The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko – has released two Kaupapa Māori research papers in its first steps to better understanding of the experiences of Māori consumers and providers in Aotearoa New Zealand’s financial markets.  FMA CEO Samantha Barrass said: “Our te ao Māori strategy, Matangirua, is designed to help the FMA enable Māori to participate as Māori in financial markets, and in so doing, strengthen our ability to fulfil our regulatory obligations. “The Māori asset base has grown at a significantly faster rate than the overall economy, from $69 billion in 2018 to $126 billion in 2023.  Yet there are significant gaps in data and knowledge about Māori consumers’ and providers’ experiences across the sector.   “The FMA is committed to understanding the perspectives of Māori participants in the financial services sector in Aotearoa New Zealand to ensure that the FMA’s vision that more New Zealanders than ever believe the financial sector is working well for them is true for Māori. “This research is a beginning for the FMA, our first step into this realm, and we want to listen, to learn, to understand and to make changes.” The first report, Matangirua research wānanga: a case study on Māori consumer experiences of investment and savings, presents the kōrero of three wānanga held with Te Ora Hou Centres in Ōtautahi (Christchurch), Whanganui and Pōneke (Wellington) about Māori consumer experiences with investment and savings. FMA Pou Ahurea, Jacob De Berry, who co-facilitated the wānanga, said wānanga participants showed a common desire for collective participation, particularly around saving as a whānau and how this was impacted through a lack of appropriate products and services.   “A lack of te ao Māori values and the lack of opportunity for Māori to engage and act collectively, contribute to negative perceptions and feelings of exclusion.    “Participants viewed KiwiSaver products and services as failing to understand or incorporate Māori values and collective identities, especially around collective decision making and whānau-centred investment approaches. “Some participants thought online share trading platforms and cryptocurrencies offered greater opportunity to exercise their rangatiratanga and mana motuhake. These options were also viewed as beneficial because they enabled participants to avoid direct contact with providers where, due to widespread experiences of prejudice or bias, prejudicial treatment is largely expected.” Co-author and FMA Strategic Adviser Māori, Hannah Chapman said the FMA undertook the second report, titled He Kākahu Whenua: a case study of Toha Network and East Coast Exchange, to understand the opportunities, challenges and barriers encountered by innovative Māori providers in their pre-licensing context. She said the research with Māori Fintech provider Toha Network demonstrated an innovative approach to embedding te ao Māori values in financial systems.  It also highlighted the complex legal and legislative landscape that exists for Māori, particularly Māori landowners.    “There is a growing number of Māori providers who are addressing barriers to Māori participation in financial markets by developing business models that are conducive to a Māori worldview. “The case study shows how by embedding te āo Māori principles, fostering innovative partnerships, and embedding Māori Data Sovereignty into their business model, Toha aims to enable Māori landowners to overcome regulatory challenges, diversify land-based revenue, and assert self-determination, while advocating for broader market reforms that recognise collective benefits,” said Ms Chapman. “Both case studies have produced evidence and intelligence that is actionable for the FMA.  We intend to apply what we have learned from this research to our ongoing regulatory engagement and risk awareness, to address market failures and promote fair, efficient and transparent markets.” FMA General Counsel Liam Mason said both reports emphasised why financial services providers and advisers should have a strong understanding of the worldview, collective identities and values that drive financial decision-making for Māori consumers. “He Kākahu Whenua highlights how Māori consumers and providers build and redistribute their resources to practice cultural values and exercise their responsibilities to their whānau and whenua, supporting their collective ability to thrive and be self-sustaining. This is echoed in all three Te Ora Hou wānanga,” he said.   “By utilising Kaupapa Māori research methods for this research it has revealed new insights and identified unmet needs which also have broader application, teaching us more overall about our role as an enabling regulator. About the research The research was led by FMA Principal Adviser Kaupapa Māori Research, Kahukore Baker.   Co-author and FMA Strategic Adviser Māori, Hannah Chapman attended the Kotahitanga hui called by the late Kīngi Tūheitia Pōtatau Te Wherowhero VII and the following hui-ā-motu hosted by Ngāti Kahungunu and Ngai Tahu in 2024. Insights from these hui helped inform the focus of this research.  About Toha Network Toha Network is one of a growing number of Māori providers whose business models reflect a Māori worldview and are designed to address barriers to Māori participation, such as complex regulatory processes that limit Māori access to capital, innovation, and participation in financial markets. The Toha Network connects investors, scientists and communities in a collaborative ecosystem for environmental regeneration. It uses digital public infrastructure and a dual-token system (MAHI for verified environmental work, TOHA for data/governance rights).   Te Kautuku is a land trust on the East Coast that is a partner in Toha’s pilot project with Air New Zealand and Te Puni Kōkiri for regenerating the native ecosystem. The East Coast Exchange (ECX) operationalises Toha’s model, prioritising Indigenous Data Sovereignty and trust-based economies.    About Te Ora Hou Te Ora Hou is a network of five kaupapa Māori centres who have worked with rangatahi and their whānau through a community development approach for decades.   Related  Research: He Kākahu Whenua: A case study of Toha Network and East Coast Exchange Research: Matangirua research wānanga: A case study on Māori consumer experiences of investment and savings

Commodity Futures Trading Commission Acting Chairman Caroline D. Pham today announced the Market Participants Division, Division of Clearing and Risk, and Division of Market Oversight issued a no-action letter to harmonize three separate definitions of “U.S. person,” among other things, under the CFTC’s Dodd-Frank Act cross-border swap framework. The letter simplifies and consolidates existing no-action positions that address almost 15 years of regulatory uncertainty and promotes harmonization with Securities and Exchange Commission regulations.  RELATED LINKS CFTC Staff Letter No. 25-42

At the end of the settlement date of November 28, 2025, short interest in 3,453 Nasdaq Global MarketSM securities totaled 14,879,370,342 shares compared with 14,632,128,542 shares in 3,414 Global Market issues reported for the prior settlement date of November 14, 2025. The November short interest represents 2.22 days compared with 2.16 days for the prior reporting period. Short interest in 1,698 securities on The Nasdaq Capital MarketSM totaled 3,311,934,829 shares at the end of the settlement date of November 28, 2025, compared with 3,326,683,612 shares in 1,697 securities for the previous reporting period. This represents a 1.00 day average daily volume; the previous reporting period’s figure was 1.00. In summary, short interest in all 5,151 Nasdaq® securities totaled 18,191,305,171 shares at the November 28, 2025 settlement date, compared with 5,111 issues and 17,958,812,154 shares at the end of the previous reporting period. This is 1.82 days average daily volume, compared with an average of 1.75 days for the prior reporting period. The open short interest positions reported for each Nasdaq security reflect the total number of shares sold short by all broker/dealers regardless of their exchange affiliations. A short sale is generally understood to mean the sale of a security that the seller does not own or any sale that is consummated by the delivery of a security borrowed by or for the account of the seller. For more information on Nasdaq Short interest positions, including publication dates, visit http://www.nasdaq.com/quotes/short-interest.aspx or http://www.nasdaqtrader.com/asp/short_interest.asp.

The Office of the Comptroller of the Currency (OCC) today confirmed permissible bank activities related to riskless principal transactions in crypto-assets. The OCC published Interpretive Letter 1188 confirming that a national bank may engage in riskless principal crypto-asset transactions as part of the business of banking.  Such transactions involve a bank acting as principal in a crypto-asset transaction with one customer while simultaneously entering into an offsetting transaction with another customer.  The bank serves as an intermediary and does not hold the crypto-assets in inventory, instead acting in a capacity equivalent to that of a broker acting as agent. As with any activity, a national bank must conduct these activities in a safe and sound manner and in compliance with applicable law. Related Link Interpretive Letter 1188 (PDF)

FINRA published today the 2026 FINRA Regulatory Oversight Report, a vital resource that draws insights from FINRA’s regulatory operations programs that member firms can use to help enhance their resiliency and strengthen their compliance programs. In response to feedback from member firms about how valuable the report is for their annual compliance planning and in support of a key FINRA Forward initiative—empowering member firm compliance—the report is being published earlier than usual. FINRA Forward is a series of initiatives to improve FINRA’s effectiveness and efficiency in pursuing its mission of protecting investors and safeguarding market integrity. Member firms have said they use the report to identify the findings and effective practices that are applicable to their businesses, incorporate the reports’ topics in their risk assessment processes, perform a gap analysis of their compliance programs, and for training, among other uses, which are detailed in the report. “Our 2026 FINRA Regulatory Oversight Report captures important findings and translates them into practical guidance our member firms can act on immediately. We are not just identifying risks, we are equipping our member firms with the intelligence and resources needed to mitigate risks effectively. By sharing these insights, FINRA is engaging with members to help strengthen their defenses. Ultimately, this report is essential because member firm compliance protects investors and safeguards the integrity of our markets,” said Greg Ruppert, Executive Vice President and Chief Regulatory Operations Officer at FINRA. “Whether it's about the evolving threat of cyberattacks including those powered by bad actors exploiting artificial intelligence, the increase in manipulation tactics that exploit market participants, or the need to protect senior investors from potential fraud and other threats, this report delivers useful, real-world insights from our regulatory oversight work. Our goal is simple: help firms build stronger compliance programs and more resilient operations so that investors can participate in markets with greater confidence,” Ruppert added.  Among the topics covered in the report are generative artificial intelligence (GenAI), cybersecurity and cyber-enabled fraud; manipulative trading in small-cap, exchange-listed equities; and third-party risk landscape. For each topic area covered, the report identifies the relevant rule(s); summarizes noteworthy findings from recent oversight activities involving firms; outlines firms’ effective practices that FINRA observed through its oversight activities; and provides additional resources that may be helpful to firms in reviewing their supervisory procedures and controls and fulfilling their compliance obligations. GenAI Through FINRA’s survey of firms and engagement with other regulators, FINRA has noted that: firms have started to implement GenAI solutions with a focus on efficiency gains, particularly with respect to internal processes and information retrieval; and the top GenAI use case among FINRA member firms is “Summarization and Information Extraction,” which refers to condensing large volumes of text and extracting specific entities, relationships or key information from unstructured documents.  The report notes that AI agents—systems or programs that are capable of autonomously performing and completing tasks on behalf of a user—can enhance GenAI capabilities by providing users with additional opportunities for task automation and the ability to interact with a wider range of data and systems faster and at a potentially lower cost than more traditional process automation.  However, the report details notable risks and challenges that could result in adverse impacts to investors, firms or the markets, which include: Autonomy: AI agents acting autonomously without human validation and approval Scope and authority: Agents may act beyond the user’s actual or intended scope and authority Auditability and transparency: Complicated, multi-step agent reasoning tasks can make outcomes difficult to trace or explain, complicating auditability Data sensitivity: Agents operating on sensitive data may unintentionally store, explore, disclose, or misuse sensitive or proprietary information Domain knowledge: General-purpose AI agents may lack the necessary domain knowledge to effectively and consistently carry out a complex and industry-specific tasks Rewards and reinforcement: Misaligned or poorly designed reward functions could result in the agent optimizing decisions that could negatively impact investors, firms, or markets Unique risks of GenAI: Bias, hallucinations, privacy, etc., also remain present and applicable for GenAI agents and their outputs Cybersecurity and Cyber-Enabled Fraud FINRA has observed a variety of sophisticated cybersecurity threats targeting member firms and their customers, including: Ransomware and extortion events Data breaches Phishing, smishingor quishing New account fraud Account takeovers Account impersonations Imposter sites Manipulative Trading—Increase in Small-Cap Fraud Involving Exchange-Listed Equities FINRA has observed the following trends in manipulative pump-and-dump schemes involving small-cap exchange-listed equities: They are occurring less frequently at the time of the small-cap issuers’ initial public offerings (IPOs), and more frequently months after these IPOs. Suspected nominee accounts continue to be utilized to invest in small-cap IPOs to aid in bringing companies public. In advance of the pump-and-dump scheme, nominee accounts may “funnel,” or sell their shares in a coordinated manner to one or more foreign omnibus accounts, which result in the omnibus account(s) holding a significant portion of the public float. Well after the issuer’s IPO, the issuer may sell a large amount of shares in a privately placed secondary offering to select foreign investors—lacking adequate public disclosure—leading to these investors holding a large amount of the issuer’s public float. The use of account takeover fraud to purchase shares of small cap companies that are the subject of pump-and-dump schemes. A continued increase in the use of text messaging and social media-based scams to attract victims to purchase shares of small-cap issuers subject to pump-and-dump schemes. The victims’ purchases occur in conjunction with—and likely cause—price increases in the targeted securities through the use of coordinated limit orders.  In October, FINRA initiated a targeted examination of firm practices regarding public and private offerings of small-cap exchange-listed issuers with business operations in foreign jurisdictions. Third-Party Risk Landscape FINRA has observed an increase in the reporting of cyberattacks and outages at firms’ third-party vendors. Given the financial industry’s reliance on third-party vendors to support key systems and covered functions, an attempted cyberattack or an outage at a third-party provider could potentially impact a large number of member firms. FINRA continues to monitor third-party provider risks in the interests of member firms.  The report outlines effective practices, such as conducting initial and ongoing due diligence on third-party vendors supporting mission-critical systems, maintaining an inventory of firm data types accessed or stored by the firm’s vendors, and monitoring third-party vendor services for vulnerabilities or data breaches, among other practices. FINRA Unscripted Podcast Episode About the 2026 FINRA Regulatory Oversight Report A FINRA Unscripted podcast episode about the 2026 FINRA Regulatory Oversight Report—featuring Ornella Bergeron, Senior Vice President, Risk Monitoring, and Acting Head of Member Supervision, Bill St. Louis Executive Vice President and Head of Enforcement, and Feral Talib, Executive Vice President and Head of Market Oversight and guest hosted by Bryan Smith, Senior Vice President and Acting Head of Strategic Intelligence—is available on FINRA’s website (a transcript is provided). In addition, the subjects covered in the report will be featured in other FINRA-related compliance and education resources throughout the year, including at the 2026 FINRA Annual Conference taking place May 12-14 in Washington, D.C. Here is a full list of topics covered in the 2026 FINRA Regulatory Oversight Report: Financial Crimes Prevention Cybersecurity and Cyber-Enabled Fraud Anti-Money Laundering, Fraud and Sanctions Manipulative Trading GenAI: Continuing and Emerging Trends Firm Operations Third-Party Risk Landscape Outside Business Activities and Private Securities Transactions Books and Records Senior Investors and Trusted Contact Persons Member Firms’ Nexus to Crypto Communications and Sales Communications with the Public Reg BI and Form CRS Private Placements Annuities Securities Products Market Integrity Consolidated Audit Trail Customer Order Handling: Best Execution and Order Routing Disclosures Fixed Income—Fair Pricing Market Access Rule Extended Hours Trading Financial Management Net Capital Liquidity Risk Management Protection of Customer Assets

NYSE today reported short interest as of the close of business on the settlement date of November 28, 2025. SETTLEMENT DATE EXCHANGE TOTAL CURRENTSHORT INTEREST TOTAL PREVIOUSSHORT INTEREST(Revised) NUMBER ofSECURITIES with aSHORT POSITION NUMBER of SECURITIESwith a POSITION >=5,000 SHARES 11/28/2025 NYSE 16,304,706,833 15,965,725,933 2,883 2,544 11/28/2025 NYSE ARCA 2,169,387,274 2,195,232,534 2,496 1,693 11/28/2025 NYSE AMERICAN 776,609,642 792,768,249 298 251 11/28/2025 NYSE GROUP 19,250,703,749 18,953,726,716 5,677 4,488 *NYSE Group includes NYSE, NYSE American and NYSE Arca           Reports will be archived here.

The Commodity Futures Trading Commission announced today the U.S. District Court for the District of Oregon entered a consent order against Robert L. Adams and SimTradePro Incorporated, both of Oregon, for fraud involving multiple commodity pools.  The order requires the defendants to pay $2,072,986 in restitution to defrauded victims. It also permanently bans them from trading and registering with the CFTC and prohibits further violations of the Commodity Exchange Act and CFTC regulations, as charged.  The consent order resolves a CFTC enforcement action filed Sept. 30, 2024 [See CFTC Press Release No. 8993-24]. According to the court’s findings, Adams and SimTradePro fraudulently solicited and accepted more than $2.3 million from at least 100 customers, many of whom were planning for retirement, to trade leveraged foreign currency exchange and leveraged gold and silver contracts in the defendants’ commodity pools. The defendants misrepresented the amount of fees charged, falsely claiming to only be paid if their customers made money, and hid trading losses. The court also found that SimTradePro unlawfully acted as a commodity pool operator and commodity trading advisor. In a related criminal action involving the same misconduct, Adams was sentenced Aug. 12 to 2.5 years in prison and ordered to pay restitution. United States v. Adams (No. 6:23-cr-00211-MC D. Or.). The CFTC cautions that orders requiring repayment of funds to victims may not always result in the recovery of any money because the wrongdoers may not have sufficient funds or assets. The CFTC will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable.  The CFTC thanks the United Kingdom Financial Conduct Authority for its assistance. The Division of Enforcement also appreciates the support of the Oregon Division of Financial Regulation, the Australian Securities and Investments Commission, and the Central Bank of Ireland. CFTC Division of Enforcement staff responsible for this action are Harry E. Wedewer, Mary Lutz, Patrick Marquardt, Chris Giglio, Lenel Hickson, and Chuck Marvine.  RELATED LINKS Consent Order: Robert L. Adams, et al.

The 2026 Commitments of Traders Release Schedule is now available. 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)

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 November 04, 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)

The Commodity Futures Trading Commission is accelerating the publication of Commitments of Traders reports that were interrupted during the lapse in federal appropriation. The revised timeline will eliminate the report backlog by Dec. 29, 2025. The CFTC previously projected data to be current by January 23, 2026. The reports will continue to be published in chronological order at an increased frequency while maintaining data integrity. This process is consistent with prior post-shutdown publishing.  The revised publication schedule is below and will be updated as necessary. Check CFTC.gov for the most up-to-date information. COT Report Date Original Publish Date New Publish Date 09/30/2025 10/03/2025 11/19/2025+ 10/07/2025 10/10/2025 11/21/2025 10/14/2025 10/17/2025 11/25/2025 10/21/2025 10/24/2025 12/02/2025 10/28/2025 10/31/2025 12/05/2025 11/04/2025 11/07/2025 12/09/2025 11/10/2025 11/14/2025 12/10/2025 11/18/2025 11/21/2025 12/12/2025 11/25/2025 12/01/2025 12/15/2025 12/02/2025 12/05/2025 12/17/2025 12/09/2025 12/12/2025 12/19/2025 12/16/2025 12/19/2025 12/23/2025 12/23/2025 12/29/2025 12/29/2025++ +First catch-up publication on Wednesday ++COT publication returns to normal schedule

Integration with MyPuro 2.0 enables transparent, automated data flows to accelerate certification and strengthen trust in carbon removal Puro dMRV Connect enhances certification efficiency and supports industry-wide digital monitoring and verification Puro.earth, the leading carbon-crediting platform for durable carbon dioxide removal (CDR), today announced the launch of Puro dMRV Connect. This new digital integration connects digital monitoring, reporting, and verification (dMRV) platforms directly into Puro’s certification platform, MyPuro 2.0. This innovation marks a further step in Puro.earth’s digital roadmap, strengthening the company’s role in building a reliable, transparent, investment-grade foundation for the carbon removal market. With close to 1.3million CORCs issued today, Puro.earth is the largest standard in the durable CDR sector. By providing a digital means to integrate with dMRV, Puro.earth is helping strengthen data quality and trust while enabling suppliers to scale more efficiently.  “Puro dMRV Connect links external platforms to MyPuro 2.0, enabling transparent, automated data flows that make certification faster and more reliable,” said Jan-Willem Bode, President of Puro.earth. “It’s a crucial step toward a more connected, digital ecosystem where data integrity and operational efficiency go hand in hand. dMRV is the future of monitoring and verification in carbon markets – as the largest standard in durable CDR, we are helping to make this future a reality.” Streamlining Digital MRV with Seamless Integration The new API allows dMRV providers to send audit data, documentation, and evidence directly to Puro.earth through secure, automated channels. By reducing manual uploads and repetitive exchanges, Puro dMRV Connect improves data accuracy and shortens time to issuance for CO₂ Removal Certificates (CORCs) and future credit types issued under the Puro.earth certification platform. These efficiencies help suppliers increase issuance predictability while giving buyers more consistent and transparent datasets. In this first release, the API supports dual data submission and data retrieval via MyPuro 2.0, allowing dMRV providers to access relevant audit package information and exchange data with Puro more efficiently. The API is available for Puro.earth-ecosystem dMRV partners and suppliers with built-in dMRV solutions. This first release has been shaped through collaboration with these partners, whose feedback informed the requirements and will continue guiding future iterations. To support integration, Puro.earth is providing detailed API documentation and access to a dedicated test environment, so partners can begin onboarding immediately. Laying the Foundation for the Future of Digital Certification The launch of Puro dMRV Connect establishes the next phase of Puro.earth’s digital certification infrastructure, following the release of MyPuro 2.0. Together, these innovations form the backbone of Puro’s pathway toward a digital ecosystem where verified, automated data flows underpin a faster, more transparent, and scalable carbon removal market. “Our goal is to strengthen the infrastructure that underpins trust in carbon removal,” added Bode. “With Puro dMRV Connect, we’re combining rigor, real-time data, and reliability to support suppliers, buyers, and investors as the market grows.” Continuous improvements and expanded capabilities are planned as part of Puro’s broader innovation roadmap, including a high-frequency issuance model for Puro.earth suppliers.

TMX Group today announced its financing activity on Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) for November 2025. TSX welcomed 15 new issuers in November 2025, compared with 51 in the previous month and 14 in November 2024. The new listings were 13 exchange traded products, one mining company and one industrial products & services company. Total financings raised in November 2025 decreased 9% compared to the previous month, but were up 428% compared to November 2024. The total number of financings in November 2025 was 43, compared with 84 in the previous month and 33 in November 2024. For additional data relating to the number of transactions billed for TSX, please click on the following link: https://www.tmx.com/resource/en/440. There were three new issuers on TSXV in November 2025, compared with six in the previous month and three in November 2024. The new listings were two mining companies and one Capital Pool company. Total financings raised in November 2025 increased 48% compared to the previous month, and were up 297% compared to November 2024. There were 153 financings in November 2025, compared with 133 in the previous month and 106 in November 2024. TMX Group consolidated trading statistics for November 2025 can be viewed at www.tmx.com. Related Document:TMX Group Equity Financing Statistics – November 2025

The FCA has confirmed changes to simplify its rules and lower costs for insurers, while maintaining appropriate levels of protection for smaller commercial customers. The final rules aim to give more flexibility and responsibility to insurance firms, such as determining the frequency of their product reviews and how much continual professional development (CPD) staff should undertake. The FCA will make further changes to its insurance rules and cut unnecessary requirements next year, including reviewing the international application of its rules and the Consumer Duty.  Separately, the FCA has also published proposals that will benefit insurers and other firms, including a raft of technical changes to streamline its rules and reduce complexity following the introduction of the Consumer Duty. This includes proposals to: remove 3 further insurance data returns review eligibility and disclosure rules for packaged bank accounts (PBA) streamline and simplify rules on collective investment client assets remove Handbook references no longer needed now the Consumer Duty is in force. The FCA has also set out wider plans to better support smaller financial firms by creating sector guides to help them apply outcomes-based regulation, starting with consumer credit firms next year. The pilot will inform the FCA’s longer-term approach to supporting smaller firms. Graeme Reynolds, director of competition and interim director of insurance at the FCA, said: 'We’re simplifying and removing rules for insurers and brokers, reducing regulatory costs and helping them focus on delivering better outcomes. 'Our focus on smarter regulation is not once and done, and by using the Consumer Duty we’ll continue to look at rules we may no longer need. We want firms to keep engaging with us on further simplifications for the insurance sector, so we can support growth and innovation.' Background Read PS25/21: Simplifying insurance rules. Read CP25/37 on Technical Handbook updates (Consumer Duty Requirements Review). On 23 September Which? submitted a super complaint to the FCA about poor consumer outcomes in the home and travel insurance markets. The FCA has 90 days to respond to Which? setting out how it will deal with the issues raised and any action it will take. The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.

BISON continues its growth momentum and adds sixteen new coins to its portfolio. The crypto trading platform backed by Boerse Stuttgart Group has expanded its offering twice already this year. BISON now supports 56 coins, all available for fully regulated, fee-free trading and MiCAR-compliant custody. BISON, the crypto trading platform for retail investors of Boerse Stuttgart Group, now offers users sixteen new cryptocurrencies in its fully regulated environment.  With this expansion, BISON customers can easily trade and securely hold popular coins such as Sui (SUI), Cronos (CRO), and Cosmos (ATOM). “By expanding our offering, we’re responding to the growing interest in altcoins for portfolio diversification,” comments Dr. Ulli Spankowski, CEO and Co-Founder of BISON. “We are giving our customers even broader access to the crypto market within the regulated, secure framework of Boerse Stuttgart Group.”

Digital asset ETPs saw US$716m in weekly inflows, lifting total AuM to US$180bn, though still well below the US$264bn all-time high. Inflows were broad-based, led by the US (US$483m), Germany (US$96.9m) and Canada (US$80.7m). Bitcoin attracted US$352m while XRP (US$245m) and Chainlink (US$52.8m, a record inflow representing 54% of AuM) also saw strong demand; short-Bitcoin products recorded significant outflows, hinting at easing negative sentiment. The full research features in CoinShares’ weekly newsletter, which can also be found here.

FCA-approved CT Settle will enable 24/7 instant settlement, cut credit risk, and free up vital working capital for financial institutions trading digital assets Represents another step in ClearToken’s mission to bridge today’s crypto markets with tomorrow’s universal settlement layer for all asset classes  ClearToken today launched CT Settle, a new, multi-currency service designed to modernise how global financial institutions settle trades across the digital asset market. CT Settle acts as a neutral, supervised and regulated platform that standardises the trade completion process, making it safer and dramatically more efficient. ClearToken’s CT Settle completed its first complete settlement cycle, settling netted cryptoasset and fiat currency transactions between regulated institutional exchange, LMAX Digital and Flow Traders. The settlement transactions were conducted using Zodia Custody and Bank Frick as sole digital custody and banking partners, respectively, together with technology powered by Nasdaq Eqlipse Clearing. The challenge CT Settle solves ClearToken’s CT Settle offers market participants a netting process that significantly reduces the amount of capital participants must hold in reserve, freeing up working capital across fragmented venues for other trading activities. CT Settle works on a Delivery-versus-Payment (DvP) model, a tried-and-tested method in traditional finance settlement, meaning that digital assets and the fiat currency change hands at exactly the same time. Safer trading, simplified operations By centralising the trade completion process onto a single, regulated platform, CT Settle addresses the biggest pain points for institutional clients: trading risk and operational and capital efficiencies. CT Settle brings trust, transparency, and operational rigour to the evolving digital asset ecosystem. Reduced credit risk - The simultaneous exchange of asset and fiat currency removes the risk of one party failing to deliver their side of the trade (credit risk). Streamlined reconciliation - Applying a single, published rule set simplifies record-keeping and lowers the operational burden for institutions dealing with multiple trading venues and custody solutions. 24/7 global availability - Supporting cryptoassets, stablecoins, and traditional fiat currencies, the service operates around the clock, matching the nature of the digital asset markets. “The launch of CT Settle is a major milestone in building trusted, regulated market infrastructure that enables traditional institutions to participate in the digital asset market safely and efficiently,” said Benjamin Santos-Stephens, founder and chief executive officer of ClearToken, “CT Settle reduces failed trades, simplifies settlement, reduces capital requirements, and helps institutions operate with predictable cash movements. As a UK FCA-regulated platform, CT Settle gives our clients the confidence to enter this space, knowing credit, operational, and regulatory risks are managed.” Building the ecosystem ClearToken is already working with market makers, buy-side organisations and trading venues as initial users of CT Settle, with pathways open for additional institutions to join. The service is built to be a 'horizontal' piece of market infrastructure, meaning it connects smoothly between different trade sources, custodians, and banks. This ensures participants avoid the hassle of dealing with venue-specific settlement rules and duplicated instructions. Partner Perspectives Julian Sawyer, CEO of Zodia Custody: “We believe in a compliant market infrastructure that enables consistent results for clients across all venues. As the sole custodian, we provide CT Settle with the right custody offerings through Zodia Custody’s Solutions, our white-label digital asset custody service that empowers global institutions to navigate the digital asset future and reap the benefits of decentralized finance.”  Michael Lie, Global Head of Digital Assets, Flow Traders: “Net settlement across clear timing windows improves capital efficiency and reduces operational overheads. For a liquidity provider, that structure is essential to deploying capital at scale. CT Settle provides the infrastructure that allows institutional liquidity to grow, and that is why this partnership fits so naturally with how we run our business across markets.” Chris Knight, Managing Director, LMAX Digital: “As a leading regulated exchange dedicated to supporting institutions with their digital asset trading strategies, we welcome familiar market structure that is secure, trusted and robust. CT Settle brings this to digital assets by reducing credit risk and reconciliation burdens, unlocking vital capital efficiencies for institutional clients. This advancement is another step forward in helping the digital asset market to mature further, ensuring meaningful institutional participation.” Building the future of digital post-trade ClearToken’s vision is to bring trust, transparency, and operational rigour to an evolving digital asset ecosystem, enable the unification of traditional finance with digital assets, release the possibilities of tokenisation and empower institutional adoption and drive sustainable market growth. The company is majority owned by market participants and delivers CT Settle as the foundation for a fully regulated, ‘always-on’ post-trade ecosystem for digital assets. The roadmap includes: Global reach: Ensuring that ClearToken’s services can be access by all market participants. Broader connectivity: Adding more venues, custodians, banks, and market participants. Wider asset support: Including a greater range of currencies and tokens. Risk mutualisation: The future launch of a Central Counterparty (CCP) service. Tokenised Securities: The future establishment of a Digital Securities Depository (DSD) to provide settlement finality for real world assets. ClearToken’s working groups To join over 60 market participant firms in ClearToken’s working groups to directly influence the future of regulated digital asset clearing and settlement, helping to refine key workflows and shape requirements for future initiatives, please email sales@cleartoken.io.

The cell and gene therapy (CGT) sector is undergoing a transition as companies navigate a more selective and strategy-driven funding landscape, according to an analysis by the Pharma Strategic Intelligence team at GlobalData, a leading data and analytics company. While venture capital (VC) investment in CGTs has declined in recent years after a peak during the COVID-19 pandemic, mirroring broader industry trends, CGT-focused deals within the biotech ecosystem have remained relevant. GlobalData’s Strategic Intelligence report, “Cell and Gene Therapy Investment Trends,” reveals that approximately 50% of CGT VC activity is focused at the Series B-stage, when companies usually shift from platform validation to clinical execution. CGT capital deployment remains highly concentrated among a small group of major investors, including RA Capital, ARCH Venture Partners, Alexandria Ventures, OrbiMed, and Fidelity International Strategic Ventures, each of which has committed more than $3.5 billion across cumulative deals. Big pharmaceutical companies including Johnson & Johnson, AstraZeneca, Novartis, Bristol Myers Squibb, Roche, Eli Lilly and others are actively embedding CGT technologies into their pipelines through acquisition deals. Irena Maragkou, Senior Healthcare Researcher at GlobalData, says: “Such acquisitions are becoming increasingly modality-driven and focused on platforms, scalable manufacturing systems, and specialized capabilities that can support portfolio-wide CGT expansion efforts. However, big pharma continues to demonstrate willingness to pay a premium for some late-stage or clinically validated assets when they align with long-term strategic objectives and portfolios.” While oncology-focused CGT deals remain heavily skewed toward early R&D and gene-modified cell therapies, the merger and acquisition (M&A) activity centered on non-oncology CGT assets has become more mature and diversified. Maragkou concludes: “As therapeutic CGT approvals increase, and the CGT market is expected to grow at a rate of 34.2% by 2031, companies must simultaneously prepare for sector-specific challenges such as regulatory complexity and manufacturing scalability. Therefore, biotech companies need to be strategic in investing in differentiated technologies and build execution capabilities to deliver clinical and commercial impact.”

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LSEG announces it has purchased the following number of its ordinary shares of 679/86 pence each from Citigroup Global Markets Limited ("Citi") on the London Stock Exchange as part of its share buyback programme, as announced on 04 November 2025. Date of purchase: 08 December 2025 Aggregate number of ordinary shares purchased: 288,000 Lowest price paid per share: 8,428.00p Highest price paid per share: 8,658.00p Average price paid per share: 8,538.95p   LSEG intends to cancel all of the purchased shares. Following the cancellation of the repurchased shares, LSEG has 512,438,937 ordinary shares of 679/86 pence each in issue (excluding treasury shares) and holds 24,051,599 of its ordinary shares of 679/86 pence each in treasury. Therefore, the total voting rights in the Company will be 512,438,937. This figure for the total number of voting rights may be used by shareholders (and others with notification obligations) as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules. In accordance with Article 5(1)(b) of Regulation (EU) No 596/2014 (the Market Abuse Regulation) (as such legislation forms part of retained EU law as defined in the European Union (Withdrawal) Act 2018, as implemented, retained, amended, extended, re-enacted or otherwise given effect in the United Kingdom from 1 January 2021 and as amended or supplemented in the United Kingdom thereafter), a full breakdown of the individual purchases by Citi on behalf of the Company as part of the buyback programme can be found at: http://www.rns-pdf.londonstockexchange.com/rns/7306K_1-2025-12-8.pdf This announcement does not constitute, or form part of, an offer or any solicitation of an offer for securities in any jurisdiction. Schedule of Purchases Shares purchased:       288,000 (ISIN: GB00B0SWJX34) Date of purchases:      08 December 2025 Investment firm:         Citi Aggregate information: Venue Volume-weighted average price Aggregated volume Lowest price per share Highest price per share Turquoise 8,477.08 4,000 8,462.00 8,492.00 London Stock Exchange 8,539.82 284,000 8,428.00 8,658.00

The Dubai Financial Services Authority (DFSA), the independent regulator of the Dubai International Financial Centre (DIFC), has imposed a restriction on Mr Kulvir Virk, the former chief executive of the UK fund manager SVS Securities PLC (SVS), preventing him from performing any function in connection with Financial Services in or from the DIFC. In June 2024, the UK Financial Conduct Authority (FCA) fined Mr Virk and prohibited him from performing any function in relation to regulated activities. The FCA found that Mr Virk had failed to act with integrity and failed to exercise due skill, care and diligence in connection with his role at SVS and considered Mr Virk not to be a fit and proper person, posing a risk to consumers and the integrity of the financial system. In November 2024, it was brought to the DFSA’s attention that Mr Virk had been involved in the management of a DFSA Authorised Firm. Accordingly, to maintain the integrity and reputation of the DIFC and ensure the confidence of participants in the market, the DFSA decided to restrict Mr Virk from performing any function in connection with Financial Services in or from the DIFC. Alan Linning, Head of Enforcement of the DFSA, commented: “The DFSA’s role as the regulator of financial services in the DIFC includes ensuring that there are high standards of integrity and fair dealing. We will continue to take action to ensure that those carrying out regulated functions in our market are appropriate and that these high standards are maintained.” Looking ahead, the DFSA remains committed to developing, administering, and enforcing world-class regulation of financial services within the DIFC. As part of its strategy and ongoing mission, the DFSA will continue to implement stringent enforcement measures and provide clear regulatory guidance to ensure that all entities operating within the DIFC adhere to the highest standards of regulation and ethical conduct. The restriction came into effect immediately. A copy of the DFSA’s Decision Notice for Mr Virk can be found in the Enforcement Decision Notices section of the DFSA website.