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.

Deutsche Börse Group to integrate AllUnity’s euro-backed stablecoin into its financial market infrastructure As initial step, EURAU will be made available for institutional-grade custody through Clearstream Further steps of the cooperation will include the integration of the euro stablecoin across the entire service portfolio of Deutsche Börse Group. Deutsche Börse Group and AllUnity, a joint venture between DWS, Flow Traders, and Galaxy, and aregulated e-money institute, have signed a Memorandum of Understanding. The collaboration aims to integrate AllUnity’s regulated euro-backed stablecoin offering into Deutsche Börse Group’s infrastructure, unlocking new opportunities for digital financial markets in Europe. As part of the cooperation, EURAU, AllUnity’s euro-backed stablecoin, will be made available for institutional-grade custody through Clearstream, leveraging the German entity of Crypto Finance, also part of Deutsche Börse Group, as sub-custodian. This approach ensures a fully regulated, secure framework for market participants to leverage the fully-reserved, MiCAR-compliant euro stablecoin solution. Future steps of the cooperation will include the integration of the euro stablecoin across the entire service portfolio of Deutsche Börse Group. The partnership aligns with the EU’s Markets in Crypto-Assets Regulation (MiCAR), providing a compliant, transparent, and reliable framework for integrating EURAU stablecoin within established financial infrastructure. It represents a tangible step toward digitizing European markets and enhancing settlement and liquidity processes. “Europe is taking a global lead in regulated digital finance, and we are proud that AllUnity is contributing to this milestone with our euro-backed Stablecoin, EURAU. By partnering with Deutsche Börse Group, we are making on-chain cross border payments and digital assets accessible to institutional market participants in a secure and compliant way,” said Alexander Höptner, CEO of AllUnity. Stephanie Eckermann, member of the Executive Board of Deutsche Börse Group, responsible for Post-Trading, adds: “Our goal is to build a seamless bridge between the established financial world and the future of digital assets. This partnership with AllUnity is an important component of that bridge. By further embedding institution-grade stablecoins within our regulated framework, we empower our clients to confidently explore new possibilities in digital finance, backed by the security and market integrity they have come to expect from us.” This collaboration unlocks new opportunities for institutions and individuals to transact in euros on-chain with the highest standards of regulatory compliance and operational security. It is a further milestone for Deutsche Börse Group’s digital leadership ambition along its entire value chain and builds on the Group’s recent announcements to collaborate with various stablecoin issuers, and its existing cryptocurrency business Crypto Finance as well as the latter’s collaboration with Clearstream, which commenced the offering of settlement and custody services in crypto assets to institutional investors earlier this year. It also complements Deutsche Börse Group’s efforts to explore the use of wholesale central bank digital currencies (wCBDC) as part of last year’s successful European Central Bank (ECB) trials, which leveraged the Group’s tokenization solution D7 DLT.

Moscow Exchange (MOEX) today announces its financial results based on summary financial statements prepared in accordance with International Financial Reporting Standards (IFRS) for Q3 2025. Unless stated otherwise, all figures below refer to performance in Q3 2025 and all comparisons are with the corresponding period last year. KEY FINANCIAL HIGHLIGHTS FOR Q3 2025 Fee and commission (F&C) income amounted to RUB 19.4 bln, driven by activity of clients and issuers as well as the launch of new products and services. Net interest income (NII) came at RUB 14.0 bln. The F&C share of operating income was 58% Operating expenses declined by 1.2%. Cost-to-income ratio stood at 33.8%. Net profit amounted to RUB 17.3 bln. KEY BUSINESS & CORPORATE HIGHLIGHTS FOR Q3 2025 Six new Russian-law ETFs on bonds, equities, money market instruments and precious metals began trading on MOEX. Nine new futures contracts were launched on the Derivatives Market: five futures on Russian stocks, three futures on global assets, and a futures contract on Ethereum ETF. MTS Bank and VTB Bank made SPOs worth RUB 88.7 bln. MOEX launched weekend trading on the Derivatives Market and evening trading on the Money Market. MOEX introduced 47 indices, including 28 indices for corporate floaters, 14 indices for Finuslugi products and a new OFZ index. MOEX reduced the commission for mutual funds’ trading by a third. EVENTS OCCURRING AFTER THE REPORTING PERIOD Two issuers held IPOs on MOEX: Glorax and DOM.RF raised over RUB 2 bln and RUB 31 bln, respectively. Another two Russian-law ETFs on money market and fixed income instruments started trading on MOEX. 12 new futures contracts were launched on the Derivatives Market: five on global assets as well as ones on silver, Bitcoin, Ethereum and Russian equities. MOEX introduced Ethereum Index (MOEXETH), expanding the range of cryptocurrency indices to two instruments. Finuslugi broadened access to asset management services, bringing the total number of authored mutual funds to 7 MOEX added 16 non-listed equities to CCP-based OTC trading; the resulting number of such equities is 190 39.4 million retail clients had brokerage accounts on MOEX at the end of October. Over 3.6 million retail clients have traded MOEX markets every month during Q3 2025. MOEX released Compliance Tool platform to help issuers and market participants monitor insider activity and establish best practices in compliance. FINANCIAL HIGHLIGHTS (RUB million) RUB mln Q3 2025 Q3 2024 Q2 2025 Operating Income 33 542.4 40 000.1 32 214.0 · Fee and commission income 19 435.2 14 864.3 17 847.5 · Net interest and other finance income (NII)[1] 14 020.9 25 126.6 14 257.0 Core NII - NII less realized gains or losses on investment portfolio revaluation[2] 14 052.8 25 094.4 14 251.1 · Other operating income 86.3 9.2 109.5 Operating Expenses 11 325.0 11 457.5 12 200.7 · Personnel expenses 3 740.8 5 748.4 5 496.2 · D&A and IT maintenance 2 773.5 2 084.0 2 610.7 · Advertising and marketing costs 2 907.9 1 896.2 1 953.3 · Remaining general and administrative expenses 1 902.8 1 728.9 2 140.5 Profit before other operating expenses and tax 22 217.4 28 542.6 20 013.3 Movement in allowance for expected credit losses (ECLs) 1 007.5 -461.2 197.6 Other impairment and provisions 26.9 5.9 -0.9 Profit before tax 23 251.8 28 087.3 20 210.0 Income tax -5 998.9 -5 056.7 -5 153.8 Net Profit 17 252.9 23 030.6 15 056.2 Basic earnings per share. RUB 7.60 10.17 6.60         Net Profit 17 252.9 23 030.6 15 056.2 · Movements in allowance for ECLs -1 007.5 461.2 -197.6 · Other impairment and provisions -26.9 -5.9 0.9 · Deferred taxes related to movements in allowance for ECLs and other impairment & provisions 258.6 -91.1 49.2 Adjusted Net Profit 16 477.1 23 394.8 14 908.7         EBITDA 25 306.6 29 537.3 22 085.5 · Movements in allowance for ECLs -1 007.5 461.2 -197.6 · Other impairment and provisions -26.9 -5.9 0.9 Adjusted EBITDA 24 272.2 29 992.6 21 888.8 Adjusted EBITDA margin 72.4% 75.0% 67.9% OPEX BREAKDOWN (RUB million) RUB mln Q3 2025 Q3 2024 Q2 2025 General and Administrative Expenses 7 584.2 5 709.1 6 704.5 · Advertising and marketing costs 2 907.9 1 896.2 1 953.3 · Amortisation of intangible assets 1 521.3 1 155.6 1 374.7 · Equipment and intangible assets maintenance 718.7 634.0 735.2 · Depreciation of property and equipment 533.5 294.4 500.8 · Taxes, other than income tax 522.8 416.6 468.9 · Market makers fees 352.7 242.4 311.7 · Professional services 281.6 240.0 374.3 · Agent fees 273.4 285.5 292.9 · Registrar and foreign depository services 125.3 126.8 114.3 · Rent and office maintenance 102.1 101.1 145.1 · Other 57.9 35.4 68.6 · Information services 53.9 143.1 57.4 · Communication services 48.3 44.3 103.3 · Business trip expenses 29.6 20.9 38.4 · Charity 25.0 52.9 11.5 · Security expenses 21.2 11.6 18.7 · Transport expenses 8.1 7.3 9.2 · Loss on disposal of property, equipment and intangible assets 0.9 1.0 126.2 Personnel expenses 3 740.8 5 748.4 5 496.2 · Employees benefits except for share-based payments 4 206.0 5 239.3 4 331.3 · Payroll related taxes 689.5 923.6 934.2 · Share-based payment expense on cash settled instruments -1 154.7 -292.6 25.4 · Share-based payment expense on equity settled instruments 0.0 -121.9 205.3         Total operating expenses 11 325.0 11 457.5 12 200.7         Headcount, employees e-o-p 3 724 3 012 3 522 OPEX for 3Q’25 decreased by 1.2% YoY, mainly explained by the reduction in personnel expenses. Current personnel expenses were down by 20.6% YoY on the back of lower bonus accruals following the YoY profit decline. The employee headcount added 23.6% YoY and 5.7% QoQ. New hires are related to the overall strengthening of the IT function and strategic projects. Advertising and marketing costs increased by 53.4% YoY to stimulate further growth of the Finuslugi client base. D&A and IT maintenance grew 33.1% YoY, while the D&A alone added 41.7% YoY. IT maintenance costs increased by 13.4% due to the implementation of the software & hardware renewal program. The growth in taxes, other than income tax, is related to VAT on marketing, IT maintenance, and consulting services. PERFORMANCE OF KEY BUSINESS LINES RUB mln Q3 2025 Q3 2024 Q2 2025 Equities Market Fee and commission income, RUB mln 2 654.3 2 640.8 2 794.6 Trading volumes, RUB bln 8 862.7 8 782.0 9 246.4 Bond Market Fee and commission income, RUB mln 2 005.2 1 054.1 1 597.9 Trading volumes (ex. overnight bonds), RUB bln 9 892.9 5 633.4 8 261.5 Money Market Fee and commission income, RUB mln 4 825.7 3 762.9 4 614.0 Trading volumes, RUB bln 354 185.6 280 638.3 303 213.0 Derivatives Market Fee and commission income, RUB mln 3 036.4 2 145.2 2 731.7 Trading volumes, RUB bln 33 959.2 24 387.0 31 210.5 Other markets Fee and commission income, RUB mln 1 036.4 938.8 873.6 Trading volumes, RUB bln 47 294.7 50 539.8 33 803.0 Depository and Settlement Services Fee and commission income, RUB mln 2 659.4 2 430.7 2 371.0 Average assets under custody, RUB bln 84 326.2 79 675.7 80 829.5 Other fee and commission income (IT Services, Listing, Marketplace and other) Information services, RUB mln 201.5 211.4 171.9 Sale of software and tech. services, RUB mln 545.6 444.1 469.5 Listing and other services, RUB mln 314.4 216.3 281.4 Financial marketplace services, RUB mln 1 807.2 780.7 1 642.6 Other fee income, RUB mln 349.1 239.3 299.3 Net interest and other finance income Net interest and other finance income, RUB mln 14 020.9 25 126.6 14 257.0 Investment portfolio, RUB bln 2 887.3 2 673.9 2 690.7 The total market capitalization of the Equities Market at the end of the third quarter of 2025 was RUB 50.8 trln. Fees from the Equities Market added 0.5% on the back of a similar increase in trading volumes, which were up 0.9%. Fees and commissions from the Bond Market surged by 90.2% on the back of a 75.6% growth in trading volumes (excluding overnight bonds), which is explained by the activity at both primary and secondary markets. The discrepancy between fees and volumes is due to corporate bond placements. Primary market volumes (excluding overnight bonds) went up by 40.3%. Secondary trading volumes surged by 124.2%: OFZ volumes were up 159.1%, while other bonds’ volumes increased by 99.0%. Money Market fee income improved by 28.2%, while trading volumes added 26.2%. The increase in the share of value-added CCP repo (including GCC) in the volumes’ mix supported the effective fee, yet the decrease in average on-exchange repo terms affected negatively. These two factors virtually netted each other out. The strong accumulated position in Russian-law money market ETFs supports the GCC repo segment. Derivatives Market fees grew by 41.5%, while trading volumes added 39.3%. The share of interest rate and index derivatives increased in the volumes’ mix, while that of commodities declined. Specifically, index derivatives’ volumes surged by 84.0%. The volumes of interest rate contracts improved by 182.6%. FX derivative contracts increased by 41.2% in trading volumes. Commodities contracts trading volumes grew by 12.6%. Single-stock contracts increased by 0.2% in trading volumes. Fee income from the Depository and Settlement Services added 9.4%. Average value of assets under custody increased by 5.8%. The discrepancy between dynamics of fee income and assets on deposit is the result of business lines beyond safekeeping, primarily clearing and collateral management services, which reflect repo operations at the NSD. The latter demonstrated negative financial performance, which was only partially compensated by the increase in safekeeping fee income. Information sales decreased by 4.7%. Sales of software and technical services were up by 22.9%. Listing and other services increased by 45.4% as the activity on the primary bond market was strong during the quarter. Finuslugi revenues improved by 131.5%. The cash position[3] at the end of Q3 2025 was RUB 206 bln. The company had no debt as of the end of the quarter. Capex for the quarter was RUB 3.18 bln, mostly spent on purchases of software and equipment as well as software development. Moscow Exchange’s summary consolidated IFRS financial statements for Q3 2025 are available in the Investor Relations section of the company's web site. Contacts: Investor Relations: Public Relations: Anton Terentiev, CFA +7 495 363 3232 ir@moex.com Press Office +7 495 363 3232 pr@moex.com NOTES TO EDITORS About Moscow Exchange Moscow Exchange Group operates Russia’s main trading platform for equities, bonds, derivative instruments, currencies, money market instruments and commodities. The Group includes the central securities depository (National Settlement Depository), and a clearing centre (National Clearing Centre), performing the functions of central counterparty on the markets, which allows Moscow Exchange to offer its clients the full spectrum of trading and post-trading services. Moscow Exchange held the initial public offering of its shares on 15 February 2013 (ticker MOEX). Disclaimers Some of the information in these materials may contain projections or other forward-looking statements regarding future events or the future financial performance of the Company. You can identify forward looking statements by terms such as "expect", "believe", "anticipate", "estimate", "intend", "will", "could", "may" or "might" the negative of such terms or other similar expressions. The Company wishes to caution you that these statements are only predictions and that actual events or results may differ materially. The Company does not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in projections or forward-looking statements of the Company, including, among others, general economic conditions, the competitive environment, risks associated with operating in the Russian Federation, rapid technological and market change in the industries the Company operates in, as well as many other risks specifically related to the Company and its operations.   [1] Calculated as the sum of interest income calculated using the effective interest method, other interest income, gains/losses on FVTPL, gains/losses on FVTOCI, foreign currencies & precious metals gains less losses minus interest expense. [2] Calculated as the sum of interest income calculated using the effective interest method, other interest income, gains/losses on FVTPL, foreign currencies & precious metals gains less losses less interest expense (compared to net interest and other finance income, excludes gains/losses on FVTOCI). [3] Cash position is calculated as the sum of Cash and cash equivalents, Financial assets at fair value through profit and loss, Due from financial institutions, Financial assets at fair value though other comprehensive income, Investment financial assets at amortised cost, Current tax prepayments and Other non-financial assets less Balances of market participants, Overnight bank loans, Distributions payable to holders of securities, Margin account, Liabilities related to assets held for sale, Current tax payables and Other financial liabilities. Read more on the Moscow Exchange: https://www.moex.com/n95602

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: 25 November 2025 Aggregate number of ordinary shares purchased: 115,714 Lowest price paid per share: 8,558.00p Highest price paid per share: 8,834.00p Average price paid per share: 8,714.12p   LSEG intends to cancel all of the purchased shares. Following the cancellation of the repurchased shares, LSEG has 513,998,055 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 513,998,055. 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/9885I_1-2025-11-25.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:       115,714 (ISIN: GB00B0SWJX34) Date of purchases:      25 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 8,714.12 115,714 8,558.00 8,834.00 Turquoise        

The Securities Commission Malaysia (SC) has announced the selection of six participants for the inaugural cohort of its Regulatory Sandbox.   The Regulatory Sandbox, launched at SCxSC Fintech Summit last year to foster capital market innovation, allows corporations to experiment with new and innovative products and services that contribute to the vibrancy and inclusiveness of the capital market.   As one of the SC’s innovation toolkit, the sandbox allows the SC to work closely with the industry, using real world testing to enhance policies and regulatory frameworks and push the boundaries of market progress. Applications, which opened from 15 April to 31 May 2025, drew a strong response from a diverse range of market participants.   Following a multi-stage evaluation process, the SC has selected the following six participants across three core themes:   1. Facilitating alternative real estate investments: Wahed X Sdn Bhd (Wahed) and Urban NX Sdn Bhd (Urby) Fostering market vibrancy through secondary markets: Kapital DX Sdn Bhd (KLDX) and Pitch Platforms Sdn Bhd (PSTX 2.0)   Spurring innovation in alternative financing: Virtual Economy Technology Sdn Bhd (V Systems) and PeerHive (M) Sdn Bhd (PeerHive)    The inaugural cohort will pioneer advancements across key areas. Apart from this, several participants are also leveraging advanced data analytics and blockchain to enhance due diligence and introduce new operating models.  The successful participants will be provided with a testing period of approximately 12 months to deploy and assess their proposed solutions in accordance with the defined testing parameters and requirements. Testing will commence in two batches, with participants starting based on their readiness - either in January 2026 or July 2026.   The SC Chairman Dato’ Mohammad Faiz Azmi said the sandbox serves as a launchpad for responsible innovation, enabling solutions that deliver meaningful value to the capital market. “This initiative reflects our commitment to creating an environment where innovation can thrive without compromising investor protection. By encouraging experimentation within a controlled framework, the SC aims to nurture forward-thinking ideas that can strengthen market efficiency,” he said. In addition to regulatory sandbox, corporations with innovative business models are encouraged to engage with the SC through its Alliance of FinTech Community (aFINity), by submitting their business plan or proposal via afinity@seccom.com.my.   For more information on the Regulatory Sandbox, refer here.  

ASIC has outlined its approach to the regulation of employee redundancy funds under the Corporations Act 2001 (Corporations Act), once the current relief expires on 1 April 2026. Operators of employee redundancy funds and long service leave funds (now referred to as employee entitlement schemes) will be required to apply for an Australian financial services (AFS) licence and comply with some managed investment provisions of the Corporations Act. Following ASIC’s Consultation Paper 384 Employee redundancy funds (CP 384), this proposed approach (Option 2(b)) received the most support from stakeholders. ASIC’s approach will be subject to the following transitional arrangements: Fund operators will have until 1 September 2026 to apply for an AFS licence. Between 1 April 2026 and ASIC’s determination of the licence application, we will provide relief from the licensing, managed investment and associated provisions of the Corporations Act with additional conditions. These include requirements to hold fund property on trust, make fund information publicly available, prepare audited financial statements and manage conflicts of interest. To assist fund operators, in early 2026, ASIC will release further information on the transitional arrangements, the licence application process and requirements that will apply once a licence is granted. ASIC Commissioner Alan Kirkland said, ‘ASIC’s approach to regulation commonly evolves in response to changes in markets. ‘Since ASIC first granted relief for these types of funds, there has been a significant increase in funds under management and a broadening of the scope of activities undertaken by some funds. ‘Our approach will introduce additional transparency and governance requirements for these funds that reflect the changes in the sector,’ Mr Kirkland said. Consultation ASIC’s decision follows consideration of 19 submissions received in response to CP 384. Submissions were generally supportive of increased requirements applying to fund operators. For a summary of the feedback and ASIC’s response, see below.  Downloads Link to Summary of feedback to CP 384 and ASIC’s response   Non-confidential submissions to CP 384  Background Employers make contributions to employment entitlement schemes to fund benefits payable on redundancy or long-service leave entitlements for employees. In 2003, employee redundancy funds had approximately $500 million under management, which by 2015 had increased to $2 billion. ASIC is aware that some funds individually have close to or over $1 billion under management. Funds also undertake a broader range of activities than when the original relief was introduced. Fund operators were granted relief from the licensing, managed investment and associated provisions of the Corporations Act since 2000. In September 2024, ASIC extended the relief for a transitional period of 18 months pending our public consultation.

At the end of the settlement date of August 15, 2025, short interest in 3,302 Nasdaq Global MarketSM securities totaled 13,965,671,937 shares compared with 13,683,072,188 shares in 3,285 Global Market issues reported for the prior settlement date of July 31, 2025. The mid-August short interest represents 2.34 days compared with 2.15 days for the prior reporting period. Short interest in 1,665 securities on The Nasdaq Capital MarketSM totaled 2,964,394,253 shares at the end of the settlement date of August 15, 2025, compared with 2,910,549,464 shares in 1,658 securities for the previous reporting period. This represents a 1.00 day average daily volume; the previous reporting period’s figure was 1.00. In summary, short interest in all 4,967 Nasdaq® securities totaled 16,930,066,190 shares at the August 15, 2025 settlement date, compared with 4,943 issues and 16,593,621,652 shares at the end of the previous reporting period. This is 1.86 days average daily volume, compared with an average of 1.56 days for the prior reporting period. The open short interest positions reported for each Nasdaq security reflect the total number of shares sold short by all broker/dealers regardless of their exchange affiliations. A short sale is generally understood to mean the sale of a security that the seller does not own or any sale that is consummated by the delivery of a security borrowed by or for the account of the seller. For more information on Nasdaq Short interest positions, including publication dates, visithttp://www.nasdaq.com/quotes/short-interest.aspxor http://www.nasdaqtrader.com/asp/short_interest.asp.  

NYSE today reported short interest as of the close of business on the settlement date of October 31, 2025. SETTLEMENT DATE EXCHANGE TOTAL CURRENT SHORT INTEREST TOTAL PREVIOUS SHORT INTEREST (Revised) NUMBER of SECURITIES with a SHORT POSITION NUMBER of SECURITIES with a POSITION >= 5,000 SHARES 11/14/2025 NYSE 16,052,834,813 15,598,200,520 2,870 2,541 11/14/2025 NYSE ARCA 2,195,254,793 2,224,677,830 2,477 1,689 11/14/2025 NYSE AMERICAN 802,163,872 806,983,100 296 248 11/14/2025 NYSE GROUP 19,050,253,478 18,629,861,450 5,643 4,478 *NYSE Group includes NYSE, NYSE American and NYSE Arca           Reports will be archived here.

 Commodity Futures Trading Commission Acting Chairman Caroline D. Pham announced that the CFTC’s Market Participants Division today published an interpretation to clarify the circumstances under which a futures commission merchant (FCM) may post customer-owned securities and securities purchased with customer funds with foreign brokers and foreign clearing organizations to margin customers’ foreign futures and foreign options positions in compliance with Part 30 of CFTC regulations.  “As part of the Administration’s commitment to promote American competitiveness and reduce unnecessary regulatory costs, I am pleased to announce that the CFTC today addressed longstanding issues that disadvantaged U.S. customers that access foreign futures markets,” said Acting Chairman Pham. “The commodity derivatives market is global, and American businesses should be able to hedge their risks overseas without being penalized. This interpretation to clarify our existing rules will unlock over $22 billion dollars of collateral that can then be redeployed to support U.S. economic growth. It is the latest cost savings that the CFTC has delivered this year under my leadership to benefit all Americans.” The interpretation provides legal certainty regarding the requirements of CFTC Regulation 30.7, which the staff believes will reduce market participants’ costs in these foreign markets and address certain competitive disadvantages that FCMs experience with respect to customers trading on foreign markets. MPD issued the letter in response to a request from the Futures Industry Association.  RELATED LINKS CFTC Staff Letter No. 25-38

The attached option classes will begin trading on the MIAX Options Exchange, MIAX Pearl Options Exchange, MIAX Emerald Options Exchange, and MIAX Sapphire Options Exchange on Wednesday, November 26, 2025.Market Makers can use the Member Firm Portal (MFP) to manage their option class assignments.  All LMM and RMM Option Class Assignments must be entered prior to 6:00 PM ET on the business day immediately preceding the effective date.  All changes made after 6:00 PM ET on a given day will be effective two trading days later.MIAX Options and MIAX Emerald Options Primary Lead Market Maker (PLMM) assignments and un-assignments will not be supported via the MFP.  New Listings Effective for November 26, 2025 MIAX Pearl® Options Exchange MIAX Emerald® Options Exchange MIAX Options® Exchange MIAX Sapphire™ Options Exchange