ClearToken and Nasdaq today announced that ClearToken has adopted Nasdaq Eqlipse Clearing to support the development of its innovative new clearing and settlement service for digital assets.  The technology serves as a real-time, multi-asset clearing and risk platform for both traditional and digital markets. ClearToken will first launch a digital settlement service, CT Settle, supporting delivery-vs-payment (DvP) and netting for digital assets and fiat currencies, including cryptoassets and stablecoins, having recently received authorisation from the UK Financial Conduct Authority (FCA). “With our DvP service now ready to launch following FCA approval, we can begin offering settlement services that allow financial institutions to net their settlement exposures and to settle digital assets with greatly reduced settlement risk, addressing one of the most pressing issues for institutional investors in crypto markets today." said Steve Briscoe, Chief Information Officer of ClearToken. "Nasdaq’s clearing technology has allowed us to deliver a resilient and scalable infrastructure which is cloud native and meets the high standards demanded of financial market infrastructures in traditional markets, while also addressing the unique requirements of digital markets such as 24/7 processing and fractional ownership.” Today, much of the digital asset market is characterised by bilateral trading conducted on a gross, unnetted basis, requiring participants and market makers to prefund their trades by putting up the total amount they trade with counterparties before entering transactions. ClearToken is actively working on establishing a full central counterparty clearing house for digital assets that connects to multiple trading venues, custodians, and settlement systems, rather than being tied to a single exchange or trading platform.  This will allow participants to interface a central counterparty rather than each other, streamlining transactions and reducing risk across the ecosystem. It will operate 24/7 to accommodate the around-the-clock nature of digital asset markets while providing real-time risk management through margin and default fund contributions.  "Capital inefficiency across the digital asset ecosystem is a significant barrier to achieving scale and supporting institutional adoption," said Magnus Haglind, Head of Capital Markets Technology at Nasdaq. "By bringing the benefits of centralized clearing to digital assets, this implementation demonstrates how proven market solutions can achieve capital efficiency while maintaining the highest standards of risk management and operational resilience. Nasdaq Eqlipse Clearing provides ClearToken the ability to accelerate the maturation of the digital asset ecosystem with robust, scalable technology." Nasdaq’s Eqlipse Clearing platform draws on extensive expertise providing real-time solutions to over 20 central counterparty clearing houses worldwide. The platform offers comprehensive clearing, risk management and settlement capabilities for clearing houses across multiple asset classes and instruments, including digital assets. With a modular, scalable and resilient architecture, it provides support for the most demanding markets as well as the ability to scale down for low footprint setups and allows clients to adapt to mandated changes and launch new products and services with short time to market. Embedded AI assistants accelerate onboarding, boost operational efficiency, and maximize data accessibility across core clearing house processes. Around the world, Nasdaq's technology is used by 97% of global systematically important banks, over half of the world's top 25 stock exchanges, 35 central banks and regulatory authorities, and 3,800+ clients across the financial services industry. As a scaled platform partner, Nasdaq draws on deep industry experience, technology expertise, and cloud managed service experience to help financial services companies solve their toughest operational challenges while advancing industrywide modernization.

LSEG today announced that LCH SA, its global clearing house based in Paris, has signed a cloud hosting agreement with OVHcloud, a global cloud provider offering hosting solutions. This agreement is intended to support enhanced operational resilience, strengthened security, greater scalability and velocity of change across LCH SA’s services. The migration onto a SecNumCloud1 qualified solution marks a significant step in LCH SA’s digital transformation, supporting its fast growing, diversified and global businesses across asset classes. Under the agreement, OVHcloud will host some of LCH SA’s services, in compliance with applicable regulatory frameworks. Corentine Poilvet Clédière, CEO, LCH SA, and Country Head, France, LSEG, said: ‘We are pleased to be leveraging trusted European cloud provider OVHcloud as part of LSEG’s cloud strategy. Modernising our infrastructure is a significant undertaking that LCH SA is proud to deliver. Using OVHcloud’s SecNumCloud qualified services will enable us to benefit from greater operational efficiency and the ability to further scale our fast-growing businesses.” Octave Klaba, Chairman and CEO, OVHcloud, said: “LCH SA is a key provider of market infrastructure in Europe and across the global financial community.  Our SecNumCloud qualified solution enables LCH SA to benefit from cutting-edge cloud technology while maintaining the highest level of security and control over their data within a robust regulatory framework.” 1 SecNumCloud is a security qualification issued by ANSSI, the French National Cybersecurity Agency

The benchmark five-year Reg S Sukuk witnessed strong demand, with the order book exceeding USD 2 billion Today the total value of outstanding Sukuk on Nasdaq Dubai now stands at USD 102 billion Nasdaq Dubai has welcomed the listing of USD 500 million Trust Certificates (Sukuk) issued by ICDPS Sukuk Limited, guaranteed by The Islamic Corporation for the Development of the Private Sector (ICD), a multilateral financial institution and member of the Islamic Development Bank (IsDB) Group. Rated A2 (Stable) by Moody’s, A (Stable) by S&P, and A+ (Stable) by Fitch, ICD priced the benchmark five-year Reg S senior unsecured Sukuk at 65 basis points over U.S. Treasuries, with a profit rate of 4.391%, paid semi-annually. The transaction attracted strong investor demand, with order books exceeding USD 2 billion (excluding joint lead manager interest), underscoring the market’s deep confidence in ICD’s financial strength and development mandate. The Sukuk, maturing in 2030, was issued under the ICDPS Sukuk Limited Trust Certificate Issuance Programme. Al Rayan Investment, Bank ABC, Dubai Islamic Bank, GIB Capital, HSBC Bank plc, KFH Capital, JP Morgan, Sharjah Islamic Bank, Standard Chartered Bank, and Warba Bank were Joint Lead Managers and Bookrunners. With this latest addition, the total value of ICD's outstanding Sukuk listings on Nasdaq Dubai now stands at USD 1 billion. It marks ICD’s fourth Sukuk listing on Nasdaq Dubai, following a USD 300 million issuance in 2016, USD 600 million issuance in 2020 and a USD 500 million issuance in 2024. Dr. Khalid Khalafalla, Acting CEO of ICD, stated: "We are pleased to return to Nasdaq Dubai for our fourth Sukuk listing. This successful USD 500 million Sukuk issuance, which was significantly oversubscribed, is a powerful testament to the market's strong confidence in ICD's creditworthiness and development mission. The proceeds will be instrumental in accelerating private sector growth across our member countries, in line with our commitment to expanding Shariah-compliant financial solutions." Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), said: “We are pleased to welcome the Islamic Corporation for the Development of the Private Sector’s latest USD 500 million Sukuk listing on Nasdaq Dubai.  This new transaction builds on our longstanding relationship with ICD and underscores Dubai’s ongoing efforts to expand its Islamic capital markets. The strong investor demand highlights Dubai’s role as a preferred destination for high-quality Sukuk offerings that enable access to a broad and diverse investor base.” Nasdaq Dubai continues to strengthen its position as one of the world’s leading Sukuk listing venues, with a total value of USD 102 billion in listed Sukuk. The exchange provides a robust platform for regional and international issuers to raise capital and support economic growth through Shariah-compliant financing instruments.

The processing and publication of Commitments of Traders data were interrupted from October 1 – November 12 due to a lapse in federal appropriations. Following a return to normal operations, the CFTC will resume publication of the Commitments of Traders reports in chronological order. The following schedule depicts the intended COT Report publication dates for the data associated with the original publication date. Additional information on Commitments of Traders (COT) | CFTC.gov Historical Viewable Historical Compressed COT Release Schedule CFTC Public Reporting Environment (PRE) PRE User Guide PRE Frequently Asked Questions (FAQs)

The processing and publication of the Weekly Swaps Report was interrupted from October 1 – November 12 due to a lapse in federal appropriations. Following a return to normal operations, the CFTC will resume publication of the Weekly Swaps Reports in chronological order. Beginning November 14, 2025, the report will be published at an increased frequency until the normal schedule is resumed.Additional information on the Weekly Swaps Report. Archive Explanatory Notes Swaps Report Data Dictionary Release Schedule Released: Weekly on Mondays at 3:30 p.m.

The Federal Reserve on Wednesday released the minutes of the Federal Open Market Committee meeting that was held on October 28–29, 2025. The minutes for each regularly scheduled meeting of the Committee are generally published three weeks after the day of the policy decision. The descriptions of economic and financial conditions contained in these minutes are based solely on the information that was available to the Committee at the time of the meeting. The minutes can be viewed on the Board’s website. Minutes of the Federal Open Market CommitteeOctober 28-29, 2025: HTML | PDF

The Ontario Securities Commission (OSC) today announced a Research Grant Competition (the Competition) and is inviting research proposals that focus on the competitiveness of Ontario’s capital markets. The Competition aims to foster collaboration, discussion and debate on the topic of the competitiveness of Ontario’s capital markets. It is open to researchers who work at or are enrolled in a Canadian academic institution. Up to five research proposals will be selected for a grant of $30,000 each. “The OSC Research Grant Competition is seeking to tap into Canada’s brightest minds to undertake the challenge of delving into the competitiveness of Ontario’s capital markets,” said Grant Vingoe, CEO of the OSC. “In light of the current global geopolitical and economic challenges, it is increasingly important that we look at ways to help Ontario’s capital markets remain competitive, and we welcome the fresh thinking that the Competition will bring, as we look ahead and plan future initiatives.” Proposals should have a focus on generating informed discussion and debate on topics of longer-term importance to Ontario’s capital markets and deepening stakeholders’ understanding of Ontario’s capital markets.  The following are examples of questions that research proposals could seek to address: What factors could hinder or enhance the international competitiveness of Canadian junior markets in the coming decade? What does a comparative analysis tell us about the competitiveness of key segments of Ontario’s capital markets relative to other jurisdictions/countries? What is the market impact (e.g., efficiency of private/public markets, investor confidence, liquidity etc.) of expanding retail investor access to private markets and innovative investment products? It is widely accepted that the market for capital has become increasingly global over time. What can be learned from other jurisdictions in terms of the comparative costs and efficiencies of raising capital in private and public markets? A panel consisting of professionals from industry and the OSC will review proposals and select the winning proposals. Those selected proposals will be published on the OSC website. Key Dates: February 27, 2026 – application deadline. April 17, 2026 – winning proposals will be selected and selected applicants will be notified. August 14, 2026 – deadline for delivery of completed research paper to the OSC. The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at https://www.osc.ca.

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has finalised its annual assessment of the derogation criteria for Data Reporting Services Providers (DRSPs), based on data from the 2024 calendar year.  Based on the 2025 assessment, the supervisory designations established in 2024 remain unchanged. The ten DRSPs currently supervised by ESMA continued to exceed the thresholds, while those under NCA supervision remained below them. Accordingly, no changes to supervisory responsibilities are expected in 2026 or 2027.  Next Steps  Following the notification of the outcome of the assessment, ESMA will continue to monitor developments and engage with NCAs and supervised entities to ensure a smooth and transparent supervisory process.  Background ESMA is responsible for the authorisation and supervision of DRSPs, except for those subject to a derogation where their activities are of limited relevance for the internal market; and it conducts an assessment annually to ensure that supervisory responsibilities reflect the evolving relevance of DRSPs in the EU market. 

Finansinspektionen (FI) has conducted an in-depth analysis of remuneration and conflicts of interest at insurance intermediaries that distribute life insurance and savings insurance. The objective of the in-depth analysis has been to gain more in-depth knowledge about the insurance intermediary market’s remuneration structure, how commissions and other remuneration are received, and the conflicts of interest that could arise. The analysis shows that some insurance intermediary firms receive third-part remuneration without having provided any advice and that some third-party remuneration cannot be linked to a customer. Often, insurance intermediaries use only a few insurance providers when choosing an insurance provider, particularly when transferring insurance. In addition, the analysis shows that transfer remuneration represents a high share of the insurance intermediary firms’ earnings and that some of the one-off remuneration payments to insurance intermediary firms are high. More than half of the employed advisors hold options or ownership in the insurance intermediary firms, and in some cases other remuneration to advisors is higher than the fixed salary. FI would also like to emphasise through this report the importance of insurance intermediary firms having procedures for identifying and managing conflicts of interest that could arise within their operations. Remuneration and conflicts of interest in Swedish insurance intermediaries ( < 1MB)

Strong shareholder support reflects confidence in the future growth trajectory of Euronext ATHEX to join Euronext’s best-in-class trading and post-trade technology, boosting the visibility and attractiveness of the Greek market on an international scale This result reinforces Euronext’s leadership in Europe and advances the Group’s diversification strategy Euronext, the leading European capital market infrastructure, announces the success of the voluntary share exchange tender offer (“Tender Offer”) for HELLENIC EXCHANGES-ATHEX STOCK EXCHANGE S.A. (“ATHEX”), the parent company of ATHEX Group. During the Acceptance Period1, which lasted six weeks and ended on 17 November 2025, shareholders lawfully and validly tendered, in aggregate, 42,953,405 ATHEX Shares corresponding to approximately 74.25% of the voting rights of ATHEX. The minimum number of shares prerequisite of 28,925,001 ATHEX Shares, corresponding to 50% plus one (1) share of ATHEX’s voting rights whose exercise is not subject to suspension, to be lawfully and validly tendered, has been satisfied. On 14 November 2025, Euronext announced that all necessary regulatory approvals for the transaction have been received. As a result, all Conditions to the Tender Offer described in the Information Circular published on 6 October have been fulfilled. Euronext expects to deliver significant synergies from the integration of ATHEX into its European market infrastructure. €12 million annual run-rate cash synergies are targeted by the end of 2028, notably through the migration of Greek trading to Optiq®, and harmonisation of central functions. Implementation costs to deliver those synergies are expected to amount to €25 million. The transaction is expected to be accretive for Euronext shareholders within the first year following the delivery of synergies. Stéphane Boujnah, CEO and Chairman of the Managing Board of Euronext, said: “The integration of ATHEX into Euronext marks a significant milestone for both Greece and the broader European financial landscape. By joining Euronext, ATHEX will become part of a strong and integrated European network focused on connecting local economies with global markets. Greek issuers, brokers and investors will benefit from advanced trading and post-trade technologies that will enhance the global positioning and competitiveness of the Greek capital market. We look forward to soon welcoming our new Greek colleagues who are joining the Euronext family. This acquisition further consolidates Euronext’s role as Europe’s leading diversified market infrastructure and establishes a solid foundation for the Group’s development in Southeastern Europe, a region with strong growth prospects. In parallel, I am pleased to confirm our intention to establish a new Group-level support and technology centre in Athens, which will provide dedicated support to the Euronext Group’s business lines. This important initiative reflects our commitment to invest in Greek talent and create valuable opportunities for professional development, innovation and long-term success. We would like to sincerely thank the shareholders for their strong support in this pivotal moment, as we move forward together to build a more efficient, strong and integrated European capital market.” Next steps and timetable Euronext will issue the new ordinary shares (“Consideration Shares”) on 21 November 2025. On 24 November 2025, Euronext will settle the Tender Offer by procuring the exchange of ATHEX Shares lawfully and validly tendered in the Tender Offer for Consideration Shares. The Consideration Shares will be admitted to listing and trading on Euronext’s regulated market on the same day. The former holders of ATHEX Shares who have lawfully and validly offered them in the Tender Offer are expected to receive the Consideration Shares to which they are entitled, on 24 November 2025. Euronext will duly inform the investors of any change in the above dates by making an announcement which will be posted on its website, on the website of the Athens Stock Exchange and the Daily Bulletin of the Athens Stock Exchange. The Offeror reserves the right to use any legally permitted method to acquire up to all of the ATHEX Shares. With less than 90% of ATHEX voting rights tendered, the Offeror will consider its options to achieve that goal and optimise the structure of the ATHEX Group within the Euronext Group. These options include, but are not limited to, the Post-Offer Measures set out in the Information Circular. Further updates will be provided as needed.  

ETFGI, a leading independent research and consultancy firm recognized for its expertise in subscription research, consulting services, global industry events, and ETF TV, announced today that overseas ETF investments by Korean retail investors reached an all-time high of US$15.85 billion in October beating the previous record of US$12.49 billion in November 2024.During the month, 19 of the top 50 overseas securities purchased by Korean retail investors were U.S.-listed ETFs, a slight decrease from 21 in September, 23 in August, and 22 in July. (All dollar values in USD unless otherwise noted)Starting in December, the Financial Supervisory Service FSS will require individual investors in Korea who wish to trade overseas-listed derivatives, leveraged exchange-traded funds (ETFs), or exchange-traded notes (ETNs) will be required to complete mandatory pre-investment education and participate in simulated trading sessions.  Highlights Overseas ETF Investments by Korean Retail Investors Reach All-Time High of $15.85 Billion in October 19 of the top 50 overseas securities purchased were U.S.-listed ETFs 12 of the top 19 ETFs provided leveraged or inverse exposure Largest purchase: $4.90 billion in Invesco QQQ Trust Series 1 ETF (U.S.-listed)   Total Amount of overseas ETFs purchased by Korean retail investors by month in 2025     Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 # ETFs purchased 26 22 25 30 32 28 26 22 23 21 19 Total amount of ETF purchases (US$ Mn) 11,773 9,992 9,366 9,942 12,076 9,904 9,664 7,489 8,433 9,478 15,846                           Source, Korea Securities Depository.                                Top 10 overseas ETFs purchased in October ETF Name Purchase Amount in USD INVESCO QQQ TRUST SRS 1 ETF  4,902,110,731 SPDR SP 500 ETF TRUST  2,429,709,005 DIREXION DAILY SEMICONDUCTORS BULL 3X SHS ETF  1,946,082,978 DIREXION DAILY TSLA BULL 2X SHARES  1,573,555,092 VANGUARD SP 500 ETF SPLR 39326002188 US9229084135  952,356,117 VOLATILITY SHARES TRUST 2X ETHER ETF NEW SPLR 974476707 US92864M4006  538,014,314 T-REX 2X LONG BMNR DAILY TARGET ETF  460,843,088 DIREXION SEMICONDUCTOR BEAR 3X ETF  367,785,843 GRANITESHARES 2.0X LONG NVDA DAILY ETF  320,324,771 SPDR GOLD SHARES ETF  300,464,763                                Source, Korea Securities Depository.   The ETF industry in Korea has 1,431 ETFs, with assets of $206.08 Bn, from 39 providers listed on the Korea Exchange at the end of October 2025. 21.94% of the ETFs provide leverage or inverse exposure which account for 6.61% of the assets in the ETF industry in Korea. Asset Growth in Korea ETF industry as of the end of October  

Regnology, a leading software provider with a focus on regulatory reporting and supervisory technology solutions, today announced the launch of RRH Ascend, the next generation of its Regnology Reporting Hub (RRH) solution for banking and transaction reporting. The unveiling will take place at the 32nd annual RegTech Convention, the largest global conference on financial regulation, which brings together more than 2,000 participants across nine cities in a hybrid format. RRH Ascend marks a major step toward Straight-Through Reporting (STR)—a new standard designed to eliminate friction in regulatory processes through end-to-end automation, seamless data integration, and intelligent oversight. Modeled on the principles of Straight-Through Processing (STP) in capital markets, STR enables continuous, data-driven exchanges between institutions and regulators, reducing manual intervention and improving efficiency.    With RRH Ascend, Regnology brings this vision to life —accelerating the industry toward greater transparency, efficiency, and trust through four pillars of excellence: data governance, regulatory insight, automation intelligence, and collaboration. Powered by Regnology’s cloud-native platform, the solution leverages the proven foundation of RRH to accelerate transformation with a seamless transition and next-generation capabilities.   Financial institutions can harmonize data architectures, automate regulatory workflows, and deliver regulator-ready outputs in real-time—streamlining bank regulation, transaction reporting, data governance, and exception monitoring. Purpose-built for the demands of modern compliance and designed to evolve with advanced AI capabilities, RRH Ascend strengthens the accuracy, speed, and completeness of regulatory submissions across jurisdictions.   “For too long, financial regulatory reporting has been seen as a laggard – complex, fragmented, and reactive. RRH Ascend represents a turning point, providing institutions with the clarity and control needed to adopt a fully connected, intelligence-led model. This launch accelerates the industry’s shift toward STR and a new era of regulatory intelligence." - Linda Middleditch, Chief Product Officer at Regnology Early adopters of RRH Ascend are now onboarding, with full deployment expected in 2026.

Thank you for the opportunity to speak to you today. The Federal Reserve is actively revising its banking regulations, a project that I strongly support. For many years, financial regulation mostly moved in one direction, increasingly restricting the banking sector. Because the interactions of regulation with financial markets, the economy, and monetary policy implementation are too often unappreciated, this led to adverse consequences and lots of head scratching as to their causes. In some respects, regulations enacted to shore up financial stability have constrained the Fed's control over some elements of monetary policy transmission and the size of the balance sheet. Regulatory dominance of the balance sheet must be considered and accounted for to ensure the Federal Open Market Committee (FOMC), through its statutory mandate, has autonomy over conducting monetary policy. My goal in today's remarks is to share the core principles that will help guide my decision making in this area, including how regulation affects the Fed's balance sheet as well as current efforts to reform bank leverage requirements. While discussions about bank reserve balances and interest paid on reserves, the composition of the balance sheet, and Treasury market intermediation are flourishing, I believe that many of these conversations are downstream of the bank regulatory framework. Once we properly tailor the regulatory environment, we can then address questions that are more pertinent to monetary policy implementation. Before delving into specifics, let me describe five guiding principles. First, I believe that policymakers should always consider the potential costs and benefits of any regulation that crosses their desks. Far too often, adverse spillovers are recognized only after the fact, and the answer to a poorly functioning regulation is the Band-Aid approach of layering on another regulation. Banking regulation typically involves tradeoffs between ensuring smooth market functioning and credit availability during typical conditions and limiting the frequency or magnitude of stressful episodes. Mapping how second-order impacts are expected to flow through the financial system and economy can help shape regulatory frameworks that are sensible and durable. For instance, the costs and benefits of a regulation on a community bank are rarely comparable to those of the same regulation on a systemically important bank, but heavily impact the credit available to Main Street businesses where local knowledge is critical. Our regulatory framework should take that into account and allow community banks to remain the engines of their local economies, and I would support proposals to grant additional relief aimed at community banks. A second principle is that policymakers should resist the urge to overreact in the wake of crisis. Broadly speaking, I believe regulators went too far after the 2008 financial crisis, creating many rules that raised the cost of credit and limited its availability without reducing risk in a compensatory fashion. The signs of this overreach are clear: Many traditional banking activities have migrated away from the regulated banking sector partly because burdensome rules have made provision of these services too costly or otherwise difficult for banks to provide. While I have no bias against nonbank financial companies, credit allocation should be driven by market forces, not regulatory arbitrage. Third, the Federal Reserve should aim for the smallest footprint it can manage. This means limiting distortions to the provision of credit in the economy—for instance, through large-scale asset purchases. It also means sticking to our clear statutory mandate and not coloring outside the lines, and we have recently taken steps in these directions. For example, the FOMC recently announced that maturing agency mortgage-backed securities will be replaced with Treasury bills in the Fed's portfolio, and the Board voted to rescind the Fed's climate guidance. Maintaining a focus on our congressional mandates is essential to ensuring the Fed remains a credible independent organization. There is more work to be done in reorienting the Fed's activities to properly heed our narrow statutory mandate. Fourth, transparency has many benefits. Banks are one of the most heavily regulated sectors in the economy, and regulators owe the public an accounting for our actions. Transparency is also pragmatic, because it means that banks will understand what we expect of them. Without transparency, effective congressional oversight is impossible. For this reason, I was pleased to vote in favor of the Board's recent issuance of its stress testing framework for public comment. Last is a principle that I try to consider in most of my work, which is to keep an open mind. Good new ideas can come from any direction; the regulatory process guarantees that the public can provide input, but regulators listen to different degrees. I will be listening. Connecting these principles to the work I am doing as a Governor: After two and a half years of shrinking our balance sheet, the FOMC has decided to end those reductions beginning December 1, as the Committee gauged reserve balances to be somewhat around or above ample. But what determines whether reserves are ample or not? Before the Global Financial Crisis, reserve levels were much lower, or scarce. Even some months ago, reserves were higher, or abundant. Empirically, we can use movements in money markets to assess when conditions are shifting from one regime to another; but, to me, this ignores first principles. Liquidity requirements force banks to hold high-quality liquid assets, including reserves. Meanwhile, capital requirements, such as the enhanced supplementary leverage ratio (eSLR) and global systemically important bank surcharge, impose costs to hold those assets. When these banks, many of which are primary dealers of U.S. Treasury securities, attempt to get that new government debt from auctions to investors, they navigate a regulatory patchwork of contradictory incentives. Supervisory policy can also boost demand for reserves. In a 2022 podcast, former Fed Vice Chairman for Supervision Randy Quarles describes how supervisory preferences for reserves over other types of liquid assets, as well as fear of heightened scrutiny or supervisory action, can raise demand for bank reserves above and beyond what's required.2 For all the talk about fiscal dominance of monetary policy, the reality is that the size of the balance sheet is a result of regulatory dominance. Regulations boost demand for reserves, which in turn requires us to end runoff or purchase securities for reserve management purposes. These actions may affect financial conditions and create cross currents with monetary policy goals. The Fed no longer targets monetary aggregates like reserve levels, but that doesn't mean we should not think about them. A consequence of the Fed's large balance sheet is significant payments of interest to the banking sector. Now, this is little different for banks' income than if they held Treasurys directly, as would occur in a scarce-reserves regime. In fact, an upward-sloping yield curve would suggest banks would earn more from holding Treasurys rather than reserves. Regardless, the optics differ. Large interest on reserve balances (IORB) outlays may appear like the Fed is unfairly subsidizing the banking system with billions of dollars, even if that's not the case. These perceptions can affect the Fed's credibility and thus its effectiveness. Several times now, the Senate has debated whether the Fed ought to be stripped of its statutory authority to pay IORB despite its necessity as a tool for managing the federal funds rate. It has become apparent to me that trying to settle the ongoing debates on how monetary policy is best implemented before settling the regulatory framework is putting the cart before the horse. Due to regulatory dominance, regulations will determine the right size of the balance sheet and the role for IORB. As I noted, I remain open to new ideas, including on the Fed's balance sheet. For example, the Fed pays interest to banks, but not on the Treasury General Account (TGA). Should the Fed also pay interest, or similar compensation, to Treasury?3 In one sense, it's a wash on the consolidated government balance sheet; reducing the Fed's net profits also reduces remittances to Treasury. But with a deferred asset position that occasionally reflects losses on the SOMA portfolio, paying interest on TGA could smooth remittances over time, reducing the volatility of fiscal borrowing. Additionally, rather than keep our liabilities to Treasury as zero-yielding deposits directly, would it make more sense for the Fed to hold short-term assets such as Treasury bills or repos against the TGA? Currently, days when new Treasury securities settle often result in sharp and temporary declines in reserve supply. But the Fed could sterilize these settlements by flexibly adjusting its balance sheet through open market operations. Versions of this idea have been proposed by Bill Nelson and Annette Vissing-Jorgensen.4 I think we should consider all avenues for improving market functioning, particularly when volatility arises from regular and foreseeable government debt settlement dates. Moving to leverage ratios, I see the benefit of the proposal the Board issued before I arrived because the leverage ratio should not be the binding constraint on banks in the ordinary course of managing their balance sheets, incentivizing higher-risk behavior for no good reason. However, I also believe that penalizing holdings of Treasurys and reserves through leverage ratios is at odds with requiring banks to hold those instruments as high-quality liquid assets to cover potential outflows. In addition, dealer intermediation of the Treasury market can suffer if banks are forced to hold substantial capital just to support their Treasury and repo trading books, which often are low-return, low-risk, high-volume activities. This otherwise esoteric issue can have meaningful consequences for Treasury market functioning and monetary policy implementation. Removing these securities from the leverage ratio, as was suggested as an alternative in the proposed rule, would help insulate the Treasury market from stressful episodes when liquidity is in short supply. Due to heightened uncertainty accompanying extreme volatility, policymakers tend to "overdo it" when overreacting to dysfunction. Instead of being forced to react to Treasury market dysfunction after it has occurred, I think excluding those assets now is a small price to pay to deter that potential dysfunction. Preventing Treasury market dysfunction in the first place may be the best way to limit the Fed's footprint. Moreover, providing this relief ex post instead of ex ante may lead to the unfortunate perception that the Federal Reserve is bailing out specific entities for poor investment decisions. While I have noted my openness to new ideas, this one is not novel. The banking regulators excluded Treasurys and reserves from the leverage ratio denominator in response to the increase in bank deposits during and after the COVID-19 pandemic. The only observable downside from that intervention came from the transition back to including them in the denominator. Banks then shunned deposits to avoid pushing against their leverage ratios, helping lead to a flood of cash into money market funds and the exorbitant rise in usage of the overnight reverse repo facility, in turn limiting the extent to which quantitative tightening drained reserves for several years. Bank and depositor behavior were unnecessarily distorted: As interest rates rose in 2022 and 2023, some banks had to reverse course and compete for deposits, whipsawing banking behavior that should otherwise be relatively stable. There are already certain instruments that are excluded from some leverage ratio denominators, like custody bank reserves supporting operational deposits, and there is no evidence this is disruptive. In any case, this is an exciting time to be a bank regulator, which is not something I imagined to be possible before arriving here. And we are still very much in the early innings of change. As I said before, the right level of bank reserves in the system is ultimately a function of that regulatory environment. As we right-size the regulations, my hope is that it will allow us to further reduce the size of the balance sheet, relaxing the grip of regulatory dominance. Given emergent funding market signals, I supported ending the runoff of the Fed's balance sheet immediately at the FOMC's October meeting rather than waiting until December 1, though the difference between October 29 and December 1 is not enormous. Indeed, as we make more progress peeling back regulations, I expect the optimal level of reserves may drop below where it is now, at least relative to GDP or the size of the banking system. It is possible that in the future, it will be appropriate to resume shrinking the balance sheet; stopping runoff today does not necessarily mean stopping it forever. That would also enable us to reduce our interest payments on reserves. If we go far enough with removing regulations, we may be able to limit perceptions that the Fed is picking winners and losers through regulations, asset purchases, and credit allocation decisions. But before further reductions in the balance sheet, we first have to get the regulations right and ensure that bank balance sheets are flexible enough for an environment with a smaller Federal Reserve footprint. Thank you. 1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee.  2. See David Beckworth (2022), "Randal Quarles on Inflation, Balance Sheet Reduction, Financial Stability, and the Future of the Fed," Mercatus Center, Macro Musings (podcast), July 18.  3. Paying interest on TGA may require statutory authorization from Congress, but this is an open question.  4. See Bill Nelson (2024), "How the Federal Reserve Got So Huge, and Why and How It Can Shrink," BPI Staff Working Paper 2024-1 (Washington: Bank Policy Institute, February), https://bpi.com/wp-content/uploads/2024/02/How-the-Federal-Reserve-Got-So-Huge-and-Why-and-How-It-Can-Shrink.pdf; Annette Vissing-Jorgensen (2025), "Fluctuations in the Treasury General Account and Their Effect on the Fed's Balance Sheet," FEDS Notes (Washington: Board of Governors of the Federal Reserve System, August 6). 

Duco, the trusted control layer in an agentic world, today announced the launch of agentic workspace, a new capability within the Duco Platform designed to help operations teams work alongside intelligent agents with transparency, control and confidence.  Agentic workspace is a collaboration environment where users can build, maintain, optimise, manage tasks and exceptions. All within a single, auditable workspace. It brings humans and autonomous agents together in a shared operational context, ensuring interoperability between systems while maintaining full oversight and explainability.  “Agentic workspace is the next step in our mission to put people in control of automated operations,” said James Maxfield, Chief Product Officer at Duco. “As firms embrace agentic AI, they need tools that allow them to monitor, adjust and collaborate with these systems in real time. This workspace gives them that control, without slowing innovation.”  By combining data automation, exception management and agentic collaboration in one workspace, Duco continues to help capital markets firms scale automation safely; with the transparency, governance and human oversight required in today’s complex financial environments. General availability is planned for calendar Q1 2026.  

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: 18 November 2025 Aggregate number of ordinary shares purchased: 207,500 Lowest price paid per share: 8,510.00p Highest price paid per share: 8,622.00p Average price paid per share: 8,561.11p   LSEG intends to cancel all of the purchased shares. Following the cancellation of the repurchased shares, LSEG has 514,778,762 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 514,778,762. 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/0654I_1-2025-11-18.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:       207,500 (ISIN: GB00B0SWJX34) Date of purchases:      18 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 8,561.11 207,500 8,510.00 8,622.00 Turquoise        

TRG Screen, the global leader in market data management solutions, today announced a strategic partnership with S4 Market Data, a consulting firm specializing in vendor negotiations and complex procurement processes. The collaboration strengthens TRG Screen's managed services offerings with complementary strategic consulting capabilities, giving clients even greater efficiency and control over commercial and vendor outcomes.The partnership reflects the rising complexity of market data management, where firms need both operational discipline and strategic procurement to control costs and reduce risk. TRG Screen's managed services address the most time-consuming aspects of day-to-day operations - invoice processing, inventory management, order fulfillment and exchange declarations - while S4 adds specialized support for negotiations, contract optimization and complex procurement."Procurement has always been critical in market data, but the stakes are now higher with more vendors, more complex licensing models and more commercial pressure," said Leigh Walters, CEO, TRG Screen. “This partnership gives our clients the full spectrum of expertise needed to optimize their market data investments, from operational administration to managing these critical commercial relationships."Together, the firms offer clients TRG Screen's proven managed services foundation alongside S4's specialized capabilities in: Contract sourcing and negotiation for cost reduction and terms optimization Procurement and renewals administration Index licensing assessment and analysis Data feed administration for real-time access “The partnership is a natural evolution," said Bernardo Santiago, CEO and Co-Founder, S4 Market Data. "Combining our procurement expertise with TRG Screen's operational excellence delivers unprecedented value for clients navigating increasingly complex vendor relationships and market data requirements."Firms can continue to utilize TRG Screen's current managed services independently, or may opt for additional support with S4's specialized consulting when their market data procurement complexity demands additional strategic capabilities.

Elementaryb, the pioneering fintech redefining financial management for Small and Medium-sized Enterprises (SMEs), today announces the commercial launch of sherloc, the world's first 'financial brain' created specifically for SMEs.  sherloc is an AI-enabled software platform designed to deliver closer financial control and the forward-looking insights business owners need to anticipate risks, protect operations, and identify new growth opportunities.  The sherloc platform is onboarding 270 startups and scaleups with three accelerators, including FasterForward run by the Female Founder Network (FFinc) and the Frontier Programme by London Grow in partnership with Fidelity Centre for Applied Technology (FCAT). Market Context: Why SMEs Need a New Kind of Intelligence According to the official figures from the Federation of Small Businesses (FSB), the UK's 5.5 million SMEs account for over 99% of all businesses, three-fifths of employment, and more than half of the turnover in the UK private sector. They are, without question, key to UK economic health and growth. Yet, despite being the engine room of the economy, they are often the most exposed to economic shocks, supply chain disruptions, and cash flow pressures. Democratising Financial ForesightHistorically, sophisticated financial forecasting has been the preserve of large corporations with dedicated in-house planning teams and costly analytics. Most SMEs, despite their importance to the UK economy, have been left to navigate volatility with tools that were designed for large corporations, with functionalities and price tags to match. sherloc bridges this gap. It connects operational, budgetary, and financial data to provide seamless, affordable and accurate strategic forecasting. The platform uses AI-powered signals to alert leadership teams to financial risks, economic trends, and supply chain events in real-time, while also suggesting potential solutions. Karen Rudich, CEO of Elementaryb, commented: “The launch of sherloc marks the start of an exciting new chapter. As an entrepreneur with experience building and scaling businesses, I know first-hand how much this vital part of the market needs better tools, designed specifically for them. SMEs deserve more than just a backwards glance at their finances; they need to see what’s coming around the corner.  sherloc has been designed to offer them just that capability, as well as helping them to identify future opportunities for growth. “We’re accelerating at full throttle and look forward to announcing more key strategic alliances, all designed to add value to SMEs as we build-out the UK’s first SME marketplace, which will be key to our ambitions to scale.” Tim Jones, CEO and Founder at Positive Transition Limited, an early user of the sherloc platform, said: "sherloc puts financial strategy in founders’ hands. It’s intuitive, visual and genuinely helps you think like an investor without needing to be one." Built by SME Entrepreneurs, for SME Entrepreneurs sherloc is the result of a five-year development and validation journey, co-designed with business owners, CFOs, and a range of advisors. The platform's development was backed by an Innovate UK grant to support manufacturing businesses, proving its real-world value in helping firms model the impact of economic events like new trade tariffs or dynamic shipping costs, as just two examples. sherloc’s features include: Smart Forecasting: A powerful bottom-up engine that turns operational inputs into structured financial models for real-time scenario modelling. Collaborative Workspace: Allows CEOs, CFOs, and advisors to work from a shared base with full audit trails and version control. Data Integrity: Built-in validation checks and pattern recognition detect errors and inconsistencies to maintain financial accuracy. Embedded Education: Contextual content explains key financial concepts and acronyms, making advanced financial planning accessible to all. Building the UK’s First SME Ecosystem: Partners and Marketplace To provide immediate value, sherloc is launching with a powerful ecosystem of strategic partners, including Time Finance and Caxton.   Elementaryb is also building the UK’s first independent SME marketplace, a curated platform of products and services tailored to SME needs. This will give business owners direct access to trusted solutions from launch partners like iwoca, Xero, The Bird Dog, Legal Clarity, RJF Accountants and xe.com, placing sherloc at the heart of the UK’s business community, FCAT, London and Partners, and FFinc, all in collaboration with HSBC, Grant Thornton, Block and Wilson Sonsini, amongst other large corporates.  

Nasdaq (Nasdaq: NDAQ) announces that trading in the shares of Fortinova AB (ticker name: FNOVA B) will commence today on the Nasdaq Stockholm Main Market. The company was listed on the Nasdaq First North Premier Growth Market in November 2020. Fortinova is the 35th company to be admitted to trading on Nasdaq’s Nordic and Baltic markets* in 2025, and the 146th company to transfer from Nasdaq First North Growth Markets to Nasdaq Main Markets in the Nordics over the years. Fortinova is an expansive real estate company based in Varberg whose business concept since its inception in 2010 has consisted of acquiring, developing and managing primarily residential properties with documented positive cash flows. The group aims to generate positive returns over time, regardless of market developments. Fortinova has a geographical focus on growth municipalities in western Sweden that are considered to have a good growth profile and are attractive places to live, work and reside. "Our listing on Nasdaq Stockholm is both a milestone and a logical next step for Fortinova. It confirms the stability and long-term approach we have built over time. Our focus remains on sustainable value growth, supported by a solid occupancy rate and a well-established geographical strategy centered on growing municipalities in western Sweden. Equally important is our local presence and the entrepreneurial drive that has brought us to where we stand today. After valuable years on Nasdaq First North Premier Growth Market, the main market’s established structure and visibility provide even stronger conditions for us to continue our growth and strengthen our position," says Anders Johansson, CEO of Fortinova. "We are thrilled to welcome Fortinova to Nasdaq Stockholm’s Main Market and celebrate this important milestone together. This achievement reflects Fortinova’s strong position in Swedish real estate, and we look forward to supporting their continued growth within Nasdaq Stockholm’s robust capital markets," says Adam Kostyál, Head of European Listings at Nasdaq and President of Nasdaq Stockholm.*Main markets and Nasdaq First North at Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland and Nasdaq Stockholm as well as Nasdaq Baltic.

New analysis released today by ISI Markets, the global market intelligence provider known for its unique depth and breadth of coverage of emerging markets, confirms that the Association of Southeast Asian Nations (ASEAN) has rapidly taken centre stage as the primary route for global trade flows seeking alternatives to traditional channels. The data strongly indicates that major economies, notably China, are actively engaging in supply chain reconfiguration, cementing ASEAN's role as the definitive "connector economy".  The insights from ISI Markets were based on comprehensive data generated by its newly launched CEIC ASEAN premium database. Despite its scale, ASEAN has long posed analytical challenges due to the fragmented nature of its data, spanning ten economies with differing languages, currencies, and statistical systems. CEIC ASEAN Premium addresses this gap by providing a unified, high-frequency, subnational database that integrates official, local-language, and alternative data sources. The platform enables economists, investors, and strategists to monitor and model ASEAN’s economies with unprecedented comparability and granularity. Key Themes: FDI Flow Acceleration: Current trade analysis confirms Thailand, Malaysia, and Indonesia are now established as the primary hubs for rerouted manufacturing capital (FDI), showing the most notable shifts in import trends globally following the start of diversification efforts in 2017. Active Trade Bridging: ASEAN actively functions as the essential processing hub, demonstrated by the strong positive correlation between China’s exports to ASEAN and US imports from ASEAN since 2018, a quantifiable link that continues to maintain global supply chain continuity. Trade Upgrading: Vietnam’s expanding trade surplus with the US coinciding with a widening trade deficit with China demonstrates the classic pattern of trade diversion. This is reinforced by the rapid increase in China's import dependency on Vietnam for electrical equipment (HS 85 category). Future Manufacturing Hub: Thailand is accelerating its structural pivot, evidenced by the growth of domestic Electric Vehicle (EV) production capacity from 1% to 7% in just eighteen months, underlining ASEAN’s role in next-generation manufacturing. The analysis shows that geopolitical and tariff pressures are driving a strategic pivot, compelling global companies to establish resilient trade channels outside of existing bilateral routes. Accumulated direct investment abroad by China since 2017 correlates with significant shifts in import trends across key ASEAN markets and has only intensified throughout 2025. Specifically, Thailand, Malaysia, and Indonesia, alongside Mexico are experiencing the most notable trend changes, indicating they are now crucial recipients of manufacturing and capital flows aimed at diversification. "CEIC ASEAN Premium provides undeniable clarity and conviction out of complexity. The global supply chain has not simply fractured; it is actively rerouting, and ASEAN is the pivotal switching mechanism," said Steve Pulley, CEO of ISI Markets. "Leveraging ASEAN's scale and trade frameworks is a strategic imperative to ensure continued access to global markets. For investors, this translates into secular growth opportunities across the region's manufacturing, digital, and energy sectors. CEIC ASEAN Premium is the only intelligence product in the region that provides the breadth and depth necessary to uncover these dynamics." The data confirms that as global firms operationalise diversification strategies, ASEAN’s commitment to internal integration and its immense market scale of over 650 million people, position it perfectly to be the world’s essential economic bridge.

Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa, and South Asia (MEASA) region, has hosted the DIFC Family Wealth Centre Summit. During the event, DIFC unveiled several landmark initiatives and partnerships set to reinforce Dubai’s position as the MEASA region’s premier destination for family wealth, next-generation leadership and succession planning.  Taking place at a time when family legacy and innovation are converging to define the future of global wealth, the Summit brought together regional and international family business leaders, next-generation entrepreneurs, and industry experts to explore how families can preserve and grow their wealth for generations to come.  Amongst the family business representatives sharing their expertise were; Sima Ganwani, Founder and Chairperson – Apparel Group; Muhammad Bin Ghatti, Chairman – Binghatti Holdings; Muna Al Gurg, Vice Chairperson – Easa Saleh Al Gurg Group; Amira Sajwani, Managing Director – DAMAC Properties and Rahul Jagtiani, Group Director – Landmark Group.  New initiatives to shape the future of family wealth During the Summit, the DIFC Family Wealth Centre announced a comprehensive suite of initiatives reinforcing its mission to help families thrive in an evolving economic landscape. Among them was the NextGen Leadership Programme, developed in collaboration with partners including PwC, Al Tamimi & Company and Hawkamah. Set to launch in early 2026, the flagship programme is designed to empower the next generation of family business leaders through immersive training, mentorship, and global best-practice modules focused on governance, innovation, and intergenerational transition.  The DIFC Family Wealth Centre also unveiled a digital platform - an integrated web and mobile ecosystem that will provide seamless access to their services, educational programmes, publications and events. Complementing this is the planned introduction of Concierge Services, a bespoke offering designed to enhance the DIFC value proposition for family offices and ultra-high-net-worth individuals through personalised operational, lifestyle, and business support within the DIFC ecosystem.  To strengthen its collaborative network, the Centre announced Memoranda of Understanding with a number of partners. Dubai Land Department (DLD) established an agreement that will enable families and HNWIs to utilise DIFC legal structures for real estate ownership. The General Directorate of Residency and Foreigners Affairs (GDRFA-Dubai) agreement is expected to facilitate golden visa applications for DIFC Family Wealth Centre members.  In separate agreements, Mashreq Bank, Standard Chartered and Emirates NBD are set to deepen cooperation with the Centre on education, governance, and tailored financial solutions for family enterprises. The Centre also introduced its Expert Advisory Council (EAC), a select group of regional and international experts who will guide its strategy and reinforce its role as a global platform for family wealth management and thought leadership. Building on Dubai’s global strength in family enterprise Today, more than 1,250 family-related entities, including many global private-client institutions, call DIFC home. Collectively, the top 120 families based in DIFC manage over USD 1.2 trillion  in assets globally, contributing significantly to the UAE’s economy, where family businesses drive around 60 per cent of GDP and employ 80 per cent of the national workforce. When welcoming delegates to the Summit, H.E. Essa Kazim, Governor of DIFC, said: “Families have always been at the heart of Dubai’s progress, shaping the emirate’s prosperity and global reputation across generations. Today, as our region approaches a historic trillion dollar generational wealth transfer, DIFC remains committed to providing the governance, advisory access, and world-class structures that enable families to preserve and grow their legacies. The DIFC Family Wealth Centre represents a continuation of this mission. Today, it is a dedicated ecosystem designed to support families as they navigate an increasingly complex global environment. As more families choose Dubai for its culture of partnership, robust governance, and progressive legal and regulatory frameworks, we will continue to empower them with the tools, expertise, and future-focused initiatives that ensure their success for decades to come.” Empowering generational prosperity Established in 2023, the DIFC Family Wealth Centre is the world’s first centre of its kind, offering an integrated platform for family businesses and UHNWIs to navigate succession planning, governance, and institutional growth. It continues to attract new families to DIFC, reflected in a 54 per cent increase in family foundations established in the past year.  Through its growing portfolio of programmes, partnerships, and advisory services, the Centre reinforces Dubai’s position as a trusted global partner for legacy building, combining tradition, innovation, and purpose for generations to come.