ACER and CEER’s 2025 Retail Monitoring Report analyses how retail electricity markets can contribute to unlocking consumer flexibility in the context of the energy transition. Consumers’ active participation in retail electricity markets can help Europe accelerate the transition to clean energy. However, the potential of this consumer (also called demand-side) flexibility remains largely untapped due to the uptake of inflexible contracts, uneven smart meter rollout and limited competition in some retail markets. What are the key findings? While retail electricity prices have stabilised, lower wholesale prices were not fully passed onto consumers mainly due to inflexible contracts. Inflexible contracts that protected consumers during the crisis are now leaving many households tied to contracts above prevailing wholesale market prices. The uptake of dynamic and time-of-use contracts is limited in most Member States; inflexible contracts remain dominant. Smart meter rollout and data accessibility progress unevenly across the EU. Households with higher electrification potential (e.g. owners of electric vehicles or with solar PVs) can provide greater flexibility and achieve larger savings, provided that appropriate contract structures and tools are in place. What are the main recommendations? Complete the rollout of smart meters and ensure consumers and authorised third parties have standardised and secure access to consumption data. Facilitate dynamic and time-differentiated offers. Phase out general price interventions while maintaining targeted support for vulnerable consumers. Encourage competition and innovation in retail markets to expand consumer choice and engagement. A retail market that reflects market conditions and provides clear, timely price signals can help consumers contribute to a more efficient, affordable and decarbonised electricity system. This report is complemented by ACER’s other retail monitoring products, including country sheets (electricity and gas) and a retail pricing dashboard. Read the full report.

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: 26 November 2025 Aggregate number of ordinary shares purchased: 127,379 Lowest price paid per share: 8,820.00p Highest price paid per share: 8,926.00p Average price paid per share: 8,882.89p   LSEG intends to cancel all of the purchased shares. Following the cancellation of the repurchased shares, LSEG has 513,870,676 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 513,870,676. 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/1738J_1-2025-11-26.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:       127,379 (ISIN: GB00B0SWJX34) Date of purchases:      26 November 2025 Investment firm:         Citi Aggregate information: Venue Volume-weighted average price Aggregated volume Lowest price per share Highest price per share London Stock Exchange 8,882.89 127,379 8,820.00 8,926.00 Turquoise        

Today Moscow Exchange announced the results of the quarterly review for MOEX indices. All changes were made upon recommendations from the Index Committee and will be implemented from 19 December 2025. The Exchange has also set free floats and additional weighting factor for several companies. The MOEX Russia Index and the RTS Index will be modified by ordinary shares of IPJSC OZON, ordinary shares of PJSC DOM.RF and ordinary shares of IPJSC Cian being added to the constituent list of the Index, while ordinary shares of PJSC "Unipro" will leave the Index. The constituent list of the Blue Chip Index will be modified by ordinary shares of IPJSC OZON and ordinary shares of PJSC VTB Bank being added to the constituent list of the Index, while ordinary shares of PJSC Severstal and ordinary shares of PJSC NLMK will leave the Index. Ordinary shares of PJSC "Fix Price" and ordinary shares of IPJSC Etalon Group will be included in the constituent list of the SMID Index, while ordinary shares of PJSC "M.video" will be excluded from the Index. The constituent lists of the Broad Market Index will be modified by ordinary shares of IPJSC OZON, ordinary shares of PJSC DOM.RF, ordinary shares of PJSC "Fix Price" and ordinary shares of IPJSC Etalon Group being added to the constituent list of the Index, while ordinary shares of PJSC Kazanorgsintez, ordinary shares of PJSC Carsharing Russia, ordinary shares of PJSC "M.video" and ordinary shares of PJSC "Diasoft" will leave the Index. The constituent lists of the IT Index will be modified by ordinary shares of IPJSC OZON being added to the constituent list of the Index, while ordinary shares of PJSC "Diasoft" will leave the Index. Ordinary shares of PJSC DOM.RF will be added to the constituent lists of the Finance Index. Real Estate Index will be modified by ordinary shares IPJSC Etalon Group being added to the constituent list of the Index. The constituent lists of the Consumer Index will be modified by ordinary shares of PJSC "Fix Price" being added to the constituent list of the Index, while ordinary shares of PJSC Carsharing Russia and ordinary shares of PJSC "M.video" will leave the Index. Ordinary shares of PJSC Kazanorgsintez will be excluded from the constituent lists of the Chemicals Index. Ordinary shares of IPJSC Lenta and ordinary shares of PJSC "Rusagro Group" will be under consideration to be added to the MOEX Russia Index and the RTS Index Ordinary shares of PJSC "UGC" will be under consideration to be excluded from the MOEX Russia Index and the RTS Index. The Exchange has set the following free floats coefficients: Code Name New free-float CNRU IPJSC Cian, ordinary shares 37% DOMRF PJSC DOM.RF, ordinary shares 10% ELMT PJSC "Element", ordinary shares 11% FIXR PJSC "Fix Price", ordinary shares 15% GLRX PJSC "GLORAX", ordinary shares 12% MAGE PJSC "Magadanenergo", ordinary shares 36% MSRS PJSC "Rosseti MR", ordinary shares 11% OZPH PJSC "Ozon Pharmaceuticals", ordinary shares 13% PMSBP PJSC "PESC", preferred shares 36% SGZH PJSC Segezha Group, ordinary shares 5% VKCO IPJSC VK, ordinary shares 20% WUSH PJSC "WHOOSH Holding", ordinary shares 32% YDEX IPJSC YANDEX, ordinary shares 30% New values of additional weighting factor LW for several companies are available here  

We thank Mr Zhang Baoguang for his feedback and understand the concerns about delays in banks processing local fund transfers (“Banks’ anti-fraud departments should do better and not hold up genuine transfers”, Nov 4). We also thank Mr Tan Peng Boon for his suggestion for banks to exclude local transfers to customers’ own accounts from the new anti-scam safeguard (“Exclude bank customers’ local transfers to own accounts elsewhere from anti-scam action”, Oct 13).Scams are increasingly sophisticated and the depth of deception by scammers has led to many victims losing large amounts of savings. The enhanced fraud surveillance measure to delay payments from accounts which experienced a rapid draining of half the account balance was introduced as an additional safeguard against large value losses arising from scams. The 24-hour cooling period provides an opportunity for customers to reconsider large transactions and cancel them should they have doubts about whether they have been scammed.Banks will continue to refine the measure over time, to achieve balance between convenience and security. Banks have whitelisted some categories of transactions that are not subject to the measure, such as recurrent GIRO payments and payments to billing organisations. Expanding the whitelist requires careful consideration on the risk of exploitation by scammers. Banks have seen scams where sums are moved between customer’s own accounts before being dissipated. Additionally, banks do not have information to validate that an account in another financial institution is owned by the same customer. We seek customers’ understanding when some convenience needs to be forgone for security when undertaking large value funds transfers. We also encourage consumers to plan ahead for such transfers.Banks, together with the Monetary Authority of Singapore (MAS), will continue to work together to safeguard customers’ hard-earned savings, and reduce the incidence of painful financial losses arising from scams.Mrs Ong-Ang Ai BoonDirectorThe Association of Banks in SingaporeMs Charlene ChewHead (Corporate Communications)Monetary Authority of Singapore

ASIC is seeking stakeholder feedback on updates to Regulatory Guide 234 Advertising financial products and services (including credit): Good practice guidance (RG 234).The proposed updates are intended to ensure the currency and clarity on ASIC’s regulatory approach to advertising financial products and services by: providing guidance reflecting ASIC enforcement and regulatory action relevant to advertising conduct undertaken since the publication of RG 234 in 2012 incorporating guidance from Regulatory Guide 53 The use of past performance in promotional material (RG 53) to ensure all of ASIC’s advertising guidance is in one location, and  simplifying and streamlining the existing guidance.  We propose to withdraw RG 53 after the updated RG 234 is published.  A copy of the proposed updated RG 234 and a summary of the changes are available below. Download CS 37 Proposed update to ASIC’s guidance on advertising financial products and services  Providing feedback Please send your feedback to rri.consultation@asic.gov.au by 5pm AEDT on 22 January 2026. Background RG 234 provides guidance to help relevant entities comply with their legal obligations not to make false or misleading statements or engage in misleading or deceptive conduct. These include promoters of financial products, financial advice services, credit products and credit services, and publishers of advertising for these products and services. 

The findings from the annual survey of U.S. portfolio holdings of foreign securities at year-end 2024 were released today and posted on the Treasury web site at https://home.treasury.gov/data/treasury-international-capital-tic-system/tic-forms-instructions/us-claims-on-foreigners-from-holdings-of-foreign-securities The survey was undertaken jointly by the U.S. Department of the Treasury, the Federal Reserve Bank of New York, and the Board of Governors of the Federal Reserve System.  A complementary survey measuring foreign portfolio holdings of U.S. securities also occurs annually. Data from the most recent such survey, which reports on securities held at end-June 2025, are being processed. Preliminary results are expected to be reported on February 27, 2026. Overall Results This survey measured the value of U.S. portfolio holdings of foreign securities at year-end 2024 as approximately $15.8 trillion, with $12.1 trillion held in foreign equity, $3.3 trillion held in foreign long-term debt securities (original term-to-maturity in excess of one year), and $0.4 trillion held in foreign short-term debt securities. The previous such survey, conducted as of year-end 2023, measured U.S. holdings of approximately $15.3 trillion, with $11.5 trillion held in foreign equity, $3.4 trillion held in foreign long-term debt securities, and $0.4 trillion held in foreign short-term debt securities.  The increase in U.S. holdings in 2024 was entirely in equity (see Table 1). U.S. portfolio holdings of foreign securities by country at the end of 2024 were the largest for the Cayman Islands ($2.8 trillion), followed by the United Kingdom ($1.6 trillion), Canada ($1.5 trillion), and Japan ($1.2 trillion) (see Table 2).  These four countries attracted 45 percent of total U.S. portfolio investment, versus 44 percent the previous year.This survey is part of the International Monetary Fund’s Coordinated Portfolio Investment Survey, an effort to improve the measurement of portfolio asset holdings. Table 1. U.S. holdings of foreign securities, by type of security, as of survey dates [1] (Billions of dollars) Type of Security December 31, 2023 December 31, 2024       Long-term Securities 14,921 15,443             Equity 11,492 12,095             Long-term debt 3,429 3,348 Short-term debt securities 422 380 Total 15,343 15,823   Table 2. Market value of U.S. portfolio holdings of foreign securities, by country and type of security, for countries attracting the most U.S. investment, as of December 31, 2024 [1] (Billions of dollars) Country or category Total Equity Debt Total Long-term Short-term Cayman Islands 2,765 2,147 619 608 11 United Kingdom 1,630 1,196 434 397 37 Canada 1,467 916 551 444 107 Japan 1,194 1,004 190 171 19 Ireland 1,057 952 106 80 26 France 754 538 216 180 36 Netherlands 622 484 137 132 5 Switzerland 603 557 45 44 2 Germany 536 446 90 78 12 Taiwan 461 461 0 0 0 Australia 421 245 176 134 42 India 383 373 10 10 0 Luxembourg 293 228 66 62 4 Bermuda 281 227 54 54 0 China, mainland [2] 240 225 16 15 0 Denmark 225 212 13 12 1 Korea, South 195 172 22 22 1 Jersey 189 123 66 65 1 Spain 183 130 53 52 1 Sweden 178 138 40 21 19 Rest of the world 2,146 1,322 823 767 57 Total 15,823 12,095 3,728 3,348 380 * Greater than zero but less than $500 million. Items may not sum to totals due to rounding. [1] The stock of foreign securities for December 31, 2024, reported in this survey may not, for a number of reasons, correspond to the stock of foreign securities on December 31, 2023, plus cumulative flows reported in Treasury’s transactions reporting system.  An analysis of the relationship between the stock and flow data is available in “U.S. Portfolio Holdings of Foreign Securities as of End-December 2024,” Table 2. [2] China, Hong Kong, and Macau are all reported separately.

Throughout ISDA’s 40th anniversary year, we’ve been reflecting on the quest for greater consistency and efficiency that underpins everything we’ve achieved since 1985. It was at the heart of the original efforts to bring greater standardization to the nascent derivatives market. It’s the focus of our more recent digital transformation work. And it’s the reason why we continue to bang the drum for appropriate, risk-sensitive capital requirements. If the capital framework is disproportionate and inconsistently implemented, economies and companies will suffer from reduced access to funding, lack of hedging and increased vulnerability to external shocks. So, as we look ahead to 2026, the effective completion of the Basel III reforms is at the top of our agenda. There is no doubt that divergence has emerged between major jurisdictions on the final components of the Basel III framework, including the Fundamental Review of the Trading Book (FRTB), which sets challenging new requirements for market risk capital. In the US, regulators are revising the Basel III endgame proposal following industry feedback, and we expect to see a new proposal in the coming months. In the EU and the UK, the FRTB is now due to be implemented in just over a year’s time at the start of 2027, but the UK Prudential Regulation Authority has proposed delaying the rollout of internal models until the following year. Meanwhile, the European Commission (EC) launched a targeted consultation earlier this month on changes to the FRTB that would bring some short-term relief in key areas. These would include a set of temporary, targeted amendments to the standardized and internal models approaches, similar to those proposed in an earlier consultation, and the application of a multiplier, which could be used by banks that are negatively affected by the rules to limit the increase in their market risk capital requirements for three years. We’re working with our members to respond to the EC consultation, but, as a general principle, we believe long-term solutions are needed to ensure lasting risk sensitivity, rather than relying on temporary measures. One of the things the EU, UK and US have in common is a more stringent testing and approval process for banks that want to use internal models under the FRTB – something we think will drive a significant drop in internal modelling. An ISDA survey last year found that only 10 out of 26 banks plan to use internal models for a much-reduced scope of trading desks under the FRTB. That’s a big change that would mean less alignment between risk and capital and less diversity in models. It could also lead to herd behavior and drive concentrations in particular assets. While the FRTB standardized approach is designed to be more risk-sensitive than previous versions, its calibration will inflict the highest capital increases on those banks with large, diversified portfolios. ISDA has recommended changes to improve the incentives to use internal models, which would require the recalibration of certain elements of the FRTB, including the profit-and-loss attribution test, the risk factor eligibility test and non-modellable risk factors. I’m pleased to say we’ve had very productive engagement with policymakers in recent months, particularly in the US. We’re hopeful that revisions to the US Basel III endgame will make internal models a more viable option than in the original proposal. The completion of the Basel III capital framework has been a long time coming and fraught with complex challenges, but we can’t afford to lose focus. The preservation of deep and liquid capital markets depends on our continued commitment to risk-appropriate capital requirements. As the EU, UK and US move to finalize their rules, ISDA will continue to engage closely with policymakers to ensure we achieve a robust capital framework that is truly fit for purpose.

The Canadian Investment Regulatory Organization’s (CIRO) Investor Advisory Panel (IAP) has published research confirming that women invest less and feel less confident when it comes to investing, when compared with men. The report found that women save and invest much less, feel less confident about investing and are more risk averse in their approach to investing, than men. This difference is especially pronounced among younger women, age 18 to 34, who are more likely to report being unsure where to start if they wanted to invest. The report also found when working with an advisor, both men and women value returns and investment performance. However, women who work with an advisor place greater value on their advisor speaking without jargon and treating them with respect. “This research underscores the importance of recognizing women investors and their unique needs—and provides insights into how the investment industry can meet those needs,” said Dorothy Sanford, Chair of the IAP. “By better understanding their experiences, motivations and barriers, we can help shape a more inclusive investment environment—one that supports confidence, access and long-term financial well-being for all Canadian investors.” CIRO’s Investor Advisory Panel (IAP) has a mandate to perform independent research, advise on regulatory issues and to convey issues of concern to investors for consideration by CIRO. Produced with Innovative Research Group, the study investigated women’s experiences and behaviors as investors, and their experience working with advisors. Highlights Women invest and save less often than men 43% of women identify as investors, compared with 56% of men. 41% of women say they save at least $5,000 per year, compared with 52% of men. However, differences in saving and investing are largest for people making less than $60,000 annually. The gap between men and women closes entirely beyond $100,000 of personal income. Women report feeling less confident investing and being more risk averse 47% of women report feeling confident about investing, compared with 66% of men. 22% of women are more likely to say that they don’t know where to start, compared with 12% of men who reported the same. If they do invest, women have a lower risk tolerance when compared to men. 27% of women have a very low risk tolerance and 34% report a low risk tolerance. Whereas 16% of men reported having a very low risk tolerance and 29% had a low risk tolerance. Of women, 61% identify with a lower investing risk tolerance compared with 45% of men. The report also showed that among non-investors, the most common reason for not-investing is feeling they don't have enough money to invest. However, among younger non-investors, women are more likely to say they don't know where to get started or that they must focus on paying down debt first. Takeaways for Advisors Among investors who work with an advisor, good performance and returns are the most important priorities for both men and women (60% vs. 54%). However, women are more likely to place importance on the advisor speaking without jargon (57% vs. 40%), showing respect (56% vs. 47%), and showing an understanding of life goals (52% vs. 40% of men). Although a large majority of both men and women (79%) say they have no preference on their advisor’s gender, women are twice as likely to work with a female financial advisor as male respondents (41% vs. 21%). Overall, women do not report negative experiences with advisors any more often than men. However, the report found that women are not a uniform group and experiences differ for certain demographics. First-generation Canadian women report being treated differently by financial advisors than their spouse or partner more often than first-generation Canadian men. Additional findings show that women who take responsibility for the finances in a couple are more likely to report that they have experienced their advisor not listening to them or treating them differently than their spouse or partner. About the Investor Advisory Panel. The Investor Advisor Panel (IAP) is a unique and diverse panel of experts in investor issues from across Canada that advises CIRO in the development of regulatory policy, annual priorities, strategic plans, and other regulatory initiatives. The mandate of the IAP is to assist CIRO in the effective fulfillment of its public interest mandate and to convey issues of concern to investors for consideration by CIRO. This includes providing input and advice on investor protection and access to advice initiatives with a view to addressing gaps relating to underserved investors and promoting diversity, inclusiveness and equity.

November 2025 Chicago Report™ The Chicago Business Barometer™, produced with MNI, fell 7.5 points to 36.3 in November. The index is below 40 for the first time since January, and has remained below 50 for twenty-four consecutive months. The decrease was driven by declines in Order Backlogs, New Orders, Production and Employment. An increase in Supplier Deliveries provided a small offset.  Order Backlogs slipped 21.5 points, now at its lowest level since March 2009 and below 30 for the first time since June this year.  New Orders dropped 12.0 points, the largest one month fall since September 2023. The index is now at its lowest level since December 2024.  Production slowed 4.7 points, more than reversing October’s rise. The index has remained below 50 for 21 of the last 23 months.  Supplier Deliveries grew 7.4 points to the highest level since last December. No respondents reported faster Supplier Deliveries in November. Employment softened 4.5 points to the lowest level since May 2009. No respondents reported larger employment levels in November.  Inventories declined 9.8 points, almost fully unwinding October’s increase.  Prices Paid rose 5.8 points to the highest level in four months. The survey ran from November 1 to November 18.

The European Banking Authority (EBA) today published its semi-annual dashboard on the minimum requirement for own funds and eligible liabilities (MREL), which updates the information on the state of resolution planning and on the resources that banks are using to meet the requirements. The dashboard presents aggregated statistical information for 304 banks earmarked for resolution across the European Union (EU), based on data reported by resolution authorities and banks, covering both decisions and resources. As of 30 June 2025, the average external MREL binding requirement including the combined buffer requirement (CBR) stood at 28.9% of risk weighted assets (RWA) for global systemically important institutions (GSIIs), 28.5% for Top-Tier/fished banks and 24.3% for other banks. The average subordination requirement stood at 21.5% of RWAs for GSIIs and 22% for Top-Tier/fished banks. Banks meet the requirements mainly through own funds instruments (19.8% of RWA for GSIIs, 21.6% for Top-Tier/fished banks and 20.8% for other banks). In terms of eligible liabilities, GSIIs and Top-Tier/fished banks mostly rely on senior non-preferred debt (8.2% of RWAs for GSIIs and 7.7% for Top-Tier/fished banks), while for other banks senior unsecured debt assumes higher relevance (5.8% of RWAs). MREL instruments set to become ineligible by June 2026 due to their residual maturity falling below one year amounted to EUR 221 billion, representing 16% of total eligible instruments other than own funds for GSIIs, 20% for Top-Tier/fished banks and 21% for other banks (more details on MREL roll over needs are covered in the EBA Risk Assessment Report). Bail-in remains the preferred resolution strategy in terms of RWAs (94%), whereas in terms of the number of decisions, bail-in (52%) and transfer (48%) strategies remain broadly balanced. This reflects the tendency to favour transfer strategies for smaller banks, while bail-in remains the preferred option for larger institutions. Background The EBA is mandated by the Bank Recovery and Resolution Directive (BRRD) to monitor the setting of MREL by authorities and the build-up of related resources by institutions. MREL is the requirement that ensures that relevant EU institutions have sufficient loss absorbing capacity to support the execution of the preferred resolution strategy in case of failure. The BRRD set 1 January 2024 as a deadline to meet MREL requirements except for those banks that recently changed resolution strategy, or those eligible for an extension in accordance with Article 45m of the BRRD. Top-Tier banks are resolution entities that are part of a resolution group the total assets of which exceed EUR 100 billion at resolution group level (Article 45c(5) of the BRRD). Fished banks are resolution entities that are part of a resolution group the total assets of which are lower than EUR 100 billion and which the resolution authority has assessed as reasonably likely to pose a systemic risk in the event of its failure (Article 45c(6) of the BRRD). Further details are provided in the EBA report on supervisory convergence. Documents MREL Dashboard - Q2 2025 (1.1 MB - PDF) Related content Page MREL dashboard

The European Banking Authority (EBA) today published a Peer Review assessing how effectively supervisors implement and supervise diversity policies, specifically gender diversity, within the management bodies of financial institutions. The Review found that most of the competent authorities assessed have largely or fully met the benchmarks set and adequately supervised and implemented gender diversity policies. The Peer Review looked at six competent authorities, focusing on how they applied the respective requirements laid down in the Capital Requirements Directive (CRD) and EBA Guidelines across six key benchmarks. Despite the high level of supervisory convergence, the Peer Review also identified some deficiencies requiring follow-up. For instance, on the benchmark of ‘Own benchmarking of diversity policies’ three supervisors were rated as ‘partially applied’ overall, and five out of six were rated as ‘partially applied’ on the underlying criterion concerning the further use of their own diversity benchmarking results. To address these gaps, the EBA recommends improvements in the collection and publication of supervisors’ benchmarking results, which would enhance sector transparency and help credit institutions compare practices with their peers. The EBA also identified both individual and general follow-up measures, as well as a few best practices that other competent authorities could adopt to strengthen their supervisory approaches and further enhance consistency and effectiveness of supervisory outcomes across the EU. Legal basis and background Article 30 of the EBA Founding Regulation requires the EBA to periodically conduct peer reviews of some or all of the activities of competent authorities within its remit, to further strengthen consistency and effectiveness in supervisory outcomes. These peer reviews identify follow-up actions and  best practices. Two years after each review, the EBA assesses the adequacy and effectiveness of the actions taken in response. This Peer Review has been performed by an ad hoc Peer Review Committee made up of EBA and competent authorities’ staff in accordance with the EBA peer review work plan and following the process in Article 30 of the EBA Regulation and EBA peer review methodology.   Documents Peer review on Gender Diversity (1 MB - PDF) Related content Page Peer Reviews  

Speaker: David Geale, executive director, Payments and Digital Finance and Payment Systems Regulator (PSR) managing directorEvent: City & Financial GlobalDelivered: 26 November 2025 Key points Our goal is to create a trusted, competitive and innovative cryptoasset and stablecoin market. We are open for business in the UK, and firms wishing to come to us and conduct crypto activities are welcome. Now is the time for firms to start preparing for regulation. We are here to help firms understand the standards they need to meet and provide support through the application process. On this day in 1922, Howard Carter became the first to enter the tomb of King Tutankhamun. He couldn’t see much, at first – he’d made a small hole in the door and had to peer through it using a torch. But it was enough for him to see something. People were divided on what happened when Carter opened the door. Some saw history being brought to life. Others believed it unleashed a curse. It sometimes feels that, with cryptoassets and stablecoins, we are standing at the same type of door.  We saw the first glint of what was to come in 1990 with the launch of eCash. It hinted at a something that would define an age – the Carter moment for digital money, if you will. Less than 20 years later, Bitcoin flung the door wide open as the first true cryptoasset.And, like the one to Tut’s tomb, the door has stayed open.  Today, cryptoassets and stablecoins are moving towards being mainstream.  Over 90% of people in the UK have heard about crypto, and roughly seven million currently own or have ownedLink is external  it at an average of just over £1,800.  Again, we find ourselves with two distinct schools of thought: One that believes we’re on the precipice of something great. Some have even called Bitcoin 21st-century goldLink is external. And another that sees an inherent danger in cryptocurrency due to its high volatility (as we are seeing again this week), difficulty in determining value and security risks.  It’s true that crypto is currently largely unregulated in the UK and carries high levels of risk.  But we also know that crypto is a broad term that encompasses a number of applications and use cases. For example, many would contend that stablecoins could bolster UK growth and competitiveness. I’m no Howard Carter, but I think there is a way to keep the door open and ensure consumers remain safe – supported by balanced and appropriate regulation.  We already supervise cryptoasset businesses for anti-money laundering, counter-terrorist financing and financial promotions. Now, we find ourselves at a crossroads as the government works to bring crypto into our perimeter. Our philosophy and approach We want the UK’s crypto and stablecoin market to be one that is well-balanced, enables innovation and is underpinned by integrity and trust.  While we are reliant on legislation to bring this to life, we are working at pace to build a proportionate, sustainable regime that works.  One that is competitive, built for the future and ready for firms – and that allows consumers to make informed decisions and understand both what they are getting into and the limits of consumer protection.  We also want to foster an environment that firms want to do business in. Because there is huge potential in serving and being part of the UK’s well-established financial services market.  From the start, our approach has been deliberate, with a clear roadmap and timetable. We have prioritised working with industry and listening to feedback to make sure we get this right.  That’s why we published a series of discussion papers to explore the issues and to elicit the full range of views before consulting on specific proposals. We have now published a substantial consultation on stablecoin issuance and cryptoasset custody, a prudential regime and cross-cutting requirements. There is still more to come, on market abuse, admissions and disclosure, and prudential and regulated activities. By early next year, we expect to have another consultation paper on consumer duty, regulatory reporting and more. After taking the feedback into account, we’ll publish policy statements to set out the final regime before opening our gateway to firms. In that vein, we are actively seeking views.  We want firms to engage with us as we make these important decisions. If our proposals don’t work, let us know – and propose new solutions for us to consider.  Because, contrary to some commentary, we want our regulation to facilitate growth, not stifle it.  We’re also actively supporting innovation in crypto, including stablecoins. For example, we shared yesterday that RegTech platform Eunice has joined our Regulatory Sandbox to explore how disclosure templates will boost transparency for cryptoasset investors. Eunice is seeking input from industry to help consumers understand what they’re investing in. The results of the sandbox will influence how we approach disclosure requirements, and we'll then feed those insights into our wider work on admissions and disclosures. And we are announcing today the launch of a stablecoin-specific cohort in our Regulatory Sandbox. It will support stablecoin issuers in testing UK-issued stablecoins, while also helping us test our policy proposals in an agile fashion. It’s a unique chance for innovative firms to test their stablecoin products and services under the UK’s evolving regulatory regime, potentially driving new ideas to benefit both wholesale and retail customers. This truly is a very exciting and groundbreaking initiative. It supports agile policymaking and industry development, and gives firms the unique opportunity to provide us with practical feedback.  Applications open to firms today and run until 25 January. And to show our intent, we have our first successful entry. A major firm has been accepted and is gearing up for testing in the next couple of months. We e will support them as they test their GBP stablecoin for payments in another world first.  This demonstrates our commitment to helping firms test, grow and thrive in the UK. We look forward to further applications to participate in the cohort, and you can find more details on how to apply on our Regulatory Sandbox webpage. Finally, I am pleased to announce we will be hosting in-person stablecoin policy sprints in March. These sprints will further consider retail and wholesale use cases for stablecoins, and help determine where regulation is or is not needed.  We want to bring together participants from traditional finance and payment and fintech firms to explore how stablecoins can improve trust, speed, cost and interoperability across different use cases.  Expressions of interest for the sprints will open in January, so keep an eye out for more details. A change in tack This market is unlike any other, and we don’t have all the answers yet. Whilst we strive for the internationally agreed upon principle of ‘same risk, same regulation,’ it is clear that a ‘lift and shift’ of traditional rules won’t work for the complexity and challenges we are facing.  For example, decentralised cryptoassets make compliance with some disclosure and due diligence requirements more difficult. There is also greater legal uncertainty over cryptoasset ownership and location compared to traditional finance. With most UK consumers using overseas cryptoasset platforms, there is an increased risk of harm if the firms become insolvent.  And distributed ledger technology does not provide a central authority for firms to have contractual relationships with.  Which is why we are proposing to extend our operational resilience framework to cover all cryptoasset firms, similar to banks. This will ensure they meet consistent operational resilience standards – which is crucial, given the market’s reliance on technology. With these things in mind, we are tweaking our rules and developing new approaches where needed.  We’re also considering where we might apply different approaches to wholesale firms than those directly serving consumers. But we do know that while we need to rebalance risk appropriately to stay innovative and competitive, we cannot do so at the expense of appropriate customer protection. Transparency is critical. Proper information on what investors stand to gain – and the risks they face – must remain in place.  Some say risk warnings put consumers off investing in crypto. We say they help them make more informed decisions. We are also considering developments in the market outside of our crypto roadmap and continue to have open discussions with industry about our policies.  The rules we will finalise next year will be strong and clear – and serve as the foundation of our regime.  They’re what we will build upon to create the market we want to see: one that inspires confidence, enables innovation and adequately protects everyone involved.  In other words, a clean market that drives global standards. If that’s the kind of market you want to run, to you I say: we are open for business. Here to help And we are here to help you set up shop. To ensure you are ready for the regime.  To help you understand our rules and know how to comply with them, and assess whether your own governance is in order and you have the right functions and resources.  Because once the regime is in place, you will need to be authorised by us to do business in the UK, and you will need to demonstrate that you can meet the standards we set.  We recognise that many of you may be new to regulation and could need help to navigate our rules and the regime itself. We want you to be as prepared as possible to understand our regime and submit a successful application.  As we get closer to the gateway opening, I encourage you to take advantage of the targeted support we offer in our free pre-application meetings. It’s a chance to get initial, informal feedback on your plans.  Starting at the beginning of next year, you can expect to hear frequently from us on our standards and expectations, and how you can demonstrate that you meet them. A global approach As you prepare for the regime, we will continue to ensure it is one that is proportionate and innovative. The Bank of England’s recent consultation on systemic payments using stablecoins is an important next step. We will continue to work closely with the Bank to develop a smooth transition from one regime to the other and ensure a coordinated approach. But cryptoassets and stablecoin markets are global, not just UK-focused. That’s why we are working with and learning from our international partners and speaking directly with our fellow regulators to better understand what others are doing. This includes playing a leading role in the International Organization of Securities CommissionsLink is external, the Financial Stability BoardLink is external and the Financial Action Task ForceLink is external. We are also heading up the Transatlantic Taskforce for Markets of the Future, in partnership with the United States. It will give our countries the chance to do two things. One, consider ways to collaborate on digital assets while both countries develop legislation and regulatory regimes. And two, improve links between our markets and boost growth and competitiveness. I would be remiss not to touch on the GENIUS (Guiding and Establishing National Innovation for US Stablecoins) Act. Some commentators say we are behind the US. In my view, we aren’t. We have consulted on regulatory requirements for stablecoin issuers and prudential requirements that clarify what is expected of firms – thus providing more detail than legislation alone can. Conclusion But remember, we are just beginning, and things will continue to evolve. For example, there was one thing that Howard Carter wouldn’t have found in King Tut’s tomb: money. Throughout most of ancient Egypt’s history, the economy operated on a barter system in which they paid each other with breadLink is external and beerLink is external. Not bad for a hard day’s work, if you ask me. Coins wouldn’t come into circulation for another 800 yearsLink is external or so after Tut’s death. So, let this serve as a reminder that what we think of as ‘money’ doesn’t have to be fixed. And that innovation in money is nothing new. As we move forward, we must ensure that we have the regulation in place to allow for this innovation. That we can deliver the National Payments VisionLink is external, and work alongside other developments in money – like stablecoins, open banking, tokenised deposits and potentially central bank digital currency. And that we can do it while keeping our systems and market trusted, resilient and ready for whatever comes next. If you would like us to contact you with information about cryptoasset publications, events and other relevant material, please register your interest here. 

The sentiment in the Swedish economy has improved in recent months even if households continue to demonstrate weaker sentiment than normal. Stability in the Financial System (2025:2): Summarized stability assessment ( < 1MB)

The FCA has started criminal proceedings against Bobosher Sharipov and Bekzod Avazov for insider dealing. Mr Sharipov worked at investment bank Jefferies International Limited (Jefferies) and advised GCP Student Living Plc (GCP) on a potential takeover. Mr Sharipov is charged with leaking confidential inside information about the takeover to his close friend and business associate, Mr Avazov. Mr Avazov is alleged to have used that confidential inside information to trade in GCP shares and spread bets to make a profit of almost £70,000. The alleged offending took place in 2021. The FCA’s specialist market monitoring systems identified Mr Avazov’s trades as suspicious given the timing and profit. FCA analysis of public records uncovered that Mr Sharipov and Mr Avazov were former colleagues and flatmates. Steve Smart, executive director of enforcement and market oversight at the FCA, said: 'We believe that Mr Sharipov took advantage of his position so he and his friend Mr Avazov could benefit through committing crime and gaming the system. The integrity and cleanliness of our markets rely on trust. It is right that this case is heard by the courts.' The case was formally sent to Southwark Crown Court. Neither defendant indicated a plea. Jefferies has co-operated fully with the FCA’s investigation. Background Bobosher Sharipov’s date of birth is 13 December 1981 and Bekzod Avazov’s date of birth is 18 June 1982. Jefferies International Limited is authorised and regulated by the FCA. Bobosher Sharipov has been charged with insider dealing contrary to 52(2)(b) of the Criminal Justice Act 1993 (improper disclosure of inside information). Bekzod Avazov has been charged with insider dealing contrary to section 52(1) of the Criminal Justice Act 1993 (dealing in price-affected securities in relation to inside information). The defendants had their first appearance today at Westminster Magistrates Court. Insider dealing is punishable by a fine and/or up to 7 years’ imprisonment for offences that occurred during the period of these alleged offences.  For offences committed on or after, 1 November 2021, the maximum sentence for insider dealing is a fine and/or up to 10 years’ imprisonment. Tackling financial crime is a priority under the FCA's 5-year strategy. The FCA enables a fair and thriving financial services market for the good of consumers and the economy. To report market abuse or to speak to someone about it, see our market abuse page.

400 participants from 12 countries engage in 300 investor meetings New Scale-Up Track supports high-growth private Tech companies on their path to public markets Inaugural Euronext Tech Leaders Awards celebrate outstanding performance and innovation 2025 Euronext Tech Pulse report highlights record European Tech performance         Euronext, the leading European capital market infrastructure, today held the fourth edition of the Euronext Tech Leaders Forum, bringing together 400 participants from 12 countries. This flagship event aims to strengthen the European Tech sector and support European technology companies in their growth funding needs. The 2025 Euronext Tech Leaders Forum was supported by Barclays, BNP Paribas and Goldman Sachs as premium partners. Launched in 2022, Euronext Tech Leaders is Euronext’s flagship initiative dedicated to highlighting the visibility and attractiveness of high-growth and leading Tech companies towards international investors, together with a suite of services to support them along their listing journey. Building on Euronext’s vibrant Tech ecosystem and long-standing commitment to technology companies, the Euronext Tech Leaders segment now contains 110 European companies listed on Euronext. The Euronext Tech Leaders Forum is the annual meeting place for entrepreneurs, investors and financial experts to come together and discuss pressing challenges and strategic topics shaping the future of European Tech. This year’s Forum was the most international since its launch, with a growing number of participants coming from 12 countries. 300 meetings were organised between institutional investors and executives from 40 Euronext Tech Leaders companies, which represents a 30% increase compared to last year. Sessions and workshops explored topics such as Tech acceleration on capital markets, capital allocation for global Tech companies, investor perspectives on Tech IPOs, as well as developments in new space, AI and robotics in defence, quantum computing, generative AI and software. Throughout the day, a dedicated Scale-Up Track offered private technology companies tailored sessions and meetings designed to accelerate their path toward public markets and sustainable growth. Stéphane Boujnah, CEO and Chairman of the Managing Board of Euronext, commented: “Euronext is the leading venue for Tech companies in Europe. More than one in three companies listed on Euronext is a Tech company, and the aggregated market capitalisation of Tech companies listed on Euronext exceeds €1.4 trillion. The Euronext Tech Leaders initiative enhances the visibility and attractiveness of fast-growing and leading technology companies for international investors. It offers these companies a range of services to support them throughout their listing process. Through their leadership in the sector and their disruptive innovation, Euronext Tech Leaders companies strengthen Europe's competitiveness in the global technology industry, contributing to European autonomy in the long term.” Celebrating Europe’s leading Tech innovators This year’s Euronext Tech Leaders Forum also hosted the inaugural Euronext Tech Leaders Awards, a new initiative celebrating outstanding market achievements across the European Tech ecosystem and recognising the companies and leaders that have demonstrated exceptional performance, innovation and impact on Euronext markets. The winners of the Euronext Tech Leaders Awards 2025 are: Tech Champion Award: Abivax, listed on Euronext Paris since 2015. This recognition highlights the company’s outstanding innovation and leadership in the European biotech sector, as well as its exceptional market performance this year. Market Performance Award: Exail Technologies, the strategic European maritime drone manufacturer, for its impressive +360% gain on Euronext Paris year-to-date1, particularly after the company secured a new flagship program for its state-of-the-art drone system for mine-hunting, among other contracts won. Capital Markets Deal Award: Inventiva, an innovative European biotech developing oral therapies, received more than €130 million in May 2025 as the second tranche of its previously announced structured financing of up to €348 million announced in October 2024. This funding represented over 30% of the company’s market capitalisation at the time. The company further reinforced its financial position with an additional €149 million raised in a successful public offering in November 2025, reflecting strong investor confidence in its strategy, clinical progress and long-term value potential. Listing Award: Materialise, a European leader in additive manufacturing, following its listing on Euronext Brussels in November 2025, valuing the company at approximately €275 million. The move was accompanied by a share buyback of €30 million. Fundraising Award: Mistral AI, the leading European AI pioneer, for its impressive €1.7 billion Series C funding round in September 2025, with a strategic partnership with ASML, a member of the Euronext Tech Leaders segment, which invested €1.3 billion in the operation.  2025 Euronext Tech Pulse: record performance for European Tech Building on the strength of the Euronext Tech Leaders community, Euronext published the 2025 Euronext Tech Pulse report, providing insights into the financing of Tech companies, market performance and ESG trends. The report highlights record achievements, with Euronext Tech Leaders companies surpassing a combined market valuation of €1 trillion and the Euronext Tech Leaders Index being up 24%1. Listings of Tech companies represent almost 40% of new listings on Euronext in 20252. The report also breaks down the European Tech ecosystem by subsector, providing deeper insight for stakeholders. The full report can be accessed by clicking here. Partnering for growth The fourth edition of the Euronext Tech Leaders Forum was supported by workshop partners BofA Securities, CIC Market Solutions, Morgan Stanley, Societe Generale and Stifel. Sponsors were ABN AMRO, Crédit Agricole CIB, Intermonte, Intesa Sanpaolo IMI, Jefferies, J.P. Morgan, Kepler Cheuvreux, Mediobanca, Natixis CIB, ODDO BHF and Portzamparc. --------------------------------- 1 Year to year evolution as of 31 October 2025.2 Year to date.

The World Federation of Exchanges (“WFE”), the global industry group for exchange groups and CCPs, has published a new Research Paper, Attracting New Listings: What Shapes IPO Activity Across Markets. The paper offers the most comprehensive analysis to date of how exchange-level, macroeconomic, and regulatory factors shape initial public offering (IPO) activity across 79 global stock exchanges from 2002 to 2024.The authors utilised the WFE’s new Listing Stringency Index (LSI) to capture the breadth of listing requirements across exchanges and assess how regulatory frameworks shape IPO markets.Key Findings: Exchanges with higher market liquidity and economies with stronger GDP growth see significantly more IPO activity.  While more developed financial systems support larger IPO offerings, they do not necessarily lead to more frequent listings, suggesting that institutional depth affects the IPO size rather than the number of IPOs. Advanced economies are more sensitive to volatility and macroeconomic conditions, emerging markets benefit most from liquidity enhancement, financial development, and economic growth. The cross-market analysis shows that a higher LSI is linked to larger IPOs, although more listing requirements may not directly increase IPO frequency. This suggests that the adoption of stricter requirements acts as a signal of firm quality and investor protection or simply reflects that only larger firms can meet these higher standards. When exchanges relaxed their listing rules over time, IPO participation and total capital raised both increased significantly, suggesting that regulatory flexibility can expand access to public markets without undermining investor confidence.  The research identifies a sharp but short-lived surge in IPO activity during the global pandemic (2020–2022), driven by exceptional liquidity and policy support during the pandemic recovery. However, this surge did not alter long-term IPO trends, which remain driven by fundamentals such as market liquidity and economic growth. Policy Implications: Liquidity is a key lever for stimulating IPO activity, particularly for SMEs: Policymakers and exchanges should prioritise improving secondary market infrastructure, transparency, and investor participation.  The new Listing Stringency Index (LSI) offers a benchmarking tool for regulators: Easing overly restrictive listing rules can increase both participation and capital raised, but reforms must maintain transparency and governance standards to preserve investor trust. A one-size-fits-all approach does not work: Emerging markets benefit most from liquidity enhancement and institutional reforms, while advanced markets should focus on mitigating volatility and sustaining investor confidence. Link policy to economic growth: As GDP growth is strongly associated with IPO activity, capital market reforms must be integrated with broader macroeconomic and financial development policy. Dr Pedro Gurrola Perez, Head of Research at the WFE, said, “The research shows that market liquidity and GDP growth are the most consistent and robust factors shaping IPO frequency worldwide, while financial development is associated with larger IPO sizes, particularly in emerging and developing markets.”Nandini Sukumar, CEO of the WFE, said, “Liquidity is the lifeblood of vibrant public markets. Exchanges and policymakers that invest in transparency, trading infrastructure, and investor confidence are best positioned to attract new listings and support real economic growth. The research also demonstrates that policy levers and regulatory action can be significant drivers of IPOs.”Read the full Research Paper here.

The Supervisory Board of Wiener Börse AG has extended the contract of Christoph Boschan, Chief Executive Officer, for a further period of five years. Boschan will thus begin his third term at the helm of the Vienna-Prague stock exchange group, which also includes holdings in energy exchanges. Boschan has served as Chief Executive Officer since 2017. The Management Board of Wiener Börse AG will continue to comprise Christoph Boschan as CEO, Andrea Herrmann as Chief Financial Officer, and Petr Koblic, responsible for Shareholdings, in the coming years. "With this decision, the Supervisory Board is demonstrating its trust in a proven management team that both understands the markets and shapes the future. Under the leadership of Christoph Boschan, the exchange group has not only demonstrated operational excellence but has also developed a strategic course with great economic success. At the same time, it makes a decisive contribution to a high-performing and internationally competitive financial market – a key prerequisite for growth, innovation and long-term financing of the regional economy. We would like to thank Christoph Boschan for making his international expertise available to the company for another term," said Heimo Scheuch, Chairman of the Supervisory Board. Photos & CV of the Management Board

Key Points – November Report Introducing the updated MNI China Money Market Index (MMI), formerly the MNI China Liquidity Index, which has been adapted to reflect the PBOC's monetary policy. Chinese interbank traders have reduced expectations for further rate cuts in 2025, but believe the central bank will increase bond purchases to meet end-of-year liquidity demand, MNI’s China Money Market Index indicated on Wednesday. The MNI China Money Market Index edged higher in November as traders saw modestly looser conditions. The MNI China Money Market Current Conditions Index was lower in November with PBOC seen adding liquidity.  The MNI China Economic Outlook Index fell again in November as sentiment remains pressured. The MNI survey collected the opinions of 50 traders with financial institutions operating in China's interbank market, the country's main platform for trading fixed income and currency instruments, and the main funding source for financial institutions. Interviews were conducted November 10 to 21.

TradeHeader, the financial data standards integration and software consultancy, today announced a significant milestone for its specialist training course for compliance professionals within financial institutions, ‘The Introduction to the Common Domain Model (CDM)’ which has has now successfully trained more than 1,000 participants from banks, asset managers, custodians, exchanges, and service providers within the global financial industry.  The course, which provides a concise, practical introduction to the CDM, was developed by TradeHeader and is hosted on the Linux Foundation Training portal, in collaboration with the Fintech Open Source Foundation (FINOS). This achievement highlights the growing global interest in using open source standards to enhance operational efficiencies and interoperability. The strong engagement for the course demonstrates the value of accessible CDM education and training for professionals looking to understand how the model standardises data and processes across the trade lifecycle. TradeHeader, a trusted specialist with a 20-year track record, is not just an implementer but a co-creator of critical data standards, including the FINOS CDM and ISDA’s Digital Regulatory Reporting (DRR). The company chairs several working groups and is an active member of industry bodies such as ISDA, FINOS, FpML, and the FIX Trading Community. This unique position ensures the training material is built on definitive, proven expertise, enabling compliance professionals to advance their knowledge, or keep up-to-date in this crucial and dynamic field. The training is designed to empower in-house teams - from compliance officers to developers - with the knowledge and skills needed to manage data and regulatory challenges internally. For firms facing resource constraints and lacking the time or in-house expertise to implement CDM and DRR themselves, this foundational knowledge is essential. The curriculum helps professionals quickly grasp how to codify regulatory rules into CDM functional expressions and generate regulatory reports efficiently. Marc Gratacos, Founder and Managing Partner of TradeHeader, said: “Regulatory compliance is no longer a one-off project that companies can complete and move on from - we at TradeHeader understand that it is an ongoing fact of life for organisations in the financial space. Many firms do not have the resources, time, or in-house expertise to implement the Common Domain Model and Digital Regulatory Reporting frameworks themselves. TradeHeader is committed to helping companies to meet these challenges using our proven blend of technology and industry expertise.” The popularity of the course confirms the rising strategic importance of data standardisation across capital markets and payments. By ensuring core industry knowledge is accessible, TradeHeader is directly aiding firms in meeting compliance more efficiently. By increasing the standards’ knowledge of market participants, TradeHeader helps firms reduce integration costs, mitigate rule interpretation risk, and ensure faster, more accurate compliance. To access the course, sign up here:  https://training.linuxfoundation.org/express-learning/introduction-to-the-common-domain-model-cdm-lfel1016/

A seminar on “Securities Exchanges in the Cryptocurrencies Era; Confrontation or Convergence?” was held by Tehran Securities Exchange (TSE) and attending of more than 350 participants at TSE building on Tuesday, 25 November 2025.  This is one of the first events in Iran aimed at fostering conversation and connection between the conventional capital market and the cryptocurrency market. The event brought together top executives from Iran’s capital market and digital assets sector for a focused dialogue on the evolving relationship between securities exchanges and crypto ecosystems. The seminar featured keynote addresses by Tehran Securities Exchange’s CEO, the Research and Development director, and the former CEO of TSE. In addition, senior leaders and founders of Iran’s leading cryptocurrency trading platforms participated as guest speakers. Dr. Goudarzi, TSE’s CEO, emphasizing the need for convergence among financial institutions, regulators, and crypto industry participants, stated: “The capital market’s entry into the crypto asset class should be carried out through a responsible approach – grounded in transparency and risk management and with the aim of safeguarding investor confidence.” He highlighted the Exchange’s responsible and professional approach to innovation, and pointed out that any new financial instrument introduced to the market must uphold investor trust and market stability. Dr. Goudarzi underscored the global trend of integrating cryptocurrency-based funds—particularly Bitcoin ETFs—into established capital markets, noting that international exchanges place transparency and systemic risk management at the core of their strategies. “Stock exchanges, platforms and financial institutions should be able to address the concerns of the regulators to ensure the path is properly followed.”, he added and expressed hope that the sessions would mark the beginning of a constructive path toward developing innovative instruments in the capital market. The second speaker, Dr. Ali Rahmani, an academic and the former TSE’s CEO, emphasized the critical need for a clear regulatory and conceptual framework for digital assets in Iran. He pointed out that despite growing global attention to investor protection in cryptocurrency markets, fundamental questions remain regarding the accounting treatment, tax implications, and reporting standards for such assets. Drawing on international policy recommendations, he stressed the importance of addressing structural conflicts of interest—particularly when platforms simultaneously act as brokers, traders, and market operators. Dr. Rahmani advocated for revising domestic regulations to ensure transparency, limit platform dominance in primary offerings, and align oversight mechanisms with the unique economic realities of crypto assets. He also highlighted risks such as market manipulation, insider trading, pyramid schemes, and information abuse inherent in decentralized, cross-border crypto markets, advocating for precise business understanding, updated reporting standards, and enhanced supervisory tools. Ultimately, He concluded that only through robust, adaptive regulation can Iran achieve fair price discovery, market integrity, and genuine investor safeguards in this emerging domain. The director of TSE’s R&D Dept., Mr. Reza Kiani, as the third speaker outlined TSE’s proposed model for introducing cryptocurrency-based investment funds, presenting it as a strategic response to the global evolution of the digital finance. He noted that while crypto markets remain a small fraction of global equity markets, their rapid growth and 24/7 trading nature have compelled traditional exchanges to explore tokenization and new financial products. “In Iran, foundational legal and operational infrastructures are gradually taking shape - the designation of custodians, and regulatory definitions for market participants.”, he added. The proposed model, he explained, aims to mitigate custody risks, enhance price discovery, and provide a regulated avenue for investor participation in digital assets. Kiani expressed optimism that, with continued regulatory refinement, crypto-based funds could soon become a viable and value-adding component of Iran’s capital market ecosystem. In the second session of the conference, a specialized panel was convened featuring capital market experts and senior executives and founders of cryptocurrency companies in Iran. The panel discussed the challenges and pathways for introducing tradable instruments based on cryptocurrencies in the exchange. The outcome of this panel underscored the convergence between the capital market and the digital economy, paving the way for the launch of cryptocurrency funds on Tehran Securities Exchange.