The International Organization of Securities Commissions (IOSCO) today published its Final Report (“Report”) on the Tokenization of Financial Assets. The financial sector has been actively exploring distributed ledger technology (DLT) to deliver services and tokenize financial assets. While tokenization may enhance efficiency and transparency, it also introduces new risks — or amplifies existing ones — that regulators must understand and address to protect investors. The Report seeks to build a shared understanding among IOSCO members of how tokenization is being adopted across capital markets and how regulators are responding. It examines potential implications for market integrity and investor protection to guide members in shaping effective regulatory responses. Developed by IOSCO’s Fintech Task Force (FTF), the Report draws on IOSCO’s analyses of commercial use cases (such as tokenized money market funds and fixed income instruments), and extensive stakeholder engagement through industry and academic roundtables. These inputs provided a comprehensive view of market practices, regulatory approaches, and challenges in financial asset tokenization. Key Findings Tokenization is growing but remains nascent. Commercial interest is rising, but adoption is still limited. Interoperability challenges and the lack of credible settlement assets hinder scalability. Efficiency gains are uneven. Tokenization can shorten settlement cycles and improve collateral mobility, but many market participants still rely on traditional infrastructure for trading and post-trade processes. Risks are familiar but evolving. Legal uncertainty, operational vulnerabilities, and cyber risks mirror existing risk categories but manifest differently under DLT, requiring tailored risk controls. Regulatory approaches vary. Some IOSCO members apply existing frameworks; others have issued new guidance, sandbox programs, or bespoke requirements. Consistent with the principle of “same activities, same risks, same regulatory outcomes”, IOSCO encourages regulators to consider applying its Policy Recommendations for Crypto and Digital Asset Markets and Policy Recommendations for Decentralized Finance in the context of tokenized financial assets. “This report reflects our commitment to understanding emerging technologies and their impact on global capital markets. As tokenization continues to evolve, this report provides timely insights into its adoption, associated risks, and the regulatory considerations related to market integrity and investor protection. It also contributes to IOSCO’s analysis of financial innovation by identifying shifts in market roles and infrastructure models that are emerging in tokenized financial assets.” - Jean-Paul Servais, Chair of IOSCO’s Board “This report underscores IOSCO’s and the Fintech Task Force’s commitment to developing a deep understanding of real-world tokenization applications and challenges. Through its analysis of lifecycle activities and emerging risks, it equips IOSCO members with insights to navigate evolving market structures while safeguarding market integrity and investor protection. Although adoption remains limited, tokenization has the potential to reshape how financial assets are issued, traded, and serviced. Members developing regulatory approaches for tokenized financial assets would find it useful to refer to the Policy Recommendations for Crypto and Digital Asset Markets and the Policy Recommendations for Decentralized Finance.” - Tuang Lee Lim, Chair of IOSCO’s Board-Level Fintech Task Force

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: 10 November 2025 Aggregate number of ordinary shares purchased: 207,500 Lowest price paid per share: 8,996.00p Highest price paid per share: 9,326.00p Average price paid per share: 9,144.31p   LSEG intends to cancel all of the purchased shares. Following the cancellation of the repurchased shares, LSEG has 516,023,762 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 516,023,762. 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/9556G_1-2025-11-10.pdf Schedule of Purchases Shares purchased:       207,500 (ISIN: GB00B0SWJX34) Date of purchases:      10 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 9,144.31 207,500 8,996.00 9,326.00 Turquoise        

Solactive is pleased to announce its collaboration with Samsung Active Asset Management on the launch of the KoAct US Biohealthcare Active ETF, which uses the Solactive US Biohealthcare Index as a benchmark. The product aims to provide investors with targeted exposure to US-listed biotechnology and biopharmaceutical companies, reflecting the momentum of groundbreaking healthcare innovation. The US biohealthcare sector is undergoing a rapid transformation, reaffirming its role as the world’s leading hub for biotechnology innovation. Advances in precision medicine, gene editing, and mRNA platforms are transitioning from research to commercialization, while artificial intelligence is accelerating drug discovery and development. Supported by regulatory initiatives from the US Food and Drug Administration (FDA), these innovations are shortening approval timelines and strengthening the country’s leadership in medical advancement. Combined with long-term demographic drivers such as aging populations and chronic disease prevalence, as well as progress in emerging areas like cell and gene therapies, the US biohealthcare industry continues to demonstrate resilience and sustained growth potential within the global life sciences landscape. The Solactive US Biohealthcare Index is designed to reflect this growth story by selecting 90 US-listed companies across the biotechnology and biopharmaceutical industries. The index applies a market capitalization-based weighting scheme, capping the three largest companies at 10% and all others at 3%. By leveraging Solactive’s robust rules-based methodology, the index provides diversified exposure to the US as the global hub of biotech innovation. The ETF listed on 11 November 2025 on the Korea Exchange (KRX) with the ticker code “0113G0 KS”.  Timo Pfeiffer, Chief Markets Officer at Solactive, commented: “The Solactive US Biohealthcare Index captures the structural and technological tailwinds transforming the healthcare industry. By combining exposure to established leaders and emerging innovators, the index delivers a comprehensive representation of US biohealthcare – a sector that remains at the forefront of global medical advancement.” Samsung Active Asset Management, commented: “We are pleased to announce our collaboration with Solactive, featuring an actively managed ETF that targets key biohealthcare leaders listed in the U.S. Recognizing the vital importance of the biohealthcare sector in shaping the future of global innovation, this ETF provides investors with direct exposure to pioneering companies at the forefront of medical advancements. At Samsung Active Asset Management, we are dedicated to delivering products that empower investors to seamlessly engage with transformative global market opportunities.”

BMLL, one of the world’s leading independent providers of historical data and analytics, has been selected to support EuroCTP as part of the EU’s Consolidated Tape initiative. One of the keys behind the future success of the consolidated tape for equities is the quality of the data itself. Thanks to this collaboration, EuroCTP will be in a position to validate its data quality control designs, and calibrate the thresholds and parameters for those controls ahead of go live, should EuroCTP be selected.  BMLL’s experienced data scientists, in combination with the breadth of its data sets and flexible analytics tools, offer EuroCTP a solid base with which it will be able to breach the historical data gap inherent to a new data product launch at onset. In addition to providing access to its data sets covering more than 100 trading venues, BMLL will share its expertise to support EuroCTP in delivering a fully mature product by mid-2026. Paul Humphrey, Chief Executive Officer of BMLL, said: "By offering our historical data and analytics to EuroCTP, BMLL is pleased to contribute to the implementation of the EU consolidated tape for equities and ETFs giving investors clearer, faster, and more reliable insights than ever before." Alicia Suminski, Principal Product Manager of EuroCTP, added: “As of day one, EuroCTP has strived to develop the highest level of quality in the consolidated tape data for the European Union. By working with such an experienced provider of historical data and analytics, EuroCTP will be  making it easier for everyone, from the institutions to everyday investors to access and trust the information they need.”

We are delighted to announce that the Association of National Numbering Agencies (ANNA) has won two awards:  ‘Best Reference Data Provider’ for the ANNA Service Bureau (ASB), and ‘Digital Assets Industry Collaboration of the Year’ for its partnership with the Digital Token Identifier Foundation (DTIF) at the Regulation Asia Awards for Excellence 2025.   As Asia-Pacific's leading regulatory awards programme, these awards recognise financial institutions, technology providers, regulators, policymakers, and advisory firms that are shaping and adapting the evolving APAC regulatory landscape. The programme celebrates those driving progress in compliance, managing risks, fostering resilience, and safeguarding market integrity.  ANNA is the central membership organisation for global Numbering Agencies, serving as the identification and Registration Authority for the International Securities Identification Number (ISIN) and Financial Instrument Short Name (FISN) standards, under appointment by the International Organization for Standardization (ISO). The ‘Best Reference Data Provider’ award recognises the ANNA ASB, which serves as the definitive global source for financial and referential instrument identification data, providing the world’s only directly sourced collection of ISIN codes and related reference information. Through its centralised platform for standardised identifier data, the ASB supports organisations in meeting compliance obligations and assists authorities with their oversight capabilities. The ‘Digital Assets Industry Collaboration of the Year’ acknowledges the ANNA/DTI Foundation partnership which was launched in October 2023 to facilitate the introduction of an innovative new International Securities Identification Number (ISIN) to identify crypto assets.  ANNA’s new XT-ISIN and the DTI Foundation’s Digital Token Identifier (DTI) are complementary and interoperable ISO identifiers with distinct yet connected functions, jointly enhancing market transparency. Their integration simplifies processes, reduces costs, and strengthens overall market interoperability. Stephan Dreyer, Managing Director of ANNA, said: "We are so proud that ANNA has been recognised with not one, but two, awards at the Regulation Asia Awards for Excellence. The ASB and the ANNA/DTIF partnership are designed to support the ever-changing demands of regulatory evolution, hence it is an honour to be acknowledged for the ongoing development of a financial instrument identifier framework that underpins the integrity of the APAC, and all global, financial systems.” For information about ANNA, its members and activities, please visit anna-web.org.

We are delighted to announce that the Derivatives Service Bureau (DSB) has won ‘Outstanding Regulatory Initiative of the Year, Capital Markets’ at the Regulation Asia Awards for Excellence 2025. The awards celebrate firms that are at the forefront of supporting APAC’s evolving regulatory landscape.The DSB has been recognised for the ongoing delivery of the global Unique Product Identifier (UPI) Service for OTC derivatives. The UPI Service directly addresses a long-standing challenge of transparency in OTC derivatives markets that contributed to the financial crisis and supports post-crisis regulatory reforms. By uniquely identifying an OTC derivative at the product level, the UPI enables authorities to aggregate OTC derivatives transactions and monitor the build-up of systemic risk.  Rollout of the UPI Service across G20 jurisdictions began in 2024 and over the last two years, the UPI Service has played a pivotal role in advancing the harmonisation of regulatory reporting standards on a global scale. The DSB has supported the onboarding of ten G20 jurisdictions, including five within the Asia-Pacific region, namely Australia, Singapore, Japan, Hong Kong and Korea, where authorities have mandated UPI reporting. The DSB has worked with authorities and local market infrastructures to prepare market participants with their UPI integration and onboarding requirements.Emma Kalliomaki, Managing Director of ANNA and the DSB, said: “The DSB is proud to be recognised at the Regulation Asia Awards for Excellence 2025 for its continued delivery of the UPI Service. This achievement reflects our unwavering commitment in driving global harmonisation of ISO standards, advancing data quality and consistency, and collaborating with stakeholders to evolve in line with the needs of the global market.”As a cost recovery industry utility, the DSB is now delivering a key regulatory service to over 450 fee-paying organisations and 1,700 free user organisations across 40 countries. In the APAC region alone, the DSB supports 68 fee-paying entities. These include Banks, Trade Execution Platforms, Asset Management firms, Clearing Houses, Brokerages, Trade Repositories and Data Management Providers. For more information about the UPI Service, please visit the DSB website:  https://cosp.anna-dsb.com/home 

Key takeaways: Digital asset investment products saw a second consecutive week of outflows totalling US $1.17bn, driven by post-liquidity cascade volatility and uncertainty over a potential U.S. rate cut. Bitcoin and Ethereum faced heavy outflows of US$932m and US$438m respectively. Altcoins remained resilient, led by Solana with US $118m in inflows last week and US $2.1bn over the last 9 weeks. The full research features in CoinShares’ weekly newsletter, which can also be found here.

ASIC’s current review of Australia’s motor vehicle finance sector has exposed cracks in some lenders’ oversight of car finance distributors—revealing problematic sales tactics, and a lack of regular audits and checks by lenders.  ASIC’s review follows a spike in complaints about motor vehicle finance to the regulator, as well as reports from consumer advocates about excessive establishment and interest costs as part of various car finance arrangements.   Most lenders examined by ASIC rely on intermediaries, such as brokers and dealerships, to arrange motor vehicle finance, with ASIC uncovering significant variations in loan establishment costs.  ‘We saw instances of loan establishment fees as high as $9,000 on a loan of $49,000,’ ASIC Commissioner Alan Kirkland said.  ‘We also found that almost half of all consumers who defaulted on their car finance repayments did so within the first six months of the loan. And of vehicles that were repossessed and sold, nearly 90% of consumers still owed more than half of their original loan amount.   ‘These numbers raise questions about whether these consumers have been given loans they cannot afford to repay, which is consistent with key themes in complaints that led to this review.’  ASIC will continue its probe to understand why such considerable cost differences exist and separately why many customers cannot keep up with repayments in the first year of their loan term.  The initial phase of this review examined every stage of a customer’s journey, from finance application, loan assessment and responsible lending checks to hardship requests, support, and dispute resolution. It highlighted the impact of unaffordable loans on customers and how this is resulting in poor consumer outcomes.   In response, ASIC has issued tailored action letters to participating lenders based on our preliminary findings, with specific recommendations for each. The range of identified areas for improvement include:  Better training, accreditation processes and oversight of lenders’ finance distribution channels  Stronger product review triggers and risk frameworks using consumer harm indicators and available data, including internal and external dispute resolution data to ensure products reach the right target market Improved communication when financial hardship arrangements are in place (in line with ASIC’s recent hardship report), including better information on voluntary surrender options Enhanced governance frameworks to ensure adequate oversight of intermediary brokers and dealers. Detailed findings from ASIC’s review will be released in 2026 and will include information on how lenders have responded to ASIC’s recommendations.  Mr Kirkland said, ‘We’ve identified areas where lenders must lift their standards, or risk leaving consumers exposed to poor financial outcomes.  ‘ASIC will take enforcement action to protect consumers where appropriate.’  ASIC currently has proceedings against car dealership Diamond Wheels, Keo Automotive and a former director for allegedly providing car loans to consumers while unlicensed, with many of those consumers having paid an excessive interest rate (24-209MR). ASIC also took action against Money3 Loans following numerous complaints, including from consumer advocates, about the inappropriate provision of finance to vulnerable consumers. While the court recently ruled largely in Money3’s favour, some limited contraventions of the responsible lending provisions of the Credit Act were found (25-198MR). Background This review takes a broad look at the motor vehicle finance sector, noting that misconduct in used car finance sold to vulnerable consumers remains a key enforcement priority for ASIC in 2025. The project aims to drive real change across industry, reducing consumer harm and improving outcomes for all car finance customers, including those in regional and remote areas and First Nations communities. The project aims to drive real change across industry, reducing consumer harm and improving outcomes for all car finance customers, including those in regional and remote areas and First Nations communities.  Lenders involved in the review:  Australian Alliance Automotive Finance Pty Ltd Angle Auto Finance Pty Ltd  Latitude Automotive Financial Services  Nissan Financial Services Australia Pty Ltd  Pepper Asset Finance Pty Ltd  Plenti Finance Pty Ltd,   Rapid Loans Pty Ltd and   Toyota Finance Australia Limited (including PowerTorque Finance).  More information ASIC puts car finance under the microscope including outcomes for regional and First Nations consumers – 19 March 2025 ASIC’s latest reports on financial hardship and design and distribution obligations. For consumers Consumers who are looking for car loan help can find free resources on ASIC’s Moneysmart website. ASIC media releases are point-in-time statement

The interest rate derivative market is closed today, November 11, 2025.

Miami International Holdings, Inc. (MIAX®) (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced expanded roles for Shelly Brown and Joseph W. Ferraro III—key members of its senior management team—to support strategic growth initiatives at MIAX Futures™. These appointments are effective today. Mr. Brown was appointed Chief Executive Officer of MIAX Futures. In this role, he will oversee the execution of the exchange's growth strategy including the upcoming launch of futures on the Bloomberg 500 Index in the first quarter of 2026, subject to regulatory filings with the Commodity Futures Trading Commission. In addition, Mr. Brown was appointed Chief Strategy Officer at Miami International Holdings. He has been with the company since 2011, contributing significantly to the growth of its options business which reached a monthly market share of 19.4% in October. "Shelly is a seasoned executive in our industry with a deep understanding of the roadmap to launching several key futures products in our pipeline," said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX and Chairman of MIAX Futures. "I can't think of anyone who brings more operational knowledge and efficiency to the table than him."  Mr. Ferraro was appointed President of MIAX Products, LLC, a subsidiary of MIAX focused on the development and licensing of new proprietary products. He will leverage his extensive industry experience to manage index product relationships and expand the company's proprietary product offering, with a current focus on Bloomberg equity index derivatives products. Mr. Ferraro will also continue in his existing role as Senior Vice President, Deputy General Counsel at MIAX. He joined the company in 2016, playing a key role in its 2020 acquisition of MIAX Futures, exclusive index licensing agreement with Bloomberg, and MIAX Futures Onyx trading platform launch. "Joe's expert guidance in the acquisition and development of MIAX Futures will continue to help further our proprietary product offering in this expanded role," Mr. Gallagher added. "We have made significant investments in developing MIAX Futures' technology infrastructure to prepare for expanded product offerings. With our signature MIAX technology now in place, I am confident in the abilities of both Shelly and Joe to lead critical operational aspects of our futures business and strategy."

The Nigerian equities market closed lower on Monday as investors took profits in select stocks, yet overall market performance continues to reflect robust growth and investor confidence. The All-Share Index (ASI) fell 0.50%, following sell-offs in stocks such as NAHCO, MBENEFIT, and AIICO. Despite the session’s setback, the Year-to-Date ASI remains strong at 44.50%, while the Month-to-Date return stands at 3.47%, signalling continued market resilience. Market turnover for the day reached ₦11.35 billion, traded across 32,538 deals, marking a 26.10% decline in value and a 30.88% decline in volume compared to Friday. Top performers by turnover included DANGCEM (₦2.15Bn), ZENITHBANK (₦1.31Bn), WAPCO (₦1.03Bn), ARADEL (₦644Mn), and GTCO (₦520Mn). The equities market maintained a market capitalization of ₦94.53 trillion ($65.80Bn), while the fixed income market remained steady at ₦52.60 trillion ($36.61Bn), reflecting continued investor confidence in Nigeria’s capital market. Investor sentiment, as measured by market breadth, recorded 0.31x, indicating selective gains in 13 equities against losses in 42 others. Analysts note that such fluctuations present strategic opportunities for long-term investors to reposition their portfolios. “Short-term market adjustments are normal in a dynamic market like Nigeria’s. The underlying fundamentals remain strong, and the year-to-date performance highlights the resilience and depth of our capital markets,” said David Adonri, Vice-Chairman, Board of HighCap Securities. Despite mild profit-taking, the Nigerian equities market continues to demonstrate exceptional strength, buoyed by robust liquidity and sustained investor confidence. With the All-Share Index still up 44.50% year-to-date and market capitalization above ₦94 trillion, analysts remain optimistic that Nigeria’s capital market will close the year on a strong note, driven by improving macroeconomic conditions and active domestic participation. Market watchers remain confident that liquidity in high-performing stocks and the broader market’s stability will continue to attract both domestic and foreign investors, reinforcing the positive sentiment surrounding Nigeria’s capital market.

The MIAX Pearl Options Exchange is upgrading its network analytics equipment to improve time measurement precision. The analytics equipment upgrade will be deployed as follows: Friday, November 14, 2025 post market close: MIAX Pearl Options 10G ULL network Friday, November 21, 2025 post market close: 1G Shared LL network for all MIAX options exchanges No action is required by exchange members related to the upgrades. Please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302 for additional information.   

ISDA has published a new paper in conjunction with Capgemini that gives industry perspectives on the ISDA Digital Regulatory Reporting initiative (DRR). The paper, which is based on interviews with firms that have adopted the ISDA DRR, explores the approaches institutions are taking to implement the DRR and the benefits they have realized. Specifically, interviewees reported improved data quality, high trade repository acknowledgement rates, reduced costs and increased efficiency. Firms that had adopted the ISDA DRR for one set of regulatory reporting requirements also found it easier and quicker to implement other rules due to the reusability of the DRR code and reporting logic across jurisdictions, reducing duplication of effort and maintenance costs. “This report confirms that firms using the ISDA DRR are realizing significant benefits, including operational and cost efficiencies. Importantly, the data being reported is more accurate, reducing the potential for regulatory penalties for misreported data and ensuring regulators receive better quality information,” said Scott O’Malia, ISDA’s Chief Executive. “Capgemini is pleased to have collaborated with ISDA in producing this report. Our collaboration reflects our conviction that open standards, specifically the CDM and the ISDA DRR, are transformational for how the industry collaborates, reports and operates. When widely adopted, they will drive greater standardization, data consistency and operational efficiency across capital markets interactions. Capgemini is excited to help the industry design, build and scale these capabilities, supporting both development and adoption,” said Paul Grainger, Director, Banking & Capital Markets, at Capgemini. The ISDA DRR uses the Common Domain Model – an open-source data standard for financial products, trades and lifecycle events – to transform an industry-agreed interpretation of each rule set into machine-executable code. The ISDA DRR currently covers reporting rules in eight jurisdictions, including the EU and UK under the EU/ UK European Market Infrastructure Regulation and the US under Commodity Futures Trading Commission requirements, and will ultimately extend to 12 rule sets in nine jurisdictions. Read the paper here. More information about the ISDA DRR is available here. Documents (1)for ISDA and Capgemini Publish Paper Giving Industry Perspectives on the ISDA DRR ISDA and Capgemini Publish Paper Giving Industry Perspectives on the ISDA DRR(pdf)

ISDA has been awarded Outstanding Contribution to Regulatory Reform for the ISDA Digital Regulatory Reporting (ISDA DRR) initiative by Regulation Asia at its eighth annual Awards for Excellence. The ISDA DRR helps market participants comply with regulatory reporting requirements by using the Common Domain Model – an open-source data standard for financial products, trades and lifecycle events – to transform an industry-agreed interpretation of each rule set into machine-executable code. This code can be used as the basis of implementation or to validate that a firm’s own interpretation of the rules is aligned with the golden-source standard, increasing the accuracy and consistency of data reported to regulators and reducing the time, resources and costs associated with compliance. The ISDA DRR currently covers reporting rules in eight jurisdictions, including Australia, Hong Kong, Japan and Singapore, and will ultimately extend to 12 rule sets in nine jurisdictions. “ISDA has again demonstrated its unique ability to act as a bridge between industry innovation and regulatory necessity. The Digital Regulatory Reporting initiative is a landmark achievement in mutualized compliance. By creating a golden-source interpretation of complex rules and translating it into machine-executable code, ISDA has solved a major problem for the industry, drastically reducing the risk of misreporting and freeing up critical resources,” said one judge on the Regulation Asia Awards panel “We’re very proud to win this award recognizing the important role the ISDA DRR plays in helping firms to implement changes to regulatory reporting requirements cost-effectively and accurately. As policymakers continue to improve their reporting regimes, we will make sure the ISDA DRR evolves to keep pace with those developments,” said Scott O’Malia, ISDA’s Chief Executive. ISDA also won Global Capital’s award for Digital Solution of the Year for the ISDA DRR earlier this year, as well as Industry Association of the Year. More information about the ISDA DRR is available here. Documents (1)for ISDA Wins Regulation Asia’s Outstanding Contribution to Regulatory Reform Award ISDA Awarded Regulation Asias Outstanding Contribution to Regulatory Reform Award(pdf)

The Money Markets Committee is a forum for market participants and authorities to discuss the UK unsecured deposits and funding market and securities lending and repo markets. Date: 24 September 2025 Time: 1.30pm – 3.30pm | Location: Bank of England, Threadneedle Street, London EC2R 8AH Minutes Item 1 – Welcome The Chair thanked members for attending and confirmed that the Minutes of the Money Markets Committee (MMC) June 2025 meeting had been published on the Bank’s website.footnote[1] The Chair welcomed Gareth Jones and Sara Carter to their first meeting as new members of the MMC, and those who were attending as part of the Bank’s Meeting Varied People (MVP) initiative. The Chair also welcomed Kash Chundoo to the Committee Secretariat. Item 2 – Discussion on market conditions A member of the Committee provided a presentation on recent developments in gilt and UK money market conditions. The presentation and subsequent discussion highlighted that the UK gilt curve had remained resilient amidst the global steepening trends in recent months. The discussion also considered the influence of inflation on the level of gilt curve relative to other jurisdictions.. Members noted that the Debt Management Office’s approach to shortening the weighted average maturity of issuance had helped manage supply pressures, though some liquidity challenges remained due to curve segmentation. Members also reflected on structural developments in the gilt market, including changes in demand and issuance trends. Members noted that sterling money markets continued to function smoothly, supported by stable central bank pricing and increased usage of the Bank’s Short-Term Repo (STR) and Indexed Long-Term Repo (ILTR) facilities. Members observed that conditions across secured and unsecured markets remained robust, with improved transparency and broader participation. The upcoming UK Autumn Budget was highlighted as a contributor to market uncertainty. Item 3 – Discussion on gilt repo market resilience in the context of the Bank’s Discussion Paper The Bank provided an overview of its recently published Discussion Paper on “Enhancing the resilience of the gilt repo market”footnote[2], which explores the effectiveness and impact of a range of potential reforms to enhance the resilience of the UK gilt repo market, including greater central clearing and the introduction of minimum haircut for non-centrally cleared transactions. Feedback should be submitted to the Bank by 28 November 2025. Members acknowledged the potential benefits of expanding central clearing, including how broader access might encourage wider market participation. However, they also emphasised the importance of designing solutions that reflect the diverse characteristics and requirements of different market participants. The discussion highlighted that further clarity on minimum haircuts would be useful. Item 4 – Discussion on RT2 and CHAPS settlement hours in the context of the Bank’s Consultation Paper The Bank provided an overview of its recently published Consultation Paper on the “Proposal to extend RT2 and CHAPS settlement hours (phase 1)”footnote[3]. The proposed extension seeks to align the UK’s core payments infrastructure more closely with global standards, foster industry-wide cooperation, and support innovation, resilience and inclusivity. The deadline for responses to the consultation was 21 October 2025. The Committee noted that while the proposal could offer benefits such as enhanced liquidity and improved access for international counterparties, it may also present some operational challenges. Members recognised the importance of maintaining work-life balance in rolling out any changes as well as ensuring that any changes do not disproportionately impact firms with more limited operational capacity. Discussion also noted that firms might need to consider implementing liquidity buffers to manage weekend demands as well as the impact this might have on firms with smaller balance sheets. Members also suggested that there would be benefit in providing use cases for the extended hours to help clarify the practical benefits of the proposal. The Bank confirmed that it is exploring implementation options that support resilience and inclusivity and will continue to engage with stakeholders as part of the consultation process. Item 5 – Sub-Committee updates A member of the Committee provided a readout of the most recent meeting of the Securities Lending Sub-Committee, which met on 23 Septemberfootnote[4]. Updates were provided on the UK T+1 settlement position in terms of readiness and testing as well as hybrid working practices. Committee Attendees Committee members James Winterton – Association of Corporate TreasurersGareth Jones – BarclaysEmma Cooper – BlackRockSara Carter – CME GroupMarije Verhelst – EuroclearInna Shaykevich – Goldman SachsJames Murphy – HSBCChris Brown – Insight InvestmentTony Baldwin – LCHJohn Wherton – L&GScott Creed – Lloyds BankNina Moylett – M&GChirag Patel – RabobankAlan Williams – Santander UKRomain Sinclair – Société Générale MVP attendees and Observers Ross Barclay – DMOPaul Canty – DMOAlan Barnes – FCAAndy Burgess – Insight InvestmentDavid Hooker – Insight InvestmentJames McKerrow – Insight InvestmentMichael Semaan – LCHNick Barnes – LCH Bank of England Matt Roberts-Sklar (Chair)Vicky SaportaSimon DolanJack WellingCallum AshworthKash ChundooYousif TakiJames TullochAnnalisa StoddartBonnie Howard Yuliya BaranovaCameron BrooksMunalula LisimbaToby DaviesPaige Benattar Apologies Gordon Lowson – AberdeenCristiano Guidi – Bank of America Merrill LynchIna Budh-Raja – Bank of New York MellonEdward Bond – J.P. MorganNic Erevik – Newcastle Building SocietyJohn Argent – Tradition Minutes of the Money Market Committee meeting – June 2025 | Bank of England Enhancing the resilience of the gilt repo market | Bank of England Proposal to extend RT2 and CHAPS settlement hours (phase 1) | Bank of England Minutes of the Securities Lending Committee meeting – September 2025 | Bank of England

Today, ACER releases its Opinion on Spain’s National Resource Adequacy Assessment (NRAA). This national assessment complements the European Resource Adequacy Assessment (ERAA) 2024, reflecting recent developments in the country’s electricity system, including the integration of the Balearic Islands and Ceuta. What is a resource adequacy assessment? The European Resource Adequacy Assessment (ERAA) evaluates electricity resource adequacy across the EU and provides a consistent framework to assess whether additional national measures are needed to ensure security of supply. ERAA is carried out annually by the European Network of Transmission System Operators for Electricity (ENTSO-E) and reviewed by ACER. Member States can complement the European analysis through national assessments (NRAAs), which may capture new developments or national specificities not yet reflected in the latest ERAA. When a national assessment identifies new adequacy concerns, and the Member State informs ACER, ACER issues an Opinion on the differences with the ERAA. What did ACER find? Overall, ACER finds the Spanish assessment clear, robust and well executed and notes that most differences with the ERAA 2024 are justified by national specificities and local factors. Spain’s assessment shows higher electricity adequacy concerns for 2030 compared with the ERAA. These higher projected risks are linked to two differences identified by ACER between the Spanish NRAA and the ERAA 2024: Lower storage capacity: Only storage projects already planned or under development are considered in the NRAA. As a result, Spain would have around half the storage capacity estimated in the ERAA for 2030, limiting the system’s ability to balance variable renewable generation and meet peak demand. Stricter gas generation assumptions: Spain’s assessment applies lower generation availability for gas turbine fleet based on historical data, including fixed maintenance schedules. This reduces the generation capacity expected to be available during periods of high demand. ACER notes that while the assumptions of lower storage capacity and fixed gas turbine maintenance are insufficiently motivated, as they could better reflect the expected evolution of the electricity system, their impact on the overall results of the NRAA is limited. What are the next steps? ACER encourages the Spanish authorities to take its findings into account as the assessment process progresses. Read more.

S&P Global (NYSE: SPGI) announced today that its Board of Directors has approved the addition of Mr. Robert Moritz to the Board, effective March 1, 2026. Mr. Moritz has more than four decades of global leadership experience specifically in audit and assurance in the financial services, banking sectors and capital markets. Most recently, Mr. Moritz served as global Chairman of PricewaterhouseCoopers LLC (PwC) where he led the company's global leadership teams – setting strategy and elevating PwC's brand among its clients and stakeholders. Mr. Moritz is currently a member of Walmart's Board of Directors, where he sits on the retailer's audit and technology and e-commerce committees, and Northern Trust Corporation, as a member of the audit and human capital and compensation committees. In addition, he holds several not-for-profit Board seats, including at SUNY-Oswego College Foundation, his alma mater. "We're thrilled to welcome Bob to our Board," said Martina L. Cheung, President and CEO, S&P Global. "He brings extensive global experience and unique perspectives on the opportunities and risks facing global companies in today's fast-paced environment."   "We're delighted that Bob will be joining our Board," said Ian P. Livingston, Non-Executive Chairman of the Board of S&P Global. "His experience as a global financial services industry leader will be extremely valuable in helping S&P Global to manage the opportunities and challenges that lie ahead and the evolving needs of our clients." "It's a privilege to serve on the Board of a company that has built a trusted reputation in global markets anchored on integrity and independence," said Bob Moritz. "I'm excited to collaborate with my fellow Board members, supporting Martina and S&P Global's leaders as the company moves into its next phase of growth." Mr. Moritz will serve on the S&P Global Board's Audit and Nominating and Corporate Governance committees.

As previously announced in the July 24, 2025 Alert, the MIAX Options Exchange will be increasing the Maximum Leg Ratio for Complex orders to 32,767. The rollout schedule for this change is as follows: Day 1 - Monday, November 17, 2025: Symbols beginning with Z (Cloud 21) Day 2 - Tuesday, November 18, 2025: Symbols beginning with letters U – YUMC (Clouds 18 – 20) Day 3 - Wednesday, November 19, 2025: Symbols beginning with letters A – HZO, except AAPL and GOOG (Clouds 1 – 8) Day 4 - Thursday, November 20, 2025: All Remaining Symbols (Clouds 9 – 17 and 22 – 24) Additional Details: In conjunction with this change, the Order Quantity multiplied by the highest Option Leg Ratio of the strategy must be less than or equal to 999,999 and the Order Quantity multiplied by the Stock Leg Ratio of the strategy, if present, must be less than or equal to 99,999,999. This change will apply to all FIX Order Interface (FOI) app protocol versions; no new app protocol is released to support this change. This change is currently available in the MIAX Options Firm Test Bed (FTB2) environment. Updated interface specifications can be found at MIAX Options Interface Specifications.For additional information, please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.

Nigerian Exchange Limited (NGX) has reinforced its role as a catalyst for capital formation with the launch of Ellah Lakes Plc's ₦235 billion Offer for Subscription. The offer which was launched during a Facts Behind the Offer presentation at NGX, underscores the Exchange's commitment to deepening access to long-term financing for businesses driving Nigeria's real sector growth. Ellah Lakes Plc, Nigeria's pioneering integrated agro-industrial enterprise, is raising ₦235 billion through the issuance of 18.8 billion ordinary shares of 50 kobo each at ₦12.50 per share. The Offer, led by Rand Merchant Bank (RMB) as Lead Issuing House, opened on Monday, 10 November 2025, and will close on Friday, 5 December 2025. Speaking at the event, Mr. Jude Chiemeka, Chief Executive Officer of NGX, commended Ellah Lakes for leveraging the Nigerian capital market as a springboard for expansion: "The launch of this ₦235 billion equity raise underscores the depth and resilience of Nigeria's capital market as a strategic enabler of corporate growth. At NGX, we are particularly pleased to see a leading indigenous agribusiness like Ellah Lakes harness the market to scale its operations and deepen value creation across the agricultural value chain. This Offer represents not only an opportunity for investors to participate in the country's agro-industrial expansion but also a strong signal of renewed confidence in the Exchange as a gateway for transformative capital formation." Mr. Chuka Mordi, Chief Executive Officer of Ellah Lakes Plc, described the Offer as a pivotal step in the company's evolution: "This Offer for Subscription is about unlocking the next chapter of Ellah Lakes' growth story. At an offer price of ₦12.50 per share, this raise reflects the intrinsic value of our scaled, integrated platform. We are inviting investors to participate in a clear growth trajectory built on over 30,000 hectares of resilient, diversified assets and strong processing capacity. The ₦235 billion equity expansion marks our transition from foundation building to full-scale market expansion, driving sustainable profitability and advancing Nigeria's food security agenda." Mr. Paul Farrer, Deputy Managing Director of Ellah Lakes Plc, further detailed the company's deployment strategy: "Every naira from this raise has a clear strategic purpose. The proceeds will accelerate integration of the newly acquired Agro-Allied Resources & Processing Nigeria Limited (ARPN) assets and upgrade our crude palm oil and cassava processing facilities. Our goal is to deliver a step-change in operational efficiency and scale, maximising value for shareholders and contributing to the broader agro-industrial ecosystem." The launch of the Ellah Lakes Offer for Subscription demonstrates NGX's continued commitment to connecting issuers with investors and supporting companies across growth sectors in accessing efficient capital. The transaction offers institutional and retail investors a unique opportunity to participate in one of Nigeria's most ambitious agro-industrial expansion stories, reinforcing NGX's position as the exchange of choice for transformative financing.

The Luxembourg Stock Exchange (LuxSE) unveiled today a new window on its UN-awarded platform for sustainable finance, the Luxembourg Green Exchange (LGX) - taking a step beyond its traditional security-level focus and shining the spotlight on issuers demonstrating alignment with the EU Taxonomy. The EU Taxonomy Issuers Window showcases LuxSE issuers with either Significant Turnover Alignment or Significant CapEx Alignment with the EU Taxonomy. This marks a new step for the exchange and the LGX Platform as this new window places the focus on an issuer’s overall business model and its contribution to the green activities set out in the EU Taxonomy. With this latest move, LuxSE strengthens its commitment to fostering awareness of the broader universe of investment options contributing to positive environmental outcomes, providing visibility to companies that are aligned with - or investing in – the EU’s ambitious green agenda, even if they do not issue green bonds.   Bringing issuer-level transparency to sustainable finance Introduced in 2020 and applicable from 2022, the EU Taxonomy is the European Union (EU)’s classification system for environmentally sustainable economic activities. It establishes clear criteria to help companies, investors and policymakers identify activities that make a substantial contribution to the EU’s climate and environmental objectives. Building on the EU Taxonomy and alignment data reported by issuers, LuxSE has defined two categories of companies within this window. These categories highlight the extent to which each engage in environmentally sustainable activities. The first category highlights companies with significant turnover alignment - generating more than 75% of their revenue from EU Taxonomy-aligned activities. The second category, on the other hand, features companies with significant CapEx alignment, meaning those that invest at least 75% in EU Taxonomy-aligned projects or assets, or with CapEx alignment at least 25 percentage points above turnover alignment. “As a leader in the realm of sustainable finance in Europe and worldwide, LuxSE believes it has an important role to play in accelerating the practical application of the EU Taxonomy. With the launch of our EU Taxonomy Issuers Window, we are reaffirming our move from a security-level to an issuer-level focus, helping investors identify companies demonstrating strong Taxonomy alignment and enabling issuers to showcase their efforts in aligning with the EU Taxonomy,” commented Laetitia Hamon, Head of Operations & Sustainable Finance at LuxSE. Connecting Investors and Issuers Upon launch, the EU Taxonomy Issuers Window – which is the first window exclusively dedicated to issuers with significant EU Taxonomy alignment launched by a European exchange - is publicly accessible via LuxSE’s website and provides information on issuers with securities listed or admitted on one of LuxSE’s internationally respected markets or platforms, and demonstrating Significant Turnover Alignment or Significant CapEx Alignment with the EU Taxonomy. In addition to displaying information on the entity’s overall issuer profile, all bonds listed by these issuers on LuxSE will be included in this window and form part of the LGX Platform.  “Our EU Taxonomy Issuers Window enhances transparency by connecting investors with issuers demonstrating tangible engagement in environmental sustainability. This initiative makes it easier to distinguish companies leading the transition, ensures their efforts are recognised within the broader sustainable finance market, and helps broaden the scope of investment opportunities for investors,” said Lucas Rabiot, Head of LGX Operations at LuxSE. To find out more about the EU Taxonomy Issuers Window, please visit our website or explore the window.