CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for March 2026. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity over the next quarter, found a monthly increase in request volume for new corporate and municipal identifiers. North American corporate CUSIP requests totaled 8,220 in March, which represents an 11.7% increase on a monthly basis. On an annualized basis, North American corporate requests were up 9.8% over March 2025 totals. Requests for new U.S. corporate equity identifiers rose 3.9% and requests for new U.S. corporate debt identifiers climbed 9.4% for the month of March. The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – rose 8.7% versus February totals. On a year-over-year basis, overall municipal volumes were up 1.3% through the end of March. Texas led state-level municipal request volume with a total of 97 new CUSIP requests in March, followed by California (96) and New York (92). “We’ve seen steady increases in CUSIP request volume across several major asset classes through the first quarter of 2026,” said Gerard Faulkner, Director of Operations for CGS. “This heightened pre-market activity, particularly in equity markets, suggests issuers are gearing up to access capital markets in a significant way over the course of this year.” Requests for international equity CUSIPs rose 11.0% in March and international debt CUSIP requests were flat. On an annualized basis, international equity CUSIP requests were up 13.6% and international debt CUSIP requests were up 16.6%. To view the full CUSIP Issuance Trends report for March, please click here. Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through March 2026: Asset Class 2026 YTD 2025 YTD YOY Change Private Placement Securities   1,444 1,123 28.6% Long-Term Municipal Notes 117 100 17.0% International Debt 2,091 1,793 16.6% U.S. Corporate Equity  3,632 3,115 16.6% International Equity 493 434 13.6% Short-Term Municipal Notes 201 192 4.7% CDs < 1-year Maturity  2,308 2,216 4.2% Syndicated Loans 716 700 2.3% CDs > 1-year Maturity 1,768 1,803 -1.9% Municipal Bonds  2,175 2,258 -3.7% U.S. Corporate Debt  7,432 8,518 -12.7% Canada Corporate Debt & Equity  1,353 1,693 -20.1%

DFM conducts a lineup of meetings with institutional investors and market participants during its Hong Kong visit.  Participation reinforces Dubai’s role as a gateway for capital into the GCC.  Dubai Financial Market (DFM) has concluded a visit to Hong Kong during the HSBC Global Investment Summit, held from April 14 to 16, as part of its efforts to expand international investor engagement. The visit drew significant interest from institutional investors, particularly from Asia, highlighting Dubai’s increasing role in global capital allocation. During the programme, DFM and its listed companies held a series of meetings with institutional investors, intermediaries, and market participants from key global markets. Discussions focused on market access, sector opportunities, and Dubai’s positioning within international portfolios. DFM’s participation underscores the strong financial links between Dubai and Hong Kong, two globally connected financial centres that play a key role in facilitating capital flows between the Middle East and Asia. The summit brought together leading global asset managers and exchange leaders, providing a platform to discuss evolving market dynamics, including shifts in capital flows and the growing importance of cross-market connectivity—areas closely aligned with DFM’s strategic priorities. Commenting on the visit, Hamed Ali, CEO of DFM and Nasdaq Dubai, said: “International investor participation remains central to our market, and engagement at global platforms such as the HSBC Global Investment Summit supports continued momentum. We are seeing increasing focus on markets that offer liquidity, accessibility, and a consistent pipeline of opportunities. Dubai is well positioned in this environment, and our priority is to translate engagement into sustained capital flows while supporting our listed companies in broadening their international investor base.” DFM’s participation aligns with the Dubai Economic Agenda (D33), which aims to position Dubai among the world’s leading financial centres by increasing market liquidity, attracting foreign investment, and strengthening economic partnerships across key international corridors. In the first quarter of 2026, total trading value reached AED 61 billion, a 48% year-on-year increase, with foreign investors accounting for 54% of trading.

The Securities Commission Malaysia (SC) recently undertook a visit to China, to further the ambitions of the new Capital Market Masterplan 2026-2030 (CMP) with regards to seeking more diverse investors and to create more opportunities for Malaysian investors. Conducted alongside representatives from Bank Negara Malaysia (BNM) and Bursa Malaysia Bhd, the visit reflects a coordinated national effort under the fourth pillar of the CMP to deepen international connectivity, broaden investor participation and position Malaysia as a preferred investment destination. The engagements focused on accelerating capital market linkages between Malaysia and China, with an emphasis on unlocking new investment flows, strengthening institutional partnerships and expanding avenues for cross-border capital raising. High-level meetings were held with key Chinese regulators, including the China Securities Regulatory Commission (CSRC) and the State Administration of Foreign Exchange (SAFE), underscoring a shared commitment to advancing regulatory cooperation and market connectivity.   The delegation also engaged leading Chinese institutional investors, including the China Investment Corporation, as well as major fund management firms such as China Asset Management Company, E Fund Management, Harvest Fund Management, Yinhua AMC and China Southern Asset Management.  These engagements are expected to catalyse greater investor interest in Malaysia’s capital market and facilitate more sustained participation from one of the world’s largest pools of institutional capital. Building long-standing institutional ties, discussions also advanced cooperation in key areas such as enforcement, investigation and market surveillance, towards a more integrated and resilient cross-border investment ecosystem. Participants further explored opportunities in product innovation and market development, including enhanced Chinese participation in cross-border exchange-traded funds (ETFs), potential dual listings and the expansion of Islamic capital market offerings such as sukuk. These initiatives are aimed at broadening the range of investment channels available to global investors while reinforcing Malaysia’s leadership in sustainable and Islamic finance. The Malaysian delegation was led by SC Chairman Dato’ Mohammad Faiz Azmi, BNM Beijing Office Chief Representative Faizal Fathil, Bursa Malaysia Chief Executive Officer Datuk Fad'l Mohamed and SC Capital Market Advisory Committee member Tan Sri Andrew Sheng. China was selected as the first destination for CMP-related regional engagements, reflecting the depth of bilateral economic ties and the significant opportunities to further scale investment connectivity between the two markets.   This engagement marks a proactive step towards mobilising global capital, enhancing investor access and positioning Malaysia at the forefront of regional capital market integration, and strengthening its role as a gateway for investment into Asean and beyond.  

HKEX proposes changes to various cash market processes to support the transition to T+1 settlement cycle Market participants should review their internal readiness and plan for an indicative implementation timeline of Q4 2027 The consultation period will last four weeks until Monday, 18 May 2026 Hong Kong Exchanges and Clearing Limited (HKEX) published today (Friday) a Consultation Paper on Accelerated Settlement for the Hong Kong cash market (Consultation Paper). The paper outlines the proposed operational model to shorten the settlement cycle for Hong Kong’s cash market to T+1 from the current T+2, and seeks public comment. The Consultation Paper follows HKEX’s Discussion Paper published in July 2025 that initiated a market wide dialogue on accelerated settlement. Feedback received from a broad range of stakeholders indicated overall support for Hong Kong’s cash market to move to T+1, as key markets around the world continue to transition to shorter settlement cycles. HKEX Chief Executive Officer, Bonnie Y Chan, said: "HKEX is fully committed to futureproofing Hong Kong’s market infrastructure and ensuring that our standards continue to align with global developments and best practice. We are delighted to be consulting the market on our proposed operational model for a T+1 settlement framework. Our sincere thanks to all stakeholders for responding to our Discussion Paper in support of accelerated settlement. Their feedback and insights have been crucial in helping us shape the proposed T+1 settlement framework, as we progress closer towards implementation.” Ms Chan added: “Moving to T+1 is a key step forward as we further elevate the competitiveness of Hong Kong’s markets — making transactions safer, faster, and more robust, whilst laying the foundation for more infrastructure enhancements and innovations. We invite the industry to share their feedback and start preparing for this important transition, joining us to build a stronger, more vibrant marketplace, together.” Proposed T+1 settlement model HKEX has proposed certain amendments to the existing operating model covering the cash market trade lifecycle, while trade execution arrangements would remain unchanged. Diagram: Proposed T+1 Settlement Cycle   The proposals aim to facilitate earlier completion of post trade activities on the trade execution date (T), so that market participants can better prepare for settlement on the following business day (T+1). These measures include adjustments to the timing of clearing procedures, as well as settlement-related processing to facilitate timely and orderly settlement under a shortened cycle. However, the existing delivery versus payment framework and batch settlement structure will remain unchanged. Due to the accelerated post trade operation timeline, HKEX also proposes to extend service windows for settlement-related activities such as settlement instruction input and matching, providing participants with greater flexibility to complete their post trade processing ahead of settlement. The existing clearing risk management framework would continue to apply, with certain timelines adjusted to reflect the shorter settlement cycle. Based on feedback from the Discussion Paper, HKEX will consider developing a tool that enhances operational efficiency for institutional market stakeholders, including investment managers, custodians and brokers, under the T+1 settlement model. Scope and other considerations The proposed T+1 settlement cycle would apply to secondary market exchange trades, including equities, exchange-traded products, structured products and debt securities, as well as the physical settlement of equities arising from stock options exercise and assignment. Initial public offerings and Stock Connect Northbound trading would continue to operate based on their existing settlement timetables. A shorter settlement cycle will require adjustments across various downstream processes and related market activities. HKEX is also seeking market views on how these processes can be adjusted. In addition, HKEX encourages market participants to review their securities- and money-side activities, such as securities borrowing and lending, funding and foreign exchange arrangements, in order to support the proposed T+1 settlement cycle. Implementation HKEX will publish technical specifications to help market participants make necessary system enhancements, as required, in due course. Subject to market readiness and regulatory approval, the transition to a T+1 settlement cycle in the cash market is intended to take place in the fourth quarter of 2027. Given this indicative timeline, HKEX encourages market participants to begin assessing their operational readiness, systems and processes as soon as practicable. Upon finalising the T+1 framework, HKEX will also make subsequent amendments to its Exchange Rules, Clearing House Rules and Listing Rules. More details will be announced in due course. The consultation period will close on Monday, 18 May 2026. Interested parties are invited to respond to the Consultation Paper by filling out and submitting a questionnaire on the HKEX website.  

Today, Centiel SA (“Centiel”), a Swiss-based technology group that designs, manufactures and supplies advanced uninterruptible power supply (UPS) systems for mission-critical applications, started trading on SIX Swiss Exchange under the ticker symbol CNTL. Based on an opening price of CHF 3.20 per share, the company’s market capitalization stood at approximately CHF 261 million. Tomas Kindler (Global Head Exchanges, SIX), Gerardo Lecuona (CEO & Member of the Board, Centiel) (from left) Centiel listed on SIX Swiss Exchange via a reverse merger with HT5 AG (“HT5”), a company originating from the former HOCHDORF Group. In this context, HT5 issued and allocated 61,274,508 fully paid-in registered shares to the shareholders of Centiel, of which 11,501,225 were sold to the public, alongside 3,885,763 newly issued shares as part of an ordinary capital increase. In total, 15,386,988 shares were placed at the offer price of CHF 2.04 per share, corresponding to a placement volume of approximately CHF 31 million. Following the transaction, the issued share capital of Centiel comprises 81,601,028 registered shares with a nominal value of CHF 0.01 each. Centiel will be included in the in the Swiss Performance Index (SPI) family. The listing of Centiel marks an important milestone for SIX Swiss Exchange, further strengthening its position as a leading venue for innovative and fast growing Swiss companies. It also reflects Switzerland’s appeal as a listing location for technology firms, offering access to global investors, competitive liquidity, and a supportive environment for sustainable post-IPO growth. Gerardo Lecuona, Centiel's co-founder, Board member and CEO, comments: “This milestone marks a new chapter for Centiel. As global reliance on uninterrupted power grows, we are well positioned to scale our technology and support critical infrastructure. We take the trust placed in us seriously and are fully committed to delivering on our ambitions as a public company.” Filippo Marbach, Centiel’s co-founder and Board member, says: “Taking Centiel public reflects the strength of what we have built over the years and gives us a powerful platform to expand internationally, deepen partnerships, and continue shaping the future of resilient power solutions.” Tomas Kindler, Global Head Exchanges, SIX, says: “We are delighted to welcome Centiel to SIX Swiss Exchange. In a difficult market environment, Centiel’s decision to go public evidences trust in its business model as well as in the Swiss marketplace. This underscores a firm strategic posture and warrants recognition. We look forward to accompanying Centiel through its next stage of development as a listed company.” More information about Centiel: www.centiel.com/

With BISON Select, Boerse Stuttgart Group is introducing a premium program for investors with larger investment goals. The aim of the new customer program is to offer additional services, personalized conditions, a dedicated trader community, and useful tools, such as the holding period tracker. BISON, the crypto trading platform for retail investors of Boerse Stuttgart Group, is responding to its growing number of engaged users and launching BISON Select, a new customer program for active traders. For the first time, the platform is offering an expanded set of features for investors with larger investment goals, bringing together additional tools, services, and community offerings within the app. Members benefit from a range of exclusive advantages, including crypto cashback of up to €500 per year, commission-free stock trades, personal account managers, and access to further features such as the holding period tracker, which helps users identify potential tax benefits.   "With BISON Select, we are creating a compelling offering for active investors who value quality, security, and personal service," explains Dr. Ulli Spankowski, CEO and Co-Founder of BISON. "We have a loyal base of top customers, and we aim to further strengthen these valuable relationships while also supporting those looking to intensify their trading activities and pursue their investment goals. In doing so, BISON positions itself as a trusted partner, with transparency, reliability, and personalized service as top priorities."   Higher activity leads to more additional services The program is aimed at traders with a crypto trading volume of €40,000 or more within the last 12 months and is divided into Silver, Gold, and Platinum levels. The benefits at each level scale with trading volume. "BISON Select is our response to the needs of active traders," says Spankowski. "In addition to improved conditions, BISON Select gives members the opportunity to be part of a community that offers expert insights and a network of engaged investors."   BISON Select offers the following benefits in addition to the existing offering:   Holding Period Tracker: BISON app shows when the 1-year holding period for crypto investments is reached and helps users identify potential tax benefits. Crypto Cashback: Select members receive cashback in Bitcoin of up to €500 per year for every crypto trade. Commission-Free Stock Trades: BISON waives the order fee for stock trading. Select members at the Platinum level trade completely commission-free. Personal Account Manager: BISON Select offers prioritized support for all inquiries, as well as a personal account manager with a callback service. Unlimited Deposits: Select members can top up their balance beyond the standard limits. Premium Referral Bonus: For every successful referral, Select members receive an increased bonus of €50 in Ethereum (ETH). Exclusive Events: BISON also hosts curated events for personal networking within the Select community, including exclusive expert talks and special programs. Blockpit Discount: With BISON Select, tax reports can be created together with Blockpit at discounted rates.   Multi-award-winning platform with exchange expertiseBISON was launched in 2019 as the crypto trading platform of Boerse Stuttgart Group, making it the first crypto offering by a traditional stock exchange. Most recently, BISON won the “Goldener Bulle” in the category “Crypto Provider of the Year.” BISON combines the security and reliability of an established exchange group with helpful trading features and has received multiple awards in Germany. BISON Select now expands this offering with a premium tier that provides additional benefits for active traders.   For more information about BISON Select, please visit bisonapp.com. Press photos can be downloaded here. (Photo credit: © BISON App)

(Excerpt) (Friday, March 27, 2026, ９:40 am to ９:49 am) [Opening remarks:] Minister) To begin with, I would like to make four points. ...The third point concerns financial measures in light of the situation in the Middle East. To ensure that businesses do not face serious difficulties with their cash flow, we held an emergency meeting today to exchange views on the promotion of business operator support and the facilitation of financing. I will directly communicate with public and private financial institutions on measures, including the thorough implementation of meticulous financing support for business operators, the promotion of the use of special consultation desks such as the Japan Finance Corporation (JFC), which has expanded the scope of the loan, the promotion of the use of safety net loans, which is scheduled to expand the scope of the interest rate reduction from April 1, and the promotion of the use of a special consultation contact number to be set up at the Financial Services Agency (FSA). In addition, I will issue an emergency request jointly with the relevant ministers.Lastly, I would like to introduce the fourth point, the establishment of a framework for sharing information on fraudulent accounts among deposit-taking financial institutions and promptly freezing those accounts. The amount of money lost to specialized fraud and other crimes is on the rise, and illegally traded deposit accounts are being misused as destinations for these funds. The FSA has amended the Enforcement Regulations of the Act on Prevention of Transfer of Criminal Proceeds and other relevant regulations to enable financial institutions to actively share information on a legal basis. We are opening a public comment on this matter today. In addition, we will provide financial assistance to the Cooperation Agency for Anti-Money Laundering, a wholly owned subsidiary of the Japanese Bankers Association tasked with establishing an information-sharing system, to cover the costs of building this system. We expect that these frameworks will enable financial institutions to promptly and systematically identify accounts controlled by criminals, thereby preventing the misuse of such accounts and the spread of fraud-related damage. While we have previously worked together with the private sector and across industries to raise awareness that the buying and selling of accounts are illegal, the FSA will continue to strive to prevent fraud in cooperation with the National Police Agency and industry associations. These are the four points.

NZX advises that Craigs Investment Partners (Craigs) has been accredited as a Trading Participant on the NZX Derivatives Market, ahead of the S&P/NZX 20 Index Futures launch on 28 April 2026. NZX General Manager, Cash and Derivatives Markets Nick Morris says NZX is pleased to welcome Craigs as a Trading Participant on the NZX Derivatives Market. “As one of New Zealand's largest investment advisory firms, Craigs’ accreditation is a strong signal of industry confidence in the S&P/NZX 20 Index Futures ahead of the launch and reflects our commitment to ensuring both local and offshore investors have access to New Zealand's derivatives market,” Mr Morris says. Craigs Head of Institutional Equities Geoff Zame says Craigs is proud to be accredited as a Trading Participant on the NZX Derivatives Market. “We are committed to supporting New Zealand’s capital markets by providing our institutional clients with comprehensive access to derivatives trading and contributing to market development,” Mr Zame says.

(Excerpt) (Monday, March 30, 2026, ９:55 pm to 10:09 pm) [Opening remarks:] Minister) The G7 Finance Ministers’ Meeting was held online on March 9, with finance ministers, central bank governors, energy ministers and relevant international organizations in attendance.As expected, we focused our discussions on the impact of the situation in the Middle East on energy markets, the global economy, and financial markets, and revised our outlook downward. All member countries and institutions, including the IMF, the World Bank, the OECD, and the FSB, were mindful of the issues related to inflation and inflation expectations, as well as their implications for growth rates.Regarding the passage through the Strait of Hormuz, they also mentioned that, as usual, they had insurance arrangements in place, and their determination to resolve the situation was very strong. I will refrain from giving further details here.Looking ahead, regarding the issue of potential vulnerabilities in financial markets, given that central bank governors and all relevant FSB members were present, they have repeatedly experienced various shocks over the years. While global financial markets have become stronger compared to those times, private credit and bonds are currently facing clearly unwarranted volatility. If these factors were to interact, the consequences would be very serious unless we maintain close coordination as a whole. There is a very important G7 meeting scheduled for mid-next month in Washington D.C., so we will be working toward that. Information exchange and close coordination among our partners are becoming increasingly important. We have absolutely confirmed that we will hold meetings as necessary; the April G7 meeting is already scheduled, but if something were to happen, we would likely convene more urgently.

For this inaugural episode, Chairman Paul Atkins sits down with two of the strongest forces behind the policy, strategy, and productivity that drive the SEC’s mission forward every day—SEC Commissioners Mark Uyeda and Hester Peirce. Topics of the discussion include the paths that led them to the agency, what they’ve accomplished so far, and the exciting work still ahead.The views expressed in this podcast are, as applicable, those of the Chairman of the U.S. Securities and Exchange Commission or Commissioners Mark Uyeda or Hester Peirce. These views do not necessarily represent the views of the full Commission or SEC staff. Listen to the episode:  

Good afternoon, ladies and gentlemen, and welcome back after a productive morning. In just a few moments, I will ask Jamie to rejoin us for our third and final panel of the day. But first, I want to acknowledge the Division of Trading and Markets for organizing today’s program—and thank our more than two dozen panelists for bringing such insightful perspectives to it. Of course, before I move on to my remarks, I must also add the customary disclaimer that the views I express here are my own as Chairman and not necessarily those of the SEC as an institution or of the other Commissioners. As our panelists underscored this morning, the U.S. options markets have grown remarkably in their breadth and depth. Today there are more exchanges trading more products, generating a dizzying amount of message traffic. For example, OPRA disseminates over 3,200 times more messages today than it did in the year 2000. And a broad cohort of retail investors now participates in these markets with greater ease and at greater scale. Given all that they share in common, it is tempting to discuss the options and equities markets in tandem. After all, the two are deeply interconnected, and developments in one market can have profound implications for the other. But commonalities between the options and equities markets can also obscure important distinctions among them. As options markets operate according to their own conventions, so they merit attention on their own terms. Yet, a sustained focus on listed options has eluded the Commission for some time. Thanks in large part to Commissioner Peirce, I am pleased that with today’s program, we are bringing that stretch to a close. Now, I should note that this roundtable is neither a prelude to, nor a harbinger of, any options rulemakings in the immediate term. Rather, today is a chance to celebrate the strength of our options markets and to recognize the important place that they have come to occupy in the broader financial ecosystem. Today’s panel discussions also offer an opportunity for leading experts and practitioners to examine what is working, to identify where closer attention is warranted, and to consider the opportunities and challenges that lie ahead. In that spirit, I should also like to acknowledge the important work that is taking place beyond the Commission’s walls. Through the Listed Options Market Structure Working Group—or LOMSWG, as I understand its members have come to call it—SIFMA and the Security Traders Association convene market participants with sometimes divergent perspectives to discuss issues of mutual interest. That kind of industry-led engagement can be enormously constructive by helping to develop, socialize, and refine proposals before they make their way to the Commission for formal consideration. Taken together, efforts like today’s roundtable and the ongoing work of groups like LOMSWG strengthen our options market structure in ways that will keep it the envy of the financial world as it gains volume and scale. Which brings us, at last, to our closing session. I am delighted to turn things over to Jamie for a discussion on the growth of listed options, the associated challenges and opportunities that growth presents, and the issues that the Commission and market participants should consider in the years ahead. I expect this to be a thoughtful and wide-ranging discussion. And I thank you all once again for being here. Please enjoy the remainder of today’s program. Thank you.

Following the successful launch of the Women in Clearing Network, in March 2024 the EACH’s Women in Clearing Series was inaugurated. This is an initiative with the objective of featuring a key female leader on a regular basis to inspire other professionals in the industry. We are excited to present this month’s contributor, Csilla Szanyi. Csilla has built her entire professional career in the clearing industry, working in CCP risk management since 2011. Her career path is distinctive in that she has progressed within the same institution, advancing through multiple roles to her current position as Chief Risk Officer at KELER CCP, a key institution in the Hungarian financial market infrastructure. She brings over 15 years of experience in central clearing and is responsible for the CCP’s risk management framework. In her role, she focuses not only on maintaining robust risk structures, but also on continuously adapting them to evolving market conditions and regulatory expectations. She leads a team of highly skilled professionals, who develop and analyse models supporting the guarantee system for cleared capital and energy markets. Csilla has been serving as a CRO for six years. She began her career as a risk expert after completing her studies at Corvinus University of Budapest, where she specialised in capital markets and corporate finance, with a minor in business evaluation and equity analysis. Csilla has volunteered to share with us her personal and professional journey by responding to these three questions: What was the aspect of yourself that you had to work on the most to get to where you are now? Early in my career, I had to learn patience. I was highly driven, eager to take on increasingly complex tasks and to contribute to strategically important projects, and I often expected results faster than they realistically come. Over time, I understood that real progression is built on consistency and sustained effort. Another important area of development was letting go the need to be the smartest person in every room. Early on, I often felt that I had to prove my expertise through having the best or most complete answer. With experience, I realised that real value comes from asking the right questions, challenging assumptions, and building on the perspective of others. I also learned to voice my thoughts even when they were still forming. Finally, I had to become comfortable operating without full control. In risk management, decisions often need to be made under uncertainty and with incomplete information while still taking full responsibility for the outcomes. What key tip would you give for professionals to successfully develop in their careers? In my experience, the most important factor is developing real expertise in something that you genuinely enjoy and going deep rather than broad. When you like what you do, continuous learning and improvement come naturally. At several points in my career, I considered moving to a different field, but there was always something new or challenging – from market crises to evolving regulation – that kept me engaged and motivated to stay and deepen my expertise. I also learned that you cannot rely on your work speaking for itself. It is important to make your contributions visible and to build strong professional relationships – your network plays a critical role in both learning and opportunity. Finally, one of the biggest shifts for me was becoming more authentic in how I operate. I learned to trust my professional judgement and act in alignment with it, rather than seeking external validation. How do you see the future of clearing in 10 years? The European clearing landscape is still relatively fragmented compared to other regions, with multiple exchanges and CCPs, so further integration and consolidation are likely over time.  At the same time, the increasing complexity and stringency of regulation may drive the development of alternative solutions outside traditional CCP clearing, as market participants look for ways to manage costs and operational burdens more efficiently. In terms of technology, advancements such as AI and DLT are likely to play an important role, although their exact impact on clearing models is still a bit uncertain. Overall, I see clearing ad an industry that will continue to evolve in response to new challenges, which is exactly what makes it such a compelling field to work in. You could learn about Csilla by reading the attached document or by clicking on this link. Our heartfelt gratitude to Csilla for her inspirational words! We look forward to continuing the EACH’s Women in Clearing Series by hosting many skilled women leaders to inspire other professionals in the clearing sector! The Women in Clearing network takes the form of a LinkedIn group that participants may use to connect with each other.

The Office of the Comptroller of the Currency (OCC) today released enforcement actions for April 2026. The OCC uses enforcement actions against banks to require the board of directors and management to take timely actions to correct the deficient practices or violations identified. Actions taken against banks are: Consent Order against The Federal Savings Bank, Chicago, Illinois, for violations of Section 5 of the Federal Trade Commission Act relating to the bank’s deceptive acts or practices that induced consumers to obtain cash-out refinance loans guaranteed by the U.S. Department of Veterans Affairs involving significant origination fees, increased interest rates, and increased monthly payments. (Docket No. AA-ENF-2025-63) The OCC uses enforcement actions against an institution-affiliated party (IAP) to deter, encourage correction of, or prevent violations, unsafe or unsound practices, or breaches of fiduciary duty. Enforcement actions against IAPs reinforce the accountability of individuals for their conduct regarding the affairs of a bank. The term “institution-affiliated party,” or IAP, is defined in 12 USC 1813(u) and includes bank directors, officers, employees, and controlling shareholders. Orders of Prohibition prohibit an individual from any participation in the affairs of a bank or other institution as defined in 12 USC 1818(e)(7). The OCC has taken the following actions against IAPs: Order of Prohibition against Shaira Ahmed, former Associate Banker at JP Morgan Chase Bank, National Association, Columbus, Ohio, for embezzling more than $73,000 from bank customer accounts. (Docket No. AA-ENF-2026-15) Order of Prohibition against Marissa Murillo, former Associate Banker at BMO Bank N.A., Chicago, Illinois, for making unauthorized withdrawals from an elderly bank customer’s account, totaling more than $164,000. (Docket No. AA-ENF-2026-5) The OCC terminates enforcement actions when a bank has demonstrated compliance with all articles of an enforcement action; or when the OCC determines that articles deemed “not in compliance” have become outdated or irrelevant to the bank’s current circumstances; or when the OCC incorporates the articles deemed “not in compliance” into a new action. The termination actions are: Order Terminating the Consent Order against CNB Bank & Trust, Carlinville, Illinois, dated June 18, 2024 (Docket No. AA-ENF-2024-47). (Docket No. AA-CE-2026-3) Order Terminating the Formal Agreement with Generations Bank, Seneca Falls, New York, dated July 19, 2024 (Docket No. AA-NE-2024-68). (Docket No. AA-NE-2026-18) Order Terminating the Consent Order against JPMorgan Chase Bank, N.A., Columbus, Ohio, dated March 14, 2024 (Docket No. AA-EC-2023-50). (Docket No. AA-ENF-2026-17) To receive alerts for news releases announcing public OCC enforcement actions, subscribe to OCC Email Updates. All OCC public enforcement actions taken since August 1989 are available for download by viewing the searchable enforcement actions database at https://apps.occ.gov/EASearch. Related Link Enforcement Action Types

SIFMA today issued the following statement from Kenneth E. Bentsen, Jr., SIFMA president and CEO, on the concept release issued by the Securities and Exchange Commission soliciting public comment in support of a comprehensive review of the Consolidated Audit Trail (CAT): “SIFMA welcomes the concept release the Securities and Exchange Commission (SEC) published today soliciting public input to assist the SEC’s comprehensive review of the Consolidated Audit Trail (CAT).  We have long called for a public review of the CAT which would address, among other topics, the costs of the CAT, its governance and funding, and the scope and security of the data held within the CAT.  SIFMA has previously made in-depth recommendations which would lead to a more efficient and cost-effective CAT without compromising its intended regulatory purpose, and we look forward to further commenting on today’s concept release and engaging further with the SEC on this issue.”

Chairman Thompson, Ranking Member Craig, and Members of the Committee: thank you for the opportunity to testify here today.  Just over a hundred days ago, I was sworn in as the 16th Chairman of the Commodity Futures Trading Commission.  During my November confirmation hearing, I pledged to work tirelessly as Chairman to maintain the agency’s status as a world-class financial markets regulator. I committed to protect and provide regulatory relief to our farmers, ranchers, and producers, roll back outdated rules and regulations, and modernize the agency to keep pace with the rapid speed of innovation. I’m pleased to report I’ve made significant progress on these goals since rejoining the agency last December.  One of my first priorities upon taking charge of the agency was identifying regulations that prevent farmers, ranchers, and producers from accessing our derivatives markets. My staff have been working diligently to right-size cumbersome rules so that even our smallest producers can properly manage risk. I’ve also revived the agency’s annual agriculture convention, known as AgCon, to bring together leaders from government, business, and academia to discuss the most pressing issues in our agricultural markets. Most importantly, I’ll be visiting farmers, ranchers, and producers across the country in the coming months to hear from them directly. The agriculture community is the backbone of this country, and it’ll always have a seat at the table in this administration.  Another key priority is to lower the compliance burdens and energy costs for small businesses. Many of our rules and regulations discourage firms from servicing and trading with the businesses that are most in need of our markets.  The agency is finalizing regulatory relief for firms that transact with energy, agriculture, and critical minerals producers to provide access to more market intermediaries and contribute to lower commodity prices.  The agency has also taken a leading role in delivering on President Trump’s mandate to make America the crypto capital of the world. Importantly, the CFTC joined an SEC interpretation to provide guidance that resolved significant ambiguity in the marketplace as to which types of crypto assets are commodities, and which are securities. We’ve also worked quickly to provide clarity concerning tokenized collateral, the capital treatment for payment stablecoins, and the obligations of software developers building in the United States.  I applaud the important work of this Committee to deliver bipartisan market structure legislation that will cement clear rules of the road for the millions of Americans who use crypto assets every day. I’m optimistic that Congress will soon send this landmark legislation to the President’s desk. The agency is also working to provide explicit guidelines and further strengthen investor protections for prediction markets, which offer trading in event contract derivatives that are regulated under the exclusive jurisdiction of the CFTC. Commission staff recently issued a prediction markets advisory and published a notice soliciting public input before considering new regulations for these markets. Now, I’m sure I’ll be getting questions about our enforcement efforts related to crypto, prediction markets, and the commodity derivatives markets more broadly. So, I want to be crystal clear: to anyone who engages in fraud, manipulation, or insider trading in any of our markets: we will find you, and you will face the full force of the law. Nothing is more important than protecting market integrity and that’s why I’ve been diligently working to reinvigorate our enforcement division and upgrade our surveillance tools to meet the challenges of our growing markets. None of these accomplishments would have been possible in such a short period of time without the agency’s talented and experienced civil servants. I have also brought on new senior leadership who bring a wealth of experience to the agency.  As Chairman, I believe it’s vital to break from the restrictive regulatory practices of the past and create derivatives markets that work for everyone. Under my leadership, the CFTC will administer fit-for-purpose regulation appropriately tailored to material risks, no more and no less, to ensure that the future of finance is made here, in America. If the past is prologue, the next hundred days—and the years beyond—will build on this transformative foundation as the CFTC remains the gold standard for smart, effective oversight of our financial markets. Our work here is just getting started.   Thank you again, and I look forward to answering your questions. 

The Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee announced that it will hold a meeting on Tuesday, April 28, 2026 at 10:00 a.m. to explore ways to encourage more companies to go public. The meeting will be open to the public and held at the SEC’s headquarters at 100 F Street, N.E, Washington D.C. The discussion will also be streamed live on SEC.gov. The committee will start the morning session by hearing from its members about their perspectives on the state of the IPO market while considering the existing regulatory framework and how decreased IPO activity and market shifts are impacting companies’ (including small caps’) desires to go public. Edwin O’Connor, Partner, Co-Chair of Capital Markets, Goodwin Procter LLP will share his views on the IPO market, trends, and factors that may be at play. This conversation will continue into the afternoon session where the committee will hear from Beau Bohm, Managing Director, Global Co-Head of Equity Capital Markets, Cantor Fitzgerald, who will share views on the IPO market from the underwriter’s perspective. The Small Business Capital Formation Advisory Committee provides advice and recommendations to the SEC on rules, regulations, and policy matters relating to small businesses. For more information about the committee and the full agenda for the meeting, visit the committee webpage.

The Artificial Intelligence Consortium (AIC) provides a platform for public-private engagement to further dialogue on the capabilities, development, deployment, use, and potential risks of artificial intelligence (AI) in UK financial services. As stated in the AIC’s Terms of reference, the views expressed by the members in these minutes and any subsequent outputs do not reflect the views of their institutions, the Bank of England (Bank) or the Financial Conduct Authority (FCA). The activities, discussions, and outputs of the members should not be taken as an indication of future policy by the Bank or FCA. Date of meeting: 9 February 2026 Item 1: Welcome Co-chair Sarah Breeden opened the session by welcoming attendees to the AI Consortium’s (AIC) third quarterly meeting held virtually. Sarah welcomed new Co-chair David Geale, the FCA’s Executive Director for Payments and Digital Finance & Managing Director for the PSR, and congratulated member Harriet Rees on her recent appointment by the Government as an AI Champion for Financial Services. David introduced himself, thanked departing members, and welcomed new membersOpens in a new window and an observer from Ofcom. He emphasised the importance of ensuring that regulatory and industry approaches to AI are safe and responsible. The contributions during the session were under Chatham House Rule. Item 2: Workshop presentations Each group provided an update on their progress followed by discussion. Workshop 1: Concentration risk Workshop leads provided an interim update on their work on concentration risks arising from reliance on a small number of AI providers, models, and infrastructure. The workshop is exploring how such reliance can create vulnerabilities where firms have limited visibility over model design, performance changes and update schedules, constraining their ability to assess risk and maintain control. Members also discussed how the concentrated provision of compute capacity and specialist expertise could limit firms’ ability to respond to stress events or disruptions affecting widely used AI services. Members discussed the limited control firms may have over updates and changes introduced by third‑party vendors, often at short notice. These dependencies were identified by members as a potential source of correlated risk, raising questions about resilience, assurance and effective oversight. The workshop is also working with the Cross Market Operational Resilience Group (CMORG) AI Taskforce to consider how to improve the transparency in AI supply chain, that is, the components and services that AI systems depend on such as hardware, cloud infrastructure, data, and foundation models. Workshop 2: Evolution of AI edge cases In their substantive update, the Evolution of AI Edge Cases workshop presented practical methods for identifying and controlling ‘AI edge use cases’ – novel, high impact AI applications. The members plan to explore the monitoring and governance systems needed to manage risks from applications that introduce greater autonomy for AI models in executing decisions. Workshop members acknowledged while advanced AI use cases can deliver important benefits, including efficiency gains and cost reductions, they can also introduce novel risks. Members suggested that agentic workflows may be used in material decision making and may autonomously act across multiple systems, potentially posing operational risks. The workshop members were asked whether there is a shared understanding of what failure looks like in advanced AI use cases, in order to help identify higher risk “edge” applications. Members noted that failures can arise from a combination of speed, increased autonomy, and dependencies that create shared attack surfaces and correlated failure modes. These characteristics can create similar vulnerabilities and lead to correlated operational failures within and between firms, even where the underlying AI models differ. Members also queried whether their approach of tailoring governance and controls to specific AI edge cases is compatible with the principle of technology neutrality. Some members noted that longstanding principles such as financial stability, consumer protection and data protection continue to apply regardless of technology. The workshop members noted, however, that for certain higher-risk edge cases, it may be appropriate for firms to implement system-specific control measures, such as predefined circuit breakers, to manage risks effectively. Workshop 3: Explainability and transparency in generative AI Workshop leads provided an interim update on their work which aims to clarify what meaningful explainability and transparency could look like for AI systems used in financial services. One member highlighted large language models (LLMs) can offer traceability, and that the ability to track reasoning by an LLM could be helpful in assessing how decisions have evolved when developing AI models. Members discussed how existing model risk management expectations such as SS1/23 apply to AI systems and their components, including generative AI models, prompts, and retrieval layers. One member commended the user-research approach taken by the Government in developing the Algorithmic Transparency Recording Standard (Complete transparency, complete simplicityOpens in a new window) as a potential model for thinking about how to communicate AI system behaviour clearly. Some members explored how terms such as human in the loop (HiTL) should be interpreted as systems become more autonomous. Members noted that maintaining a ‘human in the loop’ may become increasingly strained as firms adopt agentic AI and move from back office to market-facing applications. The workshop members were asked about the importance of consistent definitions of HiTL where use cases span different sectors and may require different forms of explainability, meaning a single approach may not be appropriate. One member noted that caution is needed to avoid definitions that are sector-specific since clarity is required for AI providers delivering tools and services across sectors. Another member added the importance of distinguishing between explaining a system’s overall behaviour (global explainability) and explaining its individual decisions or outputs (local explainability). The workshop leads confirmed these concepts have been a part of their discussions. Workshop 4: AI-accelerated contagion Workshop leads provided an interim update on their work exploring how AI adoption may alter contagion pathways across the financial system, with potential impacts such as price volatility, changes in participant behaviour, and system-wide disruption during periods of stress. The workshop is examining how increased automation, speed, and shared technical dependencies may affect transmission channels in a financial market stress. Members discussed how AI – especially agentic AI systems – may compress decision-making latency in ways that challenge traditional escalation and oversight mechanisms such as kill switches and circuit breakers. Some members questioned whether controls such as kill switches could unintentionally disrupt critical functions, providing the example of a kill switch that shuts off a system but simultaneously impedes payments across the financial system. Members of this workshop also highlighted how reliance on shared infrastructure, cloud providers, and energy resources could interact with stress scenarios. Members noted that scenario analysis and wargaming are some approaches to explore how AI-driven systems might behave under stress. Some members encouraged the workshop to consider whether AI-driven market scenarios did indeed pose novel risks as compared to algorithmic trading more generally, though members also noted the important distinction that AI introduces non-determinism and scale effects that differ from traditional deterministic systems. Item 3: Consortium discussion on key trends The Co‑chairs invited members to discuss potential implications for the financial system arising from firms’ efforts to create returns on AI investments (ROI). The discussion was framed around agent‑to‑agent commerce, agentic trading tools, reliance on third parties, and regulatory barriers or uncertainty. One member noted that some commentary on ROI may over‑emphasise downside risks, observing that some financial firms are already seeing returns from their investments in AI adoption. It was suggested that capital is being deployed rapidly due to perceived first‑mover advantages, although there may currently be relatively limited areas in which AI can deliver value at scale. Other members questioned whether first‑mover advantage is as relevant in financial services as in the technology sector, suggesting that for financial firms, access to and governance of underlying data is a more significant differentiator for ROI than the speed of AI deployment. Members discussed the relationship between risk and return in financial services use cases. It was suggested that current deployments tend to focus on lower‑risk, lower‑return applications, but that firms may, over time, move towards higher‑risk use cases with greater potential returns. One member proposed that attention should focus on new actors entering traditional systems, particularly in areas such as payments and commerce. Members observed differences in adoption dynamics across firm sizes. Members perceived smaller firms may be more willing to adopt a quicker, ‘fail fast’ approach and, as a result, be less willing to build in-house models and more comfortable relying on third‑party solutions. It was further noted that pressure to adopt AI quickly may make it challenging for smaller firms to develop governance arrangements and build the necessary skills and expertise at pace. By contrast, members noted that ROI may materialise more slowly in larger firms, which may face higher internal barriers to adoption. Members debated the sufficiency of HiTL as AI systems become more complex. One member opined that as AI adoption increases, the number and types of errors may become difficult to detect and real-time monitoring of individual components of a system (rather than its outputs) may become necessary. Members acknowledged these governance challenges and noted that a principles-based approach could accommodate the rapid technological change including scenarios where agentic systems act autonomously or learn dynamically. Several members discussed the importance of harmonised regulatory approaches internationally, in order to encourage responsible innovation. Wrap up The Co‑chairs thanked members for a constructive discussion and for their contributions outside formal meetings. They noted the importance of workshops continuing to develop practical, tangible outputs and of building a shared understanding of how AI investment, adoption and risk are evolving across the financial system. The next AIC quarterly meeting was expected to take place in June 2026. Attendees Co-chairs & Moderators Breeden, Sarah – Bank of EnglandGeale, David – Financial Conduct Authority Members Ahmed, Ratul – Commerzbank AG Beliossi, Giovanni – Axyon AI SRL Bhatti, Tanveer – IndependentBrink, Suzanne – Lloyds Banking GroupBuchanan, Bonnie Gai – University of Surrey Daley, Sue – techUK Dunmur, Alan – Allica Bank Heffron, Sarah – JP MorganHughes, Clara – Pension Insurance Corp Jefferson, Michael – Amazon Web Services Jones, Matthew – Nationwide Building SocietyKazim, Emre – Holistic AI Li, Feng – Bayes Business School Patel, Parimal – Independent Pearce, Luke – Santander Rees, Harriet – Starling Bank Limited Rosenshine, Kate – Microsoft Szpruch, Lukasz – The Alan Turing Institute Taylor, Neil – MastercardValane, Jeffrey – HSBC Wade, David – Goldman Sachs Xu, Justin – MillTech   Apologies Kazantsev, Gary – Bloomberg LP Mullins, Inga – FluencyPearce, Christopher – Ageas UK Prince, Emily – LSEG Observers Fairburn, James – HMTIgnatidou, Sophia – ICOUnderhill, Michael – Ofcom Bank of England Gharbawi, MohammedGraham, GeorgetteLee, AmyMutton, Tom Financial Conduct Authority Jordan, VickiLevett, FreddieSimon, ChristopherThorman, Libby

Good morning. Thank you to the Division of Trading and Markets (the “Division”) and other staff of the Commission for organizing this roundtable on options market structure.[1] Many thanks to our participants, who have taken the time to join us today. We look forward to hearing your thoughts. For as long as I can remember, equity market structure – and to a lesser extent, fixed income market structure, has taken center stage in the Commission’s public and regulatory dialogue. In fact, over the years, we have convened advisory committees in both of those areas. Issues like fragmentation, concentration, data asymmetries, and uneven execution quality have been studied extensively on the equity side. But data recently released by the Commission makes clear that many of the concerns long debated in equities exist to an even greater degree in options.[2] During the last ten years, the options landscape has transformed dramatically. Growth in retail participation, particularly in short‑dated and ultra‑short‑dated strategies, has reshaped order flow dynamics, execution pathways, and the economics of liquidity provision. These developments should cause us to reconsider the assumptions behind our existing regulations. For example, how does the increasing fragmentation—15 exchanges with >1% market share—affect the execution quality of retail marketable orders? We should also consider issues in the institutional space—such as the practical effects of market maker entitlements, data asymmetries, and competitive barriers. Do today’s institutional market makers still require the types of incentives and entitlements that exist in current floor auction rules? Or has the market evolved to a point where those mechanisms should be revisited? The Commission should optimize regulations for all types of market participants, including individuals who are often the beneficiaries of institutional investors. I look forward to public feedback on how our rules can be modernized to strengthen execution quality, enhance competition, and ensure the options market can effectively serve investors, institutions, and issuers alike. The data is clear—and the moment is right—for thoughtful, measured reform. I thank Chairman Atkins for convening this options market structure roundtable. [1] My remarks today reflect my views as an individual Commissioner and not necessarily the views of the full Commission or my fellow Commissioners. [2] See Division of Trading and Markets, Roundtable on Options Market Structure—Supporting Data (April 9, 2026), available at https://www.sec.gov/files/roundtable-options-market-structure.pdf. 

The European Banking Authority (EBA) today published a draft technical package for version 4.3 of its reporting framework, covering anti-money laundering (AML) and third country branches (TCB) reporting. This early release is intended to support reporting entities in preparing for upcoming changes ahead of the final publication, scheduled for June 2026. The EBA The EBA invites stakeholders to provide feedback on both the draft technical package and the accompanying glossary. The draft technical package for release 4.3, includes validation rules, the Data Point Model (DPM) and XBRL taxonomies, and introduces the following new reporting requirements: New Implementing Technical Standards (ITS) on the supervisory reporting of third‑country branches, in accordance with Article 48l(1) of the Capital Requirements Directive (CRD). The first reference date is 31 March 2027. DPM and taxonomy supporting the methodology to identify obliged entities that will fall under the direct supervision of the Anti‑Money Laundering Authority (AMLA), with a first reference date of 31 December 2026. This package should be read in conjunction with the templates and instructions published by AMLA for the testing and calibration exercise here. Background, consultation process and next steps The final technical package for Reporting Framework 4.3 will be published in June 2026 and will reflect any necessary amendments following stakeholder review. This draft publication aims to provide additional implementation time for institutions and to enable the EBA to gather early feedback ahead of finalisation. Stakeholders are invited to submit comments and suggestions on the draft technical package 4.3 and the new glossary by 10 May 2026, using the EBA feedback form. Disclaimer: This draft technical package is provided for information purposes only. The final package will include additional elements not yet covered, notably two tables related to the AMLA framework (AML.01.01 and AML.01.02), as well as further validation rules applicable to AML reporting. Related content Page Reporting framework 4.3 Draft Implementing Technical StandardsFinal draft RTS/ITS adopted by the EBA and submitted to the European Commission Implementing Technical Standards on the supervisory reporting of Third Country Branches News19 January 2026 EBA and AMLA complete handover of AML/CFT mandates Link AMLA launches data collection exercise to test risk assessment models Link Feedback from

Good morning, and welcome to the Options Market Roundtable.[1] Thank you to all the panelists, and to the Commission staff, especially from the Division of Trading and Markets, for organizing this roundtable. Thank you also to the people who submitted comment letters in advance of the roundtable.[2] These letters are insightful, identify problems worth investigating, and provide concrete recommendations. I welcome additional input from audience members with reactions to today’s conversations. I expect the discussion to be informative and entertaining—even the terminology of options market—think butterfly and condor spreads—is fun. Despite the intriguing character of the options market, the equities market dominates Commission attention. As we have been writing and rewriting Reg NMS, the options market has grown enormously. That growth has been not just in notional value or volume, but in participation, in sophistication, and in the option market’s role within our broader capital markets. Because of the importance of this market, a persistent item on my wish list during my years at the SEC has been an options roundtable. Thanks to Jamie and his team in Trading and Markets, my wish is finally materializing! But should I—someone who believes markets generally function well without regulatory attention—really have been inviting Commission scrutiny on the options market? While the equity markets have been pushed and pulled by the detailed mandates of Regulation NMS, the options market has had more space to develop its own solutions, sometimes with gentle prodding from the Commission.  We are not here because the options market is failing, but because it is succeeding. We want to ensure that it continues to function effectively as trading and participation reaches new highs. The Commission’s role is to ensure that the plumbing is sound and that the playing field remains open to competition. As we will hear today, the growth in the options market has been impressive, but has brought with it some matters worthy of consideration: We have seen a proliferation of exchanges—soon to be twenty—which raises the question of whether we are fostering competition or fostering more market fragmentation, added cost, and greater complexity. We have seen a notable reduction in the number of clearing firms, which raises concerns about resiliency and capacity. We have seen a concentration of activity in a few market makers, which, combined with the cost of connecting to numerous venues and quoting across millions of options, raises concerns about competition and barriers to entry. We have noted the proliferation of strikes, the limited interest in many of them, and the attendant consequences to the market, its infrastructure, and its participants. We have heard from some industry members that generous market maker allocation formulas, established years ago to incentivize liquidity provision, may inhibit competition and may no longer be necessary in the current market landscape. We have received calls for more transparency with respect to options market execution data. And of course, as with many of our markets, we have heard of both the opportunities and challenges in the options market raised by the possibilities of 24/7 trading and tokenization. I look forward to a lively discussion on all these topics and more. And unlike the Commission’s recent roundtables on the equity market, which have focused on how the Commission can undo the damage it caused through its own Reg NMS heavy-handedness, I anticipate that solutions that emerge will be industry-led, with the Commission playing a supporting role. The recent changes to the methodology of the Options Regulatory Fee, charmingly referred to as the “ORF,” are an example of such a solution. Under the previous methodology, the ORF permitted an options exchange almost limitless freedom to charge regulatory fees, even for transactions occurring on another exchange or involving a product that was not traded on their exchange. This ability—akin to the state of Maryland being able to charge a toll on your car as you drive over a bridge in Texas—helped to encourage exchange proliferation. A year ago, when I attended the Options Industry Conference, many doubted that this problem could be solved. Yet less than a year later, all the options exchanges have submitted rule changes limiting their ability to assess ORF fees to transactions executed on their own exchange. I want to congratulate the industry, and our staff in Trading and Markets, on the welcome change. Special shoutout to Richard Holley. I hope that the discussions today will lead to similar solutions in the options market that facilitate its growth, foster its resilience, and continue to encourage innovation that serves investors. [1] My views are my own as a Commissioner and not necessarily those of the SEC or my fellow commissioners. [2] Comments are available here: https://www.sec.gov/rules-regulations/public-comments/4-887.