Moscow Exchange informs you of the termination of access to the MOEX Board system, scheduled on December 1, 2025. Broadcasting to FAST MOEX Board data-streams (listed below) will be discontinued: https://ftp.moex.com/pub/FAST/Spectra/prod/templates/MOEX/configuration.xml#SPOT-BOOK-1-S https://ftp.moex.com/pub/FAST/Spectra/prod/templates/MOEX/configuration.xml#SPOT-BOOK-20-S https://ftp.moex.com/pub/FAST/Spectra/prod/templates/MOEX/configuration.xml#SPOT-TRADES-S https://ftp.moex.com/pub/FAST/Spectra/prod/templates/MOEX/configuration.xml#SPOT-INFO-S https://ftp.moex.com/pub/FAST/Spectra/prod/reserv_templates/MOEX/configuration.xml#SPOT-BOOK-1-S https://ftp.moex.com/pub/FAST/Spectra/prod/reserv_templates/MOEX/configuration.xml#SPOT-BOOK-20-S https://ftp.moex.com/pub/FAST/Spectra/prod/reserv_templates/MOEX/configuration.xml#SPOT-TRADES-S https://ftp.moex.com/pub/FAST/Spectra/prod/reserv_templates/MOEX/configuration.xml#SPOT-INFO-S Starting from January 31, 2026, the data-streams listed above will be deleted from the specification and configuration files of the FAST protocol (listed below): https://ftp.moex.com/pub/FAST/Spectra/prod/templates/MOEX/configuration.xml https://ftp.moex.com/pub/FAST/Spectra/prod/reserv_templates/MOEX/configuration.xml https://ftp.moex.com/pub/FAST/Spectra/prod/docs/spectra_fastgate_ru.pdf https://ftp.moex.com/pub/FAST/Spectra/prod/docs/spectra_fastgate_en.pdf Read more on the Moscow Exchange: https://www.moex.com/n95082

MSCI announced on November 05th 2025 the results of the MSCI Equity Indexes November 2025 Index Review. For the MSCI Qatar Indices the outcome of the review is as follows: Addition(s) to the MSCI Qatar Index* (*MSCI Qatar Index includes companies included in both MSCI Qatar Large Cap Index and MSCI Qatar Mid Cap Index) None Reclassification None Deletion(s) from the MSCI Qatar Index None Addition(s) to the MSCI Qatar Small Cap Index None Deletion(s) from the MSCI Qatar Small Cap Index Gulf Warehousing Company The changes will become effective on Close of November 24th, 2025 for the Qatari market   To view MSCI press release Click links    QSE Notice and Disclaimer  The information provided in this document is an extract of information that has publicly been made available by a third party on their website on the internet, [https://www.msci.com/index-review. QSE is providing the information in this document “as is” and does not make any representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, timeliness or availability of the third party information and/or the information provided in this document for any purpose.  QSE has no control over the nature, content, timeliness and availability of the third party information, and does not endorse or express any opinion on its contents. Any reliance you place on the information provided by us in this document and the information provided by the third party on their website or elsewhere is strictly at your own risk. The user should also note that the information of the third party is subject to certain intellectual property rights.  In no event will QSE be liable for any loss or whatsoever arising from, arising out of, or in connection with, the use of the information provided in this document or any information provided by the third party. MSCI Notice and Disclaimer The MSCI sourced information is the exclusive property of MSCI Inc. (MSCI). Without prior written permission of MSCI, this information and any other MSCI intellectual property may not be reproduced, re-disseminated or used to create any financial products, including any indices. This information is provided on an “as is” basis. The user assumes the entire risk of any use made of this information. MSCI, its affiliates and any third party involved in, or related to, computing or compiling the information hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of this information. Without limiting any of the foregoing, in no event shall MSCI, any of affiliates or any third party involved in, or related to, computing or compiling the information have any liability for any damages of any kind. MSCI and the MSCI indexes are services marks of MSCI and its affiliates.

Today, the Securities and Exchange Surveillance Commission filed an accusation with the Tokyo District Public Prosecutors Office against one corporation and four individuals on suspicion of violating the Financial Instruments and Exchange Act (submission of false securities registration statements etc.). The details of the alleged offense subject to accusation are as follows. １．Details of the Offense Subject to Accusation The Suspected Corporation, alt Inc. (hereinafter referred to as the "Suspected Corporation"), is a company headquartered in Minato-ku, Tokyo, engaged in the research and development of artificial intelligence and related technologies, as well as the planning, development, and operation of related services. Suspect A served as the Representative Director and President of the Suspected Corporation and oversaw all of its operations; Suspect B served as Director and Chief Financial Officer and oversaw financial operations; Suspect C served as General Manager of the AI Solutions Division and oversaw sales operations; and Suspect D served as General Manager of the Finance and Accounting Department and oversaw accounting operations. The four suspects, acting in concert,  (i)  In connection with the business of the Suspected Corporation, when conducting a public offering and secondary offering of shares in conjunction with listing on the Growth Market, on September 5, 2024, by using the electronic disclosure system and recording files on computers used by the Cabinet Office, at the Kanto Local Finance Bureau, to the Director-General of the said Bureau, by recording fictitious sales figures, the Suspected Corporation submitted securities registration statements containing false statements of material facts as follows: for the fiscal year from January 1, 2022 to December 31, 2022, although the actual sales were 243,106,000 yen (amounts less than 1,000 yen are omitted; same applies hereinafter), a false statement of sales as 2,666,074,000 yen was made in the profit and loss statement; for the fiscal year from January 1, 2023 to December 31, 2023, although the actual sales were 394,612,000 yen, a false statement of sales as 4,111,995,000 yen was made in the profit and loss statement; and for the interim accounting period from January 1, 2024 to June 30, 2024, although the actual sales were 497,772,000 yen, a false statement of sales as 2,844,006,000 yen was made in the interim profit and loss statement. A securities registration statement, each containing such false profit and loss statements, was submitted, thereby submitting securities registration statements containing false statements on material matters. (ii)  With respect to the business of the Suspected Corporation, whose shares were listed on the aforementioned Growth Market, on March 27, 2025, by utilizing the electronic disclosure system and recording the information in files on computers used by the Cabinet Office, at the Kanto Local Finance Bureau, to the Director-General of said Bureau, a securities report was submitted that included a false consolidated statement of income for the consolidated fiscal year from January 1, 2024 to December 31, 2024, in which, despite actual net sales being 1,090,001,000 yen, the net sales were falsely stated as 6,057,288,000 yen by recording fictitious sales. As a result, an annual securities report containing false statements on material matters was submitted.Such acts were committed. ２．Relevant Provisions Financial Instruments and Exchange Act Article 197, paragraph 1, item 1 (prior to amendment by Act No. No. 68 of 2022), Article 5, paragraph 1, Article 207, paragraph 1, item 1  Article 197, paragraph 1, item 1 (prior to amendment by Act No. 68 of 2022), Article 24, paragraph 1, item 1, Article 207, paragraph 1, item 1, item 1 Additionally, for the four suspects, Article 60 of the Penal Code Statutory Penalties:For corporations: a fine of up to 700 million yenFor individuals: imprisonment for up to 10 years, or a fine of up to 10 million yen, or both

Revenues up 100% year-over-year to a record $1.27 billion Net Deposits were a record $20 billion, and Robinhood Gold Subscribers reached a record 3.9 million Diluted EPS up 259% year-over-year to $0.61 Robinhood now up to 11 business lines each generating ~$100 million or more in annualized revenues Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) today announced financial results for the third quarter of 2025, which ended September 30, 2025. "Our team’s relentless product velocity drove record business results in Q3 and we’re not slowing down— Prediction Markets are growing rapidly, Robinhood Banking is starting to roll out, and Robinhood Ventures is coming,” said  Vlad Tenev, Chairman and CEO of Robinhood. “Q3 was another strong quarter of profitable growth, and we continued to diversify our business, adding two more business lines—Prediction Markets and Bitstamp—that are generating approximately $100 million or more in annualized revenues,” said  Jason Warnick, Chief Financial Officer of Robinhood. “And Q4 is off to a strong start in October, with record monthly trading volumes across equities, options, prediction markets, and futures, and new highs for margin balances.” Third Quarter Results Total net revenues increased 100% year-over-year to $1.27 billion. Transaction-based revenues increased 129% year-over-year to $730 million, primarily driven by cryptocurrencies revenue of $268 million, up over 300%, options revenue of $304 million, up 50%, and equities revenue of $86 million, up 132%. Net interest revenues increased 66% year-over-year to $456 million, primarily driven by growth in interest-earning assets and securities lending activity, partially offset by lower short-term interest rates. Other revenues increased 100% year-over-year to $88 million, primarily due to increased Robinhood Gold subscribers. Net income increased 271% year-over-year to $556 million. Diluted earnings per share (“EPS”) increased 259% year-over-year to $0.61. Total operating expenses increased 31% year-over-year to $639 million. The year-over-year increase was primarily driven by marketing and growth investments, and acquisition-related expenses. Adjusted Operating Expenses and Share-Based Compensation (“SBC”) (non-GAAP) increased 29% year-over-year to $613 million. Adjusted EBITDA (non-GAAP) increased 177% year-over-year to $742 million. Funded Customers increased by 2.5 million, or 10%, year-over-year to 26.8 million. Investment Accounts increased by 2.8 million, or 11%, year-over-year to 27.9 million. Total Platform Assets increased 119% year-over-year to $333 billion, driven by continued Net Deposits, higher equity and cryptocurrency valuations, and acquired assets. Net Deposits were $20.4 billion, an annualized growth rate of 29% relative to Total Platform Assets at the end of Q2 2025. Over the past twelve months, Net Deposits were $68.3 billion, a growth rate of 45% relative to Total Platform Assets at the end of Q3 2024. Robinhood Gold Subscribers increased by 1.7 million, or 77%, year-over-year to 3.9 million. Average Revenue Per User (“ARPU”) increased 82% year-over-year to $191. Cash and cash equivalents totaled $4.3 billion compared with $4.6 billion at the end of Q3 2024. Share repurchases were $107 million, representing 1 million shares of our Class A common stock at an average price per share of $104.95. Since starting our share repurchase program in Q3 2024, total share repurchases were $810 million, representing 22 million shares of our Class A common stock at an average price per share of $37.58.  Highlights Strong product velocity fuels record results as Robinhood makes progress across focus areas Advancing the Platform for Active Traders - Robinhood leveled up its offering for active traders with the launch of new products and a dedicated customer event. In September, the company hosted its second annual HOOD Summit, bringing over 900 customers together in person while nearly 26 million viewers tuned in virtually for the livestream. At the event, Robinhood announced several new products aimed at making Robinhood the #1 platform for active traders, including Robinhood Social, AI-driven custom indicators and scanners powered by Robinhood Cortex, and several additional brokerage upgrades including multiple individual brokerage accounts and shorting. In August, Robinhood launched Pro and College Football contracts within its Prediction Markets Hub. In Q3 2025, total Event Contracts Traded more than doubled sequentially to 2.3 billion, and October 2025 totaled 2.5 billion contracts, more than all of Q3 2025. Redefining Wealth Management for the Next Generation - Robinhood continues to reimagine how customers grow and manage their wealth across investing and advisory services. During the quarter, Robinhood Gold Subscribers climbed to nearly 4 million, with the adoption rate exceeding 14%. As of October 31, 2025, Robinhood Strategies, the company’s actively managed digital advisory product, serves over 180 thousand customers and manages over $1 billion in assets. Leading Innovation Across the Global Financial Ecosystem - Robinhood is building momentum internationally, with nearly 700 thousand Funded Customers across the UK and EU, including Bitstamp. Through Bitstamp, the company continues to attract more institutional clients and enhance its global crypto offering. Robinhood launched crypto perpetual futures across Europe and doubled the number of Stock Tokens available to EU customers to over 400. In the UK, the company introduced Digests by Cortex, providing AI-powered market insights, and launched Futures trading, expanding Robinhood’s product suite for global traders. Additional Q3 2025 Operating Data Robinhood Retirement AUC increased 144% year-over-year to a record $24.2 billion. Cash Sweep increased 44% year-over-year to a record $35.4 billion. Margin Book increased 153% year-over-year to a record $13.9 billion. Equity Notional Trading Volumes increased 126% year-over-year to a record $647 billion. Options Contracts Traded increased 38% year-over-year to a record 610 million. Crypto Notional Trading Volumes were $80 billion, including Robinhood App Notional Volumes which increased 176% year-over-year to $40 billion and Bitstamp Notional Volumes which were $40 billion.  Select Preliminary October 2025 Operating Data Net Deposits were approximately $5.5 billion, an annualized growth rate of approximately 20% relative to Total Platform Assets at the end of September 2025. Margin Book increased over 150% year-over-year to over $16 billion. Equity Notional Trading Volumes increased over 150% year-over-year to approximately $320 billion. Options Contracts Traded increased over 60% year-over-year to over 260 million. Crypto Notional Trading Volumes were over $32 billion, including Robinhood App Notional Volumes which increased approximately 150% year-over-year to approximately $14 billion and Bitstamp Notional Volumes which were over $18 billion.  Chief Financial Officer Transition Additionally, CFO  Jason Warnick announced his intention to retire next year. Jason will transition from his role as CFO in Q1 and continue as a strategic advisor for the Company through September 1, 2026. The Company will name long time Robinhood finance veteran  Shiv Verma as the next CFO. Conference Call and Livestream Information Robinhood will host a video call to discuss its results at 2 p.m. PT / 5 p.m. ET today, November 5, 2025. The video call can be accessed at investors.robinhood.com, along with the earnings press release and accompanying slide presentation. The event will also be live streamed to YouTube and X.com via Robinhood’s official channels, @RobinhoodApp, on Vlad Tenev’s X.com account, @vladtenev, as well as in the Robinhood App. Following the call, a replay and transcript will also be available at investors.robinhood.com. Financial Outlook The paragraph below provides information on our 2025 expense plan and outlook. We are not providing a 2025 outlook for total operating expenses and have not reconciled our 2025 outlook for Adjusted Operating Expenses and SBC to the most directly comparable GAAP financial measure, total operating expenses, because we are unable to predict with reasonable certainty the impact of certain items without unreasonable effort. These items include, but are not limited to, provision for credit losses and significant regulatory expenses which may be material and could have a significant impact on total operating expenses for 2025. Our 2025 expense plan includes growth investments in new products, features, and international expansion while also getting more efficient in our existing businesses. Our prior outlook for combined Adjusted Operating Expenses and SBC for full-year 2025 provided at Q2 2025 Earnings (July 30, 2025) was $2.15 billion to $2.25 billion. Our strong year-to-date business and revenue growth had put us on track to be around the top end of that outlook range. This included an increased employee bonus accrual, as we are currently exceeding the performance targets we set at the beginning of the year. Additionally, our stock price appreciation triggered the vesting of the 2019 CEO Market-Based RSUs, resulting in payroll taxes reflected in general and administrative expenses primarily in Q3 that were not included in our prior outlook. And we are also increasing our investments in new growth areas like Prediction Markets and Robinhood Ventures that we believe have significant potential. Taken together, we now expect our 2025 full year Adjusted Operating Expenses and SBC to be approximately $2.28 billion, which could be higher or lower depending on how the rest of the year plays out. This expense outlook does not include provision for credit losses, costs related to our pending acquisition of WonderFi, potential significant regulatory matters, or other significant expenses (such as impairments, restructuring charges, and other business acquisition- or disposition-related expenses) that may arise or accruals we may determine in the future are required, as we are unable to accurately predict the size or timing of such matters, expenses or accruals at this time. Actual results might differ materially from our outlook due to several factors, including the rate of growth in Funded Customers and our effectiveness to cross-sell products which affects variable marketing costs, the degree to which we are successful in managing credit losses and preventing fraud, and our ability to manage web-hosting expenses efficiently, among other factors. See “Non-GAAP Financial Measures” for more information on Adjusted Operating Expenses and SBC, including significant items that we believe are not indicative of our ongoing expenses that would be adjusted out of total operating expenses (GAAP) to get to Adjusted Operating Expenses and SBC (non-GAAP) should they occur.

Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today reported October monthly trading volume statistics across its global business lines. The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain October trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines. Average Daily Trading Volume (ADV) by Month Year-To-Date Oct 2025 Oct 2024 % Chg Sep 2025 %   Chg Oct 2025 Oct 2024 %   Chg Multi-listed options (contracts, k) 15,892 10,793 47.2 % 15,273 4.1 % 13,601 10,610 28.2 % Index options (contracts, k) 5,511 3,976 38.6 % 5,250 5.0 % 4,856 4,097 18.5 % Futures (contracts, k)1 259 187 38.6 % 207 25.2 % 227 243 -6.5 % U.S. Equities - On-Exchange (matched shares, mn) 2,020 1,289 56.7 % 1,703 18.6 % 1,789 1,360 31.5 % U.S. Equities - Off-Exchange (matched shares, mn) 227 77 195.0 % 240 -5.5 % 150 78 91.3 % Canadian Equities (matched shares, k) 211,986 158,622 33.6 % 192,599 10.1 % 163,623 145,790 12.2 % European Equities (€, mn) 13,192 10,534 25.2 % 11,789 11.9 % 13,060 9,681 34.9 % Australian Equities (AUD, mn) 1,130 777 45.4 % 1,046 8.0 % 945 788 20.0 % Global FX ($, mn) 55,134 44,373 24.3 % 52,429 5.2 % 52,857 46,805 12.9 % Cboe Clear Europe Cleared Trades (k) 125,392 117,528 6.7 % 107,956 16.2 % 1,267,693 1,017,755 24.6 % Cboe Clear Europe Net Settlements (k) 1,305 1,042 25.2 % 1,191 9.6 % 11,337 9,278 22.2 % 1 In the second quarter of 2025, Digital futures products were transitioned to Cboe Futures Exchange. Futures metrics prior to the second quarter of 2025 exclude Digital futures products. October 2025 Trading Volume Highlights    U.S. Options Total volume across Cboe's four options exchanges set a monthly record in October, with an ADV of 21.4 million contracts, driven by monthly records in multi-list options (15.9 million) and Cboe's proprietary index options (5.5 million). Trading in S&P 500 Index (SPX) options set several volume records for the month, including: New monthly ADV record of 4.4 million contracts. New zero-days-to-expiry (0DTE) options monthly ADV record of 2.7 million contracts. New single-day record of 6.4 million contracts, set on October 10.  

Net revenue grew 57% year-over-year to $109.5 million GAAP net loss of $102.1 million, impacted by one-time loss on extinguishment of debt and IPO-related expenses GAAP diluted EPS of $(1.46) Adjusted EBITDA more than doubled year-over-year to $48.0 million Adjusted earnings increased nearly five times year-over-year to $39.9 million Adjusted diluted EPS of $0.42 Miami International Holdings, Inc. (MIH) (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced results for the third quarter ended September 30, 2025. "MIH produced strong results in the third quarter while also executing on a successful initial public offering, driven by our team's focus on providing customers with best-in-class technology, reliability and risk protections across our markets," said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIH. "Elevated volatility supported record volumes, contributing to strong performance in our options business. Notably, we achieved record average daily volume of 9.6 million contracts across our options exchanges for the third quarter, increasing 56% over the same period in the prior year." "Looking ahead, we remain committed to leveraging our ongoing investments in technology, relationships and industry expertise as we seek to further expand market share in our options business and grow our equities, futures, and international segments. With a strong foundation to build on, we are well-positioned to execute on our growth strategy and create long-term shareholder value." Third Quarter 2025 Highlights All figures are compared to the third quarter of 2024 unless otherwise stated. Net revenue, defined as revenues less cost of revenues, grew 57% to $109.5 million, compared to $69.6 million in the prior-year period primarily driven by strong options business performance, including increased industry volumes and the launch of the MIAX Sapphire® electronic options exchange in August 2024. Total operating expenses were $109.8 million, compared to $70.7 million in the prior-year period primarily due to initial public offering (IPO) related expenses and planned increases in headcount to support our growth initiatives. Operating loss of $0.3 million, compared to an operating loss of $1.2 million in the prior-year period. GAAP net loss of $102.1 million, compared to GAAP net loss of $3.2 million in the prior-year period primarily due to one-time loss on extinguishment of debt and IPO-related expenses. Adjusted earnings increased nearly five times to $39.9 million, compared to adjusted earnings of $8.3 million in the prior-year period. Adjusted EBITDA more than doubled to $48.0 million, compared to $18.7 million in the prior-year period driven primarily by strong growth in net revenues. Adjusted EBITDA margin expanded to 44% from 27% in the prior-year period. Business Updates Launched the MIAX Sapphire options trading floor in Miami in September 2025. MIAX® options exchanges reached a market share record of 17.2% in the third quarter of 2025. Announced support for the trading of financial futures on the MIAX Futures™ Onyx trading platform in the first quarter of 2026. MIAX Futures to list futures on the Bloomberg 500 Index in collaboration with Bloomberg during the first quarter of 2026, with futures on the Bloomberg 100 Index to follow. Summary of Selected Unaudited Condensed Consolidated Financial Results ($000, except per share amounts and percentages)   Consolidated Third Quarter Results 3Q25 September 30, 2025 3Q24 September 30, 2024 Change Total revenues less cost of revenues $                 109,483 $                   69,558 57 % Operating loss $                       (305) $                    (1,159) NA Net loss attributable to MIH stockholders $                (102,080) $                    (3,204) NA Diluted EPS $                      (1.46) $                      (0.05) NA Adjusted earnings* $                   39,947 $                     8,273 383 % Adjusted diluted EPS* $                       0.42 $                       0.11 282 % EBITDA $                  (93,941) $                     5,768 NA Adjusted EBITDA* $                   48,019 $                   18,690 157 % Adjusted EBITDA margin %* 44 % 27 % 63 % * Reconciliation of non-GAAP results is included in the tables below. See "Non-GAAP Financial Information" below. Segment Results ($000)    Total Revenues Less Cost of Revenues(Net Revenue) by Business Segment 3Q25 September 30, 2025 3Q24 September 30, 2024 Change Options $                    94,499 $                    60,925 55 % Equities 4,352 2,234 95 % Futures 4,786 5,288 (9) % International 5,533 806 586 % Corporate/Other 313 305 3 % Total $                   109,483 $                    69,558 57 % Options Net revenue grew 55% to $94.5 million, compared to $60.9 million in the prior-year period. The growth was primarily driven by higher net transaction fees that benefitted from increased industry volume, higher market share, and higher revenue per contract (RPC). Higher non-transaction fees were primarily driven by the launch of the MIAX Sapphire electronic options exchange in August 2024 which also contributed to increased revenues. Operating income increased 56% to $51.4 million, compared to $32.9 million in the prior-year period. The growth was primarily due to higher net revenues, partially offset by higher expenses driven by share-based compensation costs. Adjusted EBITDA grew 70% to $69.1 million, compared to $40.7 million in the prior-year period. Equities Net revenue nearly doubled to $4.4 million, compared to $2.2 million in the prior-year period. The increase was primarily due to higher net transaction fees from improved but still negative pricing as liquidity payments exceeded transaction revenues. Operating loss of $4.9 million, compared to an operating loss of $5.0 million in the prior-year period. Adjusted EBITDA of $(0.9) million, compared to $(2.5) million in the prior-year period. Futures Net revenue was $4.8 million, compared to $5.3 million in the prior-year period. The decrease was due to participant migrations to the MIAX Futures Onyx trading platform and lower commodity market volatility, partially offset by the elimination of expenses related to CME Globex. Operating loss was $18.5 million, compared to an operating loss of $12.8 million in the prior-year period. The change was primarily due to lower revenue and higher operating expenses driven by share-based compensation costs. Adjusted EBITDA of $(9.6) million, compared to $(8.0) million in the prior-year period. International   Net revenue was $5.5 million, compared to $0.8 million in the prior-year period. The increase was primarily due to the acquisition of The International Stock Exchange Group Limited (TISE) in June 2025. Operating income was $0.8 million, compared to an operating loss of $2.6 million in the prior-year period. The change was primarily due to the impact of the TISE acquisition. Adjusted EBITDA of $1.7 million, compared to $(1.7) million in the prior-year period. Capital and Liquidity On August 13, 2025, MIH raised $396.8 million in gross proceeds from its IPO of 17,250,000 shares of common stock, including the full exercise of the underwriters' option to purchase additional shares. On August 18, 2025, MIH repaid its outstanding senior secured loan agreement maturing in 2029. The amount repaid by MIH included $178.4 million of outstanding indebtedness, accrued and unpaid interest, the related premium, and fees. As of September 30, 2025, MIH had cash and cash equivalents of $401.5 million and total debt of $6.5 million. Webcast and Conference Call MIAX will host a webcast and conference call to review its third quarter financial results today, November 5, 2025 at 5:00 p.m. ET. Participants can access the call at 866-652-5200 using conference ID "10203428" (international dial-in 412-317-6060). The webcast can be accessed on the Investor Relations section of MIAX's website at https://ir.miaxglobal.com/. A webcast recording and corresponding presentation will be archived under Events & Presentations at the above link following the event. Non-GAAP Financial Information Adjusted earnings, a non-GAAP financial measure, is defined as net income (loss) attributable to MIH adjusted for share-based compensation, investment gain/loss, litigation costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, loss on extinguishment of debt, one time IPO payments, settlement fee, impairment charges, warrant modifications, and unrealized gain/loss on derivative assets, net of the income tax effects of these adjustments. A reconciliation of net income attributable to MIH to adjusted earnings, appears below. Adjusted EBITDA, a non-GAAP financial measure, is defined as net income (loss) attributable to MIH adjusted for interest expense and amortization of debt discount costs, interest income, income taxes and depreciation and amortization, share-based compensation, investment gain/loss, litigation costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, loss on extinguishment of debt, one time IPO payments, settlement fee, impairment charges, gain/loss on intangible asset, warrant modifications, and unrealized gain/loss on derivative assets. A reconciliation of net income attributable to MIH to adjusted EBITDA, appears below. Adjusted EBITDA margin, a non-GAAP financial measure, is defined as adjusted EBITDA divided by adjusted revenues less cost of revenues. Adjusted EPS, a non-GAAP financial measure, is defined as adjusted earnings divided by diluted weighted average shares outstanding used for adjusted diluted earnings per share (which includes the impact of anti-dilutive securities on a GAAP basis). For a reconciliation of our non-GAAP results to our GAAP results, see the tables below. Miami International Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited)Three and Nine Months Ended September 30, 2025 and 2024 ($000, except share and per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenues: Transaction and clearing fees $              292,814 $              240,623 $              868,257 $              712,209 Access fees 27,096 22,490 77,285 66,787 Market data fees 10,730 9,143 30,625 24,808 Other revenue 9,138 4,400 18,472 12,372 Total revenues 339,778 276,656 994,639 816,176 Cost of revenues: Liquidity payments 217,286 167,797 606,983 525,399 Brokerage, clearing, and exchange fees 11,612 17,731 42,547 51,134 Section 31 fees — 20,241 35,225 40,108 Equity rights program — — — 1,975 Other cost of revenues 1,397 1,329 3,855 3,621 Total cost of revenues 230,295 207,098 688,610 622,237 Revenues less cost of revenues 109,483 69,558 306,029 193,939 Operating expenses: Compensation and benefits 68,753 37,850 146,734 107,227 Information technology and communication costs 9,290 7,250 25,689 21,442 Depreciation and amortization 8,229 6,045 21,337 17,107 Occupancy costs 3,568 2,335 9,018 7,032 Professional fees and outside services 10,807 12,658 30,159 34,663 Marketing and business development 759 663 2,077 2,198 Acquisition-related costs — — 2,901 — General, administrative, and other 8,382 3,916 18,835 14,253 Total operating expenses 109,788 70,717 256,750 203,922 Operating income (loss) (305) (1,159) 49,279 (9,983) Non-operating (expense) income: Change in fair value of puttable common stock (338) (6,791) (2,229) (8,149) Change in fair value of puttable warrants issued with debt (255) (1,635) (1,172) (1,635) Interest income 2,658 840 5,371 1,976 Interest expense and amortization of debt issuance costs (3,378) (2,208) (12,710) (9,532) Gain (loss) on sale of intangible asset — — (2,054) 52,604 Unrealized gain (loss) on derivative assets 7,979 10,010 (39,039) 76,684 Loss on debt extinguishment (107,656) — (107,656) — Other, net (1,595) (703) 10,765 (149) Income (loss) before income tax provision (102,890) (1,646) (99,445) 101,816 Income tax (expense) benefit 810 (1,559) (528) (2,721) Net income (loss) (102,080) (3,205) (99,973) 99,095 Net loss attributable to non-controlling interest — (1) — (137) Net income (loss) attributable to Miami International Holdings,     Inc $            (102,080) $                (3,204) $              (99,973) $                99,232 Weighted-average shares of common stock outstanding Basic 70,128,197 63,246,820 66,168,315 60,477,992 Diluted 70,128,197 63,246,820 66,168,315 75,212,560 Net income (loss) per share attributable to common stock Basic $                  (1.46) $                  (0.05) $                  (1.51) $                    1.64 Diluted $                  (1.46) $                  (0.05) $                  (1.51) $                    1.35   Miami International Holdings, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) September 30, 2025 and December 31, 2024 ($000, except share and per share amounts) September 30,2025 December 31,2024 Assets Current assets: Cash and cash equivalents $            401,482 $            150,341 Cash and securities segregated under federal and other regulations 29,509 30,809 Accounts receivable, net 99,864 92,415 Restricted cash 6,005 6,270 Clearing house performance bonds and guarantee funds 86,204 87,744 Participant margin deposits 1,151 1,234 Receivables from broker-dealers, futures commission merchants, and clearing organizations 123,302 147,164 Current portion of derivative assets 14,052 33,536 Other current assets 30,452 23,303 Total current assets 792,021 572,816 Investments 14,180 31,022 Fixed assets, net 47,861 44,478 Internally developed software, net 35,987 32,262 Goodwill 64,739 46,818 Other intangible assets, net 189,125 114,224 Derivative assets, net of current portion 12,955 50,304 Other assets, net 68,402 81,727 Total assets $         1,225,270 $            973,651 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and other liabilities $             81,803 $            120,361 Accrued compensation payable 31,910 33,523 Current portion of long-term debt 4,957 4,767 Deferred transaction revenues 9,166 2,710 Clearing house performance bonds and guarantee funds 85,704 87,244 Participant margin deposits 1,151 1,234 Payables to customers 133,853 152,637 Payables to clearing organizations 745 2,746 Total current liabilities 349,289 405,222 Long-term debt 1,506 32,268 Deferred income taxes 21,999 10,766 Puttable common stock, net of current portion — 78,424 Puttable warrants issued with debt — 64,188 Other non-current liabilities 20,567 15,166 Total liabilities 393,361 606,034 Commitments and contingencies — — Stockholders' equity: Convertible preferred stock - par value $0.001 (25,000,000 authorized, and 0 issued andoutstanding at September 30, 2025 and 781,859 issued and outstanding at December 31,2024) — 1 Common stock - voting and nonvoting, par value $0.001 (600,000,000 authorized (400,000,000voting, 200,000,000 nonvoting); 81,767,756 issued and 81,413,957 outstanding common stockat September 30, 2025 (81,413,957 voting, 0 nonvoting) and 63,219,480 issued and 63,181,011outstanding non-puttable common stock at December 31, 2024 (59,683,661 voting, 3,497,350nonvoting)) 82 63 Common stock in treasury, at cost, 353,799 shares at September 30, 2025 and 38,469 sharesat December 31, 2024 (8,232) (775) Additional paid-in capital 1,502,973 930,638 Accumulated deficit (662,283) (562,310) Accumulated other comprehensive loss, net (631) — Total stockholders' equity 831,909 367,617 Total liabilities and stockholders' equity $         1,225,270 $            973,651 Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA The following table is a reconciliation of net income (loss) allocated to common stockholders to EBITDA and Adjusted EBITDA by segment ($000): Three Months Ended September 30, 2025 Options Equities Futures International Corporate /Other Total Net income (loss) allocated to common     shareholders $         51,846 $         (4,858) $       (18,426) $           8,477 $     (139,119) $     (102,080) Interest expense and amortization of     debt issuance costs — — 36 — 3,342 3,378 Interest income (482) — (207) (111) (1,858) (2,658) Income tax expense (benefit) — — — 396 (1,206) (810) Depreciation and amortization 3,826 1,570 1,692 435 706 8,229 EBITDA 55,190 (3,288) (16,905) 9,197 (138,135) (93,941) Share-based compensation(1) 13,322 2,399 7,103 511 5,763 29,098 Investment loss(2) — — 239 — — 239 Litigation costs(3) 608 — — — 203 811 Impairment charges(4) — — — — 1,978 1,978 Change in fair value of puttable warrants     issued with debt(5) — — — — 255 255 Change in fair value of puttable common     stock(6) — — — — 338 338 Unrealized gain on derivative assets(7) — — — (7,979) — (7,979) One time IPO payments(8) — — — — 8,048 8,048 Warrant modifications(9) — — — — 1,516 1,516 Loss on extinguishment of debt(10) — — — — 107,656 107,656 Adjusted EBITDA $         69,120 $            (889) $         (9,563) $           1,729 $       (12,378) $         48,019 (1) Share-based compensation represents expenses associated with stock options of $3.7 million, restricted stock awards of $25.1 million, and warrants of $0.3 million that have been granted to employees, directors and service providers. The 2025 expense of $29.1 million is made up of $27.8 million to employees within compensation and benefits, $0.9 million to service providers within professional fees and outside services, and $0.4 million to directors within general, administrative, and other. (2) Investment loss of $0.2 million represents an unrealized loss on available for sale marketable securities. (3) Litigation costs are associated with ongoing litigation related to the Nasdaq matter. (4) Impairment charges of $2.0 million related to owned land and building impairments. (5) The change in fair value of warrants issued with debt represents the change in fair value of outstanding puttable warrants issued in connection with the issuance of the 2029 senior secured term loan. The right to put warrants terminated upon completion of the IPO in August 2025. (6) The change in fair value of puttable common stock represents the change in fair value of outstanding puttable common stock issued in connection with MIAX's ERPs I and II that have an associated put right which requires MIAX to repurchase a certain percentage of the fair market value of the award upon exercise. The right to put shares terminated upon completion of the IPO in August 2025. (7) Represents the unrealized gain on 250 million Pyth tokens that remain locked by the Pyth Network. (8) One time IPO bonuses paid to certain employees and termination payments to former directors. (9) Represents expense recognized upon the extension of expiration date of certain warrants. (10) Represents write-off of the unamortized debt discount and issuance costs and payment of prepayment premium related to the repayment of the 2029 senior secured term loan. Three Months Ended September 30, 2024 Options Equities Futures International Corporate /Other Total Net income (loss) allocated to common     shareholders $         33,192 $         (4,999) $       (11,448) $           7,364 $       (27,313) $         (3,204) Interest expense and amortization of     debt issuance costs — — 91 — 2,117 2,208 Interest income (265) — (224) — (351) (840) Income tax expense — — — — 1,559 1,559 Depreciation and amortization 2,835 1,581 927 146 556 6,045 EBITDA 35,762 (3,418) (10,654) 7,510 (23,432) 5,768 Share-based compensation(1) 3,929 924 3,685 818 2,532 11,888 Investment (gain) loss(2) — — (1,058) — 2,037 979 Litigation costs(3) 1,042 — — — 347 1,389 Change in fair value of puttable warrants     issued with debt(4) — — — — 1,635 1,635 Change in fair value of puttable common     stock(5) — — — — 6,791 6,791 Settlement fee(6) — — — — 250 250 Unrealized gain on derivative assets(7) — — — (10,010) — (10,010) Adjusted EBITDA $         40,733 $         (2,494) $         (8,027) $         (1,682) $         (9,840) $         18,690 (1) Share-based compensation represents expenses associated with stock options of $3.4 million, restricted stock awards of $7.5 million and warrants of $1.0 million that have been granted to employees, directors and service providers. The 2024 expense of $11.9 million is made up of $10.2 million to employees within compensation and benefits, $1.2 million to service providers within professional fees and outside services, $0.5 million to directors within general, administrative, and other. (2) Investment loss of $1.0 million represents an unrealized loss for an observable price change in the value of an investment, net of unrealized gain on available for sale marketable securities. (3) Litigation costs are associated with ongoing litigation related to the Nasdaq matter. (4) The change in fair value of warrants issued with debt represents the change in fair value of outstanding puttable warrants issued in connection with the issuance of the 2029 senior secured term loan. (5) The change in fair value of puttable common stock represents the change in fair value of outstanding puttable common stock issued in connection with MIAX's ERPs I and II that have an associated put right which requires MIAX to repurchase a certain percentage of the fair market value of the award upon exercise. (6) MIAX recognized expense of $0.3 million related to an estimated settlement fee for the repayment of its Prior Loan Agreement. (7) Represents the unrealized gain on 375 million Pyth tokens that remain locked by the Pyth Network as of September 30, 2024.  These tokens were recorded at fair market value during the second quarter of 2024 when an active market emerged for the tokens. Segment Operating Results The following summarizes revenues less cost of revenues, operating expenses, operating income (loss), adjusted EBITDA and adjusted EBITDA marginfor our business segments ($000, except percentages): Options Equities Three Months Ended Three Months Ended September 30, Percent September 30, Percent 2025 2024 Change 2025 2024 Change Revenues less cost of revenues $       94,499 $       60,925 55.1 % $         4,352 $        2,234 94.8 % Operating expenses 43,135 27,998 54.1 % 9,210 7,233 27.3 % Operating income (loss) $       51,364 $       32,927 56.0 % $        (4,858) $       (4,999) * Adjusted EBITDA(1) $       69,120 $       40,733 69.7 % $           (889) $       (2,494) * Adjusted EBITDA margin(2) 73.1 % 66.9 % * * Futures International Three Months Ended Three Months Ended September 30, Percent September 30, Percent 2025 2024 Change 2025 2024 Change Revenues less cost of revenues $         4,786 $         5,288 (9.5) % $         5,533 $            806 586.5 % Operating expenses 23,322 18,108 28.8 % 4,750 3,452 37.6 % Operating income (loss) $     (18,536) $     (12,820) * $            783 $       (2,646) * Adjusted EBITDA(1) $       (9,563) $       (8,027) * $         1,729 $       (1,682) * Adjusted EBITDA margin(2) * * 31.2 % * *  Not meaningful (1) See Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA above. (2) Adjusted EBITDA margin represents adjusted EBITDA divided by adjusted revenues less cost of revenues. Reconciliations of GAAP Net Loss to Adjusted Earnings The following table is a reconciliation of net loss allocated to common stockholders to Adjusted Earnings ($000): Three Months EndedSeptember 30, 2025 2024 Net loss allocated to common shareholders $             (102,080) $                 (3,204) Share-based compensation(1) 29,098 11,888 Investment loss(2) 239 979 Litigation costs(3) 811 1,389 Impairment charge(4) 1,978 — Change in fair value of puttable warrants issued with debt(5) 255 1,635 Change in fair value of puttable common stock(6) 338 6,791 Unrealized gain on derivative assets(7) (7,979) (10,010) Settlement fee(8) — 250 Loss on extinguishment of debt(9) 107,656 — Warrant modifications(10) 1,516 — One time IPO payments(11) 8,048 — Tax effect of adjustments 67 (1,445) Adjusted earnings $                39,947 $                  8,273 (1) Share-based compensation represents expenses associated with stock options, restricted stock awards and warrants that have been granted to employees, directors and service providers. (2) 2025 investment loss of $0.2 million represents an unrealized loss on available for sale marketable securities.  2024 investment loss of $1.0 million represents an unrealized loss for an observable price change in the value of an investment, net of unrealized gain on available for sale marketable securities. (3) Litigation costs are associated with ongoing litigation related to the Nasdaq matter. (4) Impairment charges related to owned land and building impairments. (5) The change in fair value of warrants issued with debt represents the change in fair value of outstanding puttable warrants issued in connection with the issuance of the 2029 senior secured term loan. The right to put warrants terminated upon completion of the IPO in August 2025. (6) The change in fair value of puttable common stock represents the change in fair value of outstanding puttable common stock issued in connection with MIAX's ERPs I and II that have an associated put right which requires MIAX to repurchase a certain percentage of the fair market value of the award upon exercise. The right to put shares terminated upon completion of the IPO in August 2025. (7) 2025 represents the unrealized gain on 250 million Pyth tokens that remain locked by the Pyth Network. 2024 represents the unrealized gain on 375 million Pyth tokens that remain locked by the Pyth Network as of September 30, 2024.  These tokens were recorded at fair market value during the second quarter of 2024 when an active market emerged for the tokens. (8) MIAX recognized expense of $0.3 million related to an estimated settlement fee for the repayment of its Prior Loan Agreement. (9) Represents write-off of the unamortized debt discount and issuance costs and payment of prepayment premium related to the repayment of the 2029 senior secured term loan. (10) Represents expense recognized upon the extension of expiration date of certain warrants. (11) One time IPO bonuses paid to certain employees and termination payments to former directors. Earnings Per Share The following table sets forth the computation of diluted loss and adjusted earnings per share ($000,except share and per share data): Three Months Ended September 30, 2025 2024 Net loss attributable to MIH $              (102,080) $                 (3,204) Weighted-average common shares outstanding 70,128,197 63,246,820 Diluted net loss per share $                    (1.46) $                   (0.05) Adjusted earnings $                 39,947 $                  8,273 Diluted weighted average shares outstanding used foradjusted diluted earnings per share 96,100,563 75,669,313 Adjusted diluted earnings per share $                     0.42 $                    0.11 Key Business MetricsThree and Nine Months Ended September 30, 2025 and 2024 Three Months EndedSeptember 30, Increase/(Decrease) Percent Change Nine Months EndedSeptember 30, Increase/(Decrease) Percent Change 2025 2024 2025 2024 Options: Number of trading days 64 64 — — % 186 188 (2) (1.1) % Total contracts: Market contracts – Equityand ETF (in thousands) 3,573,731 2,844,836 728,895 25.6 % 10,042,003 8,136,518 1,905,485 23.4 % MIH contracts – Equity andETF (in thousands) 615,910 394,511 221,399 56.1 % 1,674,370 1,205,502 468,868 38.9 % Average daily volume     ("ADV")(defined below)(1) Market ADV – Equity andETF (in thousands)(1) 55,840 44,451 11,389 25.6 % 53,989 43,279 10,710 24.7 % MIHADV – Equity andETF (in thousands)(1) 9,624 6,164 3,460 56.1 % 9,002 6,412 2,590 40.4 % MIH market share 17.2 % 13.9 %        3.3 pts 23.7 % 16.7 % 14.8 %        1.9 pts 12.8 % Total Options revenue per contract     ("RPC")(2) $0.103 $0.095 $0.008 8.4 % $0.108 $0.087 $0.021 24.1 % U.S. Equities: Number of trading days 64 64 — — % 186 188 (2) (1.1) % Total shares: Market shares (in millions) 1,116,705 736,209 380,496 51.7 % 3,198,279 2,194,890 1,003,389 45.7 % MIH shares (in millions) 12,058 12,027 31 0.3 % 34,708 37,874 (3,166) (8.4) % ADV(1): Market ADV (in millions)(1) 17,449 11,503 5,946 51.7 % 17,195 11,675 5,520 47.3 % MIH ADV (in millions)(1) 188 188 — — % 187 201 (14) (7.0) % MIH market share 1.1 % 1.6 %        (0.5) pts (31.3) % 1.1 % 1.7 %        (0.6) pts (35.3) % Equities capture (per 100 shares)     (defined below)(3) $(0.015) $(0.040) $0.025 * $(0.016) $(0.042) $0.026 * Futures: Number of trading days 64 64 — — % 187 188 (1) (0.5) % Agricultural products total contracts 513,406 784,097 (270,691) (34.5) % 2,736,313 2,411,625 324,688 13.5 % Agricultural products ADV(1) 8,022 12,252 (4,230) (34.5) % 14,633 12,828 1,805 14.1 % Agricultural products RPC(2) $2.369 $2.508 $(0.139) (5.5) % $2.233 $2.519 $(0.286) (11.4) % *  Percentage calculation is not meaningful. Represents a change in inverted fees. (1) ADV is calculated as total contracts or shares for the period divided by total trading days for the period. (2) RPC represents transaction and clearing fees less liquidity payments, brokerage, clearing and exchange fees and Section 31 fees (Net Transaction Fees), divided by total contracts traded during the period. (3) Equities capture per one hundred shares refers to transaction and clearing fees less liquidity payments, brokerage, clearing and exchange fees, and Section 31 fees (Net Transaction Fees), divided by one-hundredth of total shares.

Miami International Holdings, Inc. (MIAX) (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today reported October 2025 trading results for its U.S. exchange subsidiaries — MIAX®, MIAX Pearl®, MIAX Emerald® and MIAX Sapphire® (collectively, the MIAX Exchange Group), and MIAX Futures™. October 2025 and Year-to-Date Highlights MIAX Exchange Group set a number of volume and market share records in October 2025 including: Daily market share record of 20.9% on October 14, 2025 Daily volume record of 19.7 million contracts on October 10, 2025 Monthly market share record of 19.4% in October 2025 Monthly average daily volume (ADV) record of 13.1 million contracts, a 92.4% increase from October 2024 Year-to-date (YTD) ADV record of 9.4 million contracts, a 46.4% increase from the same period in 2024 MIAX Futures reached a record YTD ADV of 13,828 contracts through October 2025, a 10.1% increase from the same period in 2024. Additional MIAX Exchange Group and MIAX Futures trading volume and market share information is included in the table below. Summary statistics including trading volume and market share by business segment, as well as rolling three-month average revenue per contract and capture rates are now available on the MIAX website at https://ir.miaxglobal.com/volume-rpc-reports. Average Daily Trading Volume (ADV) (1) Year-to-Date Comparison Oct-25 Oct-24 % Chg Sep-25 % Chg Oct-25 Oct-24 % Chg U.S. Multi-list Options Trading Days 23 23 21 209 211 U.S. Equity Options Industry ADV (000's) 67,193 44,322 51.6 % 61,299 9.6 % 55,442 43,393 27.8 % MIAX Exchange Group Options ADV (000's) 13,057 6,787 92.4 % 10,787 21.0 % 9,448 6,453 46.4 % MIAX Exchange Group Options Market Share      19.4 % 15.3 % 26.9 % 17.6 % 10.4 % 17.0 % 14.9 % 14.6 % U.S. Equities U.S. Equities Industry ADV (Millions) 20,996 11,665 80.0 % 18,309 14.7 % 17,613 11,674 50.9 % MIAX Pearl ADV (Millions) 218 191 14.0 % 205 6.6 % 190 200 -5.1 % MIAX Pearl Market Share 1.0 % 1.6 % -36.6 % 1.1 % -7.1 % 1.1 % 1.7 % -37.1 % MIAX Futures Exchange  Trading Days 23 23 21 210 211 MIAX Futures ADV 7,286 10,315 -29.4 % 5,973 22.0 % 13,828 12,554 10.1 % 1)  Calculated as total volume for the period divided by total trading days for the period.

Please refer to the Regulatory Circulars listed below for newly added symbols and the corresponding market for the underlying security used for openings on the MIAX Exchanges. The newly listed symbols will be available for trading beginning Thursday, November 6, 2025. MIAX Options Regulatory Circular 2025-85 MIAX Pearl Options Regulatory Circular 2025-86 MIAX Emerald Options Regulatory Circular 2025-85 MIAX Sapphire Options Regulatory Circular 2025-106

SIFMA and SIFMA AMG today submitted a letter in response to The Department of the Treasury advance notice of proposed rulemaking requesting comment on questions relating to the implementation of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. SIFMA supports the GENIUS Act’s creation of a new regulatory framework for payment stablecoins, which it sees as a critical step in the development of mature digital asset markets, including markets for tokenized securities and other tokenized assets. It is critical that the GENIUS Act be implemented in a manner that protects consumers and investors; mitigates potential risks to the markets and broader financial system; minimizes opportunities for regulatory arbitrage; and promotes responsible innovation, ensuring continued U.S. leadership in the digital assets ecosystem. “Treasury’s approach to stablecoin regulation will shape the foundation of the future digital financial system,” said SIFMA president and CEO Kenneth E. Bentsen, Jr.  “Our recommendations seek to balance innovation and financial stability by providing clear definitions, consistent oversight, and strong safeguards for investors, consumers, and markets.” SIFMA’s recommendations include the following key principles: Clear Scope, Safe Harbors, and Transition Mechanisms: Treasury should provide early regulatory clarity on the reach of Section 3 and establish limited safe harbors for offshore issuances, non-USD stablecoins used for legitimate cross-border or settlement purposes, and de minimis test transactions. Guidance should also define when an entity is “issuing in the United States” or “offering to a U.S. person,” with reasonable transition periods before enforcement. Functional, Proportionate Definitions: Definitions of “payment stablecoin,” “digital asset,” and “digital asset service provider” should be activity-based and technology-neutral. Exemptions for software developers, protocols, and self-custody should be narrowly applied to preserve true peer-to-peer and open-source innovation while capturing entities that exercise control or earn fees. Reserve and Custody Standards: SIFMA supports strong reserve and transparency standards for permitted payment stablecoin issuers (PPSIs), while allowing flexibility to hold diversified high-quality liquid assets such as Treasury money-market funds, Treasury-backed repos, and deposits at U.S. branches of foreign banks. Reserve assets should be subject to established custody and audit controls consistent with SEC frameworks. Accounting and Collateral Treatment: Treasury should work with the Financial Accounting Standards Board to classify permitted payment stablecoins as cash equivalents and work with other regulators to ensure they are considered eligible collateral for margin purposes. Equivalent treatment should extend to tokenized money-market funds and tokenized Treasury instruments. Restrictions on Non-Financial Issuers: SIFMA supports strict limits on non-financial firms issuing payment stablecoins and recommends that the Stablecoin Certification Review Committee assess systemic, governance, and contagion risks before granting exemptions. Federal-State and Cross-Border Consistency: SIFMA supports a dual federal-state pathway for PPSIs based on the principle of “same risk, same activity, same regulatory outcome.” Treasury should interpret comparability standards through a principles-based lens emphasizing prudential safeguards, consumer protection, and AML/CFT compliance, while applying the $10 billion oversight threshold on a consolidated, group-wide basis. International Alignment: SIFMA urges Treasury to apply outcomes-based comparability when assessing foreign regimes under Section 18, focusing on comparable prudential and supervisory outcomes rather than legal form. SIFMA also recommends reciprocity and interoperability standards that prevent anti-competitive practices and reinforce the dollar’s central role in global markets. Tax Clarity: Treasury and the IRS should confirm that transactions in permitted payment stablecoins are treated as cash equivalents, not property transactions, eliminating unnecessary gain/loss recognition and facilitating widespread use in payments and settlement. Implementation Priorities: Treasury should coordinate with banking regulators to define permissible bank activities in digital-asset markets and provide clear parameters for staking by regulated financial institutions—both critical for the secure growth of tokenized financial infrastructure. The full letter is available here.

The Ontario Securities Commission has today published its Investment Management Division Annual Summary Report, which provides an overview of key activities undertaken by the Investment Management division in fiscal 2024-2025. The Report is intended as a resource for investment fund managers, advisers, entities who perform services on their behalf and other stakeholders, including investors. “As the industry continues to evolve, we remain committed to agile, balanced regulation that protects investors and supports innovation,” said Raymond Chan, Senior Vice President, Investment Management. “We have broadened our scope to include regulatory policy matters related to both investment fund managers and portfolio advisers and are better positioned to respond to market trends and deliver on our strategic priorities.” Highlights from the Investment Management division, formerly the Investment Funds and Structured Products Branch, include: Operational Highlights – the volume of prospectus reviews remained stable but included the launch of the first Solana exchange-traded funds, while the number of exemptive relief applications and targeted continuous disclosure reviews increased. These targeted reviews included assessing fund disclosures related to artificial intelligence and sales communications to ensure accuracy and compliance. Regulatory Policy Initiatives – key updates include final rules for modernizing the prospectus filing model for investment funds coming into force, proposals for review of the principal distributor model and chargeback model, and ongoing work to modernize continuous disclosure documents. Emerging Issues and Initiatives – key initiatives include consultation on improving investor access to long-term assets through a new investment fund product structure, and ongoing use and enhancement of the Investment Fund Survey to collect key information about investment funds. The full report can be found on the OSC website. For updates on current news and issues, please visit the Investment Management Brief portal. 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.

Montreal - In recognition of Financial Literacy Month’s theme “Talk Money”, the Canadian Securities Administrators (CSA) urges Canadians to speak with family members, friends and, when possible, advisors about their financial plans and to do more research. Having open conversations about money and accessing credible resources can increase investors’ financial literacy, help enable them to make good decisions for their financial future, and help them protect themselves and their loved ones from fraud. New CSA research on hybrid investors indicates that those who were less likely to talk with an advisor about their investments when developing a financial plan were more inclined to engage in higher-risk, speculative behaviour, like frequent trading and investing in high-risk alternative investments, including crypto assets and options. “As Canadians take a more active role in managing their investments, it is essential they use available tools, knowledge and resources to help them make informed decisions,” said Stan Magidson, CSA Chair and Chair and CEO of the Alberta Securities Commission. “Financial Literacy Month is an opportunity to empower investors with the knowledge to participate in Canada’s capital markets, and that starts with candid conversations around their risk tolerance, financial goals and their sources of information.” Whether working with a financial advisor, investing independently or a blend of both, the CSA encourages Canadians to consider the following: Check before investing. Before investing, investors should check if the online platform or financial institution they are interested in working with is registered by visiting aretheyregistered.ca. Use research and tools effectively. Securities regulators have a variety of investor tools that can guide investors through investing basics, like questions you should ask before working with an advisor and how to understand the different types of investments. Understand your risk tolerance. Knowing how much risk you’re willing to take is essential to building a sound investment strategy. Every investment carries some level of risk—higher potential returns typically come with higher risk. There is no such thing as a high-return, risk-free investment. Carefully evaluate each opportunity and ensure you fully understand the investment, the associated risks and how it fits within your financial plan. Recognize red flags of fraud. Look for any of these red flags when investing. If you spot a red flag, exercise caution before making a decision. The investment may be a scam, or the person or firm offering it may not be registered to do so. Immediately report suspicious activity to your local securities regulator. Seek qualified professionals when possible. If you want assistance with building a comprehensive financial plan or reviewing your existing plan, speaking with a registered financial advisor or a certified financial planner can help you plan effectively and invest suitably. The CSA, the council of the securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets. For investor inquiries, please contact your local securities regulator.

The European Banking Authority (EBA) today published its final Guidelines on environmental scenario analysis, which complement the EBA Guidelines on the management of Environmental, Social and Governance (ESG) risks by specifying supervisory expectations regarding how institutions should conduct environmental scenario analysis. The Guidelines aim to strengthen institutions’ ability to use forward-looking approaches to the assessment and management of environmental risks. The Guidelines are built around two complementary pillars: integration of environmental risks into institutions’ existing stress-testing frameworks, enabling banks to assess the short-term financial impacts of environmental risks and ensure that capital and liquidity levels remain adequate; and resilience analysis, looking further ahead to evaluate the medium- to long-term implications of environmental risks and opportunities for banks’ business models, strategies, and risk profiles. Together, these two elements will help institutions to embed environmental risk considerations more effectively into their overall risk management and strategic planning processes. They also provide a common reference point to support consistent, forward-looking management of environmental risks across the EU banking sector. The Guidelines will apply from 1 January 2027. Legal basis and background The Guidelines, like the Guidelines on the management of ESG risks, are based on Article 87(a)5 of the Capital Requirements Directive (CRD6). They also fulfil Article 177 (2a) of the Capital Requirements Regulation (CRR3). The Guidelines on environmental scenario analysis form part of the EBA’s roadmap on sustainable finance for the integration of ESG risks into the prudential framework and fit within the broader roadmap on the implementation of the EU banking package, Documents Guidelines on environmental scenario analysis (958.04 KB - PDF) Related content GuidelinesFinal and awaiting translation into the EU official languages Guidelines on ESG scenario analysis Topic Sustainable finance

Nigerian Exchange Limited (NGX) closed October 2025 on a bullish note, gaining 8 per cent and extending the upward momentum that has defined much of the year’s trading.The NGX All-Share Index rose from 142,713.1 points at the start of the month to 154,126.4 points at the close, with more than 12 billion shares exchanged. The advance reflects growing investor confidence in Nigeria’s corporate earnings outlook, alongside sustained fiscal and monetary policy reforms aimed at stabilising growth.October ranked as the second-best performing month of the year, behind July’s 16.57 per cent surge. The market has returned 49.74 per cent year-to-date, with the second half alone contributing 28.46 per cent. Except for a modest 1.99 per cent pullback in March, every other month in 2025 has ended in positive territory, demonstrating the market’s resilience amid shifting global and domestic dynamics.Analysts attribute the rally to upbeat third-quarter earnings, renewed foreign portfolio inflows, and policy reforms that have strengthened liquidity and investor sentiment.Commenting on the performance, Temi Popoola, GMD/CEO of Nigerian Exchange Group (NGX Group), stated, “The consistent market performance we are witnessing reflects a renewed sense of confidence in Nigeria’s economic direction. The combination of strong corporate earnings, improving liquidity conditions, and credible policy actions has provided a more predictable environment for investors. At NGX Group, we remain focused on deepening the ecosystem’s resilience and positioning our market as a platform for sustainable long-term growth.”The market's advance was broad-based, with most sectors closing in positive territory. The Industrial Goods sector was the standout performer, soaring 17.5% to 5,955.8 points. Heavyweights like Dangote Cement (+25.69%), BUA Cement (+12.5%), and Lafarge Africa (+11.91%) led the charge.The Oil & Gas index recorded its strongest monthly gain of the year, rising 15.45%. The rally was fueled by firm crude oil prices and robust company earnings, with Aradel Holdings (+27.15%) and Seplat Energy (+10%) as key drivers. Meanwhile, the Consumer Goods sector extended its winning streak to a seventh consecutive month, advancing 4.85%. BUA Foods, the bourse's largest listed company, rose 9.97%, while PZ Cussons Nigeria (+20.29%) and Vitafoam Nigeria (+17.79%) also posted significant gains.The Insurance index climbed 3.37%, supported by strong performances from Sovereign Trust Insurance (+30%) and AIICO Insurance (+11.71%). In a contrasting move, the Banking Index was the sole laggard, dipping 3.15% as sell-offs in major tier-one lenders outweighed gains from others like Wema Bank (+20.29%).As the market looks ahead, Jude Chiemeka, CEO of Nigerian Exchange Limited (NGX), noted, “The October rally highlights the depth of investor engagement across sectors. Our priority remains to enhance market efficiency and ensure the Exchange remains a credible reflection of Nigeria’s economic resilience.”With two months left in the year, market watchers are now focusing on corporate guidance and macroeconomic stability to gauge if the positive momentum can be sustained into 2026.

Worldline [Euronext: WLN], a global leader in payment services, and Deliverect, the leading global food tech SaaS company, are expanding their collaboration to bring smart self-ordering kiosks to more hospitality businesses across the UK. The collaboration combines Worldline SoftPOS solution with Deliverect’s all-in-one kiosk system, recently strengthened through Deliverect’s acquisition of Tabesto. Together, the two companies are helping restaurants and quick-service venues simplify ordering and payment, reduce queues, and enhance the customer experience. The kiosk solution is already live in more than 12 European countries and is now being rolled out to several British businesses operating across multiple locations. This expansion builds on Deliverect’s partnership with Worldline’s secure and scalable payment infrastructure, bringing UK operators access to a proven solution already trusted across Europe. “Worldline’s partnership with Deliverect brings together two complementary areas of innovation: smart ordering and flexible payment acceptance. Together, we’re helping UK restaurants, cafés, and quick-service businesses improve efficiency, accelerate service, and deliver the kind of seamless experience today’s customers expect.” – Habib Ansari, UK Country Head – Small&Medium Business at Worldline. Powered by Worldline Tap on Mobile, the kiosk enables hospitality operators to accept payments directly on the device without the need for additional hardware or complex setup. It supports all major payment methods, including contactless cards and mobile wallets, and is fully certified under PCI-MPoC 1.0. “At Deliverect, we are proud to partner with Worldline to expand our exclusive all-in-one kiosk solution across the UK. With Worldline’s Tap on Mobile technology, we are accelerating order taking and payment, helping restaurants serve customers faster, operate more efficiently, and ultimately drive more value for their business.” – Pierre Nonnenmacher, Strategic Program Manager at Deliverect. The solution is now available to UK hospitality businesses through Deliverect, offering a scalable and cost-efficient way to modernise in-store experiences.

We’ve moved at pace since the Supreme Court judgmentLink is external  in August 2025, which, along with a previous High Court judgmentLink is external, confirmed that motor finance lenders have liabilities to their customers.   On 7 October 2025 we began consulting on an industry-wide compensation scheme as the most efficient way to address the liabilities for those motor finance customers treated unfairly between 2007 and 2024 and to provide certainty for all affected. We’ve been undertaking extensive engagement with consumer groups, lenders, investors, motor manufacturers, trade bodies and professional representatives. We’re grateful for the feedback already received and the speed with which many parties are working to engage constructively with us.   As well as feedback on the methodology for calculating redress, issues raised so far include the time period for the scheme; the rate of compensatory interest; how independent mechanisms will ensure confidence (including the role of the Financial Ombudsman Service and ideas for alternative approaches); how smaller firms or those with a low number of agreements eligible for redress can operate the scheme in a cost-effective way; how to prevent fraud; and what the relationship between motor manufacturers and their captive lenders means for commercial ties, particularly in relation to lending for the purchase of new cars. It's important we receive as much evidence as possible on specific concerns through the consultation as well as alternative suggestions if respondents don’t agree with our proposals.  We’ll consider all the evidence and ideas received before taking final decisions. We’ve been transparent throughout. For example, 11 lenders, which were part of our investigation into the historic use of discretionary commission arrangements have had data since 16 August 2024 that showed their disclosure rates. At the same time, we’ve heard feedback - from lenders and some consumer and dealer representatives - that analysis of the extensive market wide data will take time, as will ensuring everything is in place so any scheme runs smoothly. We’re therefore extending the consultation deadline until 5pm on 12 December. We continue to welcome and encourage responses before then, including on those consultation questions that may take respondents less time to answer. In parallel, we’ll continue our extensive engagement with a wide range of stakeholders, including once the consultation has closed. We still expect to publish final rules in early 2026. That will now be either February or March. Some complaints have been paused since January 2024. We have been consulting on extending this pause beyond 4 December. That consultation is now closed and we’re considering responses. We are clear, however, that complaints cannot be paused indefinitely. It is therefore important, in particular for lenders, to maintain the pace so we can draw a line under this issue and bring certainty to their customers, the market and investors. This will ensure a trusted motor finance sector can continue to serve millions of families every year. Further information Our consultation on motor finance consumer redress scheme. Information for consumers on motor finance. Information for firms on motor finance complaints.

United Fintech, the digital transformation group for financial institutions, has acquired Trade Ledger, the pioneering technology company behind an AI-powered solution that automates commercial and business lending. Trade Ledger brings to United Fintech a strong customer base that includes Barclays and Bank of Queensland, along with proven expertise in data-driven lending and commercial banking automation. The company will retain its leadership and brand identity while becoming an integral part of United Fintech’s expanding Commercial Banking division. “AI is redefining how banks operate, and Trade Ledger is at the forefront of that change. Trade Ledger CEO and Co-Founder Martin McCann and his team have built exceptional technology that transforms lending into a real-time, data-driven experience for customers. Together with our acquisition of CBA earlier this year, we’re now building the most complete digital infrastructure for commercial banking, from lending and trade finance to payments. Through the United Fintech ecosystem, we’re scaling this innovation globally to give financial institutions the intelligent infrastructure they need to thrive in the AI era”, said Christian Frahm, CEO and Founder of United Fintech. The acquisition of Trade Ledger follows United Fintech’s successful integration of CBA earlier this year, which added payments and trade finance capabilities to the group. Together, they highlight the growing demand from banks for smarter, AI-driven solutions and create strong synergies between payments and commercial banking technology, strengthening United Fintech’s position as a strategic partner helping financial institutions automate workflows, enhance credit decisioning, and accelerate digital transformation.  The acquisition is structured as an all-share transaction, aligning the long-term interests of both companies. As part of the deal, Trade Ledger’s founders have exchanged their shares for equity in United Fintech, reflecting their confidence in the shared vision and future growth potential of the combined group. “Joining United Fintech marks an exciting new chapter for Trade Ledger. As founders, our ambition has always been to transform how banks use data and technology to serve their customers. By becoming part of United Fintech, we gain the expertise, scale, and global reach to accelerate that vision and deliver impact faster than we could alone. We’re also proud to become shareholders in United Fintech, reflecting our belief in the long-term value of being part of something bigger,” said Martin McCann, CEO and Co-Founder of Trade Ledger.

ACER’s 2025 electricity monitoring report reviews progress in integrating EU electricity markets. It examines forward, day-ahead, intraday and balancing markets, and identifies where rules and projects are delayed. This year’s edition also highlights weather-driven price volatility, which occurs when unusually low renewable generation coincides with higher-than-normal demand due to exceptional weather conditions. What trends did ACER find in 2024? EU market integration brings value and helps mitigate high electricity prices. Price volatility shows that more flexibility is needed. Long-term markets remain illiquid, limiting investment signals. Cross-border integration reduces costs, but project delays persist. Balancing integration generated €1.6 billion in welfare gains. Forward markets lack depth; Power Purchase Agreements (PPAs) are growing but vary widely in design. Day-ahead integration is consolidating and intraday markets are evolving. What are ACER’s recommendations? ACER points to several priorities that are key to resilience: Reinforcing flexibility by investing in demand response, storage and backup generation. Accelerating delivery of delayed cross-border projects through timely completion of interconnectors and adoption of flow-based capacity allocation in intraday markets. Broadening transmission system operators' (TSOs') participation in balancing platforms to reduce costs and volatility and ensure more efficient system balancing. Strengthening forward markets with more active long-term trading and well-designed PPAs and Contracts for Difference (CfDs). Moving to flow-based allocation in the intraday timeframe to ensure efficient capacity use and reduce congestion-related costs. Enhancing monitoring and enforcement to ensure rules are applied consistently and consumers benefit. Read more.

Tehran Securities Exchange (TSE)’s board has ratified the launching of Trading-At-Last (TAL) phase from Tuesday 11 November 2025. This phase will be only introduced on the listed equities of the Main Board at the moment. TAL is a part of the continuous trading session which starts 15 minutes after the market close. All trades will be based on the equities’ official closing price, and last for 15 minutes. The new phase has been approved as a part of TSE’s efforts to expand market participants’ investment capabilities, as it allows them to buy and sell shares at the official closing price. It will also provide TSE with the capacity to further align with international standards and facilitate low-risk investment.

The Thai stock market extended gains for second consecutive month in October 2025, buoyed by multiple catalysts including expectations of government stimulus measures targeting domestic consumption and tourism, better-than-expected banking sector earnings, stronger-than-estimated export figures and tourist arrivals, and upward revisions to listed companies' net profit forecasts for 2025. Driven by these favorable conditions, the Stock Exchange of Thailand (SET) Index rose 2.8 percent from the previous month to close at 1,309.50 points at the end of October. The upward momentum gained additional support in late October as U.S.-China trade tensions eased following the APEC meeting in South Korea and the Federal Reserve (Fed) decided to trim interest rates by 25 basis points to a range of 3.75-4.00 percent in a bid to buffer against economic risks. However, analysts maintained a cautious note on long-term global economic prospects, citing uncertainties around shifting trade and monetary policies, technology-related risks and inflated AI stock valuations, and elevated public debt levels. SET Senior Executive Vice President Soraphol Tulayasathien noted that government initiatives targeting at directly benefit citizens had delivered quick wins with measurable economic impact, effectively boosting broad-based incomes nationwide. In addition, last month’s export and tourism performance exceeded analysts’ projections, prompting upward revisions to profit estimates for Thai listed companies across various industries. Historical trading patterns also suggest that net selling by Long-Term Equity Funds (LTF) unit holders typically eases during each year’s final two months while tax-saving Thailand ESG Funds (ThaiESG) attract stronger inflows. Key highlights for October 2025 At the end of October 2025, the SET Index increased 2.8 percent MoM to close at 1,309.50 points, narrowing the YTD decrease to 6.5 percent. Compared to the end of 2024, industry groups that outperformed the SET Index were Technology and Financials. SET’s and Market for Alternative Investment (mai)’s average daily trading value dropped 27.9 percent YoY to THB 39.47 billion (approx. USD 1.22 billion), with a YTD average daily trading value of THB 42.66 billion. Foreign investors sold a net THB 4.50 billion, with THB 100.74 billion in net selling for the January-October period of 2025. Foreign investors continued to dominate trading activity, accounting for 51.81 percent of total trading value, followed by local individuals at 31.80 percent, local institutional investors at 9.77 percent, and proprietary trading at 6.62 percent. There were three newly listed companies on SET, namely Masstec Link pcl (MASTEC), Atlas Energy pcl (ATLAS), and Onsen Retreat and Spa Group pcl (ONSENS), and two newly listed companies on mai, namely Indigy pcl (IDG) and 88(Thailand) pcl (88TH). SET’s forward P/E ratio at the end of October 2025 was 12.2 times, below the Asian stock markets’ average of 14.6 times. The historical P/E ratio stood at 16.7 times, lower than the Asian stock markets’ average of 17.0 times. Dividend yield ratio at the end of October 2025 was 3.76 percent, higher than the Asian stock markets’ average of 2.96 percent. Derivatives Market At the end of October 2025, Thailand Futures Exchange (TFEX)’s daily trading volume averaged 406,504 contracts, down 11.1 percent from the previous month largely due to the lower trading volume of Single Stock Futures and SET50 Index Futures. The YTD average daily trading volume in 2025 was 422,081 contracts, down 12.8 percent year-on-year mainly due to the decline in trading volume of Single Stock Futures and SET50 Index Futures.

With the support of Amazon Web Services (AWS), JPX Market Innovation & Research, Inc. (JPXI) is working to achieve the goal to turn Japan Exchange Group, Inc. (JPX) into a "global, comprehensive finance and information platform," which was set out in JPX’s Medium-Term Management Plan. As part of this effort, JPXI is pleased to announce the progress that has been made to enhance the international appeal and competitiveness of Japan’s financial instruments markets. 1. Further Improving the Stability and Resilience of the Market’s Infrastructure JPXI has built J-WS, which is JPX's common infrastructure platform, on AWS. This has allowed it to stably operate the services of the JPX Group’s data/digital businesses. By utilizing AWS's extensive and advanced cloud technologies and know-how, JPXI has been able to further improve the quality of its operations and enhance their functionality.In light of these accomplishments, JPXI has decided to migrate the Timely Disclosure Network (TDnet) to J-WS. TDnet quickly, accurately, and fairly transmits material corporate information to the market and investors. Since timely disclosure plays a fundamental role in maintaining investor confidence and the fairness of the stock market, TDnet is considered to be a semi-essential system, next in importance after the trading and clearing systems. By migrating the mission-critical TDnet system to J-WS, JPXI aims to improve the system’s stability and resilience and to strengthen cybersecurity measures.The migration of TDnet will result in a multi-layered redundant configuration that uses not only JPX's existing Business Continuity Plan (BCP) environment but also AWS’s Asia Pacific (Tokyo) Region and its Asia Pacific (Osaka) Region. This will significantly enhance TDnet’s resilience against wide-area disasters. 2. Assisting Efforts to Bolster, Improve, and Streamline JPX’s Unwavering Mission to Support Corporate Disclosures JPXI’s plan for upgrading TDnet involves migrating TDnet’s infrastructure to J-WS. The migration will improve TDnet’s performance and its capacity to process disclosure materials. The plan also involves improving TDnet’s functionality. To implement the planned upgrades, JPXI is collaborating with the developer Fujitsu Limited, which is leveraging its technical expertise as well as the knowledge and experience it has gained from its past efforts at TDnet’s development.As investors’ needs diversify, listed companies are expected to further enhance their disclosure offerings, and they face issues with an increased workload as a result. To address this, JPXI is in the process of implementing a new service with features that utilize AWS's generative AI to assist in the preparation of disclosure materials. Furthermore, JPXI plans to provide a dedicated platform that directly connects JPX’s exchanges and listed companies so that they can manage information securely and so that JPX’s exchanges can offer listed companies advanced support. In the future, JPXI aims to link the various applications that it has developed on J-WS in order to create an integrated environment where disclosure materials can be seamlessly prepared and distributed.Furthermore, JPXI plans to improve the transmission speed and machine readability of disclosure data and to share it with external platforms through APIs and other means. This will accelerate the formation of an ecosystem where financial institutions, information vendors, and startups can use a common data infrastructure to collaborate in creating new value-added services. 3. Timely Provision of Required Services In order to respond to a rapidly changing market environment and diversifying customer needs, JPXI is developing the infrastructure to provide innovative financial services in a timely manner and to make continual refinements possible.With the support of the AWS engineering team, including AWS Prototyping (an in-house development support service) and AWS Professional Services, JPXI has made various efforts to develop digital talent within the company and to beef up its in-house development system. This has allowed a development culture that leads to new value creation to steadily take root there.As a result of these efforts, JPXI has been able to rapidly develop and launch key projects, such as the Carbon Credit Market System, which was developed in collaboration with Hitachi, Ltd., and JPX's integrated data services platform J-LAKE, which was developed primarily by JPXI’s in-house engineering team.Going forward, JPXI will continue to quickly and flexibly provide services that meet customer expectations and to contribute to the sustainable development of financial instruments markets. 4. Clearly Conveying the Right Information to the Right People JPXI is utilizing AWS’s digital technologies and data analytics services to improve the information dissemination capabilities of financial instruments markets.It is critical for JPX’s exchanges to clearly convey information about listed companies and the markets. Currently, more than 3,900 companies are listed on JPX’s exchanges, and those companies release over 1 million pages of disclosure materials each year. Those materials contain a wide range of information that includes not only financial but also non-financial and ESG/sustainability-related information.To allow investors and other stakeholders to effectively use such a vast amount of information as well as other types of data, JPXI has developed J-LAKE. Built on J-WS, J-LAKE centrally manages the market data and alternative data in JPX’s possession and enables sophisticated analysis to be conducted through the use of AI, machine learning, and generative AI.Specifically, JPXI began providing a new feature on JPxData Portal, which is JPX’s securities data platform. The feature combines J-LAKE and generative AI, and it enables users to efficiently search for the disclosure materials that they need and to discover new investment opportunities.Going forward, JPXI will proactively utilize the latest digital technologies to further improve JPxData Portal’s functionality so that it can provide market participants with ever more useful information. 5. Future Outlook JPXI has worked to improve the JPX Group's data/digital businesses under a strong cooperative framework with AWS. Going forward, it will further develop its relationship with AWS and explore the long-term potential for using the cloud in JPX's critical functions. It will also continue to search for the best way to realize JPX’s goal of turning into a "global, comprehensive finance and information platform" and to take up the challenge to create new value. Comment from Futagi Satoshi, President & CEO, JPX Market Innovation & Research, Inc. In its long-term vision “Target 2030,” JPX expressed its intention to turn into a "global, comprehensive finance and information platform," and it has been working to enhance the appeal of Japan's financial and capital markets as a whole. JPXI, whose role within the JPX Group is to spearhead the group’s next-generation data/digital businesses, has collaborated with AWS to build several new systems to support these businesses.As a result, the ecosystem that JPX has developed using AWS’s solutions has been steadily expanding. Going forward, JPXI will continue to enlist the support of its powerful partner AWS to further rev up efforts to turn JPX into a "global, comprehensive finance and information platform." Comment from Scott Mullins, Managing Director, Worldwide Financial Services, Amazon Web Services (AWS) By migrating its mission-critical TDnet system to AWS and using our cloud infrastructure across Tokyo and Osaka regions, JPX is improving resilience and stability while expanding access to Japan's financial markets. AWS's experience supporting financial institutions, combined with its advanced capabilities in Generative AI, machine learning, and high-performance computing, enables JPX to deliver greater innovation through their data and digital initiatives. Together, we're working to make Japan's capital markets more efficient and transparent. JPX Market Innovation & Research raises value of Japan’s exchange market infrastructure and strengthen its resilience supported by AWSOverview of TDnetConstruction of JPX's Integrated Data Services Platform (J-LAKE)