A third of proprietary trading firms are set to move to a more office-based working model over the next two years as half of firms that offer flexible working report that productivity has been negatively impacted, the latest Proprietary Trading Management Insight Report has found. The quarterly Proprietary Trading Management Insight Report, which was released today and is produced in partnership with Avelacom, is based on a survey of the Acuiti Proprietary Trading Expert Network, which comprises senior proprietary trading executives around the world. The report provides insights into the key trends facing the community. This quarter’s report explored attitudes and approaches to flexible working and found that 81% of proprietary trading firms had some level of flexibility in working from home for staff. However, while 53% of the firms that deployed flexible working arrangements said that it had improved retention, 47% said that productivity had worsened – and just 20% said that it had improved.  As a result, 34% of firms that offered flexible working said that they would implement a more office-based structure over the next two years. “This quarter’s Insight Report finds that proprietary trading firms, in line with other firms in the financial sector, are planning to move to more office-based working,” says Ross Lancaster, head of research at Acuiti. “This is unlikely to mean a full return to five days a week for all roles though.  The survey found that many firms offer significantly more flexibility for roles in development and software than in trading for example. However, there is clear evidence that firms are moving closer to pre-covid working arrangements.” Liquidity conditions in 2025 This quarter’s report also surveyed firms on liquidity conditions and found a positive picture for 2025. Most respondents described overall liquidity as good, with 19% of respondents saying it was very good and just 15% saying liquidity in the asset classes they trade was poor last year. Sentiment was particularly positive among US-based firms, where more than 90% of respondents said liquidity was either good or very good. Several structural factors were behind the positive liquidity profile. The most commonly cited factor was exchange policy and incentive design, including fee structures, liquidity programmes and improvements to market structure that encouraged participation and market depth. Investment in technology was also cited as a factor in improved liquidity. However, the report also identified emerging concerns in areas where liquidity has weakened. The dominant factor cited by firms that reported poorer liquidity conditions was a growth in off-book trading activity.  This trend was particularly pronounced in Europe, where a large majority of respondents reported weaker liquidity linked to the rise in off-venue trading. The report warns that if more trading shifts to bilateral or off-venue channels, displayed depth in order books will decline and price discovery may weaken. “The report highlights that improved trading technology is increasingly contributing to liquidity, based on interviews with market participants,” says Aleksey Larichev, CEO of Avelacom. “This is the same for all asset classes, regardless of the geography.” Other key findings in this quarters’ report include: Costs continue to rise for proprietary trading firms: 85% of firms reported an increase in overall costs during 2025, with exchange fees, technology and staffing cited as the main drivers. Digital assets continuing to gain traction: Around half of proprietary trading firms that do not currently trade digital assets are considering doing so in 2026, but fewer than one in 10 are definitely committed to entering the market. Financial performance across the proprietary trading market was strong in 2025, with more than two-thirds of firms reporting improved profitability compared with 2024. Engagement with onshore Chinese derivatives markets remains limited by proprietary trading firms with 18% of firms currently trading the market. However, over a third of firms in the network are considering trading onshore China.Download full report here: https://www.acuiti.io/proprietary-trading-management-insight-report-q1-2026/.    

The Financial Markets Authority – Te Mana Tātai Hokohoko (FMA) will use this week’s FinTech Hui in Wellington to engage on the next steps for its FinTech sandbox pilot. The FMA is aiming to expand the sandbox pilot to introduce an on-ramp or restricted licence for innovative firms.  “Our financial system is changing faster than ever before. This new type of licence will support firms to get access to the market with some restrictions in place that can be removed as the firm grows,” Chief Executive Samantha Barrass says.  “This approach means the FMA can help innovation and grow competition while balancing potential risks to consumers.” Six firms entered the current FMA sandbox pilot which aimed to remove unnecessary regulatory barriers and encourage innovation.   Four firms have identified a pathway to market for their innovative products or services, where regulatory uncertainty and other barriers to entry may otherwise have prevented launch.  As part of the sandbox pilot, the FMA has declared Easy Crypto’s non-yielding stablecoin is not a financial product under the Financial Markets Conduct Act (FMC Act).  The pilot has given both FMA and participants greater insights into the benefits and risks of financial innovation and new technologies, to identify gaps in our existing regulation, and provide real-world insights to policymakers.      “FMA staff worked closely with the six firms in the well-received pilot to enable a pathway to market. Expanding the sandbox to focus on on-ramp licensing means we can broaden the support we offer to a wider number of firms.” Ms Barrass said.  Tokenisation The FMA is also publishing the responses to its September 2025 Tokenisation discussion paper.  Submitters outlined benefits that included broadening capital raising opportunities, greater access to New Zealand financial markets and increasing liquidity and market resilience. Risks identified included custody risks around control of virtual assets, cyber security and increased risk of fraud and scams involving fake tokenised assets. Submitters also raised concerns around legal and regulatory uncertainty, including that overseas jurisdictions are moving to licensing regimes for crypto service providers. “The FMA will continue to engage with policymakers on potential changes to legal and regulatory frameworks to reflect the significant changes in markets over the past decade.” says Ms Barrass. Related Financial Markets Conduct (ECDD Holdings Limited Stablecoin) Designation Notice 2026 Discussion paper: Tokenisation in financial markets 

sFOX, the leading crypto and stablecoin infrastructure company for businesses, today announced a strategic partnership with EDX Markets, a leading digital asset technology firm that combines an institutional-only trading venue with a central clearinghouse. Through the collaboration, sFOX will source liquidity from EDX Markets and leverage its venue to further enhance execution quality for its clients. The integration brings together sFOX’s advanced trading, liquidity aggregation, and execution capabilities with EDX Markets’ institutional-grade venue, which is purpose-built for secure market infrastructure and capital-efficient trading. By incorporating EDX’s liquidity into sFOX, clients will benefit from improved price discovery, deeper liquidity, and stronger execution performance. “Partnering with EDX Markets enables us to further elevate our clients’ experience trading digital assets,” said Javier Martinez, CEO of sFOX. “This integration strengthens our ability to meet the evolving needs of institutional traders by delivering EDX’s high-quality liquidity and reliable execution.” The partnership reflects a shared commitment by sFOX and EDX Markets to deliver the performance, reliability, and transparency standards that institutional participants expect from traditional financial markets. Tony Acuña-Rohter, CEO of EDX Markets, added, “sFOX brings deep expertise in institutional crypto execution and liquidity aggregation. Through this collaboration, we are enabling high-quality execution and capital-efficient trading for sFOX’s clients, strengthening institutional engagement with digital assets.”

A summary of Deutsche Börse Group's business indicators for February 2026 is now available on the Deutsche Börse website: Trading Statistics There you can also find the Excel file 'Major business figures' containing historic business indicators for the respective reporting segments.

The Commodity Futures Trading Commission and Securities and Exchange Commission today announced that they have entered into a Memorandum of Understanding (MOU) to guide coordination and collaboration between the two agencies to support lawful innovation, uphold market integrity, and ensure investor and customer protection. The MOU reflects both agencies’ commitment to provide fair notice to market participants, respect individual liberty, and foster lawful innovation with the minimum effective dose of regulation to enhance U.S. competitiveness in finance. “America’s financial markets are the envy of the world because they scale and adapt to meet investor demands. Like our markets, the CFTC’s and SEC’s regulatory frameworks must also evolve and modernize to accommodate the needs of our market participants,” said CFTC Chairman Michael S. Selig. “This Memorandum of Understanding solidifies the agencies’ commitment to harmonize regulatory frameworks to provide comprehensive and seamless financial market oversight. By working together, we’ll eliminate duplicative, burdensome rules and close gaps in regulation for the benefit of all Americans and usher in a Golden Age of American finance.”  “For decades, regulatory turf wars, duplicative agency registrations, and different sets of regulations between the SEC and CFTC have stifled innovation and pushed market participants to other jurisdictions,” said SEC Chairman Paul S. Atkins. “This updated Memorandum of Understanding will serve as a roadmap for a new era of harmonization between the agencies – one that is critical to support U.S. leadership in this next chapter of financial innovation. By aligning regulatory definitions, coordinating oversight, and facilitating seamless, secure data sharing between agencies, we will ensure our rules and regulations deliver the clarity market participants deserve.”  In conjunction with the MOU, the agencies created a Joint Harmonization Initiative to advance coordinated oversight and promote regulatory clarity in areas of common regulatory interest. The Initiative will support coordination across the policymaking, examination and enforcement functions of each agency, particularly for joint applications and shared policy efforts, including:  Clarifying product definitions through joint interpretations and rulemakings. Modernizing clearing, margin, and collateral frameworks. Reducing frictions for dually registered exchanges, trading venues, and intermediaries. Providing a fit-for-purpose regulatory framework for crypto assets and other emerging technologies. Streamlining regulatory reporting for trade data, funds, and intermediaries. Coordinating cross-market examinations, economic analyses, risk monitoring, surveillance, and enforcement. The Joint Harmonization Initiative will be co-led by Meghan Tente (CFTC) and Robert Teply (SEC).  This announcement follows previously announced efforts to harmonize the agencies’ regulatory frameworks, which is further described on the CFTC website and SEC website. Public input is encouraged and may be submitted through the written input form or a meeting request. RELATED LINKS SEC & CFTC MOU Regarding Harmonization in Areas of Common Regulatory Interest

CME Group Inc. will announce earnings for the first quarter of 2026 before the markets open on Wednesday, April 22, 2026. 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.

The Prudential Regulation Authority (PRA) has imposed a financial penalty of £10,625,000 on U K Insurance Limited (UKI Limited) in connection with a miscalculation of their Solvency II balance sheet during 2023 and 2024. This resulted in UKI Limited overstating its solvency to the PRA and to the market. UKI Limited, is a subsidiary and principal underwriter of Direct Line Group (DLG), and now part of Aviva plc.  The miscalculation arose due to ineffective preventative and detective controls and resourcing issues in its finance and actuarial functions. It went undetected by DLG’s internal controls for a significant period of time. Following identification of the miscalculation, DLG made a Regulatory News Service announcement acknowledging the miscalculation and the knock-on effect on the reported SCR Coverage Ratio and reported the correct figure. DLG’s senior management notified the PRA without delay, undertook detailed investigations to ascertain the root cause of the error and remediated the position. Since its acquisition of DLG in 2025, Aviva has continued to improve DLG’s finance and actuarial control framework. The PRA permitted UKI Limited to participate in the Early Account Scheme (EAS) and the firm made early admissions and agreed to resolve the matter, thereby qualifying for a 50% enhanced reduction in the amount of the financial penalty which otherwise would have been £21.25m. This case is a landmark enforcement outcome for the PRA as it is the first in which the EAS has been used.  Sam Woods, Deputy Governor for Prudential Regulation and Chief Executive Officer of the PRA, said: “We rely on accurate and reliable data from firms in order to be able to supervise them effectively. This penalty reflects the importance of firms getting their prudential reporting right. “DLG and Aviva’s proactive engagement with the PRA, via the Early Account Scheme, shows how enforcement action can be more efficient when firms are open, candid and accept responsibility for failings at an early stage.” Background  Final Notice  U K Insurance Limited (UKI Limited) is an insurer, and the principal underwriting subsidiary of the Direct Line Group (DLG). At the time of the events leading to the enforcement action, DLG was a FTSE 250 listed company. It was acquired by Aviva plc (Aviva) on 1 July 2025. The events described in the enforcement notice all pre-date Aviva’s acquisition. Rule breaches - the PRA found that UKI Limited breached the following during the relevant period: PRA Fundamental Rule 6 (A firm must organise and control its affairs responsibly and effectively). Rule 6.1, Notifications part of the PRA Rulebook (A firm must take reasonable steps to ensure that all information it gives to the PRA in accordance with a rule is: (1) factually accurate or, in the case of estimates and judgments, fairly and properly based after appropriate enquiries have been made by the firm; and (2) complete, in that it should include anything of which the PRA would reasonably expect notice.) Rules 2.4, Reporting part of the PRA Rulebook (The information which a firm submits to the PRA in accordance with 2.1 and 2.2 must comply with the following principles: (1) it must reflect the nature, scale and complexity of the business of the firm, and in particular the risks inherent in that business; (2) it must be accessible, complete in all material respects, comparable and consistent over time; and (3) it must be relevant, reliable and comprehensive.) Rules 3.2, Reporting part of the PRA Rulebook (The information which a firm discloses in its SFCR must: (1) follow the structure set out in in Article 1A of Chapter 3A; (2) include the information referred to in 3.3 to 3.7C and 3.10; and (3) include the information required in 2.3 and must comply with the principles in 2.4.) 4. The Bank’s approach to enforcement: statutory statements of policy and procedure (November 2024) – see pages 33-39 for an overview of the PRA’s Early Account Scheme. 5. The Early Account Scheme (EAS) became part of the Bank of England’s enforcement policy for PRA firms and FMIs in January 2024. In appropriate cases, the EAS provides a mechanism for subjects of PRA and FMI investigations to provide a full account, along with all relevant material, to inform the investigation. The enforcement policy incentivises early admissions by subjects through the introduction of an enhanced settlement discount of up to 50% in appropriate cases.

Appia will shape development of European tokenised financial ecosystem Central bank money to remain anchor of financial system amid digital transformation Appia sets out Eurosystem objectives and approach, expected to conclude in 2028 The Eurosystem today published the roadmap for Appia, a strategic initiative to shape the development of a European tokenised financial ecosystem in which central bank money continues to play a central role. It will bring together the Eurosystem as well as public and private sector stakeholders, with the aim of building integrated, innovative and resilient tokenised wholesale financial markets in Europe. “With Appia, we are building a road from today’s financial system to tomorrow’s tokenised markets, firmly grounded in central bank money,” said Piero Cipollone, member of the ECB’s Executive Board. Tokenisation is the process of issuing or representing assets in the form of digital “tokens”, typically recorded on Distributed Ledger Technology (DLT) networks. For wholesale financial markets, tokenisation and DLT have the potential to improve efficiency by allowing multiple steps of an asset’s lifecycle – from issuance and trading to settlement, custody and servicing – to be bundled on a single platform. Moreover, tokenisation allows the deployment of smart contracts that enable a large range of innovative solutions. The Eurosystem’s strategy for providing tokenised wholesale central bank money rests on two complementary initiatives: Pontes and Appia. Pontes is the Eurosystem’s DLT solution that will be launched in the third quarter of 2026 to enable central bank money settlement for DLT-based transactions. Appia has a broader, longer-term perspective and will involve close cooperation with the market to explore how a wholesale financial ecosystem based on tokenisation and DLT could be designed. The Eurosystem plans to crystallise its vision for this ecosystem in a blueprint to be published in 2028. In the meantime, the work under the Appia roadmap will inform and shape the delivery of tokenised market infrastructures and services both by the market and by the Eurosystem’s own Pontes offering, as it is gradually enhanced. By preserving the role of central bank money as the anchor of the monetary system through Appia, the Eurosystem aims to ensure that monetary policy implementation remains effective, and that financial stability and the smooth functioning of payment systems are safeguarded. The initiative seeks to foster a more integrated, competitive and innovative European payments and securities environment, strengthening Europe’s strategic autonomy and resilience, and ensuring the euro’s continued relevance as an international currency. It will be developed in close cooperation with market participants, public sector bodies and academia. The Eurosystem invites feedback from stakeholders and expressions of interest in contributing to the forthcoming analytical and practical work. A feedback questionnaire is published alongside the Appia roadmap. Appia builds on the Eurosystem’s 2024 exploratory work on new technologies for wholesale central bank money settlement and marks a key step in translating experimentation into a concrete long-term strategy. Appia will investigate different configurations for DLT networks that could serve as basic infrastructures for wholesale financial services. Shared infrastructures based on common standards could help reduce fragmentation, lower barriers to entry and support competition and innovation across Europe’s financial markets. The analysis will consider technological, market-driven and broader economic and geopolitical factors, including the trade-offs between single shared networks and multiple interconnected networks. Ensuring common standards and European governance will be a key objective.

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, published today its first risk monitoring report of 2026, outlining the key risks and vulnerabilities in EU financial markets. ESMA finds that risks of market and systemic stress remain high despite resilient market performance in the second half of 2025. Our risk assessment for the second half of 2025 has been completed well before the current shocks to the global economy from the war in the Middle East commenced in late February this year. Yet first market reactions in the EU and elsewhere to that war underline the transmission channels and sensitivities we have highlighted in our risk monitoring. The likelihood of sudden and significant market price swings continues, driven by increasing geopolitical tensions, stretched equity valuations, and an uncertain economic outlook in the EU. Rising price correlations across asset classes heighten contagion risk while cyber and hybrid threats continue to grow in scale and sophistication, increasing the risk of operational disruptions in financial markets.  Verena Ross, ESMA’s Chair, said: “The recent escalation of conflict in the Middle East continues to significantly affect markets, leading to sharp increases in energy and commodity prices, as well as elevated volatility.  ESMA’s latest risk monitoring analysis highlights the potential for disorderly corrections that could spill over across markets. In this context, disciplined risk monitoring and risk management remain essential to ensure orderly markets, a core objective for ESMA.” Beyond the risk drivers, ESMA’s report sets out market developments and conditions across key segments of EU financial markets during the second half of 2025. It also provides deep dives on selected topics such as EU sovereign bonds’ sensitivity to unexpected events, funds’ exposure to private finance, EU listings trends, and physical risk and catastrophe bonds. Market developments Securities markets and crypto-assets Record-high global equity valuations in the second half of 2025 and early 2026 increased the risk of disorderly market corrections.  European sovereign bond spreads versus Germany narrowed, although liquidity weakened slightly amid macroeconomic uncertainty. At the same time, credit-quality signals in the EU remained mixed, with growing concerns especially around US private credit. The October flash crash triggered an extended sell-off in crypto markets, although stablecoins continued to grow, albeit at a slower pace.  Infrastructures and services Financial firms and infrastructures are increasingly targeted by cyber and hybrid threats and vulnerable to operational dependencies likely to propagate shocks. CSDs experienced a surge in settlement fails for ETFs in April, and UCITS and equities in August and September. Asset management Equity funds saw strong performance.  This was largely driven by valuations, through increased exposure to the US market. The growth of private finance funds contributes to the funding of the real economy, but requires monitoring given opacity and interconnectedness concerns. Consumers As investors continued shifting from active to passive strategies, ETF inflows remained high. The growing influence of social media on younger investors increases bubble risks, while leveraged products, such as turbos, often deliver negative returns for retail investors. Structural developments Market-based finance Equity issuance remained weak as IPO activity continued to decline and secondary offerings provided limited support. ESMA’s analysis found no clear evidence of rising delistings in Europe, but it highlighted a persistent downward trend in IPOs.  Sustainable finance A cooling in global climate policy sentiment weighed on ESG investing, even as ESMA’s fund naming guidelines improved portfolio transparency. Meanwhile, rising awareness of physical climate risks drove catastrophe bond issuance to record highs in 2025, with EU funds increasingly offering exposure to these instruments. Financial innovation Tokenisation adoption remained low but gained momentum, including with the growth of tokenised money market funds.  Interest in quantum computing applications increased, although applications remain experimental and far from commercial use. Related Documents DateReferenceTitleDownloadSelect 11/03/2026 ESMA50-1949966494-4041 Trends, Risks and Vulnerabilities (TRV) Report, No. 1, 2026 11/03/2026 ESMA50-1949966494-4042 Trends, Risks and Vulnerabilities (TRV) Report, No. 1, 2026 - Statistical Annex 11/03/2026 ESMA71-545613100-2904 EU financial markets enter 2026 amid high-risk environment - Press Release (TRV 1, 2026)

Euronext today announced the results of the annual review for the PSI®, which will be implemented after markets close on Friday 20 March 2026 and will be effective from Monday 23 March 2026.  Results of the Annual Review PSI® No changes in the composition of the index.   The Independent Supervisor retains the right to change the published selection, for instance in the case of a removal due to a takeover, until the publication of the final data after close on Wednesday 18 March 2026. All events taking place after that date will not result in the replacement of any company that may need to be removed from the final index selection.   Review PSI® The PSI® is reviewed quarterly in June, September and December. The full annual review is in March. Next Index Steering Committee Review: 9 June 2026.

More than 160 representatives of public administration, business and financial institutions from Poland and Sweden met at the Warsaw Stock Exchange (GPW) during the “Capital Markets Dynamics Event”, which became one of the key items on the agenda of the Swedish business delegation’s visit to Poland, organised by Business Sweden. The discussions focused on investment cooperation, the comparison of the structure and performance of both capital markets, and the assessment of their role in strengthening the competitiveness of the European economy. The visit of the Business Sweden delegation to GPW was one of the central elements of the official programme accompanying the state visit of the Swedish Royal Couple to Poland. The meeting aimed to strengthen cooperation between the capital markets of both countries and to create a platform for discussions on investment, innovation and the competitiveness of the European economy. The Swedish–Polish Capital Investment Meeting gathered more than 160 representatives of business, public administration, investment funds and financial market institutions from both Poland and Sweden. The Swedish delegation included representatives of Business Sweden, key capital market institutions, and major investment and industrial companies cooperating with Sweden in the areas of economic development and export promotion. Representatives of the Government of the Kingdom of Sweden were also present, emphasising the significance of the visit as part of the economic mission accompanying the state visit of His Majesty King Carl XVI Gustaf and Her Majesty Queen Silvia to Poland. The Polish side was represented by the Warsaw Stock Exchange, led by President Tomasz Bardziłowski, as well as by representatives of government administration, including Andrzej Domański, Minister of Finance and Economy, and representatives of financial institutions and business organisations involved in the development of the capital market and international cooperation. Among them was the Polish Development Fund (PFR), represented by its President Piotr Matczuk, whose presence highlighted PFR’s role as a key partner supporting strategic investment projects in Poland. The participation of representatives of Polish business and the capital market provided a broad and substantive platform for discussions on investment, innovation and opportunities to further strengthen economic relations between the two countries. The Polish capital market remains one of the fastest‑growing in the region, and investing on the Warsaw Stock Exchange is an important element in supporting long‑term growth and financing a modern economy. The presence of our partners from Sweden shows the increasing interest in our market, while Warsaw continues to strengthen its position as a financial centre of strategic importance for Central and Eastern Europe. We believe that this cooperation will continue to deepen, creating new opportunities for both Polish and Swedish companies and investors – said Tomasz Bardziłowski, President of the Warsaw Stock Exchange. Discussions on the GPW Trading Floor focused on the key challenges and trends shaping the Polish and Swedish capital markets and their significance for strengthening the competitiveness of the European economy. Participants discussed developments observed in both markets, the dynamics of individual segments, the growing role of institutional investors and the impact of new technologies and innovation on the functioning of modern stock exchanges. The agenda also included broader reflections on the position of European capital in the context of global competition and discussions on the potential of joint initiatives to support entrepreneurship, long‑term investment and interregional economic cooperation. The event highlighted the importance of open dialogue between capital markets, businesses and policymakers, who jointly seek solutions to strengthen cooperation and the competitiveness of both economies. The event was organised with the involvement of key Polish and Swedish institutions responsible for capital market development and economic cooperation. On the Polish side, the Ministry of Finance, the Polish Development Fund and the Warsaw Stock Exchange cooperated in its organisation. The Swedish side was represented by Nasdaq Stockholm, Business Sweden and the Embassy of Sweden in Warsaw. Their joint participation underlined both the institutional and bilateral character of the meeting and created a solid platform for dialogue on the future of capital markets and the development of economic cooperation between Poland and Sweden.

Data vendor price increases have slowed from recent highs of 18% in 2023 to 10% in 2025, but still outpace data budget growth Large pricing disparities still exist, with some firms paying up to 13 times more than others for similar products and use cases (indexes) Private markets data continues to rise along with demand with uplifts of up to 38%, usually with an additional ~15% increase over the lifetime of new multi-year agreements Substantive Research, the research and data discovery and spend analytics provider, has again partnered with BCG Expand to produce the second annual joint study investigating data consumer spending and vendor pricing.  For the first time in five years, the pace of growth in data spending on vendors and their levels of average renewal uplifts have started to slow, but still remain at elevated rates above inflation (10%), and still outpace data budget growth (5.22%).  A combination of macro factors, including the rise of AI adoption and cloud-based infrastructure, together with professionalised approaches in data procurement are allowing financial institutions to negotiate from stronger positions. Background Soaring costs and opaque pricing structures have been long-standing challenges for firms which consume indexes, ratings, terminals and increasingly, private markets data.  These feeds are vital to operations on both the buy side and sell side; they are viewed as ‘must-haves’ by firms and as signals of quality and best practice by end investors Because of this, pricing power has been concentrated into the hands of the best-known providers, who themselves must navigate a market changing rapidly with technological advancements such as AI adoption. Study findings Despite ongoing vendor‑driven uplifts, product consolidations, and structural pricing changes, the Substantive Research and BCG Expand joint study shows a market in transition rather than one simply repeating past patterns.  The Substantive Research data showed that: Despite the recent slowdown in price increases, the average renewal increases for major vendors have remained elevated at rates of 14% in 2022, 18% in 2023, 15% in 2024, and now 10% in 2025. By contrast, annual data budgets have only seen modest growth, increasing by 3% in 2022, 2.11% in 2023, 2.01% in 2024, 4.1% in 2025, with 5.2% projected for 2026. Indexes: Pricing for products remains highly inconsistent, with some firms paying up to 13 times more than others for similar products and use cases, from the same vendors. Ratings: The largest pricing disparity uncovered by the study was 502%, meaning some firms are paying five times more than peers for the same products from the same vendors. Terminals: The study found that for identical products from the same vendors, some firms were paying nearly five times as much as their peers, with the largest price difference reaching 493%. Private markets: Private credit data somewhat bucks the slowdown trend, with renewal uplifts ranging from 14% to 38%, and an additional ~15% increase across the lifetime of new multi-year agreements. The BCG Expand data showed that: Total data vendor revenues grew 6.4% in 2025, down from 6.6% in 2024 and 8.3% in 2023. The market has expanded at a 7.3% compound annual growth rate (CAGR) since 2020. Total revenues have increased by more than 40% over the past five years alone. Indexes: Vendor revenues grew 9.3% in 2025, strengthening versus 2024 and significantly exceeding overall market growth. The five-year CAGR of 8.9% remains well above the overall market rate of 7.3% Ratings: 2025 growth in vendor revenues rebounded to 7.4% (vs. 6.0% in 2024) but remains below the 2021–2023 average (~9%) Terminals: Vendor revenues grew by 5.4% in 2025, slightly up from 5.2% in 2024, and at $16.2bn, Terminals remain the largest product category, accounting for nearly one third of all vendor revenues Private markets: BCG Expand data confirms the robustness of private market data, with revenues increasing by 17.9% in 2024 and a further 17.1% in 2025. Mike Carrodus, CEO of Substantive Research, said: "The key finding of our research is that, for the first time in recent memory, price increases are slowing. Vendors are testing new commercial models, clients are reassessing long-standing services, and buyers are becoming more assertive as they manage price increases that continue to persistently outpace budget growth, pointing to a future impasse and crunch point.” Czarina Reinante, Head of Market Data Analytics at Substantive Research, said: "It is clear that data-consuming firms are becoming much more proactive about how they approach negotiation and agreements with their vendors. The received wisdom that any attempts to control costs and mitigate vendor price increases were doomed to failure is increasingly old-fashioned. Financial institutions are seeing their leverage, flexibility and optionality increase, albeit gradually, given the entrenched provider power that remains a reality in this vendor market.” She added: “Uncertainty surrounding the long-term impact of artificial intelligence and cloud infrastructure, is causing C-suite executives to evaluate their data spends more closely. When this top-down scrutiny is combined with the ongoing professionalisation of procurement, buyers find themselves in a much stronger negotiating position." Damian McCarthy, CEO at BCG Expand, commented: “We are delighted to publish this joint report with Substantive Research and to showcase it alongside our new market sizing product. This product was designed precisely to provide an independent, comprehensive view of the market as a whole — going well beyond the individual consumer institutions we work closely with. By combining Substantive’s insights with a robust perspective on market revenues and trends, we are helping bring greater transparency to an industry that has historically lacked it.” Jens Munthe, Principal at BCG Expand, said: “The industry has now surpassed $50 billion in revenues and continues to grow at a healthy pace overall, expanding at a 7.3% CAGR since 2020. While growth has moderated over the past two years, it is too early to conclude whether this represents a longer-term slowdown or a short-term normalisation following the inflation-driven peaks of recent years. What is changing, however, is the level of scrutiny. Market data costs are firmly on the C-suite agenda, and firms are becoming more disciplined and data-driven in how they manage their market data spend.”   He added: “What this data also highlights is the dual dynamic within the industry. Large segments such as terminals, indexes and ratings remain concentrated and relatively stable, with limited movement at the top. In contrast, research and analytics continues to grow significantly faster than the overall market and remains far less consolidated. A few years ago ESG was the dominant growth theme; today we are seeing strong momentum in areas such as private credit. This underlines that while parts of the market are mature, others remain highly dynamic and continue to create space for new entrants to scale.” Study methodology This study examined trends in spending over a five year period, including actual annual figures from 2022 and projected figures for 2026.  The data examines pricing inconsistencies within the industry by analysing historical pricing data, surveys, public disclosures, and interviews. By combining BCG Expand’s insights into market data consumer spending with Substantive Research’s analysis of vendor pricing variations and discounting practices, the study accurately highlights key dynamics shaping the market. Study Universe Buy side:  45 firms representing $25tr AUM;  55% UK & EU/45% North America;  70% long only/30% Hedge Fund Sell side: 25 firms representing $35tr AUM; 50% UK & EU/50% North America

Information Publishing Limited (IPL), an investment holding company specialising in capital markets data and software, has acquired Stockval Limited, a long-established provider of securities valuation services. The acquisition strengthens IPL’s portfolio alongside its London-based subsidiary, Exchange Data International (EDI), and reflects the group’s strategy of expanding its capabilities in financial data and valuation services. Founded in 1988, Stockval has more than 38 years of experience providing securities valuation services. Following the acquisition, the company will operate alongside Share Data Limited, an IPL subsidiary based in Horsham that has delivered comprehensive securities valuation and probate-related services to solicitors, executors, accountants and private individuals since 1995. Under the new structure, the two businesses will work closely together while maintaining distinct areas of focus. Share Data Limited will continue to specialise in probate and private client valuation services, while Stockval will focus on institutional clients requiring securities valuation expertise. Jonathan Bloch, CEO of Information Publishing Limited, said:“Stockval has built a strong reputation for reliable securities valuation services over nearly four decades. This acquisition complements the work already carried out by Share Data Limited and strengthens our ability to support a wider range of clients across both institutional and private markets.” Ben Giesbrecht, Consultant at Stockval Limited, added:“Joining the IPL group represents an exciting new chapter for Stockval. By working alongside Share Data Limited and the wider IPL group, we will be able to further develop our institutional valuation services while benefiting from the group’s extensive expertise in financial data and capital markets. Importantly, continuity of service is assured and the client-facing team remains unchanged.” The acquisition enhances IPL’s presence in the financial data and securities valuation sector by combining complementary expertise across its subsidiaries.

Gold-i, a global leader in FX and crypto trading technology, has integrated Hyperliquid into its MatrixNET liquidity management and distribution platform. This is the first decentralised (DeFi) exchange integration within MatrixNET, marking a significant milestone for Gold-i. Through standard FIX API connectivity, brokers, prop trading firms, and fund managers worldwide using Gold-i’s technology can now seamlessly access Hyperliquid’s decentralised exchange for perpetual futures and spot crypto trading, and stream this liquidity directly into any trading platform. By normalising order flow to meet Hyperliquid’s execution criteria, Gold-i ensures clients benefit from competitive pricing and strong depth at the top of book, while maintaining robust aggregation, smart routing, and risk controls. Tom Higgins, CEO and Founder, Gold-i said, “This was a complex implementation but a significant development for Gold-i, enabling us to offer our clients access to a market-leading DeFi exchange. Brokers, prop trading firms and fund managers using MatrixNET now have easy access to Hyperliquid’s on-chain derivatives liquidity. As interest in DeFi grows, Gold-i plans to support both centralised and decentralised liquidity venues, giving clients the benefit of flexibility, efficiency, and seamless multi-venue access.” Gold-i’s MatrixNET, trusted by brokers, fund managers and crypto institutions worldwide, empowers users with a multitude of routing and aggregation methods and the ability to tailor execution models to suit the unique preferences of different client types. Amongst the many benefits, it enables institutional clients to access deep liquidity pools, achieve better prices, gain more clients and reduce toxic trading.

Rajinder Gill and accomplices have been sentenced for their involvement in a sale-and-rent-back scheme.  Mr Gill has been sentenced to two and a half years in prison for running a sale-and-rent-back scheme without being authorised and illegally providing credit agreements and mortgages. As accomplices in the scheme, Amandeep Heer received a community order for 2 years with a condition of 250 hours of unpaid work, and Jetinder Sandhu has completed 100 hours' unpaid work over 12 months (as a condition of a 15-month suspended imprisonment, which was suspended for 18 months). Through Secure Property Consultants Ltd, Mr Gill targeted homeowners in financial difficulty, claiming he could sell their homes quickly, offering them cash advances and saying they could stay in homes as tenants. Victims were encouraged to sell their houses at less than market value, while he charged excessive, confusing or hidden fees – totalling £925,233. Some were evicted from their homes.   Steve Smart, executive director of enforcement and market oversight at the FCA, said: 'Mr Gill and his accomplices preyed on vulnerable homeowners, turning financial difficulty into misery to fill their own pockets. Sale-and-rent-back comes with significant risks. If you are considering using it, always check the provider is authorised by the FCA.’ In sentencing Mr Gill, His Honour Judge Weekes said 'there was a pattern of systematic exploitation’ and the 'victim impact [was] stark and troubling across the victims'. He added Mr Gill was 'dishonest and manipulative' and the sale-and-rent-back agreements 'particularly odious'. Once Mr Gill became aware of the FCA’s investigation he tried to conceal these activities and shut down the company, telling clients not to talk to the regulator. Mr Sandhu and Ms Heer, who was Mr Gill’s partner, supported the offending. Mr Gill pleaded guilty to 27 offences in relation to sale-and-rent-back agreements as well as credit agreements/mortgage contracts. He asked the court to consider a further 12 offences of the same nature at sentencing. Following a trial, Ms Heer was found guilty of committing 3 similar offences. The FCA has commenced confiscation proceedings to deprive the defendants of the proceeds of their crimes with a view to compensating victims. Mr Gill was disqualified from being a director of a company for 8 years. Consumers should check the FCA Firm Checker to make sure a firm and people they're dealing with are authorised. Background Rajinder Gill (date of birth: 27 October 1976) entered guilty pleas on 19 December 2025. Amandeep Heer (date of birth: 7 August 1980) was found guilty after a trial on 9 February 2026. They were both sentenced on 10 March 2026. Jetinder Sandhu (date of birth: 27 January 1979) was sentenced on 15 August 2024, having pleaded guilty on 7 June 2024 – this was previously subject to reporting restrictions. Mr Sandhu was sentenced on 15 August 2024 to 15 months’ imprisonment. This was suspended for 18 months with the conditions of completing 100 hours of unpaid work within 12 months and attending rehabilitation activity for up to 10 days. The misconduct occurred between 1 September 2014 and 7 November 2018. Sale‑and‑rent‑back schemes involve homeowners selling their property – often at a discount – with an agreement to stay in their home as tenants paying rent. They’re usually a last resort for people facing debt or repossession and are considered high risk, and firms offering them must be authorised by the FCA. In 2013/14, the FCA investigated Mr Gill for entering into sale-and-rent-back agreements with members of the public. In November 2013, Mr Gill signed an undertaking not to enter into, promote, administer, advise on or arrange sale-and-rent-back agreements, and agreed to remove all references to the products in adverts his companies placed in the media. In August 2014, he signed a further undertaking not to conduct any regulated activity without authorisation. Under Section 19 of the Financial Services and Markets Act 2000 (FSMA), a person cannot carry on a regulated activity in the UK unless they are FCA authorised or exempt (this is the General Prohibition). Any person who breaches Section 19 of FSMA is committing a criminal offence for which the maximum sentence is 2 years’ imprisonment. The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.

Criminal Networks Leverage Technological Advancements to Drive Fraud Losses of Over Half a Trillion Dollars Worldwide To Accelerate Efforts to Combat Fraud and Scams, Nasdaq Verafin to Announce Pledge to Catalyze Private Sector Collaboration with UN Office on Drugs and Crime Nasdaq Verafin has released its 2026 Global Financial Crime Report, the second edition of a comprehensive research initiative that provides insights into the scope and scale of financial crime worldwide. Combining proprietary data modeling, a survey of more than 500 financial crime professionals, and in-depth interviews with senior executives, this report provides the company’s most rigorous analysis of industry threats, priorities, and opportunities to date. The 2026 Global Financial Crime Report found that since 2023 illicit financial activity has surged by $1.3 trillion, pushing the scale of the global financial crime epidemic to an estimated $4.4 trillion. With a compound annual growth rate of 19.2% over two years, this growth in the scope, scale, and evolution of financial crime fundamentally threatens the integrity of the financial system, powering insidious and destabilizing crimes such as human trafficking and terrorism. As trillions of dollars in illicit funds flowed through the financial system, there was significant growth across every measured typology, with illicit flows reaching: $1.1 trillion in drug trafficking activity, with annualized growth of 17.1% $528.5 billion in human trafficking, with annualized growth of 23.5% $16.2 billion in terrorist financing, with annualized growth of 18.8% In addition, fraud scams and bank fraud schemes led to $579.4 billion in losses globally. Notably, losses from fraud scams are growing more than twice the rate of bank fraud, reaching $62 billion and growing at a compound annual growth rate of 19.3% over the last two years. Powering this dramatic rise in scam losses is the widespread use of AI by criminal networks, who leverage advances in technology to exploit vulnerabilities in the financial system. The speed at which this new threat has saturated the market is alarming – 90% of the financial crime professionals surveyed in this report noted an increase in AI-driven attacks at their institution over the past two years. “We are currently in the midst of a full-blown financial crime crisis, powered by criminal networks that are leveraging AI to super-charge scam playbooks and operating with the scale and coordination of multinational corporations,” said Stephanie Champion, Executive Vice President and Head of Nasdaq Verafin. “While AI has emerged as a key tool for criminals, the industry recognizes the potential of the technology to become its most valuable asset in the fight against financial crime. Cutting-edge technology, combined with improved public-private and private-private collaboration creates a network effect, magnifying the reach of our collective efforts and helping remove criminals from the financial system for good.” Financial institutions are on the front lines of the fight against financial crime, but they cannot defeat criminal threats alone. The scale and complexity of today’s crisis require collective action across every sector impacted by the financial crime ecosystem. Embedded throughout the 2026 Global Financial Crime Report are spotlights on organizations demonstrating coordinated action in the fight against financial crime. The organizations highlighted in this report offer a blueprint for what successful collaboration looks like between the public and private sector, as well as between financial institutions and across industries. To further advance collaborative efforts in the fight against financial crime, Nasdaq Verafin is announcing a pledge to support the efforts of the United Nations Office on Drugs and Crime (UNODC) to combat financial crime and fraud by mobilizing collective action within the private sector. Nasdaq Verafin, with the substantive contribution of UNODC, will host a series of convenings of private sector leaders at the center of the fight against financial crime, beginning with a special in-person summit on October 20th at the Nasdaq MarketSite in New York. The convenings will include workshops and roundtables focused on emerging threats and actionable steps for improving cross-sector collaboration to fight fraud, scams, and money laundering. The 2026 Global Financial Crime Report was produced by Nasdaq Verafin in collaboration with Celent and Oliver Wyman, leveraging a custom data model developed from public and private sources to calculate scale of global crime. To read the full report and learn more about Nasdaq Verafin’s pledge to fight financial crime, please visit: https://verafin.com/nasdaq-verafin-global-financial-crime-report. About Nasdaq Verafin Nasdaq Verafin provides Financial Crime Management Technology solutions for Fraud Detection and Management, AML/CFT Compliance and Management, High Risk Customer Management, Sanctions Screening and Management, and Information Sharing. More than 2,750 financial institutions, representing $11 trillion in collective assets, use Nasdaq Verafin to prevent fraud and strengthen AML/CFT efforts. Visit www.verafin.com to learn more. 

The Securities Commission Malaysia (SC) and the Companies Commission of Malaysia (SSM) yesterday signed a Memorandum of Understanding (MoU) to facilitate greater access to shared data resources in support of capital market funding initiatives for micro, small and medium enterprises (MSMEs) and mid-tier companies (MTCs) as well as enhanced supervisory functions.   The collaboration is a key initiative under the Capital Market Masterplan 2026-2030 (CMP) which also aligns with the SC’s Catalysing MSME and MTC Access to the Capital Market: 5-Year Roadmap (2024-2028) while complementing SSM’s role in strengthening the corporate ecosystem through the provision of comprehensive corporate data and enhanced regulatory oversight. It supports greater inclusivity and the growth of MSMEs and MTCs by strengthening data analytics on funding needs through the use of a reliable database. This initiative aims to enhance the identification of MSMEs with strong growth potential and financing needs, enabling more targeted capital market solutions to support their expansion and long-term sustainability. By integrating SSM’s comprehensive corporate data, the SC will identify high-potential unlisted companies, their funding needs and subsequently transition them into the capital market via Bursa Malaysia’s Main, ACE or LEAP Markets, as well as ECF and P2P financing.   The two-year MoU was signed by SC Chairman, Dato’ Mohammad Faiz Azmi and SSM Chief Executive Officer Datuk Nor Azimah Abdul Aziz at the SC.   The MoU also focuses on the following:   Joint monitoring of entities to prevent financial scams and improve enforcement outcomes; Leverage financial data to monitor the progress of companies in adopting sustainability disclosures; and Joint knowledge sharing and training programmes in areas such as data analytics, sustainability reporting, market insight generation, and strategic communication. Dato’ Mohammad Faiz stressed the importance of data as a catalyst for inclusion. “This collaboration reflects the SC’s continued efforts to deepen market intelligence and strengthen the pipeline of MSMEs accessing the capital market. By leveraging granular MSME data, the initiative will help identify companies with viable growth and financing needs and connect them with appropriate capital market funding avenues.”   “Greater data visibility will also strengthen our enforcement capabilities, enabling earlier detection of scams and reinforcing investor protection,” he added.   Datuk Nor Azimah said the MoU marks a significant step in strengthening cooperation between SSM and the SC through the strategic use of corporate data. “By leveraging SSM’s comprehensive corporate information, this initiative will enhance the identification of high-potential MSMEs and mid-tier companies and support their access to appropriate capital market financing to facilitate business growth and long-term sustainability. At the same time, closer collaboration between SSM and the SC will strengthen regulatory oversight and market intelligence while supporting broader efforts to enhance corporate governance and sustainability practices among Malaysian companies,” she said. Both sides will also set up a reciprocal data-sharing mechanism to enhance surveillance capabilities. It will also be in support of the National Sustainability Reporting Framework (NSRF) in tracking the financial disclosure levels of non-listed entities. The collaboration also underscores the shared commitment of the SC and SSM to support the continued growth and integrity of Malaysia’s capital market and corporate ecosystem.

London Stock Exchange Group plc (LSEG) announces today that it has purchased the following number of its ordinary shares of 679/86 pence each on the London Stock Exchange from Morgan Stanley & Co. International Plc (Morgan Stanley) as part of its share buyback programme, as announced on 26 February 2026: Ordinary Shares   Date of purchase: 10 March 2026 Number of ordinary shares purchased: 161,851 Highest price paid per share: 8,736.00p Lowest price paid per share: 8,508.00p Volume weighted average price per share: 8,649.89p   LSEG intends to cancel all of the purchased shares.   Following the cancellation of the repurchased shares, LSEG has 502,617,179 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 502,617,179. 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 Market Abuse Regulation (EU) No 596/2014 (as it forms part of the law of the United Kingdom by virtue of 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 trades made by the Morgan Stanley on behalf of the Company as part of the buyback programme can be found at: http://www.rns-pdf.londonstockexchange.com/rns/1212W_1-2026-3-10.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: 161,851 Date of purchases: 10 March 2026 Investment firm: Morgan Stanley & Co. International Plc     Aggregate Information: Venue Volume weighted average price Aggregated Volume Lowest price per share Highest price per share XLON 8,648.40p 134,209 8,508.00p 8,736.00p TRQX 8,657.11p 27,642 8,512.00p 8,736.00p

Reason for the Update Update to Appendix 3A.1 released on 12 February 2026 to notify the NZD equivalent amount per security, the NZD currency exchange rate, and the dividend reinvestment plan (DRP) price (and, as part of doing so, providing the DRP participation rate) - refer to sections 2B.2a, 2B.2b, 4A.6, and 5.1. Click here for full details.

Key points By 2030, industry projects that Australia’s superannuation pool could be approaching $6 trillion dollars, comparable in size to where the banks are today. As super continues to grow, trustees will become stewards of more than Australia’s retirement future – but of our economic future too. Right across the superannuation sector there is a need to scale governance, capability, skills, systems, and operations to match this growing role in the system. Acknowledgements I would like to begin this afternoon by acknowledging the Bunurong people of the Kulin nation and their ongoing connection to and custodianship of the lands on which we meet today and paying my respects to elders past and present. I’d also like to begin by acknowledging Margaret Cole. Being the last time I may be on a stage with Margaret, I actually wanted to take a moment to formally recognise her significant contributions as a regulator, not just here domestically but internationally as a regulator. Thinking domestically, “the Margaret Cole era” has indeed been a transformational one for APRA. Whether holding underperforming funds accountable through the mandatory performance testing or putting more data in the hands of customers and indeed developing that relationship that ASIC and APRA share. She’s been pivotal, certainly for my part in that journey, so thank you. It has been an honour to work alongside you. Introduction The last time we were here, I remember all the delegates ranking their priority issues for the year ahead. You might remember it was a really long list, and I remember that scams and fraud were somewhere near the bottom. You might remember I found that pretty interesting because I was up here at the time telling you – I’ll admit – pretty sternly that you needed to look at your controls. Fast forward two months and a number of super funds were hit with cyber-attacks[1]. We saw up to 9000 member accounts impacted, and more than half a million dollars of customers’ money stolen.[2] I think it was an important reminder of just how big of a business superannuation is now. Around $4.5 trillion in assets as of last September[3]. That makes it a very big target for bad actors. It also means it now comes with very big obligations. And if you want to meet these obligations to members and markets, your size means you actually now need to think differently about your role in the system. Custodians of confidence Look at it this way. By 2030, industry projects that Australia’s superannuation pool could be approaching $6 trillion dollars, which is more-or-less where the banks are today.[4], [5] So, it's not a moonshot to say that super will one day – and one day not too far away - be the biggest part of our economy. That will make you stewards of more than Australia’s retirement future – but of our economic future too. Custodians of stability and confidence. In a lot of ways, the shoe already fits. Look at the role super has played in private markets. As our work as shown prudentially regulated super is one of the safer and more common ways for Australians to access private markets. But in other ways of course, there are still growing pains. Take our current review into how trustees use complaints to identify and address service issues as an example. I stress it’s still very early days in this review. But already, a tale of two cities is emerging. Some trustees are streets ahead in terms of how they identified issues from complaints. And well done to you. Others are lagging behind. And like what we’ve seen with the Retirement Income Covenant implementation, size is not a predictor of success. Incredibly, five of the 10 trustees we are looking at in depth have not identified a single systemic issue from analysis of their complaints data over our period of review. So, let’s just sit with that for a minute. These trustees received thousands of complaints but told us they haven’t identified one single systemic issue through regular review of complaint data? Really? And at least one trustee failed to analyse their complaints data at all. Okay so why does this matter? Well, aside from it being an enforceable requirement to regularly analyse complaint data, complaints are, of course, a free source of intelligence. You don’t need an expensive consultant to tell you you’ve got a problem. Your customers are telling you, loud and clear through complaints. And listening and responding to them is customer service 101. What’s become really clear to me over the past few years is that right across the superannuation system and sector there is a need to invest in governance, capability, skills, systems, and operations to deliver on the promise of super to Australians and move towards best practice. You only need to look to the ASX for a cautionary tale on what happens when your investment and aspiration doesn’t match your role in the system. The ASX is one of the most critical limbs of Australia’s financial services, but it’s failed to deliver on its promise to its customers because it has looked backward, not forward, whilst seeing its issues separately rather than listening to customers and bringing them together, for best practice. We are all one system. Every part of the system has its gaps – platforms, industry, retail, specialists, everyone. And it will require action from everyone – from all of us – to address. The low-hanging fruit It’s absolutely true that some of the challenges you are facing are complex. I don’t deny that at all. But it’s also true that there’s plenty of low hanging fruit. And at the risk of triggering déjà vu for all of us in this room, one of the ripest areas for early action remains scams. Last year, Scamwatch received more than 800 reports related to superannuation, with more than $22 million lost. We recently benchmarked the websites of 47 superannuation funds against the big 4 banks when it came to scam communications. Banks such as NAB, ANZ, CBA, and Westpac generally scored pretty positive results over 80% of the time. Which is probably not surprising given they now have to protect Australians from scams by law. Super funds, on the other hand, mostly scored between 40 and 60% – so not even a passing grade in some cases. And some of it is really basic stuff. For instance: Only 9 funds clearly defined a scam One third of funds failed to provide messaging on common signs of a scam Only 4% - so two funds who might have links to other financial services - offered members fraud or scam alert subscriptions, and Only one in five super fund websites provided a dedicated telephone or email contact for members to report potential scams or fraud. Again, why does this matter when super is only one link in the chain? Well, remember your role in the system as trusted stewards. Your website is your front door for your customers. It’s the first place they’ll go for information if worried about their super, because they trust you. You are their trustees. Absolutely it’s not the job of the board, of yourselves, to write websites. But it is absolutely and unequivocally your job to oversee risk. More than that, it’s absolutely your job to hold management accountable for identifying and managing risk effectively. And with the amount of super in the system, this is a risk that anyone can see coming. The place to start to manage it is by having a scams strategy. At this point, I want to note with cautious optimism the work underway among some of your industry groups, including the Financial Services Council’s Scam and Fraud Prevention Exchange in collaboration with the Super Members Council, and ASFA’s new scams and fraud tool kit. I ask you though to keep lifting on this in 2026 and evolve the collaboration and toolkits into safer customer outcomes. Looking forward We know this audience likes to hear what our priorities are. So what else are we looking at this year? Our priorities in superannuation are largely consistent with our priorities from last year, because there is more to do – and in fact, there’s more we’re concerned about – when it comes to supporting better outcomes in member services and in retirement. I’ve already mentioned how we will shine a spotlight on how trustees are using complaints to identify and drive systemic improvements, as you are required to by law. We will also follow up and follow through on our death benefits review to work to determine if you’re making progress on our recommendations. We will not rest on our laurels on this work, and we would encourage you not to rest on your laurels either. We will continue to disrupt harmful superannuation switching behaviours. And we will hold trustees accountable for ensuring the Retirement Income Covenant finally moves beyond implementation to delivery, for the benefit of those four million people who will be in the retirement phase of super over the next decade. Looking then to markets, we will continue to drive transparency and consistency in fair outcomes in all capital markets, public and private, including where they intersect with superannuation. And we’ll continue our related important work on superannuation financial reporting and audit surveillance to ensure confidence and transparency regarding the investment of Australians’ retirement savings. This includes bringing forward our review of RG97 to ensure the guidance remains robust and relevant for 2027 and beyond. Our enforcement focus will continue to be holding super trustees to account for member service failures. We will continue to target those responsible for the collapse of the Shield and First Guardian Master Funds through a new and dedicated enforcement priority in 2026. As always, we will have an enduring enforcement focus on market integrity matters across all market types – all the market types you are some of the biggest investors into. Finally, we will be increasing our enforcement focus on poor private credit practices, following our work on evolving capital markets. The stop orders we issued last year were only the beginning. This year, we’re ratcheting up, with more on this to follow soon. Conclusion So, we think all of this will help deliver what we have laid the foundation for in the past two years – a step-change in superannuation. A change that will ultimately enable confident and informed participation, and transparency and efficiency for members and markets. Let’s not all re-trade on the momentum from last year. In 2026, it’s time to step it up and see it through. Thank you to Aleks and Conexus for the invitation to speak today. As always, I welcome your questions.   [1] Australian superannuation funds hit by cyber attacks, with members' money stolen - ABC News [2] Super cybersecurity attack: Funds propose real-time platform to combat cybercrime [3] APRA releases superannuation statistics for September 2025 | APRA [4] Australia’s superannuation system estimated to grow to around $5.6 trillion in 2030 in Super Members Council’s, ‘Retirement revolution: Super’s coming of age’, August 2025. [5] Banks currently hold about 42% of the $14 trillion in assets in the Australian financial system, according to the Reserve Bank of Australia’s October Stability Review, which equates to approximately $5.8 trillion in assets. (3. Resilience of the Australian Financial System | Financial Stability Review – October 2025 | RBA)