The Securities and Exchange Commission today announced that Lori J. Schock, who has served as the Director of the Office of Investor Education and Assistance (OIEA) since 2009, will retire from the agency at the end of December. “I have known Lori for decades, when I was a Commissioner and now as Chairman, and I have witnessed firsthand her unwavering commitment to provide America’s investors with invaluable information to help them make better informed investing decisions,” said SEC Chairman Paul S. Atkins. “She has a unique ability to make a deep connection with everyday investors explaining the most complex investing terms in a way they can understand. Her dedication to educating investors has been a touchstone for the agency. I wish her all the best in her future endeavors.” Under her leadership, Ms. Schock has enhanced OIEA’s presence in the financial literacy community and has increased the SEC’s investor education outreach and assistance efforts. Some highlights include: Building the SEC’s Investor.gov website, which more than 8 million Americans use annually to check the background of their investment professional and access financial planning tools and resources to help them invest wisely and protect their money. Creating Investor Alerts and Bulletins to provide investors with timely information on how to avoid the latest investment scams and to help educate investors on current investment topics and trends. Writing numerous Director’s Take articles to provide investors with tips and information on topics, such as building wealth and protecting their retirement money. Overseeing the handling of hundreds of thousands of investor questions and complaints through the SEC’s investor assistance program. Spearheading efforts to provide creative ways to reach investors, such as through the SEC’s decade-long public service campaign, the HoweyCoins fake ICO website and HoweyTrade investment program, and informational videos on topics, such as the power of compounding and the advantages of adding a trusted contact person to a brokerage account. “It has been an absolute privilege and honor to serve with Chairman Atkins and such esteemed Chairmen, Commissioners and colleagues throughout my career at the SEC,” said Ms. Schock. “I am so proud of the positive, impactful work of the entire OIEA team as they truly make a difference in investors’ lives. I know they will carry on their important work and continue to be a champion to assist, educate and protect investors.” Ms. Schock previously was Associate Director at the Financial Industry Regulatory Authority’s Investor Education Foundation and Office of Investor Education, and before that, was Director of Outreach at the Center for Audit Quality. She joined the SEC in 2001 as a Staff Attorney in OIEA. She also served as Special Counsel to the Director from 2002-2006 and as Acting Director and Deputy Director from 2006-2007. A member of the Colorado bar, Ms. Schock received her J.D. from the University of Akron School of Law while also earning her Master of Taxation from the University of Akron College of Business. She received her B.A. from Furman University.

The FCA has set out a suite of measures to empower retail investment, reinforce wholesale markets and maintain the UK’s position as a world-leading financial centre.  With new rules for investment product information, the FCA is playing its part to build a stronger investment culture, supporting firms to innovate and make investing more engaging for consumers. And the FCA is seeking views to make sure regulation supports consumers to invest with confidence. Proposals to enhance how firms classify their clients will give confidence to firms when they deal with professional investors, drawing a line so wholesale markets can remain agile and innovative. The regulator has worked closely with industry and consumer groups to deliver practical policy that moves the dial on risk. Simon Walls, executive director of markets at the FCA, said: 'Today’s measures support investment risk culture right along the spectrum. They ensure that firms can compete to give retail customers material that informs and engages them. They also draw a brighter line for professional markets, defined by contracting parties, informed consent and regulation that is proportionate to that.' Making it easier for consumers to understand investments In retail investment disclosures, the FCA will make a decisive shift away from prescriptive and complex templates that consumers don’t find useful. This gives firms more freedom to put the consumer first, innovate, and help their customers understand potential returns as well as costs and risks.   The FCA is also seeking views on how longer-term regulation can keep up with the evolving retail investment landscape and help shift the dial on risk appetite, to give consumers confidence to access investments that meet their needs and benefit from the potential returns.   Distinguishing between professional and retail The FCA is setting a clearer boundary between retail and professional investors, allowing firms to deal with professional investors with confidence operating outside retail regulations. This will free up firms to innovate and offer a more diverse range of products to truly experienced clients with the resources to bear more of the risks.   The threshold to qualify as a professional investor will remain high, so only those with experience, advice or the ability to bear risk are taken out of retail protections, such as the Consumer Duty, that they don’t need. High standards in classification mean that wholesale regulation remains proportionate and firms are freed from unnecessary guardrails. Proposals remove some arbitrary tests and give firms more responsibility to get it right. This includes a new way for wealthy and experienced individuals to opt out of retail protections and streamline how firms assess professional investors. Background Rules for targeted support will be set out in the coming days. Elsewhere, the FCA supports the industry-led campaign that will help to explain the benefits of investing. CP25/36: Client categorisation and conflicts of interest: these proposals would allow firms to confidently operate with professional clients who don’t need retail protections. However, the regime only works if firms can demonstrate that their clients genuinely meet the threshold of a professional client and the clients give informed consent. The FCA has recently published findings from its supervisory work to ensure firms do this well, including: A warning for investors in contracts for difference. A review of client categorisation in corporate finance firms. The FCA is also streamlining our rulebook, removing duplications and simplifying our requirements. DP25/3: Expanding consumer access to investments: this paper seeks views from industry on what else can be done to ensure regulations help consumers take informed risks. PS25/20: consumer composite investments: new rules to replace EU-derived packaged retail investment products (PRIIPs) and Undertakings for Collective Investment in Transferable Securities (UCITS) disclosure requirements for packaged investment products with a more flexible regime for the UK built on the Consumer Duty. Statement on Consumer Duty expectations for firms working together to manufacture products or services: updated expectations to help firms interpret the Consumer Duty where they work together to create products and services.   The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.

Successful listing on Euronext Amsterdam following the planned separation of Unilever Market capitalisation of €7.8 billion 66th listing on Euronext in 2025 Largest listing on Euronext markets in 2025 YTD Euronext today congratulates The Magnum Ice Cream Company (TMICC), the largest ice cream company in the world, on its listing on Euronext Amsterdam (ticker code: MICC). It is the largest listing on Euronext markets this year. The Magnum Ice Cream Company, with a history spanning over a century, has become a global market leader in ice cream across developed and emerging markets, operating in 80 countries. The company owns, manufactures and sells ice cream brands and products that are tailored for both at-home and away-from-home consumption. With a rich history spanning over a century, the company has built a portfolio of global and local household names, including the Heartbrand, Magnum, Ben & Jerry’s and Cornetto. The listing follows the planned separation of The Magnum Ice Cream Company from Unilever, one of the longest-listed companies on Euronext Amsterdam. The admission and reference price of The Magnum Ice Cream Company shares was set at €12.80 per share. Market capitalisation was €7.8 billion on the day of listing. The company will be listed on Euronext Amsterdam, the London Stock Exchange and the New York Stock Exchange, with the primary listing in the Netherlands. Peter ter Kulve, CEO of The Magnum Ice Cream Company, said: “As we mark the beginning of our journey as a standalone ice cream company, we are proud to be listed on Euronext Amsterdam, in our home city, renowned for its entrepreneurship, culture, and creativity. As an independent business, we’re more agile, focused, and ambitious than ever. We look forward to the next phase of growth, creating new occasions to enjoy ice cream and frozen snacks and innovating new products to delight people around the world. Life tastes better with ice cream.”

The European Energy Exchange (EEX) reports steady growth of trading volumes on the EEX Nordic Power derivatives market since the start of the comprehensive liquidity programme on 1 September.   Traded volumes throughout the months of September to November significantly exceeded previous levels in 2025 and show a +210% growth over the same period last year (7.2 TWh Sep-Nov 2025 versus 2.3 TWh Sep-Nov 2024). Reflecting this expansion, EEX’s net Open Interest for Nordic Power grew by 49.7% YoY, reaching the highest value in 15 months. In addition, the net Open Interest in the SE2 and SE3 zones now both surpassed the milestone of 1 TWh.    Over the first three months of the programme, 11 out of the 13 EEX Nordic areas registered trades, including first trades in the Norwegian NO3, NO4, NO5 as well as the Swedish SE1 and SE3 zones. In addition, November saw the highest number of trades executed in the past two years.  EEX has also extended its Nordic Power Open Interest scheme until 31 March, which now has no minimum trading volume requirement in order to provide wider support for all trading participants.    Peter Reitz, CEO of EEX, comments: “It’s very positive to see the growth of the overall trading volume in only a few months, as well as the engagement of the whole trading community, including the international participants who have been with EEX on other markets. We have now updated our liquidity programme to extend support to an even wider range of trading members. We are looking forward to further growth in liquidity in the Nordics.” EEX’s product offering for the region includes both Nordic System Price contracts, the so-called Zonal Futures with price determination for each Nordic delivery area, and Implied EPADs, a combination of Zonal Futures and the Nordic System Price Futures, which provide the benefits of the location spread. This setup reduces capital requirements through cross-margining effects. The steadily growing EEX member base on the Nordic power derivatives market covers both European and US-based market participants.   Open Interest (OI) is the total number of unsettled futures and options in a given market, indicating the interest level and liquidity of this market.

Avelacom, the global provider of ultra-low latency network and infrastructure solutions, has been selected by Kraken, one of the world’s longest-standing, most liquid and secure digital asset platforms, to provide high performance connectivity that enhances execution quality for clients. Starting today, trading firms will be able to access Kraken’s matching engine through Avelacom’s optimized low-latency routes. The integration enables institutions to receive real-time market data and execute orders at industry-leading speeds, supporting a broad range of latency-sensitive strategies that benefit from multi-venue liquidity and cross-exchange arbitrage. Avelacom operates a network of routes between global financial centers. Its London-Tokyo route delivers sub-138ms round-trip latency via fiber, with hybrid networks, including wireless segments, offering even faster access to major Tokyo-based exchanges. For firms operating complex, cross-regional trading strategies, this level of performance and consistency is critical. Aleksey Larichev, CEO of Avelacom, said: “By combining Avelacom’s low-latency network coverage with Kraken’s global infrastructure, we are enabling institutional clients to achieve the fastest possible access to digital asset markets. As trading activity grows, reliable physical infrastructure and ultra-low latency networks are becoming essential to ensuring execution quality and operational resilience.” Avelacom’s global network connects leading traditional and crypto exchanges across Europe, North America, APAC, and the Middle East, offering 99.9% uptime and 24/7 support.

The Federal Government has inaugurated the National Tax Policy Implementation Committee (NTPIC), marking a deliberate shift toward a more predictable and market-aligned rollout of the newly enacted capital-gains-tax (CGT) provisions. The move follows extensive technical engagements with key capital-market institutions, including the Securities and Exchange Commission (SEC) and Nigerian Exchange Group (NGX Group), reflecting policymakers’ recognition of the market’s role in sustaining liquidity, price discovery and long-term capital formation. Chaired by leading tax and fiscal-policy expert Joseph Tegbe, the committee has been tasked with steering the implementation process toward clarity, investor protection and policy coherence. Its mandate includes ensuring transparent guidelines, broad stakeholder consultation and an execution framework that minimizes market disruption while reinforcing confidence among domestic and foreign investors. Tegbe said the government would avoid policies that risk disrupting market activity or business investment. “Implementation of the new tax laws will be fair, transparent and humane. We will not roll out these policies in a way that cripples businesses or investors. Stakeholder engagement will be central to this process,” he said at the inauguration. The shift follows sustained engagements by NGX Group and the SEC, during which market operators outlined the potential implications of a rapid CGT rollout on liquidity, investor sentiment and the market’s competitiveness at a time when Nigeria is seeking deeper pools of domestic and foreign capital. Temi Popoola, GMD and CEO of NGX Group, commended the government’s approach, noting that the group, in collaboration with the SEC, has consistently advocated for a data driven approach that balances fiscal objectives with the need to preserve market depth. “We support the modernisation of Nigeria’s tax system, but reforms of this scale must be carefully calibrated to protect liquidity, sustain participation and maintain competitiveness,” he said. “Our engagements with government have focused on ensuring that implementation supports the capital market’s role in long-term investment and economic growth”. Popoola added that global competitiveness hinges not only on policy intent but also on the precision of execution, particularly for emerging markets seeking cross-border flows. The government’s consultations intensified after the Honorable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, visited NGX Group, where market operators outlined the potential unintended consequences of an abrupt CGT rollout. Analysts view the inauguration of the NTPIC as a constructive signal to investors, indicating that authorities intend to anchor fiscal reforms in evidence and consultation, rather than speed alone. Both SEC and NGX Group have pledged continued collaboration with the committee to ensure that the eventual CGT implementation supports confidence, broadens participation and aligns with long-term capital-market development objectives

ICE Mortgage Technology, neutral provider of a robust end-to-end mortgage platform and part of Intercontinental Exchange, Inc. (NYSE: ICE), today released its December 2025 ICE Mortgage Monitor Report. The latest analysis reveals servicer refinance retention rose to a 3.5-year high in Q3 2025 as falling interest rates expose homeowner eagerness to reduce monthly payments for lower returns than in past cycles. “Modest rate relief this fall has driven mortgage application volumes to multi-year highs, showing the outsized impact that incremental affordability improvements have on borrower behavior and servicer retention opportunities,” said Andy Walden, Head of Mortgage and Housing Market Research at ICE. “We’re now seeing the highest concentration of rate-and-term refinances in nearly five years, almost entirely driven by borrowers holding 2023-2025 vintage loans. Notably, the market has become more rate sensitive as hundreds of thousands of borrowers move in and out of refinance incentive with small daily rate shifts. This behavior shows how quickly demand can return when affordability improves, and it highlights just how closely households are watching rates as they try to manage monthly costs and access equity.” Key findings from the December Mortgage Monitor include: Refinance retention hit a 3.5-year high, led by non-bank servicers Refinance retention reached a 3.5-year high (28%) in Q3 2025, with servicers retaining more than half of borrowers refinancing out of 2024 vintage loans. Rate-and-term retention rose to 37%, one of the highest points in the past decade, while cash-out refinance retention rose to a more modest 23%, reflecting the challenge of identifying and retaining equity-seeking borrowers. Non-banks retained refinancing borrowers at roughly three times the rate of banks (35% versus 13%). Retention was highest among FHA and VA mortgages (36%), trailed by GSE (25%) and portfolio-held loans (23%) and privately securitized loans (6%). Rate-and-term refinances dominated activity as more borrowers move back “in the money” Rate-and-term refinances accounted for 62% of all refinance activity in October, the highest share in nearly five years. An estimated 95% of rate-and-term refinances in September and October involved 2023–2025-era loans, with the average refinancer carrying a loan balance of $505,000 and a credit score around 762. On average, they reduced their mortgage rate by 0.92 percentage points, translating to an average monthly savings of about $200. Second-lien home equity withdrawals surged to 18-year high Second-lien home equity loan (HEL) withdrawals climbed to their strongest level since 2007 in Q3 2025 as falling short-term rates made tapping equity more affordable. With millions of homeowners still locked into historically low first-lien rates, many are opting to access equity through HELs or HELOCs rather than refinancing their first mortgage. Home affordability is at its best levels in nearly 3 years, but remains stretched In mid-November, mortgage rates averaged 6.25%, bringing the monthly principal and interest payment for a median-priced home to $2,126. That payment equals 29.7% of the median household income, the lowest since early 2023. “ICE’s 2025 Borrower Insights Survey found that 78% of borrowers only shop one or two options before choosing a lender,” said Tim Bowler, President of ICE Mortgage Technology. “In a sensitive rate environment, this limited shopping behavior amplifies the importance of being first to reach motivated borrowers. ICE Mortgage Technology’s integrated mortgage platform and deep data and analytics enable mortgage professionals to efficiently identify financing opportunities that benefit borrowers and act quickly to retain their business.” The full December Mortgage Monitor report contains a deeper analysis of mortgage origination trends, payment performance trends, and housing market trends featuring ICE Home Price Index (HPI) data. Further detail, including charts, can be found in this month’s Mortgage Monitor report. About the ICE Mortgage Monitor ICE manages the nation’s leading repository of loan-level residential mortgage data and performance information covering the majority of the overall market, including tens of millions of loans across the spectrum of credit products and more than 160 million historical records. The ICE Home Price Index provides one of the most complete, accurate and timely measures of home prices available, covering 95% of U.S. residential properties down to the ZIP code level. In addition, the company maintains one of the most robust public property records databases available, covering 99.9% of the U.S. population and households from more than 3,100 counties. ICE’s research experts carefully analyze this data to produce a summary supplemented by dozens of charts and graphs that reflect trend and point-in-time observations for the monthly Mortgage Monitor report. To review the full report, visit: https://mortgagetech.ice.com/resources/data-reports.

One change to the constituents of the FTSE SET Large-Cap Index Two additions to the FTSE SET Mid-Cap Index Ten additions to the FTSE SET Shariah Index FTSE Russell jointly with The Stock Exchange of Thailand (SET) today announces the result of December 2025 semi-annual review for FTSE SET Index Series as follows: Addition Deletion FTSE SET Large Cap Index  Thai Airways International pcl (THAI) Asset World Corp pcl (AWC) FTSE SET Mid Cap Index Asset World Corp pcl (AWC) Polyplex (Thailand) pcl (PTL) Siam City Cement pcl (SCCC) Precious Shipping pcl (PSL)   Pruksa Holding pcl (PSH) Srinanaporn Marketing pcl (SNNP) Stecon Group pcl (STECON)   TQM Alpha pcl (TQM) FTSE SET Shariah Index Bangkok Lab and Cosmetic pcl (BLC) Airports of Thailand pcl (AOT) Bluebik Group pcl (BBIK) BJC Heavy Industries pcl (BJCHI) CK Power pcl (CKP) MC Group pcl (MC) INET Freehold and Leasehold Real Estate Investment Trust (INETREIT) Pruksa Holding pcl (PSH) Nex Point pcl (NEX) Royal Plus pcl (PLUS) Rojukiss International pcl (KISS) Samart Telcoms pcl (SAMTEL) Siam City Cement pcl (SCCC) Somboon Advance Technology pcl (SAT) STP&I pcl (STPI) Supalai pcl (SPALI) Tata Steel (Thailand) pcl (TSTH) Tipco Foods pcl (TIPCO) Univanich Palm Oil pcl (UVAN)   All constituent changes will take effect at the start of business on December 22, 2025 and the next review will take place in June 2026. FTSE Russell has partnered with The Stock Exchange of Thailand (SET) to jointly create the FTSE SET Index Series for the Thai stock market representing various sizes of companies, sectors and themes. Further information on the FTSE SET Index Series, including all additions and deletions as well as ground rules, is available at https://www.ftserussell.com/products/indices/set  and https://www.set.or.th/en/market/index/ftse-set/profile.

Broadridge Financial Solutions, Inc. (NYSE: BR), a global Fintech leader, today announced a major advancement in its Global Proxy modernization program with the successful migration of its Shareholder Disclosure Hub (SDH) to Amazon Web Services (AWS). This latest milestone enhances the platform's resilience, performance, and security while expanding its global reach, now including the key markets of Singapore and South Africa across the EMEA and APAC regions. "This significant investment in our proxy and shareholder disclosure infrastructure, powered by AWS, provides enhanced security, resilience, and operational efficiency for our clients," said Demi Derem, SVP, Investor Communications Solutions International at Broadridge. "We remain committed to continuous innovation and client value, ensuring our solutions evolve with the needs of global capital markets while providing the robust, scalable foundation required to support shareholder transparency mandates worldwide." The migration to AWS represents a comprehensive re-engineering of the SDH platform. The new cloud-native architecture delivers substantial improvements in performance, stability, scalability, and security, leveraging multiple AWS Regions and Broadridge's Managed Cloud Architecture Standards, which are certified to Cloud Security Alliance (CSA) STAR Level 2. With these enhancements, the platform further reduces operational complexity for market participants by supporting shareholder disclosure requirements across all SRD II markets in the European Economic Area (EEA), as well as Australia, Hong Kong, the United Kingdom, and the newly added markets of Singapore and South Africa. This expanded, unified solution enables institutional investors, intermediaries, and issuers to meet regulatory disclosure obligations efficiently and securely across multiple jurisdictions—strengthening transparency and promoting broader shareholder democracy.

Scila AB, a leading international provider of innovative risk and surveillance solutions, today announced that the firm has been named Best Market Risk Provider at the prestigious American Financial Technology Awards (AFTAs) 2025, hosted by Waters Technology. The award recognizes Scila's ability to deliver innovative technology that solves day-to-day, real-world challenges in the capital markets. This respected recognition validates Scila’s strategic decision to challenge traditional reliance on siloed systems with a high-performance, unified, and multi-asset architecture.The winning solution, Scila Risk, is recognized for its high-performance technology that masters real-time risk management across multiple asset classes. This capability directly delivers commercial benefits, such as the ability to optimize collateral use, unlocking revenue-generating capital. The use of the highly effective Position Limits module adds a key component, offering clients a flexible entry point to improved risk management with regulatory compliance, as it can be deployed either fully integrated or as a standalone solution.“This is yet another prestigious award that validates our architectural strength,” commented Mikko Andersson, CEO of Scila. “We remain the nimble speedboat challenging the large tankers in the industry. By delivering a unified, real-time platform for multi-asset risk management, we give clients substantial commercial benefits, not just optimizing working capital, but also giving deep insights into their business that can generate revenue.”Björn Thornquist, CTO of Scila, added: "Our technology’s core is built on a single, high-performance architecture that masters both Surveillance and Risk. It is this fundamental design choice that enables us to deliver true multi-asset coverage and granular, real-time risk calculations in one system. This is the difference between simply reporting risk and actively controlling it."The AFTAs success, hosted by the respected Waters Technology, follows a period of significant achievement for the firm. Earlier this fall, Scila Risk was named Enterprise Risk Software of the Year at the Energy Risk Asia Awards, and the firm improved its place in the Chartis RiskTech100 global ranking by climbing 18 spots, demonstrating consistent industry recognition of Scila’s dual excellence in Surveillance and Risk Management.

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Today, the Commission took an important step toward eliminating outdated and costly requirements on firms and improving the availability of equity research in our markets by agreeing to amend the Global Research Analyst Settlement (the “Global Research Settlement”).[1] The history behind the Global Research Settlement dates back to the dot-com bubble of the late-1990s that eventually burst. During that time, concerns were raised about the role played by sell-side investment research. Specifically, investment bankers were alleged to have influenced research analysts, biasing their work product to attract investment banking business based on favorable company reports. The SEC, the then-NASD (now FINRA), the NYSE, the North American Securities Administrators Association, and the New York State Attorney General settled with 12 major broker-dealer firms for failing to manage conflicts of interest between their research analysts and investment bankers.[2] The Global Research Settlement was the result. It required these broker-dealers to wall off research analysts from investment banking by undertaking several prescriptive measures. Being a product of an enforcement action, however, these undertakings never went through a notice-and-comment rulemaking process. The very terms of the settlement itself contemplated that future rulemakings in this area would follow, and that the Commission should reevaluate its application over time. Since 2004, the regulatory framework in this area has developed dramatically. The SEC adopted Regulation AC, which generally requires research analysts to certify the truthfulness of the views they express in research reports and public appearances, and to disclose whether they have received any compensation related to the specific recommendations or views expressed in those reports and appearances.[3] Additionally, in 2015, FINRA adopted Rule 2241, which sought to address the same conflicts of interest targeted by the Global Research Settlement, but in a more principles-based manner. It's worth noting that additional regulation has come from outside the United States. Following the actions of regulators in the European Union and United Kingdom, U.S. broker-dealers that sell research to E.U. and U.K. asset managers are now subject to myriad, and sometimes conflicting, regulations.[4] It’s not a coincidence that since 2004, there has been a lot less research out of Wall Street, particularly for small and medium-sized companies. The result has been a chilling effect on research coverage in precisely the segments—emerging growth and smaller public companies—where investors most need high‑quality analysis. In 2017, the U.S. Department of the Treasury recommended that the SEC conduct a holistic review of the Global Research Settlement and the research analyst rules to determine which provisions should be retained, amended, or removed, with the objective of harmonizing a single set of rules for all financial institutions.[5] Today, the Commission moved toward more thoughtfully regulating some of the most important providers of sell-side equity research. It seems hard to argue that the requirements of the Global Research Settlement still hold their relevance. FINRA Rule 2241 now provides a robust framework for managing research analyst conflicts, disclosures, and supervision, but does so through a principles-based SRO rule that can be updated through notice-and-comment and interpreted consistently across member firms. These are not weaker protections; rather, they are conflict‑mitigation tools that are targeted, transparent, and aligned with how research is actually produced, paid for, and consumed. The Commission’s action will lower compliance friction, promote more consistent interpretations, and, ultimately, expand the availability of research coverage that helps investors make better decisions. In short, this is the kind of good government reform that will better serve investors, issuers, and the integrity of our U.S. capital markets. [1]See SEC Consents to Termination of Undertakings in Global Research Analyst Settlement, Litigation Release No. 26434 (Dec. 5, 2025), available at https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26434. [2]The twelve firms were Bear, Stearns & Co., Inc.; Credit Suisse First Boston LLC; Deutsche Bank Securities Inc.; Goldman, Sachs & Co.; Lehman Brothers, Inc.; J.P. Morgan Securities Inc.; Merrill Lynch, Pierce, Fenner & Smith, Inc.; Morgan Stanley & Co.; Citigroup Global Markets Inc. (f/k/a Salomon Smith Barney Inc.); Thomas Weisel Partners LLC; UBS Warburg LLC; and U.S. Bancorp Piper Jaffray Inc. See U.S. Securities and Exchange Commission, Press Release No. 2003-54 (Apr. 28, 2003), available at: https://www.sec.gov/news/press/2003-54.htm; U.S. Securities and Exchange Commission, Press Release No. 2004-120 (Aug. 26, 2004), available at: https://www.sec.gov/news/press/2004-120.htm. [3]Regulation Analyst Certification, Securities Act Release No. 8193 (Feb. 20, 2003) [68 FR 9482 (Feb. 27, 2003)], available at https://www.sec.gov/rules/2003/02/regulation-analyst-certification#33-8193. [4]See Commissioner Mark T. Uyeda, “Statement on the Expiration of the SEC Staff No-Action Letter re: MiFID II” (July 5, 2023), https://www.sec.gov/newsroom/speeches-statements/uyeda-statement-staff-no-action-letter-07-05-2023. [5]See, e.g., U.S. Department of the Treasury, A Financial System that Creates Economic Opportunities (Oct. 2017), available at https://home.treasury.gov/system/files/136/A-Financial-System-Capital-Markets-FINAL-FINAL.pdf

Notice Type: Exchange Notice ID: 1873.120425 2025 We’re evolving to serve you better. As part of our long-term strategy to focus on what we do best, developing high-quality products and enhancing trading experience for our customers, we will be transitioning our services to leading technology service providers. This means our current platform will be retired, but you can continue to enjoy access to our products on Crypto Derivatives and Prediction Markets offered in the Crypto.com app and powered by Crypto.com | Derivatives North America (Nadex). Key Dates Effective Immediately: Nadex will stop accepting new applications Friday, Dec 06th, 2025: Nadex will suspend all deposit methods Friday, Dec 20th, 2025: Trading via Nadex.com platform will be disabled What if I have an active account? If you are currently an active trader with Nadex, please ensure that you close out all open positions by end of business on Friday, Dec 20th, 2025. If you currently maintain a balance in your account, you may request a withdrawal or funds will be sent back to the original source or a verified bank account on file. If you have not verified your account for withdrawal, please verifyimmediately or contact the Nadex Payments team if you have any questions regarding this process at payments@nadex.com. What if I have a pending application or have a $0 balance in my account? If you have a pending application awaiting approval, the application will be cancelled effective immediately in accordance with the Nadex Membership Agreement. If you have an open account with a $0 balance, your Nadex Membership will be terminated on or before Friday, Dec 20th, 2025, in accordance with the Nadex Membership Agreement. Please ensure that you do not fund or trade your account in the interim period. When should I expect to receive my 1099-B? The IRS Form 1099-B for 2025 will be sent out via secure email in January. Please ensure that the email address on file is correct. If it needs updating, make the changes by Dec 20th, 2025. To view and update your email address, login to the Nadex platform and go to the Account section. We appreciate your continued trust and look forward to serving you through our new partnerships. Should you have any questions or require further information, please contact the Compliance Department.

Special Announcement: The processing and publication of Commitments of Traders data were interrupted from October 1 – November 12 due to a lapse in federal appropriations. Following a return to normal operations, the CFTC has resumed publication of the Commitments of Traders reports in chronological order. A revised release schedule depicts the intended COT Report publication dates for the data associated with the original publication date. The reports for the week of October 28, 2025 are now available. Report data is also available in the CFTC Public Reporting Environment (PRE), which allows users to search, filter, customize and download report data.  Additional information on Commitments of Traders (COT) | CFTC.gov Historical Viewable Historical Compressed Revised 2025 Release Schedule CFTC Public Reporting Environment (PRE) PRE User Guide PRE Frequently Asked Questions (FAQs)

An Alberta Securities Commission (ASC) panel has found that GRS Hydrogen Solutions Inc. (GRS) contravened Alberta securities laws by illegally distributing GRS securities, and by making prohibited representations and misrepresentations to investors. The panel also made findings against Albert Eugene Cerenzie – GRS’s founder, sole director, president, and chief executive officer. In a decision dated December 1, 2025, an ASC panel found that GRS breached Alberta securities laws. Illegal distributions: Between December 2021 to May 2023, GRS raised $282,500 by selling GRS securities to approximately 17 investors without a prospectus. GRS failed to ensure that 12 of those investors (representing $143,500) met the criteria for an available exemption from the prospectus requirement and illegally distributed securities. Prohibited representations: GRS made prohibited representations to investors and the general public that its shares would be listed on the Toronto Stock Exchange (TSX) and that they had applied to be listed or would apply to be listed on the TSX. Misrepresentations: GRS made additional statements to investors that GRS had a contract with an established Alberta-based energy company. Those statements and the representations about listing on the TSX were materially misleading or untrue (or both). The panel found that Cerenzie authorized, permitted or acquiesced in GRS’s contraventions. He did not fulfill his responsibilities as the director and officer of GRS. Alberta securities laws generally require that companies using a prospectus exemption to raise capital are responsible for ensuring investors meet certain criteria before they invest, and they will be expected to take reasonable steps to verify that investors meet the criteria. The proceeding will now move into a second phase to determine what, if any, orders for sanction or cost-recovery ought to be made against GRS and Cerenzie. The timing of the next steps will be set after hearing from the parties. A copy of the decision is available on the ASC website at asc.ca. The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (collectively “the agencies”) are rescinding the “Interagency Guidance on Leveraged Lending” (“2013 Guidance”), dated March 21, 2013, and the “Frequently Asked Questions for Implementing March 2013 Interagency Guidance on Leveraged Lending” (“2014 FAQs”), dated November 7, 2014. The agencies expect banks to manage leveraged lending exposures consistent with general principles for safe and sound lending. # # # Background Leveraged lending plays a vital role in the U.S. financial system. It provides a wide range of businesses, including those that are highly indebted or highly leveraged or that have low obligor ratings, with access to capital for business transformations, including mergers, acquisitions, re-capitalizations, refinancings, and equity buyouts, as well as for business and product line buildouts and expansions. It enables businesses to grow in a manner and at a rate that may not otherwise be possible. This growth helps fuel the nation’s economy, contributing to innovation and job creation. Banks traditionally participate in the leveraged lending market by providing or arranging financing and by facilitating the syndication process. Banks also have indirect exposure to leveraged borrowers via lending to business development companies and certain debt funds, as well as investments in collateralized loan obligations that contain securitized leveraged loans. The 2013 Guidance and 2014 FAQs were overly restrictive and impeded banks’ application to leveraged lending of the risk management principles that guide their other business decisions. This resulted in a significant drop in leveraged lending market share by regulated banks and significant growth in leveraged lending market share by nonbanks, pushing this type of lending outside of the regulatory perimeter. In addition, the guidance was overly broad and captured certain types of loans that were not intended to be covered, including loans to investment-grade companies. Moreover, the U.S. Government Accountability Office found that the 2013 Guidance was a rule for the purposes of the Congressional Review Act that was required to be submitted to Congress for review. However, the agencies never submitted the 2013 Guidance to Congress. For these reasons, the agencies are rescinding the 2013 Guidance and the 2014 FAQs. In place of these issuances, banks should apply the agencies’ general principles for prudent risk management of commercial loans and other types of lending to their leveraged lending activities. In general, banks should consider the following general principles for safe and sound lending when managing the risks associated with leveraged lending: Banks involved in leveraged lending are exposed to core financial risks—primarily credit and liquidity risks—which may be more pronounced given the activity and profile of the borrowers. The key to safe and sound banking is effectively managing these risks. A bank should manage the risks associated with its leveraged lending activities and tailor its risk management practices based on the quantity of the risk inherent in such activities. A bank should have a clearly defined risk appetite that is reasonable and reflects the aggregate level and types of risk it is willing and able to assume to achieve its strategic objectives. A bank’s leveraged lending activities should clearly align with this risk appetite. Each bank should have effective risk management and controls for transactions in its pipeline, including loans to be held and those to be distributed. Each bank should determine its own definition of a “leveraged loan.” A bank’s application of a bank-wide, consistent definition supports its ability to identify, measure, monitor, and control its aggregate exposure to leveraged lending and to determine adherence to its risk appetite and concentration limits, including for indirect exposures. A bank’s underwriting criteria should consider a loan’s purpose and sources of repayment and the capacity to de-lever over a reasonable period. Given the risk profiles of leveraged lending transactions, underwriting criteria should be consistently applied to these transactions. Because leveraged borrowers start with high debt relative to cash flow, a bank should conduct an analysis of a leveraged borrower’s past and current performance compared with projections, as well as the assumptions on which the projections are based. Because leveraged borrowers generally depend on access to the capital markets or banks for refinancing, a bank should monitor a leveraged loan throughout its life cycle to assess the risk that refinancing is unavailable and to appropriately manage changes to the loan’s risk profile. A bank that purchases a participation in a leveraged loan should make a thorough independent evaluation of the transaction and risk involved before committing funds. The same credit assessment and underwriting criteria should be applied as if the bank were originating the loan internally. Examiners will examine banks’ underwriting, review risk ratings, and monitor the adequacy of loan loss reserves in accordance with general principles of safe and sound lending in a manner tailored to the size, complexity, and risk of leveraged lending activities. The agencies will consider issuing additional guidance related to leveraged lending as appropriate. The agencies commit to issuing any further guidance through the notice and comment process. Related Links 2013 Guidance (PDF) 2014 FAQs (PDF)

Good afternoon and thank you to the Mediterranean Partnership of Securities Regulators (MPSR) for inviting me to deliver remarks to such a distinguished audience. This is a very valuable coalition of regulators that promotes cooperation and stability across EU and Mediterranean countries. We welcome the recent launch of the ambitious Pact for the Mediterranean and will be ready to support the market-related initiatives in cooperation with the International Organization of Securities Commissions. This has been a fascinating event that speaks to some of the key challenges and opportunities confronting financial markets, from the green transition to the rise of artificial intelligence and digital finance. There is no doubt that big changes are coming, and we need to be ready. At ISDA, we’re no strangers to change. We’re now coming to the end of our 40th anniversary year, and we’ve been reflecting on our journey since 1985, when a small group of dealers first got together to develop common standards for the derivatives market. We’ve spent the past 40 years responding to continuous changes in the products, the participants and the regulatory framework. We’ve campaigned relentlessly for the enforceability of close-out netting in jurisdictions around the world – an absolutely fundamental step in the development of vibrant and resilient derivatives markets. By allowing counterparties to compress their obligations to a single net payment from one party to another in the event of a default, netting drastically reduces credit risk, which, in turn, increases liquidity and credit capacity. Many jurisdictions have opted to use the ISDA Model Netting Act as the basis for their legislation, and ISDA has now published more than 90 netting opinions, giving international firms the confidence and certainty they need to increase their participation in those markets. Let’s take three other examples where ISDA has worked hand in hand with regulators to respond to seismic market changes. First, the retirement of LIBOR, a benchmark that once underpinned trillions of dollars of financial contracts. When policymakers called time on the benchmark and asked market participants to transition to alternative reference rates, many said it couldn’t be done without major disruption. Following a multi-year effort that required painstaking preparation in close collaboration with the public sector, ISDA launched contractual fallbacks in 2020 that helped pave the way for the safe removal of LIBOR. Second, the implementation of margin requirements for non-cleared derivatives. When this was added to the post-crisis reform program, it was clear it would be a huge operational undertaking, especially as the scope of the rules extended to smaller entities over time. We developed the ISDA Standard Initial Margin Model (ISDA SIMM) so that market participants would have a common methodology for the calculation of margin, reducing costs and the potential for disputes. The ISDA SIMM is now used by hundreds of entities around the world, and we’ve worked closely with policymakers to ensure it remains appropriate and effective in all market conditions. Finally, the framework for bank resolution. When policymakers introduced resolution regimes that would temporarily suspend the right to terminate trades with a bank under resolution, they needed a watertight mechanism to ensure this kind of stay would be enforceable in a cross-border context. We developed the ISDA Resolution Stay Protocol, under which adherents opted into the stay provisions of overseas resolution regimes, delivering the legal certainty that was needed to properly resolve the ‘too big to fail’ problem. In each of these cases, ISDA worked tirelessly to develop robust solutions that enabled change. The challenges were neither simple nor easy to resolve – they required ambition, commitment and collaboration with regulators. As we look to the future, it’s clear that a similar approach will be needed to overcome the challenges and harness the opportunities that are coming. We’ve learned from our 40-year track record that while the issues change, the process endures. I want to use these remarks to talk about several areas where ISDA is now focusing its efforts to enable positive, meaningful and lasting change and to maintain vibrant and resilient derivatives markets. These include the global capital framework, collateral management, regulatory reporting and carbon market development. Capital I’ll start with capital. Over the next few years, implementation of the Basel III framework is due to be completed in key jurisdictions. This is the last major set of reforms to the global capital framework, and includes the Fundamental Review of the Trading Book (FRTB) market risk rules. The preservation of vibrant and resilient markets depends on appropriate, risk-sensitive capital requirements, so we must get this right. If we fail, we’ll see reduced access to funding, a lack of hedging solutions and increased vulnerability to external shocks. When we scrutinize proposed rules and recommend targeted changes, it is always with the aim of making sure capital requirements are appropriate for the underlying risks. We also believe the rules should be as consistent as possible across borders. A lack of alignment creates added complexity for globally active banks, making it more difficult for them to effectively manage their risks and service their clients. As it stands, there is fragmentation between the major jurisdictions, both in the timing and content of the rules. In the US, regulators are revising the Basel III endgame proposal in light of industry feedback, and we expect to see a new proposal in the coming months. In the EU and the UK, the FRTB is currently due to be implemented from the start of 2027, but the UK Prudential Regulation Authority has proposed delaying the rollout of internal models until the following year. Meanwhile, the European Commission is consulting on a set of temporary changes to the FRTB that would bring some short-term relief. We’re working with our members to respond to that consultation, but, as a general principle, we believe it would be preferable to develop solutions that ensure lasting risk sensitivity. One of the key features of the FRTB is a much more stringent testing and approval process for banks that want to use internal models. Last year, an ISDA survey found that only 10 out of 26 global banks plan to use internal models for a much-reduced scope of trading desks under the FRTB. That’s a big change that would mean less alignment between risk and capital and less diversity in models and behavior. It could lead to herd behavior and drive concentrations in particular assets. While the FRTB standardized approach is designed to be more risk-sensitive than previous iterations, its calibration will inflict the highest capital increases on those banks with large, diversified portfolios. We must make sure there is a future for internal models, which means revisiting the rules. ISDA has recommended changes to improve the incentives to use internal models, which include the recalibration of certain elements of the FRTB, including the profit & loss attribution test, the risk factor eligibility test and non-modellable risk factors. I’m pleased to say we’ve had very productive engagement with policymakers in recent months, particularly in the US. We’re hopeful that the revisions to the Basel III endgame will make internal models a more viable option than in the original proposal. Once the revised proposals are published, ISDA will work with its members to evaluate the calibration and test the impact to ensure we achieve a capital framework that is truly risk-appropriate and fit for purpose. We’re also engaging with policymakers on the Basel Committee’s prudential standard for crypto-asset exposures, which is scheduled to be implemented from January 1, 2026. In its current form, this standard would impose overly conservative and punitive capital requirements that do not accurately reflect the risks of crypto assets and would be inconsistent with established market risk practices. Earlier this year, we joined with other trade associations in calling for a pause and recalibration, and we welcome the Basel Committee’s recent announcement that it would undertake a review of targeted elements of the standard. Financial markets are moving rapidly to adopt powerful technologies like tokenization, which could bring significant advances in efficiency. It is vital that disproportionate capital requirements don’t hinder those efforts, so we will continue to advocate for greater risk sensitivity in the capital treatment of crypto-asset exposures. Collateral I’ll now turn to one particular area where we’re working hard to realize the benefits of tokenization – collateral management. With markets becoming ever faster and smarter, we’re seeing growing momentum behind the shift to 24/7 trading. But if markets are to remain vibrant and resilient, the risk management infrastructure will need to catch up. There are still far too many bottlenecks and inefficiencies in our existing systems and processes to accommodate 24/7 trading. Collateral management is a case in point. As I mentioned at the start of these remarks, the ISDA SIMM has provided a robust and transparent methodology for market participants to calculate margin requirements for non-cleared derivatives. Collateral has helped to mitigate counterparty risk in the derivatives market, but the financial system has become increasingly prone to liquidity crunches during periods of stress. As margin calls spiked, many firms struggled to meet their obligations because of the continued reliance on manual intervention and a lack of interoperability across internal systems and with external parties. It is critical that firms have sound liquidity risk management, liquidity stress testing, resilient operational processes and sufficient levels of cash and liquid assets to meet their margin calls. But it’s also vital that the collateral gets to where it needs to be quickly and efficiently. In response, ISDA has developed suggested operational practices for collateral management. We’ve also used the Common Domain Model (CDM), a standardized data and process model, to digitize key documents, represent eligible collateral terms and automate cash collateral calculations and payment processes. Tokenization also has a part to play in modernizing the collateral management infrastructure. For example, it could help to alleviate the workflow challenges by enabling near-instantaneous settlement of collateral transfers. We’re also exploring how tokenization might help firms to use a wider range of eligible assets as collateral. Market participants are increasingly looking to use non-cash securities for margin, but there are certain economic, capital and operational constraints that prevent some counterparties from holding anything other than cash or government securities. For example, money market funds would have to be liquidated and posted as cash and then transformed by the custodian, which can lead to increased liquidity and operational risks. Once tokenized on a shared ledger, money market funds could be much more efficiently mobilized as collateral. Shares of a fund could be directly posted and returned without the need for liquidation within the collateral management process. ISDA is now engaging with experts across financial markets to identify and address certain legal, regulatory and operational challenges to enable the adoption of tokenization. We’re focusing on two key areas. First, we’ll work with the official sector to establish clear and consistent legal and regulatory frameworks to bring certainty, enable cross-border adoption and improve market confidence. Second, we’ll aim to establish interoperability, underpinned by common data models, smart contract standards and messaging protocols, to reduce fragmentation, lower integration costs and enable cross-platform connectivity. There’s no doubt that tokenization has real potential to improve the timeliness and efficiency of collateral management, increasing the vibrancy and resilience of derivatives markets. That’s why we’re focused on helping to realize its potential. Data reporting The completion of Basel III and the introduction of an effective legal and regulatory framework for tokenization will only be successful with continued engagement and collaboration between the public and private sectors. The same is true of another of the post-crisis reforms – derivatives data reporting. It’s no secret that this has been one of the most difficult reforms of all and, despite repeated efforts, we haven’t yet got it right. The original mandate from the G-20 to report trades to designated repositories made a lot of sense in the wake of the financial crisis. The dangers of opacity had just been laid bare, and regulators clearly needed a more effective way to identify emerging risks before they threatened market stability. I was a commissioner at the Commodity Futures Trading Commission (CFTC) when the US rules were drafted, and it was clear that reporting would only work if we managed to implement the rules consistently around the world. Without global consistency, we’d have a patchwork of fragmented data that would be of very little use to the public sector. Unfortunately, that consistency never materialized. Every jurisdiction took its own approach, with little alignment in what was reported from one market to the next, making it very difficult to reconcile cross-border trades. In some cases, multiple rules in a single jurisdiction meant firms had to report the same trade several times, leaving regulators trying to make sense of duplicative information. With inaccuracies, repetition and omissions in what is reported, and privacy rules preventing the sharing of data, regulators don’t always have the information at their fingertips to enable them to identify the build-up of derivatives exposures and risks. It may exist in some form within trade repositories, but it’s not always easily accessible. As ISDA put it in a paper in 2023, the information regulators need is often “hidden in plain sight”. Policymakers are well aware of these problems and want to address them. Earlier this year, the European Securities and Markets Authority (ESMA) sought industry feedback on the major cost drivers associated with reporting, in an effort to establish how the reporting burden in the EU could be reduced and simplified. We welcome this initiative and believe a key part of any solution should be a holistic review of the EU’s multiple reporting regimes to clearly identify what information regulators really need. As it stands, trade reporting is required under three separate rulebooks – the Markets in Financial Instruments Regulation (MIFIR), the European Market Infrastructure Regulation (EMIR) and the Securities Financing Transactions Regulation (SFTR) – and there are many instances where the same transaction has to be reported under multiple regulations. This is not only unnecessary – it also creates an additional burden on regulators to reconcile duplicative reports. A holistic review of reporting rules under these three regulations would pave the way towards a single regime that optimizes reporting and enhances its value for the public sector, while reducing the burden for the market. A single EU reporting regime would comprise only the relevant data fields without duplicative or unnecessary reporting, requiring firms to deliver a single transaction report to meet their obligations under the current MIFIR, EMIR and SFTR regimes. The good news is that ESMA’s call for evidence included some very constructive proposals that would help to reduce these costs and improve the quality of reported data. For example, the removal of the dual-sided reporting model and the clear delineation of reporting by instrument type would simplify processes, reduce the number of reports and avoid mismatches in what is reported. We welcome ESMA’s engagement on this important issue and look forward to further progress next year. We also welcome the UK Financial Conduct Authority’s new consultation on a set of proposals to improve transaction reporting under UK MIFIR. This is part of a long-term strategic approach to streamline transaction reporting requirements across multiple regimes. We’re working with our members to analyze the proposals and develop a response. Of course, creating an effective global reporting framework means working across borders in pursuit of consistent, appropriate rules. Over the past three years, regulators around the world have updated their reporting rules to incorporate globally agreed data standards and bring greater consistency to their reporting regimes. Starting with the CFTC in December 2022, we now have updated reporting rules in eight jurisdictions, with Hong Kong being the latest to implement changes in September. That’s a very welcome step forward and ISDA has been working hard to help market participants implement the rules in a uniform way that properly reflects what is required. In 2022, we launched the Digital Regulatory Reporting (DRR) initiative, which converts an industry-agreed interpretation of multiple reporting rule sets into machine-executable code using the CDM. Users can take this code as the basis of their implementation or use it to validate their own interpretation of the rules. The ISDA DRR has yielded massive efficiencies and improved the accuracy of what is reported – an important consideration, given nearly $300 million has been paid in fines for misreported data in the US, UK and EU. The DRR has so far been adapted to all eight sets of updated reporting requirements, and we’ve committed to supporting 12 core reporting regimes across nine jurisdictions. Carbon markets Before finishing, I’ll briefly touch on one more area where we need continued collaboration to realize progress – the development of a vibrant and resilient global voluntary carbon market. We must never lose sight of the important role carbon markets can play in channeling the capital that is needed to achieve the transition to net-zero. Following last year’s agreement to establish a UN-backed carbon market under Article 6 of the Paris Agreement, recent negotiations at COP30 focused on implementation. ISDA is fully supportive of these efforts, and we’ve shared our recommendations with policymakers on the vital steps we believe are needed to enable the voluntary carbon market to reach its full potential. First, we need a globally consistent definition of a ton of carbon that is adopted by all market participants. This must be accompanied by an independent, science-based system to verify and audit the soundness and integrity of voluntary carbon credits. Second, we need a robust legal framework to create greater certainty and confidence. Third, we need a liquid forward market, which will provide valuable signals as the market evolves. Finally, we need a globally consistent regulatory framework to create the clarity companies need to trade and invest. ISDA is working hard to provide legal certainty for this market. To sustain deep and liquid secondary markets, create clear price signals and allow funds to be efficiently channeled to emissions-reducing projects, the legal treatment of carbon credits must be properly defined. We set out the steps needed to create greater legal certainty in a series of whitepapers, and we’re making good progress. The International Institute for the Unification of Private Law (UNIDROIT), an intergovernmental institution, is now in the final stage of developing critical guidance on the appropriate standards to ensure bankruptcy treatment and the exchange of security are properly defined, and the rights of holders are protected. This guidance will provide a common legal baseline for carbon trading, and ISDA will advocate for countries to incorporate the principles when drafting rules for these markets. The UNIDROIT guidance will build on the foundations we established with the ISDA Verified Carbon Credit Transactions Definitions, which created a single contractual framework for the trading of these contracts. Last year, we updated the definitions to incorporate the Core Carbon Principles developed by the Integrity Council for the Voluntary Carbon Market, and we recently published the latest iteration that includes standards from the Carbon Offsetting and Reduction Scheme for International Aviation. These are positive steps in the right direction, and we will continue to engage with policymakers to build confidence in the voluntary carbon market through strong and consistent standards. Conclusion I started these remarks by reflecting on some of the big industry challenges that ISDA helped to solve over the past decade. In each case, from LIBOR and initial margin to the bank resolution framework, the challenge at times seemed insurmountable – too big, too complex to overcome. But we never gave up. We showed that with ambition, commitment and collaboration, nothing is impossible. I’ve talked about some of the key areas where we’re now focusing to ensure vibrant and resilient derivatives markets – capital, margin, reporting and the voluntary carbon market. These are also complex, thorny issues, but I’m confident the same approach we’ve used in the past will once again succeed. It’s a full book of work, and we need ambition, commitment and collaboration with the public sector. So, let’s make it happen. Thank you.   Documents (1)for Steps to a Vibrant and Resilient Derivatives Market: Scott O’Malia Remarks Steps to a Vibrant and Resilient Derivatives Market Scott O'Malia Remarks(pdf)

The Canadian Securities Administrators (CSA) is inviting interested parties to apply to participate in a new CSA initiative to facilitate access to consolidated real-time market data (RTMD) by retail investors and retail investment advisers. The newly-created Retail Committee (the Committee) will focus on evaluating how retail investors and retail investment advisers access consolidated RTMD and identifying any barriers to accessing this data. The Committee’s goal is to develop actionable recommendations that improve access to consolidated RTMD products for retail investors and retail investment advisers. The mandate of the Retail Committee was included in CSA Staff Notice 21-334 Next Steps to Facilitate Access to Real Time Market Data, Appendix D. Who should apply? The CSA welcomes applications from: Retail-focused investment firms and platforms. Investor advocacy groups. Data vendors and technology providers. Academics and researchers with market data expertise. Other stakeholders with relevant experience or interest in how retail investors and retail investment advisers’ access and use RTMD. How to apply Interested parties are invited to submit: A brief expression of interest. A summary of relevant experience or perspective. Contact information. Interested parties are invited to send submissions to marketdata_committees@osc.gov.on.ca with the subject line: “Retail Industry Committee – Expression of Interest” by January 9, 2026. We anticipate that the Committee’s work will begin mid-January 2026, and the work will take six to nine months to complete. Further details on committee timelines and structure will be shared with selected participants. The CSA, the council of the securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.

The Federation of European Securities Exchanges (FESE) welcomes the European Commission’s package of measures for market integration. This ambitious set of reforms is aimed at enhancing efficiencies across the Union and advancing cross-market integration. As part of the Savings and Investments Union (SIU) strategy, the recent proposals to increase demand – e.g. the recommendations on the Savings and Investments Account, financial literacy or the proposed package on supplementary pensions – remain a crucial aspect for achieving a greater equity culture in Europe. Above all, the market integration package is essential for channelling the necessary liquidity to boost EU’s long-term competitiveness.

Euronext, the leading European capital market infrastructure, today announced trading volumes for November 2025. Monthly and historical volume tables are available at this address: euronext.com/investor-relations#monthly-volumes