuble, CEO of Solactive, commented: “We are honoured to be recognized in multiple categories at this year’s The Asset Triple A Private Capital Awards. We see these awards not just as recognition, but as a call to keep delivering. Supporting our clients with relevant, innovative, and high-quality index solutions remains our top priority.”

ASIC today released the exam results from the 30th Financial Advisers Exam cycle, held in August 2025. The exam, conducted by the Australian Council for Educational Research (ACER), follows a rigorous process to ensure all candidates in each cycle are tested to the same standards. In the August exam cycle: 221 people sat the exam 68.78% (152) passed the exam, and 73% (162) sat the exam for the first time. As has been the practice for previous cycles, unsuccessful candidates will receive general feedback from ACER on the areas where they underperformed. The next exam will be held on 6 November 2025. The booking period for this exam opens 3 October and closes 24 October 2025. Background To date, 22,153 individual candidates have sat the exam. Of these, 20,546 (92%) of candidates have passed the exam, demonstrating they have the skills to apply their knowledge of advice construction, ethics and legal requirements to the practical scenarios tested in the exam. For more information visit Financial adviser exam.

A coalition of 13 leading trade associations representing all sectors of the U.S. economy called on Congress to extend the Cybersecurity Information Sharing Act before its September 30 expiration date. The groups warned that failing to do so would impede public-private sector coordination during cyberattacks and weaken the nation’s cyber defenses amid escalating global threats. “The current cyber threat landscape highlights the need for consistent public-private collaboration—of which information sharing is a central component,” the coalition wrote. “Without the protections codified by this statute, businesses may be less willing to share cyber threat information for fear of legal exposure.  Any chilling effect on this information exchange directly benefits the nation-state attackers and cybercriminals seeking to degrade U.S. economic and national security interests.” The Cybersecurity Information Sharing Act was enacted over a decade ago in response to a breach at the Office of Personnel Management. Attacks on both the public and private sector continue, with several recent examples such as SolarWinds, BeyondTrust and the Office of the Comptroller of the Currency email compromise serving as a stark reminder of why renewing this law is so vital to America’s cybersecurity readiness. The law creates a voluntary framework for the private sector and government agencies to share cyber threat information while ensuring data-sharing is secure and complies with strict privacy safeguards. The law also enacts important antitrust and liability protections for companies to share actionable threat indicators. Signatories on the letter include the Alliance for Digital Innovation, American Bankers Association, American Public Power Association, Bank Policy Institute, Business Roundtable, Business Software Alliance, Edison Electric Institute, Independent Community Bankers of America, Information Technology Industry Council (ITI), Institute of International Bankers, National Rural Electric Cooperative Association, Operational Technology Cybersecurity Coalition and the Securities Industry and Financial Markets Association. Legislation to renew the law, led by Chairman Andrew Garbarino (R-NY), passed out of the House Committee on Homeland Security on Wednesday by a unanimous vote of 25-0.

Good morning, and thank you for convening this roundtable on private market valuation. My remarks reflect my views as an individual Commissioner and not necessarily the views of the full Commission or my fellow Commissioners. Vibrant Private Capital Markets Promote Economic Growth The private markets provide critical sources of capital to businesses and help further job creation and innovation. Whether in the form of equity or debt offerings, private markets have grown significantly over the past few decades. Indeed, there was $30.9 trillion managed by private funds alone in the fourth quarter of 2024,[1] a figure that excludes direct investments in privately held companies. To those who argue that the growth of private markets has negatively impacted public markets, I note that economic growth and the capital markets is not a zero-sum game. Public markets benefit from vibrant private capital markets and vice versa. Private markets operate in an environment with more regulatory flexibility and freedom to contract, while public markets provide market participants with enhanced liquidity and access to retail capital that is unavailable elsewhere. From an issuer’s perspective, capital is not fungible, insofar as each pool of capital comes with its own benefits and constraints. Promoting capital formation in both markets enhances the overall economic environment, particularly as public markets provide exit and liquidity opportunities for private companies.[2] As the authors of one paper, which was presented at the Commission’s 2025 Conference on Financial Market Regulation, note: Public markets also piggyback on private markets in various ways. For example, private markets incubate companies initially unsuited for public markets. At a more mature stage, such companies can be fed into public markets, ensuring these markets’ continuity and depth by providing additional opportunities for diversification. Public markets also operate more efficiently in the shadow of private markets. A realistic threat of private equity acquisitions, for instance, the presence of highly capitalized buy-out funds, invigorates the market for corporate control and thus incentivizes corporate management to increase value.[3] As such, it is a far more complex story than simply stating there is too much private capital and too few public companies. Private Market Disclosure and Valuation Although the private markets may not be subject to the many prescriptive measures applicable to public companies, they remain subject to key provisions of the federal securities laws: namely, the antifraud provisions, including the prohibitions against false and misleading statements. Importantly, materially accurate private market valuations and disclosures can result in lower costs of capital. This remains equally true whether the investment involves an operating company or a private fund. In 2025, the SEC’s Division of Examinations focused on the accuracy of calculations and allocations of private fund fees and expenses.[4] The priorities included topics that may impact the accuracy of fee calculations such as valuation of illiquid assets and the adequacy of disclosures. Other issues also implicate the SEC rulebook. Closed-end funds (CEF), like all registered investment companies, are required to strike a net asset value (NAV) on a regular basis, even when their portfolios include hard-to-value or illiquid assets such as level 3 securities. That valuation process is governed by Section 2(a)(41) of the Investment Company Act of 1940[5] and Rule 2a-5 thereunder,[6] also known as the SEC’s “Fair Value Rule,” which was adopted in 2020. Pursuant to Section 2(a)(41), the fund’s board is responsible, in good faith, for determining the fair value of a security. While boards can determine fair value themselves, Rule 2a-5 allows the board to appoint a “valuation designee”—often the investment adviser—to handle the day-to-day work. That designee may also use an independent valuation firm to help value level 3 assets. These third-party valuations can be performed monthly, quarterly, or even annually, depending on the asset type, cost, and materiality.[7] Rule 2a-5 emphasizes the need for a strong, risk-based process that includes oversight, testing, and documentation. Accounting Standards Codification Topic 820[8] also applies to such valuation. For CEFs—which don’t face daily redemptions—there is more flexibility to invest in less-liquid assets. However, such circumstances can mean that valuation practices need to be sufficiently transparent and defensible. Most CEFs calculate NAV daily, though some do it weekly or less frequently. While their shares trade on exchanges—often at a premium or discount to NAV—NAV remains a key reference point for investors, boards, and regulators, especially with regard to activist investor pressure or a potential liquidity event such as a tender offer or conversion.[9] President Trump’s Path Forward on Alternative Investments Valuation will also play a role as regulators move forward to implement President Trump’s executive order on alternative investments in 401(k) plans.[10] The President’s executive order is a forward-looking move that seeks to expand financial opportunities for hardworking Americans. The executive order encourages the SEC to work with the Department of Labor to revisit outdated restrictions, which opens the door for 401(k) plans to include alternative assets—like venture capital, private credit, infrastructure, and digital assets—that are available to institutional investors and pension plans. When managed responsibly, these investments can offer meaningful diversification and long-term growth potential. With proper guardrails, retail investors should have the opportunity to obtain higher risk-adjusted returns on investments and build more resilient retirement portfolios. While there may be disagreement over the specific amount of exposure to alternative investments, it is clear that retail investors should be permitted to have some level of exposure to such investments. The appropriate amount should not be zero, and there is data suggesting some exposure is beneficial. Authors of one economic paper suggest in preliminary findings that “‘democratization’ of private equity access has not come at the cost of directing individual investors toward inferior investment opportunities.”[11] Evaluation of market data and engagement with fellow regulators may result in a more optimal array of choice for retail investors. I look forward to considering proposals in this area, reviewing market data, and hearing your questions today. [1] Total RAUM of private funds reported on Form ADV, Investment Adviser Statistics report, Table 5.1 https://www.sec.gov/files/investment/im-investment-adviser-statistics-20250430.pdf. [2] Gözlügöl, Greth, and Troeger, The Oscillating Domains of Public and Private Markets, European Corporate Governance Institute (ECGI) Law Working Paper No. 689/2023, LawFin Working Paper No. 52, SAFE Working Paper No. 384 (the authors note that their research challenges the popular view of a linear trend from one market to the other). [3] Id at 25. [4] Examination Priorities Fiscal Year 2025, Division of Examinations available at: www.sec.gov/files/2025-exam-priorities.pdf. [5] 15 U.S.C. § 80a-2(a)(41) (2018). [6] 17 C.F.R. § 270.2a-5 (2024). [7] Gregory Smith et al., Fund Valuation Under the SEC’s New Fair Value Rule, Inv. Co. Inst. (Dec. 2021), https://www.ici.org/system/files/2021-12/21-ppr-fund-valuation-primer.pdf. [8] Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. [9] Gregory Smith et al., supra note7. [10] Exec. Order No. 14,123, 90 Fed. Reg. 51234 (Aug. 7, 2025). [11] Cynthia Mei Balloch (London School of Economics), Federico Mainardi (University of Chicago), Sangmin Oh (Columbia University), Petra Vokata (The Ohio State University), Democratizing Private Markets: Private Equity Performance of Individual Investors (forthcoming).

The Commodity Futures Trading Commission today issued six orders simultaneously filing and settling material compliance-related violations against 10 firms resulting in a combined $8,325,000 in civil monetary penalties. These orders stem from Acting Chairman Caroline D. Pham’s enforcement sprint initiative.  Under the initiative, eligible firms provided the Division of Enforcement with their remediation plans and reasonable settlement offers based on comparable cases over the last decade and DOE’s Advisory on Self-Reporting, Cooperation, and Remediation. The initiative was limited to enforcement matters regarding compliance violations, such as recordkeeping, reporting, or other compliance violations that did not involve fraud, customer harm, or market abuse. Each firm has completed or nearly completed remediation and agreed to cease and desist from further violations of the Commodity Exchange Act and CFTC regulations, as charged.  “When I announced the enforcement sprint initiative at FIA Boca in March, I expressed concerns about a ballooning enforcement docket for operational or technical non-compliance issues with no harm, with some matters languishing for nearly a decade, diverting resources away from the most critical aspects of DOE’s mission to protect against fraud, manipulation and abuse in our markets. The goal of this initiative was to provide firms an opportunity to work with DOE to fairly and efficiently resolve compliance-related investigations,” Acting Chairman Pham said. “This initiative did just that, and positions DOE staff to refocus on fighting fraud and helping victims.” “The enforcement sprint initiative was a success,” said Charles Marvine, Acting Chief of the Retail Fraud and General Enforcement Task Force. “It not only allowed the CFTC to wrap up these six matters efficiently and conserve resources, but it was also part of a larger effort to help DOE clean up its overall docket and prioritize pursuing fraudsters and other wrongdoers going forward.” Supervision and Other Violations Related to Systems Errors Two orders involve supervision and related CEA and CFTC regulation violations due to systems errors: UBS AG, a registered swap dealer; UBS Financial Services Inc., a registered futures commission merchant; and UBS Securities LLC, a registered futures commission merchant, commodity pool operator, and commodity trading advisor (collectively, UBS), were sanctioned for failing to diligently supervise trade surveillance systems from at least 2015 until 2024, leaving gaps in monitoring foreign exchange, metals, rates, and credit products and exchange-traded derivatives. UBS will pay a $5 million civil monetary penalty and submit a remediation plan with progress reports. Citigroup Global Markets Inc., a registered futures commission merchant and swap dealer, was sanctioned for failing to file accurate large trader reports from at least 2015 to fall 2022 due to a programming logic error, and for failing to reliably maintain regulatory records for 10 weeks in 2023. Because of these failures, as well as a 2022 supervision-related issue concerning daily excess net capital reporting, Citi will pay a $1.5 million civil monetary penalty, which was reduced by the maximum mitigation credit based on its exemplary self-reporting and exemplary cooperation. Recordkeeping and Supervision Violations Related to Offline Communications Three orders involve firms whose employees used unapproved communication channels, such as messaging apps and personal text messages, violating recordkeeping and supervision rules. Each firm will pay a $500,000 civil monetary penalty, which was reduced by the maximum cooperation mitigation credit based on exemplary cooperation. SMBC Capital Markets, Inc., a registered swap dealer, was cited for violations from 2019 to 2023. Banco Santander, S.A., a registered non-U.S. swap dealer; and Santander US Capital Markets LLC, a registered futures commission merchant (collectively, Santander), were cited for violations since 2021. Santander must also comply with certain remedial undertakings, including conducting an internal audit to assess its electronic communications compliance program with respect to U.S.-based associated persons and addressing any concerns identified from this audit. The Bank of New York Mellon, a registered swap dealer; and BNY Mellon Securities Corporation, a registered introducing broker (collectively, BNYM), were cited for violations since 2020. BNYM must also comply with certain remedial undertakings, including implementing the recommendations of an independent compliance consultant. Swap Data Reporting Violations The final order resolves charges against U.S. Bank, N.A., a registered swap dealer, for reporting inaccurate swap valuation data to its swap data repository for various FX products and interest rate swaps from at least 2022 to 2024 because of errors in its valuation methodology. The firm will pay a $325,000 civil monetary penalty, which was reduced by the maximum mitigation credit based on its exemplary self-reporting and exemplary cooperation. CFTC DOE staff responsible for these actions include Rebecca Jelinek, A. Daniel Ullman II, Julia Colarusso, Traci Rodriguez, Dmitriy Vilenskiy, Elsie Robinson, Joseph Patrick, Christopher Reed, Charles Marvine, and Paul Hayeck.  RELATED LINKS Order: UBS Group AB, et. al. Order: Citigroup Order: SMBC Order: Santander, et.al. Order: BNY Mellon, et. al. Order: U.S. Bank

Nasdaq (Nasdaq: NDAQ) will be presenting at the following conference, with a webcast available at Nasdaq’s Investor Relations website: ir.nasdaq.com/events.com. Who:        Sarah Youngwood, Executive Vice President & CFO, Nasdaq       What:   Barclays 23rd Annual Global Financial Services Conference       When:   Monday, September 8th, 2025, 9:00 AM ET

Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today reported August monthly trading volume statistics across its global business lines. The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain August trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines. Average Daily Trading Volume (ADV) by Month Year-To-Date Aug 2025 Aug 2024 % Chg Jul 2025   %   Chg Aug 2025 Aug 2024   %   Chg Multiply-listed options (contracts, k) 14,325 10,344 38.5 % 12,215 17.3 % 13,069 10,603 23.3 % Index options (contracts, k) 4,893 4,403 11.1 % 4,469 9.5 % 4,714 4,110 14.7 % Futures (contracts, k)1 218 318 -31.3 % 178 22.4 % 225 252 -10.4 % U.S. Equities - On-Exchange (matched shares, mn) 1,646 1,258 30.8 % 1,790 -8.1 % 1,767 1,385 27.6 % U.S. Equities - Off-Exchange (matched shares, mn) 229 78 194.9 % 141 62.8 % 128 78 64.2 % Canadian Equities (matched shares, k) 148,538 137,798 7.8 % 150,096 -1.0 % 153,608 143,784 6.8 % European Equities (€, mn) 10,701 8,472 26.3 % 12,490 -14.3 % 13,206 9,513 38.8 % Cboe Clear Europe Cleared Trades (k) 98,364 98,844 -0.5 % 122,973 -20.0 % 1,034,345 798,020 29.6 % Cboe Clear Europe Net Settlements (k) 1,115 982 13.5 % 1,236 -9.8 % 8,841 7,293 21.2 % Australian Equities (AUD, mn) 1,064 860 23.6 % 870 22.3 % 907 777 16.7 % Global FX ($, mn) 48,819 51,330 -4.9 % 48,514 0.6 % 52,608 46,971 12.0 % 1 In the second quarter of 2025, Digital futures products were transitioned to Cboe Futures Exchange. Futures metrics prior to the second quarter of 2025 exclude Digital futures products. August 2025 Trading Volume Highlights    U.S. Options ADV in August across Cboe's four U.S. options exchanges was an all-time high of 19.2 million contracts, driven by: Record multi-listed options ADV of 14.3 million contracts, surpassing the ADV record of 13.6 million contracts set in February. S&P 500 Index (SPX) options ADV of 3.8 million contracts, the second-best month all time, with zero-days-to-expiry (0DTE) trading representing a record ADV of 2.4 million contracts.

GPW Benchmark announces the quarterly adjustment of WIG20, mWIG40, sWIG80 and WIG30 indices portfolios. Changes will come into force after close of business on September 19, 2025. As a result the WIG20 and WIG20TR portfolios will remain unchanged. In the mWIG40 and mWIG40TR portfolios there will be following changes: new companies: DIAG; removed companies: CLNPHARMA. In the sWIG80 and sWIG80TR portfolios there will be following changes: new companies: CLNPHARMA, DADELO; removed companies: DIAG, MLPGROUP. In the WIG30 and WIG30TR portfolios there will be following changes: new companies: MILLENNIUM; removed companies: GRUPAAZOTY. Detailed information on the quarterly adjustment is available here.  

Fiserv, Inc. (NYSE: FI), a leading global provider of payments and financial services technology, today announced it has acquired CardFree, an all-in-one platform empowering merchants with customized order, pay, and loyalty solutions. This transaction enhances the capabilities of Clover®, the world's smartest point-of-sale solution, to support small businesses as they grow into larger, multi-location merchants with complex technical needs. CardFree’s platform will be fully integrated into both the Clover and Commerce Hub ecosystems, adding capabilities such as drive-through software, kiosk and sub-inventory enablement, and providing third-party software integration support in loyalty, delivery services, and property management. The financial terms of the transaction were not disclosed. Founded by the team that developed the original Starbucks and Dunkin’ mobile apps, CardFree is a versatile, frictionless, easy-to-use mobile ordering and payment platform with patented technology that integrates across the whole order, pay, and loyalty ecosystem. CardFree integrates with nearly all POS systems and payment processors on the market – enabling merchants to use one checkout process for all orders, including third-party delivery. “Today’s acquisition builds on the strong foundation Clover and CardFree have created through our work together and positions us to further expand Clover’s capabilities across the hospitality, restaurant and lodging industries,” said Takis Georgakopoulos, Chief Operating Officer, Fiserv. “Integrating CardFree’s technology into Clover enhances our platform’s scalability and flexibility, empowering hospitality businesses to drive growth through elevated customer experiences.” “Joining Fiserv is an incredible opportunity for the CardFree team and takes our mission to bring the most advanced restaurant and hospitality solutions to market to the next level,” said Jon Squire, Founder & CEO at CardFree. “Having collaborated closely with the Fiserv team, I’m confident we’re uniquely positioned to address the growing needs of hospitality operators with a best-in-class suite of tools that streamline operations and elevate guest experience.”

The Canadian Securities Administrators (CSA) has extended the comment period for its consultation on the framework for an independent dispute resolution service with binding authority – anticipated to be the Ombudsman for Banking Services and Investments (OBSI). The consultation focuses on the proposed oversight model and refinements to the dispute resolution process. To give all stakeholders sufficient time to thoroughly review the proposal and provide meaningful input, the CSA is extending the comment period deadline by two weeks. The new date was selected to allow the CSA to make timely progress on this critical policy initiative. The CSA published the proposed oversight model and process refinements on July 15, 2025. The deadline to submit comments on the proposal has been extended to September 29, 2025. Stakeholders are encouraged to submit their comments to the addresses in the notice and their local securities regulator. Implementation of a final framework is dependent on the governments of many CSA jurisdictions passing enabling legislation. The CSA, the council of the securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.

The Canadian Securities Administrators (CSA) is inviting applications for membership on its Investor Advisory Panel (CSA IAP). The CSA IAP was established in July 2022 to ensure retail investors’ interests and concerns are considered as policies are being developed. The Panel currently has two member vacancies and is seeking applications.  The CSA is seeking broad representation for the IAP from across Canada, with varied socio-demographic characteristics, experience and personal attributes. Applicants must have skills and experience in one or more of the following: Serving an investor or consumer association with experience representing the views of Canadians or more specific demographic groups in Canada. Advising investors in a professional capacity, such as a lawyer or an accountant. Providing financial advice to households. Understanding the impacts of technology on retail investors. Serving a community-based organization with a demonstrated commitment to advancing public policy, preferably relating to the financial well-being of Canadians or more specific demographic groups in Canada. Analyzing and applying market or academic research around capital markets, personal finance, securities regulation, or related fields. IAP members are appointed for terms of up to three years and will be compensated for their time in meeting the CSA IAP’s mandate.  We welcome interested parties to submit their resume, indicating their relevant experience, by October 17, 2025. Applications and questions regarding the CSA IAP can be addressed to: CSA SecretariatTour de la Bourse2010-800, Square VictoriaMontréal (Québec) H4Z 1J2csa-acvm-secretariat@acvm-csa.ca Ontario residents are encouraged to apply through the OSC’s periodic application process. The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.  

The Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) is the EU framework that protects consumers and businesses from energy market manipulation and insider trading. Under REMIT, all market participants must register with the national regulatory authority in the country where they operate. Each regulator is responsible for establishing and maintaining a national register of market participants. At EU level, ACER manages the European register of market participants, which is publicly available through the Centralised European Register of Energy Market Participants (CEREMP) platform and collects Member States’ national registers. To ensure consistent data collection across the EU, ACER established a common registration format in 2012. Why consult? To keep up with evolving regulatory and technical requirements (including the 2024 revision of REMIT), ACER plans to update both the registration format and the CEREMP platform. Next steps To inform its decision-making, ACER will seek stakeholders’ feedback on possible amendments from 1 to 29 October 2025. Read more.