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WHAT: Acting Chairman Caroline D. Pham will speak at the All-Party Parliamentary Group on Blockchain Technologies International Roundtable on “Best Practices in Digital Assets Policy & Regulation.” WHEN: Monday, September 8, 20251:40 p.m. (BST/UK)8:40 a.m. (EDT/USA) WHERE: Committee Room 17The Palace of WestminsterUK ParliamentAdditional information: APPG Roundtable

Notice Type: Exchange Notice ID: 1866.090525 2025 Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended (“Act”), and Section 40.6(d) of the regulations promulgated by the Commodity Futures Trading Commission (the “Commission”) under the Act (the “Regulations”), North American Derivatives Exchange, Inc. (“Nadex”, the “Exchange”) hereby provides notice that due to increased or decreased volatility, as the case may be, in the underlying markets upon which the Nadex contracts are based, Nadex made changes to the minimum tick size of various contracts during the week of August 30, 2025 as indicated in the Weekly Notice. Should you have any questions or require further information, please contact the Compliance Department. Notice 1866 Weekly Notification

The Commodity Futures Trading Commission approved a policy statement describing its plan to address criminally liable regulatory offenses in accordance with Executive Order 14294, Fighting Overcriminalization in Federal Regulations. The policy statement advises the public that the Commission, in consultation with the Attorney General, will provide the Director of the Office of Management and Budget a report containing:  A list of all criminal regulatory offenses enforceable by the Commission or the Department of Justice. For each such criminal regulatory offense, the range of potential criminal penalties for a violation and the applicable mens rea (state of mind) standard for the criminal regulatory offense.  The policy statement sets the framework to be followed when CFTC, including the Division of Enforcement, considers whether to refer potential violations of criminal regulatory offenses to DOJ. The policy statement is issued in accordance with the Executive Order and will be published in the Federal Register. Previously, because there was no majority vote of the Commission to authorize Federal Register publication, the Division of Enforcement issued an advisory which incorporated the framework adopted by the Commission. That advisory has now been withdrawn following this Commission action. RELATED LINKS Federal Register CFTC Staff Letter 25-29

New York Attorney General Letitia James today joined a coalition of 17 other attorneys general in sending a letter opposing a recent settlement secured by the United States Department of Justice (DOJ) that would allow Hewlett Packard Enterprise (HPE) to merge with a top competitor, Juniper Networks (Juniper), while doing nothing to address the higher costs and decreased competition likely to result. In a letter to DOJ, Attorney General James and the coalition assert that recent reporting and statements from former DOJ senior staff indicate that DOJ’s approval of the merger is the result of corrupt backroom dealing between HPE and top DOJ officials. While staff and senior leaders in DOJ’s Antitrust Division opposed the merger, they were overruled by top DOJ officials who had personal relationships with consultants and lobbyists hired by HPE. As Attorney General James and the coalition argue in the letter, this conduct likely violates federal laws meant to ensure that merger settlements are not the product of undue influence. The coalition is asking the judge in the Northern District of California to hold hearings to investigate any corrupt practices that led to the settlement and block the settlement if the allegations of corruption are proven true. “Big corporations cannot use their money and power to make backroom deals that let them evade the law,” said Attorney General James. “HPE allegedly used its connections to Trump administration officials to get permission to buy a top competitor. This is not only illegal, but it will also hurt consumers by leaving them with higher prices and fewer alternatives. The court should investigate this corruption and take action to block the settlement.” As Attorney General James and the coalition assert in their letter, recent press reports and statements from former DOJ employees reveal a highly irregular process that resulted in a harmful merger settlement between HPE and DOJ. As alleged in the reports, DOJ Chief of Staff Chad Mizelle and Acting Associate Attorney General Stanley Woodward were lobbied by individuals hired by HPE who had close ties to the Trump administration. One article details how HPE’s consultants and lawyers engaged in “boozy backroom meetings” with DOJ officials at a Washington, DC club. Mizelle and Woodward also allegedly made secret side agreements with HPE that are not in the final merger settlement. Mizelle then overruled senior leadership in the DOJ’s Antitrust Division who opposed the HPE merger and approved a settlement that failed to address the harms that DOJ had previously identified in the lawsuit it filed to block HPE’s merger. Two senior Antitrust Division attorneys appointed by President Trump’s own administration were fired for opposing the settlement. One of the fired attorneys, former Principal Deputy Assistant Attorney General Roger Alford, has spoken out publicly against the settlement and called it a “scandal” that represented the “Rule of Lobbyists” over the “Rule of Law.” The resulting merger settlement does nothing to address the antitrust concerns DOJ initially raised with its lawsuit, including DOJ’s finding that a merger between HPE and Juniper would increase costs for consumers by up to 14 percent. Attorney General James and the coalition argue in their letter that if the allegations of lobbying pressure and secret side arrangements are true, then high-level political appointees at DOJ breached the public trust and the settlement violates the Tunney Act. The Tunney Act is a post-Watergate law enacted by Congress in 1974 to ensure that antitrust settlements reached by the Justice Department are based on the merits rather than undue influence by powerful corporations and their well-connected lobbyists. Under the law, the Justice Department must seek approval of all antitrust settlements from the courts, and the courts must make independent judgments that a settlement is in the public interest. Attorney General James and the coalition are asking the court to hold hearings to examine whether the allegations of corruption are true, and if so, refuse to approve the settlement. Joining Attorney General James in this action are the attorneys general of Arizona, California, Colorado, Connecticut, Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Nevada, New Mexico, North Carolina, Oregon, Rhode Island, Washington, and Wisconsin.

A U.S. court of appeals recently issued an opinion concerning two 2023 Commission rulemakings related to the securities lending and short sale markets.[1] Although the Court did not vacate the rules, the Court held that the Commission had not properly considered their cumulative economic impact and remanded them to allow the Commission to consider and quantify the cumulative economic impact of the rules, consistent with the opinion.[2] I have directed Commission staff to evaluate the rules in light of the opinion and make recommendations for appropriate Commission action, including potential changes to the rules and adjustments to the related compliance dates.[3]   [1] National Association of Private Fund Managers v. SEC, No. 23-60626 (5th Cir. Aug. 25, 2025).  See also Reporting of Securities Loans, Release No. 34-98737 (Oct. 13, 2023), 88 FR 75644 (Nov. 3, 2023) (adopting 17 CFR 240.10c-1a); Short Position and Short Activity Reporting by Institutional Investment Managers, Release No. 34-98738 (Oct. 13, 2023), 88 FR 75100 (Nov. 1, 2023) (adopting 17 CFR 240.13f-2 and Form SHO); 17 CFR 240.10c-1a; 17 CFR 240.13f-2; Form SHO (referenced in 17 CFR 249.332).   [2]  See Slip Op. at 29.   [3] The current temporary exemption from compliance ends January 2, 2026, for reporting under Rule 13f-2 and Form SHO; September 28, 2026, for reporting under Rule 10c-1a; and March 29, 2027, for the dissemination requirements under Rules 10c-1a(g) and (h)(3).  See Order Granting Temporary Exemption Pursuant to Section 13(f)(3) of the Securities Exchange Act of 1934 from Compliance with Rule 13f-2 and Form SHO, Release No. 34-102380 (Feb. 7, 2025), 90 FR 9568 (Feb. 7, 2025); Order Granting Temporary Exemptive Relief, Pursuant to Section 36(a)(1) of the Securities Exchange Act of 1934, From Certain Aspects of Rule 10c-1a, Release No. 34-103560 (July 28, 2025), 90 FR 36087 (July 31, 2025).

The current reports for the week of September 02, 2025 are now available. Report data is also available in the CFTC Public Reporting Environment (PRE), which allows users to search, filter, customize and download report data. Additional information on Commitments of Traders (COT) | CFTC.gov Historical Viewable Historical Compressed COT Release Schedule CFTC Public Reporting Environment (PRE) PRE User Guide PRE Frequently Asked Questions (FAQs)  

The latest reports for July 2025 are now available. Additional information on Financial Data for FCMs market reports: Historical FCMs Reports

The Federal Open Market Committee on Friday announced its tentative meeting schedule for 2027: Tuesday, January 26, and Wednesday, January 27 Tuesday, March 16, and Wednesday, March 17 Tuesday, April 27, and Wednesday, April 28 Tuesday, June 8, and Wednesday, June 9 Tuesday, July 27, and Wednesday, July 28 Tuesday, September 14, and Wednesday, September 15 Tuesday, October 26, and Wednesday, October 27 Tuesday, December 7, and Wednesday, December 8 Tuesday, January 25, and Wednesday, January 26, 2028 The Committee releases a policy statement at 2 p.m. Eastern Time on the second day of each regularly scheduled meeting, and the Chair holds a news conference at 2:30 p.m. Eastern Time the same day.

The Securities and Exchange Commission today announced the formation of a task force that will strengthen and enhance the Division of Enforcement’s efforts to identify and combat cross-border fraud harming U.S. investors.    The Cross-Border Task Force will focus initially on investigating potential U.S. federal securities law violations related to foreign-based companies, including potential market manipulation, such as “pump-and-dump" and "ramp-and-dump" schemes. The task force also will focus enforcement efforts on gatekeepers, particularly auditors and underwriters, which help these companies access the U.S. capital markets. In addition, it will examine potential securities law violations related to companies from foreign jurisdictions, such as China, where governmental control and other factors pose unique investor risks.   “We welcome companies from around the world seeking access to the U.S. capital markets,” said SEC Chairman Paul S. Atkins. “But we will not tolerate bad actors – whether companies, intermediaries, gatekeepers or exploitative traders – that attempt to use international borders to frustrate and avoid U.S. investor protections. This new task force will consolidate SEC investigative efforts and allow the SEC to use every available tool to combat transnational fraud.”    “I have also directed the staff in other SEC divisions and offices, including the Divisions of Corporation Finance, Examinations, Economic and Risk Analysis, and Trading and Markets as well as the Office of International Affairs, to consider and recommend other actions that would better protect U.S. investors, including new disclosure guidance and any necessary rule changes," continued Chairman Atkins. Division of Enforcement Director Margaret A. Ryan said, “The Cross-Border Task Force will leverage the Division of Enforcement’s resources and expertise to combat international market manipulation and fraud. We are pleased to be part of this critical effort to enforce the federal securities laws and protect U.S. investors.”  

TMX Group Limited today announced August 2025 trading statistics for its marketplaces – Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange (Alpha), including Alpha-X & Alpha DRK, and Montréal Exchange (MX). Related Document:TMX Group Consolidated Trading Statistics – August 2025

John Burford has been sentenced to 2 years in prison in a £1 million investment fraud case, following a prosecution brought by the FCA. Mr Burford, who lives in Mansfield, defrauded over 100 investors out of £1 million between 2016 and 2021 through his firm, Financial Trading Strategies Limited, where he was the sole director. He offered trade alerts and investment opportunities in 3 self-named funds, despite lacking FCA authorisation. The FCA found he repeatedly misled investors about fund performance, concealed losses and used their money to buy property and support his lifestyle. Mr Burford attracted a range of investors through self-published articles, blogs, and a book to promote his trading credentials and broaden his reach. Investors of Mr Burford described placing considerable trust in him because of his purported expertise and many described the significant financial and emotional impact his offending had on their lives. Steve Smart, joint executive director of enforcement and market oversight at the FCA, said: 'John Burford deliberately misled investors, stealing their money to fund his own lifestyle. We will pursue those who abuse investors’ trust and ensure they do not profit from their criminality. 'We are asking anyone who believes they have been affected by this investment scam to contact us.' The FCA is pursuing confiscation proceedings to deprive Mr Burford of the proceeds of his crimes and compensate victims. In sentencing, His Honour Judge Coles described the case as a 'sustained fraud causing much misery to investors,' noting that the defendant 'used other people’s hard-earned money as a cash fund to purchase a house and for living expenses.' He added that 'old age is never an excuse for avoiding punishment for serious offending.' To Mr Burford, the judge added: 'You marketed yourself as a highly skilled trader and tricked people into having confidence in you.' This case follows recent FCA enforcement action on investor fraud including securing a conviction against Daniel Pugh who set up a Ponzi scheme that netted over £1 million. Background John Charles Burford was born on 23 February 1940 and resides in Mansfield, Nottinghamshire. Anyone who invested with Mr Burford and has not heard from the FCA should call 0800 111 6768 or email opwinonaexternal@fca.org.uk. Mr Burford pleaded guilty to 4 offences on 30 July 2025. The sentencing was made up as follows: 2 years’ immediate imprisonment for Fraud by False Representation. 1 year immediate imprisonment for each of the three Financial Services and Markets Act offences to be served concurrently with each other and with the sentence for fraud. The total sentence of imprisonment is therefore 2 years. Fraud by false representation is contrary to section 1 of the Fraud Act 2006. It is punishable by a fine and/or up to 10 years’ imprisonment. Carrying out unauthorised business is an offence punishable by a fine and/or up to 2 years' imprisonment. Fighting financial crime is central to our new strategy and we will take action against criminal behaviour which harms consumers and damages the integrity of our markets.

The Securities and Exchange Commission and the Commodity Futures Trading Commission (CFTC) today issued a joint statement on regulatory harmonization opportunities and announced a joint roundtable to be held on Sept. 29, 2025, from 1 p.m. to 5 p.m.“It is a new day at the SEC and the CFTC, and today we begin a long-awaited journey to provide markets the clarity they deserve,” said SEC Chairman Paul S. Atkins and CFTC Acting Chairman Caroline D. Pham in the statement. “By working in lockstep, our two agencies can harness our nation’s unique regulatory structure into a source of strength for market participants, investors and all Americans.   “Tuesday’s joint staff statement on spot crypto asset products is only a first step,” they continued. “To the extent possible and appropriate in the public interest under existing statutes, our respective agencies should consider harmonizing product and venue definitions; streamlining reporting and data standards; aligning capital and margin frameworks; and standing up coordinated innovation exemptions using each agency’s existing exemptive authority.” The roundtable will be an opportunity to discuss regulatory harmonization priorities. It will be held at the SEC at 100 F Street, N.E., Washington, D.C, and will be open to the public and webcast live on the SEC’s website. Please register for in-person attendance. Visitors will be subject to security checks. A recording of the roundtable will be later posted on the SEC website. The agenda and participants will be posted on the SEC event webpage at a later date. “This roundtable represents a pivotal step toward building more coherent and competitive U.S. markets,” Chairman Atkins and Acting Chairman Pham said. “By working together to align our regulatory frameworks, the SEC and CFTC can reduce unnecessary barriers, enhance market efficiency, and create space for innovation to thrive. Our shared goal is to ensure that America remains the global leader in capital markets.” 

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

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

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

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

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

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

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