Regnology, a leading provider in regulatory, risk, tax, and finance reporting, as well as supervisory technology, today announced it has signed an exclusive agreement for the acquisition of Moody’s Regulatory Reporting & ALM Solutions business, inclusive of solutions for Basel III compliance, IFRS9 impairment accounting, large bank asset-liability management (ALM), Solvency II insurance reporting, and prudential and statistical regulatory reporting across more than 50 jurisdictions. By integrating Moody’s regulatory capital and liquidity capabilities with Regnology’s regulatory, risk, and finance offerings, the firm is creating a unified, scalable platform designed to meet the full spectrum of financial regulatory compliance and risk requirements. This combined strength positions Regnology as the partner of choice for financial institutions seeking future-ready solutions. At the core of this strategy is Regnology Risk Hub (RRiskHub), an integrated solution designed to deliver a single point of control for compliance, risk analytics, and strategic decision-making. RRiskHub will unite Regnology’s established regulatory reporting and core risk expertise with comprehensive risk quantification and ALM offerings acquired from Moody’s, combining specialized capabilities around financial risk measurement, capital, liquidity management, and multi-jurisdictional reporting. The combined offering sets a new standard for all-in-one regulatory and risk solutions. Built on the Regnology Granular Data (RGD) model for consistency, auditability, and scalability across risk and regulatory domains, supported by Regnology’s secure, cloud-native platform, the Regnology Risk Hub empowers Chief Risk Officers with actionable control and oversight through integrated automation, AI-driven insights for future-ready operations, and continuous innovation. Rob Mackay, CEO of Regnology, said: “The proposed acquisition of Moody’s Regulatory Reporting & ALM Solutions is a bold step forward in our mission to be at the forefront of the regulatory and risk technology space. This acquisition strengthens our shared commitment to deliver transformative value and help Chief Risk Officers and Chief Financial Officers navigate an increasingly complex landscape with confidence. We are looking forward to further advancing our platform to empower financial institutions worldwide with innovative solutions, while opening new horizons for our customers and employees to thrive.” Fredrik Näslund, Partner, Nordic Capital Advisors, commented: “Nordic Capital is delighted to support Regnology as it continues its impressive growth journey. This acquisition underscores Regnology’s strong accelerating progress within the regulatory technology sector to further deliver outstanding solutions to financial institutions around the world.” Andrew Bockelman, Head of Banking Solutions for Moody’s, said: “We are grateful for the work of our teams that have built these solutions over the years, and we are confident they are joining an organization that will continue to provide top-rate service to customers and new growth opportunities for employees. Regnology is strategically positioned to build on the strengths of these product families, while Moody’s continues to focus on its core lending, credit modeling, KYC, financial crime, portfolio risk, and data-driven solutions.”  The proposed acquisition remains subject to consultation with the relevant works councils and is further subject to obtaining regulatory approvals in several jurisdictions.

This document series contains open letters between the Governor of the Bank of England and the Chancellor of the Exchequer which are exchanged if inflation moves away from the target by more than 1 percentage point in either direction. The remit for the Monetary Policy Committee (MPC) requires an exchange of open letters between the Governor of the Bank of England and the Chancellor of the Exchequer if inflation moves away from the target by more than 1 percentage point in either direction. We believe that the open letter system, required in the remits for the MPC since 1997, provides a formal mechanism of transparency and accountability in the event of any appreciable deviations from target. The remit set in November 2025 requires that the open letter from the Governor should be published alongside the minutes of the following Monetary Policy Committee meeting. The letter should refer as necessary to the Bank’s latest Monetary Policy Report and forecasts. The reason for publishing the letter at that time is to allow the MPC time to form and communicate its strategy towards returning inflation to the target after consideration of the trade-offs, resulting in a more meaningful exchange about the MPC’s strategy. As has been the case since 1997, the Governor is required to send a further letter after 3 months if inflation remains more than 1 percentage point above or below the target. The Governor’s letter should set out: the outlook for inflation and the reasons why inflation has moved away from the target the policy action the committee is taking in response the horizon over which the committee judges it is appropriate to return inflation to the target the trade-off that has been made with regard to inflation and output variability in determining the scale and duration of any expected deviation of inflation from the target how this approach meets the government’s monetary policy objectives Documents Open letters between HM Treasury and Bank of England, December 2025 18 December 2025   Correspondence Open letters between HM Treasury and Bank of England, September 2025 18 September 2025   Correspondence Open letters between HM Treasury and Bank of England, June 2025 19 June 2025   Correspondence Open letters between HM Treasury and Bank of England, March 2024 21 March 2024   Correspondence Open letters between HM Treasury and Bank of England, December 2023 14 December 2023   Correspondence Open letters between HM Treasury and Bank of England - September 2023 21 September 2023   Correspondence Open letters between HM Treasury and Bank of England, June 2023 22 June 2023   Correspondence Open letters between HM Treasury and Bank of England, March 2023 23 March 2023   Correspondence Open letters between HM Treasury and Bank of England, December 2022 15 December 2022   Correspondence Open letters between HM Treasury and Bank of England, September 2022 22 September 2022   Correspondence Open letters between HM Treasury and Bank of England, June 2022 16 June 2022   Correspondence Open letters between HM Treasury and Bank of England, March 2022 17 March 2022   Correspondence Open letters between HM Treasury and Bank of England, December 2021 16 December 2021   Correspondence Open letters between HM Treasury and Bank of England, September 2021 23 September 2021   Correspondence Open letters between HM Treasury and Bank of England, May 2021 6 May 2021   Correspondence Open letters between HM Treasury and Bank of England, December 2020 17 December 2020   Correspondence Open letters between HM Treasury and Bank of England, September 2020 21 October 2020   Correspondence Open letters between HM Treasury and Bank of England, June 2020 18 June 2020   Correspondence Open letters between HM Treasury and Bank of England, February 2018 8 February 2018   Correspondence Open letters between HM Treasury and Bank of England, December 2016 15 December 2016   Correspondence Open letters between HM Treasury and Bank of England, August 2016 4 August 2016   Correspondence Open letters between HM Treasury and Bank of England, May 2016 12 May 2016   Correspondence Open letters between HM Treasury and Bank of England, February 2016 4 February 2016   Correspondence Open letters between HM Treasury and Bank of England, November 2015 5 November 2015   Correspondence Open letters between HM Treasury and Bank of England, August 2015 6 August 2015   Correspondence Open letters between HM Treasury and Bank of England, May 2015 13 May 2015   Correspondence Open letters between HM Treasury and Bank of England, February 2015 12 February 2015   Correspondence Open letters between HM Treasury and Bank of England, February 2012 14 February 2012   Correspondence Open letters between HM Treasury and Bank of England, November 2011 15 November 2011   Correspondence Open letters between HM Treasury and Bank of England, August 2011 16 August 2011   Correspondence Open letters between HM Treasury and Bank of England, May 2011 17 May 2011   Correspondence Open letters between HM Treasury and Bank of England, February 2011 15 February 2011   Correspondence Open letters between HM Treasury and Bank of England, November 2010 16 November 2010   Correspondence Open letters between HM Treasury and Bank of England, August 2010 17 August 2010   Correspondence Open letters between HM Treasury and Bank of England, May 2010 18 May 2010   Correspondence

Monetary Policy Summary, December 2025 At its meeting ending on 17 December 2025, the Monetary Policy Committee voted by a majority of 5–4 to reduce Bank Rate by 0.25 percentage points, to 3.75%. Four members voted to maintain Bank Rate at 4%. CPI inflation has fallen since the previous meeting, to 3.2%. Although above the 2% target, it is now expected to fall back towards target more quickly in the near term. Reflecting restrictive monetary policy, and consistent with evidence of subdued economic growth and building slack in the labour market, pay growth and services price inflation have continued to ease. Monetary policy is being set to ensure CPI inflation settles sustainably at 2% in the medium term, which involves balancing the risks around achieving this. The risk from greater inflation persistence has become somewhat less pronounced since the previous meeting, while the risk to medium-term inflation from weaker demand remains. The extent of further easing in monetary policy will depend on the evolution of the outlook for inflation. The restrictiveness of policy has fallen as Bank Rate has been reduced by 150 basis points since August 2024. On the basis of the current evidence, Bank Rate is likely to continue on a gradual downward path. But judgements around further policy easing will become a closer call. Minutes of the Monetary Policy Committee meeting ending on 17 December 2025 1: Before turning to its immediate policy decision, the Monetary Policy Committee (MPC) discussed key economic developments and its judgements around them, as well as its views on monetary policy strategy. Current economic conditions 2: Twelve-month CPI inflation had eased to 3.2% in November from 3.6% in October and 3.8% in September. This was below the short-term forecast published in the November Monetary Policy Report, largely reflecting downside news to food price inflation. The October release had triggered the exchange of open letters between the Governor and the Chancellor of the Exchequer that was being published alongside these minutes. 3: Services consumer price inflation was 4.4% in November, compared with the most recent peak of 5.4% in April. Measures of underlying services price inflation had pointed to the disinflation process continuing, as pay growth had eased. The impacts of one-off shocks to the price level, such as the employers’ National Insurance Contributions increases and unusually large increases in some administered prices earlier in the year, had continued to restrain this downward trend to a degree. 4: CPI inflation was expected to ease further in 2026 Q1, to around 3%. Before that, CPI inflation was expected to rise temporarily in December 2025, owing to an increase in tobacco duty and a pickup in airfares price inflation. 5: Some measures announced in the Budget, in particular one-off reductions to regulatory costs levied on households’ energy bills, and changes to fuel duty, were likely to lower CPI inflation in April by around ½ percentage point. This Budget news, in combination with other news in recent CPI data and with some downward moves in sterling oil and gas futures curves since November, had led Bank staff to lower their expectation for CPI inflation to closer to 2% in 2026 Q2. 6: There had been small movements in inflation expectations over recent months. Market measures of medium-term inflation compensation had been little changed since the MPC’s November meeting. The Bank/Ipsos and Citi/YouGov indicators of households’ short and medium-term inflation expectations had eased slightly in November, albeit remaining at elevated levels. The Decision Maker Panel (DMP) survey had reported that firms’ year-ahead own-price inflation expectations rose slightly to 3.7% in the three months to November and were close to realised own-price inflation, suggesting that firms continued to expect little change in inflation a year ahead. Intelligence from the Banks’ Agents suggested that firms did not expect to pass on fully increases in costs given the weak demand environment. 7: A range of indicators suggested that pay growth had continued to ease in the second half of 2025, particularly in the private sector. Annual growth in whole economy Average Weekly Earnings (AWE) had declined to 4.7% in the three months to October. AWE private sector regular pay growth had fallen to 3.9%, which was in line with the forecast in the November Report. While still elevated, this rate of pay growth could be broadly explained by economic fundamentals, in contrast to developments over the past few years when pay growth had been stronger than could be explained. Bank staff expected private sector regular AWE pay growth to ease to around 3½% in 2025 Q4, predominantly owing to base effects, which reflected the strength in pay growth at the end of 2024. A range of pay settlements data suggested that the median private-sector settlement had been around 3% in the three months to November, although fewer companies agreed their settlements at this time of the year. 8: Forward-looking wage indicators had remained elevated. Ahead of the Agents’ annual pay survey, which would be a key input into the February MPC round, the Agents’ contacts had suggested that pay settlements were expected to be around 3½% in 2026. This was still an elevated level, although it was nearly ½ percentage point lower than figures reported for 2025. The November DMP survey had reported a slight increase in firms’ twelve-month ahead pay expectations to 3.8%, suggesting that pay growth might not ease materially further into next year. 9: The labour market had loosened further. The LFS unemployment rate had risen to 5.1% in the three months to October, 0.2 percentage points above the expectation in the November Report. The LFS redundancy rate had risen to 5.3 per 1,000 employees, its highest level since 2013, outside of the Covid pandemic period. But this series was prone to volatility, and the latest increase had not been mirrored in HR1 redundancy notifications. In contrast, the level of vacancies had been broadly stable since the summer. Employment growth had remained subdued. An HMRC payrolls estimate of private sector employees had fallen even further than the headline HMRC estimate in the three months to November, extending a recent pattern of weakness. Public sector employment had been stronger. 10: GDP growth had eased to 0.1% in 2025 Q3, slightly below the rate expected in the November Report. Bank staff analysis had suggested that some of this softening was erratic, with underlying quarterly GDP growth closer to 0.2%. Monthly GDP had declined by 0.1% in October, due to a further fall in market sector output. This was weaker than had been expected in the November Report and Bank staff now expected zero growth in headline GDP in Q4. Business surveys had remained subdued, including the S&P Global UK PMI composite output index, although that had picked up in the flash December release and, more generally, had been above the no-change mark for the past eight months. The steer from business surveys suggested that underlying growth in Q4 would be stronger than headline GDP growth, but at a rate that was still below supply growth. 11: Domestic credit volumes had continued to be supported by reduced policy restriction, along with some improvement in credit supply conditions. The Bank’s latest Credit Conditions Survey had suggested that supply was continuing to improve for households and firms, and firms’ access to bank finance appeared resilient. Nevertheless, credit volumes growth had remained subdued relative to pre-pandemic norms in real terms. Households’ and non-financial corporations’ aggregate balance sheets had also remained resilient, according to the Financial Policy Committee’s latest Financial Stability Report. Alongside this, recent annual growth in broad money had remained in line with the rate seen in 2025 so far, with the ratio of money to nominal GDP remaining below levels implied by its pre-pandemic trend. 12: UK financial conditions were little changed relative to the November MPC meeting. Market pricing implied an expectation for a reduction in Bank Rate at this meeting. 13: Global activity indicators had been more resilient than expected at the time of the November Report. This was suggestive of tariffs and trade policy uncertainty not weighing on global economic activity to the extent that had been expected. Alongside this, Chinese export price deflation had increased, following a brief moderation earlier this year. The Autumn Budget 14: The Autumn Budget had taken place on 26 November, accompanied by an economic and fiscal outlook from the Office for Budget Responsibility. Additional fiscal measures had included: spending increases in the short term in the form of reversals to previously announced welfare cuts and the removal of the two-child limit within universal credit. Beyond the short term, these spending increases would be more than offset by future tax increases, primarily from extending the freezes to income tax thresholds out to 2030-31. Smaller contributions would come from increases to National Insurance Contributions on salary-sacrifice pension contributions and increases to property, savings and dividend taxes. 15: Relative to what had been assumed in the November Monetary Policy Report, Bank staff had provisionally estimated that these additional policy measures could increase the level of GDP by around 0.1–0.2% over the next couple of years, with the fiscal tightening through future tax increases weighing on the level of GDP beyond a three-year horizon. 16: The Budget had also included a set of policy measures that had a direct impact on inflation in the short term, which were likely to lower CPI inflation in April by around ½ percentage point. Subsequently, the impact of the direct and indirect effects of Budget policies were expected to push up on CPI inflation by around 0.1–0.2 percentage points in 2027 and 2028. 17: The Committee considered the total fiscal consolidation envisaged in the latest plans for forthcoming years. Cumulatively, fiscal policies announced to date were expected to widen the output gap by around 1 percentage point over the next three years. The Budget had made only a modest additional contribution to this expected widening beyond the next three years. 18: A fuller assessment of this fiscal news would be conducted as part of the February 2026 Monetary Policy Report round. Overview and the Committee’s discussions 19: The Monetary Policy Committee’s job is to ensure that CPI inflation falls all the way back to the 2% target and stays there. Monetary policy had helped to reduce inflationary pressures over the past three years. That had allowed the MPC to make policy less restrictive, by reducing Bank Rate since August 2024. 20: The MPC’s approach to setting Bank Rate outlined in the November Monetary Policy Report had been based on two key policy judgements. First, that underlying domestic wage and price pressures were continuing to ease, and that the risks to medium-term inflation from greater inflation persistence and weaker demand were more balanced. Second, that Bank Rate was likely to continue on a gradual downward path if progress on disinflation continued. 21: Since November, the risk from greater inflation persistence had become somewhat less pronounced, while the risk to medium-term inflation from weaker demand remained. 22: CPI inflation had fallen since the previous meeting, from 3.8% to 3.2%. This was above the 2% target but, following the Budget announcements on administered prices and indirect taxes, headline inflation was now expected to fall back more quickly in April, to closer to 2%. Reflecting restrictive monetary policy, and consistent with evidence of subdued economic growth and building slack in the labour market, pay growth and services price inflation had continued to ease, pointing to further underlying disinflation towards target. Looking forward, however, some indicators of wage and price-setting from the Bank’s Agents and the Decision Maker Panel appeared to have plateaued. 23: Although headline inflation was likely to fall back closer to target in the near term, the Committee would remain focused on ensuring that inflation settled sustainably at 2% in the medium term. The latest data were generally encouraging, but there continued to be risks around that in both directions. 24: The recent experience of high inflation could still be affecting the way wages and prices were being determined in the economy, including owing to structural factors. The hump in inflation earlier this year had not been expected to lead to additional second-round effects in previous central projections. So a faster near-term fall now, owing to similar factors, might be treated in an equivalent way. The Committee would nonetheless monitor carefully the response of still-elevated inflation expectations to recent downside news, including in response to developments in more salient prices such as energy and food. The MPC was also continuing to assess whether and how fast wage and services inflation would fall further towards more target-consistent rates. 25: At the same time, households and businesses could remain cautious about their spending and investment decisions, and the labour market could weaken significantly further. Both of these could lead to inflation falling below target in the medium term. There had been limited news on the demand outlook since the previous meeting. Although GDP growth in 2025 Q4 was likely to be weaker than expected, the flash PMI output index had increased in December. Most labour market data had not suggested a rapid opening up of slack in the economy, even though the unemployment rate had continued to move higher. 26: Different members continued to place different weights on the main risks to inflation. For some of those members who had been more concerned about second-round effects from recent high inflation, the news on near-term inflation from the Budget could lessen these risks to some extent. Nevertheless, other persistence risks remained, particularly in light of the long period of above-target inflation, and the signals from forward-looking indicators were that pay growth could remain elevated next year. For those members who had been less concerned about persistence previously, the remaining upside risks had diminished further, and were now more clearly outweighed by downside risks to demand and the possibility of a more rapid loosening in the labour market. 27: Regarding the second key policy judgement, the extent of further easing in monetary policy still depended on the evolution of the outlook for inflation, and how the evidence on persistence, and on the weakening in demand and the labour market, was playing out. A gradual approach to further easing allowed the Committee to assess carefully the balance of risks to inflation as the evidence evolved. 28: The restrictiveness of monetary policy had fallen as Bank Rate had been progressively reduced. Different members had different views on how, and with what degree of precision, an equilibrium, or neutral, level of Bank Rate could be identified. In the absence of new shocks to the economy, judgements for individual members around further policy easing would become a closer call. This could simply reflect the more limited scope to reduce rates for a given estimate of neutral, or alternatively that the policy approach should recognise the uncertainty around the level of equilibrium rates itself. It could also reflect a high bar for policy reversals, were Bank Rate to be reduced too quickly or by too much, which could undermine credibility. The immediate policy decision 29: The Committee turned to its policy decision at this meeting and the monetary stance required to achieve the 2% inflation target sustainably in the medium-term. 30: Five members (Andrew Bailey, Sarah Breeden, Swati Dhingra, Dave Ramsden and Alan Taylor) preferred to reduce Bank Rate by 0.25 percentage points at this meeting. The disinflation process was on track and the key question was how sustainably inflation would settle at the 2% target. Three members in this group (Andrew Bailey, Sarah Breeden and Dave Ramsden) judged that upside risks to inflation had continued to recede, but they would continue to assess incoming evidence, particularly around labour market activity and wage growth. Two members in this group (Swati Dhingra and Alan Taylor) attached greater weight to downside risks to activity and inflation. Subdued consumption and rising unemployment were already sufficient to restrain inflation persistence. 31: Four members (Megan Greene, Clare Lombardelli, Catherine L Mann and Huw Pill) preferred to maintain Bank Rate at this meeting, placing greater weight on prolonged inflation persistence, including from structural factors. While acknowledging recent progress on disinflation, the current and forward-looking evidence on services inflation, wage growth and inflation expectations remained above target-consistent levels. This could be symptomatic of more lasting changes in wage and price-setting behaviour. These members were not convinced that the monetary policy stance was meaningfully restrictive. A more prolonged period of policy restriction was warranted to mitigate these upside risks. 32: The Chair invited the Committee to vote on the proposition that: Bank Rate should be reduced by 0.25 percentage points, to 3.75%. 33: Five members (Andrew Bailey, Sarah Breeden, Swati Dhingra, Dave Ramsden and Alan Taylor) voted in favour of the proposition. Four members (Megan Greene, Clare Lombardelli, Catherine L Mann and Huw Pill) voted against the proposition, preferring to maintain Bank Rate at 4%. MPC members’ views 34: Members set out the rationale underpinning their individual votes on Bank Rate. Members are listed alphabetically under each vote grouping. Votes to reduce Bank Rate by 0.25 percentage points, to 3.75% Andrew Bailey: Data news since our latest meeting suggests that disinflation is now more established. CPI inflation has fallen from its recent peak and upside risks have eased. Measures in the Budget should reduce inflation further in the near term. The key question for me now is the extent to which inflation settles at the 2% target in an enduring way. Slack has continued to accumulate in the economy. Unemployment, underemployment and flows from employment to unemployment have all risen. While I do not yet see conclusive evidence of a sharper downturn in the labour market, we should be vigilant. On the other hand, inflation expectations have not yet shifted downward sufficiently following the past few years of persistent above-target inflation. And the strength in forward-looking wage growth indicators is hard to reconcile with the downward momentum in current indicators of inflation and pay as well as rising unemployment. I will continue to assess these risks as the evidence accumulates. While I see scope for some additional policy easing, the path for Bank Rate cannot be pre-judged with precision, recognising in part the more limited space as Bank Rate approaches a neutral level. Sarah Breeden: I judge that disinflation remains on track and that upside risks have diminished a little further since November. Inflation, underlying services inflation, wage growth and households’ inflation expectations have all moved down. Activity data are also consistent with building slack, with a further rise in unemployment and weak employment growth. Previous explanations for why inflation might remain stubbornly above target have become less likely. The Budget has clarified that administered price shocks should not repeat next year. I recognise risks from potential structural changes to the labour market, in particular that matching efficiency may have fallen, and forward‑looking pay surveys are somewhat higher than I would prefer. However, Agents’ reports suggest firms are taking action to contain total wage bills. This, and the weak demand environment, should limit cost pass‑through. Downside risks to the demand outlook remain prominent. As in November, I think it plausible that a structural change in household behaviour means the savings rate remains elevated. Combined with my view that policy remains restrictive and slack continues to build, this gives me enough confidence to cut now. Looking ahead, I will need a greater accumulation of evidence on disinflation as we feel our way towards neutral next year. Swati Dhingra: I see disinflation continuing and risks to activity skewed to the downside. Nominal indicators have been trending consistently in the right direction. Inflationary pressures have faded, with limited pass-through of global food price inflation to consumer prices, and the impact of domestic one-off factors having come through. Disinflation is particularly observable in underlying inflation measures. Moreover, the dynamics of household-led demand weakness, that have contributed to disinflation so far and contained second-round effects, are still very much at play. Weak household spending look set to continue, which should limit firms’ pricing power. The backdrop of a weak labour market is likely to restrain wage growth going forward. Unemployment has risen more rapidly than I expected, given how activity and real wages have evolved, and vacancies remain 10% below pre-pandemic levels. My outlook at this juncture is one of continued weakness in activity. And I am concerned that a protracted period of stagnation could impede supply-side growth. I favour easing policy now, and would not support a drawn-out normalisation of our policy stance given the balance of risks. Dave Ramsden: I view the risks around inflation returning sustainably to target late in 2026 as broadly balanced, which is somewhat earlier than in the November central projection. The disinflation process is on track as nominal indicators continue to normalise. Labour market loosening has anchored this disinflation, and against the backdrop of weak activity and subdued sentiment, a further easing to come should lean against any remaining persistence in wage growth. However, elevated forward-looking surveys of wage growth give me pause for thought, particularly as structural supply-side issues, such as labour market participation, that previously sustained inflation persistence appear to be resolving. I will be focused on the results of the 2026 Agents’ pay survey. I continue to see downside risks from weak demand and particularly consumption. Consistently weak consumer confidence and ongoing fiscal consolidation contribute to a sluggish growth outlook, even if the announcement of the Budget offers some certainty. This outlook supports an easing in monetary policy. Further ahead, as restrictiveness falls and with uncertainty around the neutral rate, there could be scope to slow this cadence of easing in due course. Alan Taylor: Recent developments align with my stated view of the medium-term trajectory: the two key trends are steadily mounting downside risks and inflation firmly on track towards target. The news implies a path for inflation next year that reaches target sooner than in the November central projection. The inflation hump is subsiding a bit earlier: tax and administered price increases drop from annual CPI by April and food inflation is abating faster than expected. High‑frequency CPI indicators, overall and core, are close to target. Wages are on a target‑consistent path, based on incoming settlements data; AWE follows with a lag. Labour market news shows continued loosening. Redundancies are now on the rise and unemployment keeps climbing, markedly so among cyclically-sensitive younger cohorts. Demand is subdued, with surveys signalling weak output, deteriorating investment intentions, and low consumer confidence. Company dissolutions are increasing. These worrying trends point to the risk of at least a costly undershoot on inflation, if not a sharper non-linear deterioration in activity and the labour market, should we brake too hard. I see neutral at about 3%. Given transmission lags, and with inflation expected near target by late 2026, we should be heading there sooner rather than later. Votes to maintain Bank Rate at 4% Megan Greene: I think risks to inflation have shifted to the downside since November. I put weight on threshold effects and the salience of food and energy prices in the inflation basket. The budget will mechanically reduce inflation below thresholds that feed into expectations largely because of lower energy prices. Recent food price and CPI price inflation surprised on the downside as well. This should reduce the risk of elevated inflation expectations generating second-round effects, but I remain concerned the disinflation process has slowed and may stall further. Forward‑looking indicators of wage growth from the Agents and Decision Maker Panel remain above target-consistent levels. This could buoy services inflation, while core goods inflation remains above pre-Covid averages. Financial and credit conditions are relatively easy, suggesting the monetary policy stance is not meaningfully restrictive. Labour market slack is rising and, while rising redundancies are a concern, there is little evidence a non-linear rise in unemployment is imminent. Labour market adjustments may also be buffered by resilient corporate balance sheets and loose credit conditions. As Bank Rate approaches neutral, the contribution of monetary policy versus structural factors to disinflation could become harder to discern. This warrants a more cautious cadence of easing. Clare Lombardelli: I continue to be more concerned by the upside risks to inflation, despite growth and inflation data since November having softened at the margin. The Budget should mechanically reduce annual inflation in salient categories, reducing the risk of second-round effects, but in absolute terms underlying inflation is still well above target-consistent rates. Disinflation in wage growth will be crucial in returning inflation sustainably to target, yet forward-looking indicators of wage growth from the DMP and Agents suggest little disinflation in wages over the next year. Elevated wage growth contrasts with softening labour market quantities. This could indicate structural issues in the economy which would sustain greater inflation persistence than embodied in the November central projection. I am also uncertain about the amount of restriction that our current policy stance is imparting, where signals across the data are mixed, and future policy reversal could be costly for policy credibility. This calls for retaining policy restriction and, all else equal, could require slowing the pace of future policy easing. Catherine L Mann: My decision was quite finely balanced, and made more challenging by the effect of various policies on wage and price dynamics. Two key judgements underpin my decision. First, despite the Budget’s expected mechanical reduction in near-term inflation, this may not be enough to rein-in elevated household inflation expectations that have formed during a prolonged high‑inflation environment. CPI inflation remains above target, services inflation remains high relative to international peers, and core goods inflation is well above historical target‑consistent rates. Second, despite soft private-sector activity, this has not yet sufficiently disciplined wage and price growth. Market sector output is indisputably soft, private employment is falling, and redundancies and business dissolutions are rising. I am particularly attentive to the possibility that these could be signs of a non-linear adjustment. Counterbalancing these data, forward‑looking wage measures are above target‑consistent ranges, government spending and employment has risen, and any potential fiscal overspend could reduce slack, as has been the case in the past. In light of these risks, and given that restrictiveness in financial conditions has already eased over the year, policy needs to remain restrictive for some time longer. Huw Pill: I continue to judge the risk of inflation stabilising at above-target levels owing to structural changes in price and wage-setting behaviour as greater than the risk of inflation undershooting the target owing to weak demand. Underlying inflationary pressures are stronger than expected a year ago. A number of key indicators of underlying inflationary momentum – such as one-year ahead own price and wage expectations in the Decision Maker Panel, and households’ medium-term inflation expectations – exhibit a shallow saucer-shaped profile, raising concerns about a slowing or stalling in disinflation towards target. While I am attentive to risks from weak demand, still resilient private‑sector balance sheets provide some reassurance against a sharp downturn owing to a corporate cash-flow squeeze. Given this balance of risks, the case for the further withdrawal of monetary policy restriction is becoming more finely balanced, and any additional steps in this direction should be cautious. Operational considerations 35: On 17 December, the stock of UK government bonds held for monetary policy purposes was £553 billion. 36: The following members of the Committee were present: Andrew Bailey, Chair Sarah Breeden Swati Dhingra Megan Greene Clare Lombardelli Catherine L Mann Huw Pill Dave Ramsden Alan Taylor Sam Beckett was present as the Treasury representative. On the occasion of her final meeting, the Chair expressed his appreciation on behalf of the Committee for her role as Treasury representative since 2023. David Roberts was present on 10 December and 15 December, as an observer for the purpose of exercising oversight functions in his role as a member of the Bank’s Court of Directors. Monetary Policy Committee voting history The Bank of England Act 1998 gives the Bank of England operational responsibility for setting monetary policy to meet the Government’s inflation target. Operational decisions are taken by the Bank’s Monetary Policy Committee. The minutes of the Committee meeting ending on 4 February will be published on 5 February 2026.

We're expanding the significant work we had planned to improve standards in the home and travel insurance markets, following Which?’s super complaint. While 79% of consumers who make an insurance claim are satisfied with how it was handled, our work shows there's room for improvement - with 3 in 10 (31%) saying there isn’t enough information to judge the quality of different policies.   Over the next year, we will do more to:   Improve claims handling, by reviewing firms' customer service and delivery and how they oversee third parties that handle claims.   Improve consumer understanding of what their insurance covers, by analysing the different ways firms are selling products. We're already seeing industry act on our calls to improve customer understanding. We will use the findings from our reviews to continue working with firms, trade bodies and consumer groups, so people have the right information at the point of sale to make informed decisions.   We will continue to act against insurance firms where we have concerns. Since our review of home and travel insurers in July, we have: Opened 2 enforcement cases. Stopped 1 firm from doing business until it fixes the problems we identified.   Launched 3 independent reviews into firms' systems and controls. Made 3 senior managers agree to fix problems and consider whether redress is due. We use the best tools available to us to deliver the fastest results for consumers. That isn’t always through enforcement or market studies, which inevitably take time. Graeme Reynolds, director of competition and interim director of insurance said: 'We welcome Which? shining a light on issues we identified in home and travel insurance. 'We’ve set out more detail on the action we've already taken to fix problems, and we're expanding our existing workplan to improve the claims process and consumer understanding of their cover. 'We’ll be monitoring consumer outcomes and will continue to hold firms and their senior leaders to account for making improvements, to help build trust and make sure people get fair value insurance.'

The FTSE Mondo Visione Index demonstrated robust growth in November, closing the month at 94,312.68 points, a 3.6% increase from the previous month's close of 91,079.10. Global exchanges showcased resilience, with several markets posting significant gains. Brazil's B3 emerged as the top performer in U.S. dollar terms, recording a 19.1% increase in capital returns between November 1 and November 30, 2025. Following closely were the Tel Aviv Stock Exchange, which rose by 17.1%, and India's BSE, with a 16.2% increase over the same period. The top five exchanges by market capitalisation at the end of November were: CME Group: $101.43 billion Intercontinental Exchange: $90.37 billion Hong Kong Exchanges & Clearing: $66.93 billion London Stock Exchange Group: $62.47 billion Nasdaq:$52.20 billion Conversely, some markets faced downturns. Croatia's Zagrebacka Burza experienced the largest decrease, with a 20.9% fall in capital returns. It was followed by the Saudi Tadawul Group, which saw a 15.4% decline, and Tanzania's Dar es Salaam Stock Exchange PLC, with an 11.7% decrease. Herbie Skeete, Managing Director of Mondo Visione and Co-founder of the Index, commented on the month's performance: "Global exchanges showed stability in November, driven by increased trading volumes and heightened market volatility. CME Group remains well-positioned to capitalise on strong demand for risk management as institutions adapt to changing interest rates, currency fluctuations, and macroeconomic uncertainty." For a full breakdown of November 2025's performance, click here to download the report. 1-YEAR PERFORMANCE CHART OF THE FTSE MONDO VISIONE EXCHANGES INDEX (USD CAPITAL RETURN) Source: FTSE Group, data as at 28 November 2025 Monthly FTSE Mondo Visione Exchanges Index Performance (Capital Return, USD) July 2014 3.1% August 2014 2.3% September 2014 -3.6% October 2014 2.8% November 2014 2.5% December 2014 -0.5% January 2015 -1.0% February 2015 8.5% March 2015 0.0% April 2015 10.7% May 2015 0.1% June 2015 -3.2% July 2015 -2.7% August 2015 -5.3% September 2015 -2.1% October 2015 7.6% November 2015 0.4% December 2015 -2.2% January 2016 -4,7% February 2016 -0.7% March 2016 6.7% April 2016 0.4% May 2016 1.8% June 2016 -2.2% July 2016 5.3% August 2016 2.3% September 2016 -1.6% October 2016 -1.6% November 2016 2.1% December 2016 0.1% January 2017 6.0% February 2017 -0.8% March 2017 1.4% April 2017 0.8% May 2017 1.6% June 2017 5.6% July 2017 2.7% August 2017 0.3% September 2017 3.6% October 2017 -0.7% November 2017 6.4% December 2017 -0.7% January 2018 10% February 2018 -0.5% March 2018 -1.6% April 2018 -1.0% May 2018 -1.5% June 2018 -0.8% July 2018 -0.7% August 2018 2.4% September 2018 -1.7% October 2018 1.0% November 2018 3.1% December 2018 -4.2% January 2019 5.4% February 2019 1.7% March 2019 -2.6% April 2019 4.6% May 2019 1.5% June 2019 4.3% July 2019 2.2% August 2019 3.7% September 2019 -0.8% October 2019 2.0% November 2019 -0.5% December 2019 1.6% January 2020 5.0% February 2020 -7.4% March 2020 -11.5% April 2020 8.0% May 2020 6.7% June 2020 2.3% July 2020 6.6% August 2020 4.9% September 2020 -5.2% October 2020 -6.7% November 2020 8.9% December 2020 7.2% January 2021 0.8% February 2021 1.4% March 2021 -2.7% April 2021 3.3% May 2021 2.5% June 2021 0.4% July 2021 0.4% August 2021 0.1% September 2021 -4.2% October 2021 5.9% November 2021 -5.6% December 2021 4.9% January 2022 -2.2% February 2022 -3.5% March 2022 3.5% April 2022 -8.6% May 2022 -5.1% June 2022 -0.7% July 2022 2.4% August 2022 -3.9% September 2022 -8.8% October 2022 -1.1% November 2022 11.5% December 2022 -2.9% January 2023 3.8% February 2023 -4.1% March 2023 5.0% April 2023 0.9% May 2023 -3.9% June 2023 3.8% July 2023 4.6% August 2023 -2.3% September 2023 -3.0% October 2023 -0.6% November 2023 7.7% December 2023 3.8% January 2024 -2.7% February 2024 4.3% March 2024 -0.1% April 2024 -3.8% May 2024 1.3% June 2024 -0.4% July 2024 3.2% August 2024 8.2% September 2024 4.7% October 2024 -1.2% November 2024 2.6% December 2024 -3.1% January 2025 4.3% February 2025 5.6% March 2025 2.2% April 2025 3.5% May 2025 4.4% June 2025 0.8% July 2025 -2.9% August 2025 -0.7% September 2025 -3.1% October 2025 -3.2% November 2025 3.6%   About FTSE Mondo Visione Exchanges Index The FTSE Mondo Visione Exchanges Index, a joint venture between FTSE Group and Mondo Visione, was established in 2000. It is the first Index in the world to focus on listed exchanges and other trading venues. The FTSE Mondo Visione Exchanges Index compares performance of individual exchanges and trading platforms and provides a reliable barometer of the health and performance of the exchange sector. It enables investors to track 33 publicly listed exchanges and trading floors and focuses attention of the market on this important sector. The FTSE Mondo Visione Exchanges Index includes all publicly traded stock exchanges and trading floors: Australian Securities Exchange Ltd B3 SA Bolsa de Comercio Santiago Bolsa Mexicana de Valores SA Boursa Kuwait Securities BSE Bulgarian Stock Exchange Bursa de Valori Bucuresti SA Bursa Malaysia Cboe Global Markets CME Group Dar es Salaam Stock Exchange PLC Deutsche Bourse Dubai Financial Market Euronext Hellenic Exchanges SA Hong Kong Exchanges and Clearing Ltd Intercontinental Exchange Inc Japan Exchange Group, Inc Johannesburg Stock Exchange Ltd London Stock Exchange Group Multi Commodity Exchange of India Nairobi Securities Exchange Nasdaq New Zealand Exchange Ltd Philippine Stock Exchange Saudi Tadawul Group Singapore Exchange Ltd Tel Aviv Stock Exchange TMX Group Warsaw Stock Exchange Zagreb Stock Exchange The FTSE Mondo Visione Exchanges Index is compiled by FTSE Group from data based on the share price performance of listed exchanges and trading platforms.

Long Finance is pleased to present a short update on the progress being made in the Busan Finance Center (BFC). BFC is a member of Z/Yen’s Vantage Financial Centres network. The aim of this update is to provide readers with news about the progress being made by the city of Busan. Since 2009, Busan Metropolitan City has been developing a financial services hub specialising in maritime finance and derivatives. With its strategic location in the center of an economic bloc in South East Korea at the crossroads of a global logistics route, Busan envisions growing into an international financial city in Northeast Asia. BFC sets and implements strategies to develop Busan into an international financial city, by fostering Busan as the financial hub and promoting the financial industry. BFC was established as an incorporated association through the efforts of the city of Busan and seven local financial institutions and companies as founding sponsors. The main mission of BFC is to promote Busan as a financial hub and bolster the financial industry in Busan, by developing and implementing strategies to foster Busan as an international financial city and conducting mid-to-long term finance-related surveys and research. BFC works to promote relevant policies, attract financial institutions, create a financial ecosystem, conduct research and study into Busan’s development, and to facilitate internal and external cooperation. BFC is very happy to assist you to identify opportunities in Busan, one of the fastest developing cities in Asia. Download The Report

DataBP, LLC today announced that DataCT has been selected by the Operating Committee of the Consolidated Tape Plan (CT Plan) to serve as its Independent Administrator, pending the outcome of negotiations. The new CT Plan, which is expected to launch in early 2027, will be the unified successor to the three existing consolidated equity market data plans for Tape A, Tape B and Tape C securities in the U.S.In accordance with the CT Plan’s independence requirements, the Administrator function will be delivered through DataBP’s new independent affiliate, DataCT LLC; established specifically to operate the CT Plan Administrator role. DataCT is structured with its own governance, management, controls, and accountability, and operates independently under the direction and oversight of the CT Plan Operating Committee.The appointment follows a competitive selection process conducted pursuant to the Securities and Exchange Commission’s (SEC) approval of the CT Plan.During the transition period, Mark Schaedel, Chief Executive Officer of DataBP, will serve as Acting Chief Executive Officer of DataCT, providing executive continuity and oversight as DataCT completes staffing and operational readiness. This role is transitional and supports the planned handover to a permanent DataCT Chief Administrative Officer in line with CT Plan governance requirements.To support a disciplined transition and ongoing operational resilience, DataCT has entered into a services arrangement with Deloitte, under which Deloitte will support the transition program and provide ongoing shared services. Deloitte acts solely in a service-provider capacity and does not participate in CT Plan governance, policy-setting, or administrative decision-making.Through DataCT, the Independent Administrator will be responsible for subscriber onboarding and account management, licensing administration, usage reporting, billing and collections, audit and compliance oversight, revenue allocation administration, public and subscriber communications, and coordination with the Securities Information Processors (SIPs). While SIP processing functions will remain with the existing processors, the new Independent Administrator will be responsible for managing the transition from the current CTA/CQ and UTP Plan Administrators, which are expected to be retired following CT Plan’s go-live.“This appointment reflects the need for an administrator with deep operational experience and the ability to execute a complex transition without disruption to the market,” said Mark Schaedel, CEO of DataBP and Acting CEO of DataCT. “DataCT was established to provide a neutral, purpose-built administrative vehicle, combining independence, operational rigor, and modernized infrastructure, while remaining fully accountable to the Operating Committee.”The transition to the new unified CT Plan Administrator will proceed in defined phases, with full operational cutover occurring in accordance with the SEC-approved CT Plan timeline.

The Federal Reserve Board on Wednesday withdrew a 2023 policy statement and issued a new policy statement regarding the treatment of certain Board-supervised banks that facilitates responsible innovation. "New technologies offer efficiencies to banks and improved products and services to bank customers," said Vice Chair for Supervision Michelle W. Bowman. "By creating a pathway for responsible, innovative products and services, the Board is helping ensure that the banking sector remains safe and sound while also modern, efficient, and effective." In 2023, the Board issued a policy statement that limited Board-supervised state member banks to the same activities permissible for banks supervised by the other federal bank regulatory agencies. That statement included a discussion of how the policy would apply to certain innovative products and services. Since the policy statement was published, the financial system and the Board's understanding of innovative products and services have evolved. As a result, the 2023 policy statement is no longer appropriate and has been withdrawn. The new policy statement creates an avenue for both insured and uninsured Board-supervised state member banks to engage in certain innovative activities. Federal Register notice: Policy Statement on Section 9(13) of the Federal Reserve Act (PDF) Board Memo (PDF) Statement by Governor Barr

Emerging Markets Trading Volume Records: 3Hard currency markets, up +11%2Local currency markets, up +18%1, 2Request for Market (RFM) in local markets, up +34%2Dealer RFQ, up +36%2 MarketAxess Holdings Inc. (Nasdaq: MKTX), the operator of a leading electronic trading platform for fixed-income securities, today announced it has surpassed $1 trillion in traded volume this year in Emerging Markets (EM) debt.1, 2 Since 2000, MarketAxess has pioneered electronic trading in EM, building a comprehensive platform that now operates across 30 local currency bond markets and over 100 hard currency bond markets. The platform supports over 1,500 institutional clients operating out of 90 global markets, trading EM hard and local currency bonds. Following the June 2025 launch of a fully-electronic workflow for the trading of Indian Government Bonds (IGBs), MarketAxess is now the only fixed income electronic trading platform that covers 100% of the J.P. Morgan GBI-EM Index, the most widely followed benchmark in its class. “Crossing $1 trillion in emerging markets trading volume reflects our commitment to creating solutions that deliver real impact for dealers and investors,” said Chris Concannon, Chief Executive Officer at MarketAxess. “With even more countries set to join leading emerging market indices in 2026, we are well positioned to support the evolution of this asset class through technology that deepens liquidity and boosts transparency.” MarketAxess has delivered strong growth across its Emerging Markets1 business with record3 trading ADV of ~$5 billion, up 16%,2 driven by strong growth in both local markets (+18%)2 and hard currency markets (+11%)2 volumes, as well as strong growth across our three strategic channels, the client-initiated, portfolio trading and dealer-initiated channels. More recently, in the client-initiated channel, the platform has built out its Targeted RFQ workflow tool to help investors transact larger trades,4 which has helped drive a 25%2 increase in EM block4 trading volume globally. “We are consistently innovating and developing trading protocols that give international investors access to dynamic debt markets,” said Dan Burke, Global Head of Emerging Markets at MarketAxess. “Our goal is to deliver solutions that not only drive global capital flows into emerging markets but also increase efficiency and drive better execution outcomes for all market participants.” For more information on MarketAxess Emerging Markets, visit: www.marketaxess.com/trade/emerging-markets _________________________ 1 “Emerging Markets trading volume” is defined as trading volume reported by the Company in its monthly trading volume release in the line item “Emerging Markets” within the MKTX credit product area, combined with China-related trading volume that is currently reported in the "Agency and other government bonds" line item within the MKTX rates product area. Corresponding adjustments have been made to local currency figures presented in this release, as applicable. 2 All trading data is as of November 2025 and all percentage change comparisons are YTD November 2025 compared to YTD November 2024. 3 Trading volume records are based on whether the YTD November 2025 data is a record as compared to full-year data. 4 “Larger trades” or block trading in Emerging Markets consists of both hard currency block trades with notional trade sizes ≥ $3M and local markets block trades with notional trade sizes ≥ $5M.

Special Announcement: The processing and publication of Commitments of Traders data were interrupted from October 1 – November 12 due to a lapse in federal appropriations. Following a return to normal operations, the CFTC has resumed publication of the Commitments of Traders reports in chronological order. A revised release schedule depicts the intended COT Report publication dates for the data associated with the original publication date. The reports for the week of December 02, 2025 are now available. Report data is also available in the CFTC Public Reporting Environment (PRE), which allows users to search, filter, customize and download report data.  Additional information on Commitments of Traders (COT) | CFTC.gov Historical Viewable Historical Compressed Revised 2025 Release Schedule CFTC Public Reporting Environment (PRE) PRE User Guide PRE Frequently Asked Questions (FAQs)

Fiserv, Inc. (NASDAQ: FISV), a global leader in payments and financial technology, has completed its acquisition of StoneCastle Cash Management, expanding its ability to deliver innovative insured deposit funding solutions. By integrating StoneCastle’s institutional deposit network with the Fiserv ecosystem, including core account processing, digital banking, and payments platforms, Fiserv is creating a differentiated offering that helps financial institutions optimize liquidity and strengthen balance sheets and merchants expand their investment alternatives. For financial institutions, this expanded capability empowers banks to access a broader suite of secure, technology-driven funding options, including managing reserves linked to digital assets and FIUSD stablecoin issuance. For merchants, this integration introduces enhanced cash management solutions that will help optimize their cash management needs while offsetting acquiring costs, improving financial flexibility and overall growth. Existing StoneCastle clients, including wealth managers, will also benefit from the expanded reach that Fiserv’s banking relationships will provide. “This acquisition highlights Fiserv’s unique position at the intersection of banking and commerce: for banks, it provides a new, stable deposit source; for Merchant clients, including our Clover merchants, it provides a safe, high-yielding alternative to manage their operating cash,” said Takis Georgakopoulos, Co-President at Fiserv. “Looking to the future, StoneCastle brings unique liquidity benefits to our FIUSD stablecoin solution. Together, we are focused on unlocking new revenue opportunities, deepening client relationships and accelerating innovation across the financial ecosystem.” The transaction closed following receipt of all required regulatory approvals and satisfaction of customary closing conditions. Financial terms were not disclosed.

The Securities and Exchange Commission today announced that financial economist and academic scholar Dr. Joshua T. White will return to the agency beginning the week of Jan. 5, 2026, to serve as its Chief Economist and Director of the Division of Economic and Risk Analysis (DERA), which integrates financial economics and rigorous data analytics into the SEC’s core mission.  Robert Fisher, who has served as the SEC’s Acting Chief Economist since January, will continue to support the agency’s mission in DERA.  Dr. White previously conducted cost-benefit analyses of SEC rulemaking between 2012 and 2018 while serving in various DERA roles including financial economist, visiting academic scholar, and expert consultant. For the past 18 months, he has been on leave from his position as assistant professor of finance at Vanderbilt University’s Owen Graduate School of Management to serve in the Office of Economic and Risk Analysis at the Public Company Accounting Oversight Board (PCAOB), where he was a senior advisor until he became acting chief economist this past April.   “Josh is a well-respected researcher and a true champion of rigorous economic analysis in regulatory policy, and his expertise in financial regulation and cryptocurrency makes him a tremendous fit to lead our efforts to ensure that high-quality economic analysis continues to underpin SEC rulemaking,” said SEC Chairman Paul S. Atkins. “I am grateful that he is returning to the SEC as we restore our agency to a regulatory practice that includes reliably quantifying the potential costs and benefits of any rule. I also extend my great thanks to Robert for his valuable initial leadership in this area as Acting Chief Economist.”  Dr. White said, “I want to thank Chairman Atkins for this opportunity to come back to the SEC and serve alongside the talented economists in DERA to provide the type of thorough and unbiased economic analysis that the Commission needs to inform its rulemaking. Together we will utilize a wide range of research and perspectives to enhance robustness in our analyses and strengthen confidence in our markets.”  Among his earlier experience, Dr. White was an assistant professor of finance at the University of Georgia’s Terry College of Business prior to joining the faculty at Vanderbilt. He has contributed his research in corporate finance and corporate governance to such academic journals as the Review of Financial Studies, Journal of Financial Economics, Journal of Accounting and Economics, The Accounting Review, Review of Finance, and Review of Corporate Finance Studies.  Dr. White holds a BS, MBA, and Ph.D. in finance from the University of Tennessee’s Haslam College of Business, where he is a past recipient of the Outstanding Ph.D. Alumnus Award. 

The attached option classes will begin trading on the MIAX Options Exchange, MIAX Pearl Options Exchange, MIAX Emerald Options Exchange, and MIAX Sapphire Options Exchange on Thursday, December 18, 2025.Market Makers can use the Member Firm Portal (MFP) to manage their option class assignments.  All LMM and RMM Option Class Assignments must be entered prior to 6:00 PM ET on the business day immediately preceding the effective date.  All changes made after 6:00 PM ET on a given day will be effective two trading days later.MIAX Options and MIAX Emerald Options Primary Lead Market Maker (PLMM) assignments and un-assignments will not be supported via the MFP. Please contact MIAX Listings with any questions at Listings@miaxglobal.com or (609) 897-7308. MIAX Options® Exchange MIAX Pearl® Options Exchange MIAX Emerald® Options Exchange MIAX Sapphire™ Options Exchange

The Office of the Comptroller of the Currency (OCC) today issued proposed guidance for a simplified strategic plan process for community banks to comply with the Community Reinvestment Act (CRA). The OCC’s action builds on a series of reforms the OCC announced in October and November to reduce burden and tailor examination activities for community banks. “Community banks are important drivers of economic growth and require a tailored, proportional supervisory framework that reflects their critical role in local economies,” said Comptroller of the Currency Jonathan V. Gould. “By definition, community banks are focused on meeting the financial needs of their communities. Today’s proposal for a simplified CRA strategic plan enables them to better focus their resources on local credit needs. The OCC will continue to prioritize community bank reforms to reduce burden and strengthen their role as economic engines of America.” The strategic plan option enables a bank to tailor its CRA examination based on the needs of its community and its ability to help address those needs based on its capacity and constraints, product offerings, and business strategy. The proposed simplified strategic plan process would reduce burden for community banks by providing clarity on the measurable goals and the other components of a strategic plan required by the CRA regulation and simplifying the method for drafting and submitting a proposed strategic plan to the OCC for approval. Given the flexibility provided by the strategic plan option, the OCC believes that it may be a useful tool for reducing CRA-related regulatory burden for all community banks—from the smallest retail community banks to larger, non-traditional community banks that offer their products and services through the internet. Comments will be accepted on the proposed guidance on the Simplified Strategic Plan Process for Community Banks for 60 days from the date of publication in the Federal Register. Related Links Community Reinvestment Act: Simplified Strategic Plan Process for Community Banks (PDF) News Release 2025-95, “OCC Announces Actions to Reduce Regulatory Burden for Community Banks,” October 6, 2025 News Release 2025-110, “OCC Announces Additional Actions to Support Community Banks and Reduce Regulatory Burden,” dated November 24, 2025

The Securities and Exchange Commission’s Office of the Investor Advocate today delivered its Report on Activities for the Fiscal Year 2025 to Congress, highlighting the initiatives and work of the office during the fiscal year. The report includes: An update on the office’s investor research activities, including the issuance of a working paper on accredited investors and their ownership of private market securities; A discussion of the office’s engagements with a broad range of investors, and the office’s collaborative efforts both within and outside the SEC to help amplify the voices of investors; A discussion of the office’s ongoing advocacy efforts with respect to private markets, disclosure, and the impact of certain rule proposals; A report describing the Ombuds Office’s efforts to assist investors, as well as the matters handled by that office during the fiscal year. The Office of the Investor Advocate is an independent office that was established by Congress to: assist retail investors in resolving problems with the Commission and self-regulatory organizations (SROs); identify areas where investors would benefit from changes in SEC and SRO rules and regulations; identify investor problems with financial service providers and investment products; analyze the potential impact on investors of proposed regulations and rules of the SEC and SROs; and propose regulatory or legislative changes to the Commission and to Congress that might mitigate investor problems and promote investor interests.

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, December 18, 2025. MIAX Options Regulatory Circular 2025-101 MIAX Pearl Options Regulatory Circular 2025-103 MIAX Emerald Options Regulatory Circular 2025-100 MIAX Sapphire Options Regulatory Circular 2025-123 Please direct questions to the Regulatory Department at Regulatory@miaxglobal.com or (609) 897-7309.

ACER publishes today its Opinion on the draft gas and hydrogen ten-year network development plan (TYNDP) 2024 submitted by the European Network of Transmission System Operators for Gas (ENTSOG) on 20 October 2025. ENTSOG’s draft 2024 TYNDP provides a pan-European view on hydrogen infrastructure needs up to 2040, an assessment of the natural gas curtailments under various stress cases and lists promoters’ planned projects. ACER’s role is to assess the methodologies used in the TYNDP, its development process and outcomes as well as to provide suggestions for improvement. What are ACER’s main findings on the 2024 draft TYNDP? ACER acknowledges several improvements, but also notes shortcomings: Late delivery of the 2024 TYNDP (submitted to ACER in Q4 2025) which undermines the alignment with the selection of projects of common interest (PCIs) and projects of mutual interest (PMIs). Limited implementation scope: only one scenario of future possibilities was considered, and a cost-benefit analysis was conducted only for some projects. Insufficient data quality and transparency, including missing costs for many projects. Weak connection between Europe’s identified needs and the projects being proposed by project promoters.    What are ACER recommendations? To finalise its 2024 TYNDP and prepare for future editions, ACER recommends ENTSOG to: Ensure a timely submission of the TYNDP by addressing the root causes of the recurring delays. Perform cost-benefit analyses for all scenarios and projects. Strengthen inputs, assumptions and cost data to ensure credible results. Improve transparency of project information and methodological choices. Make the plan needs-driven, with clearer justification for proposing the specific projects. Read more.

The Athens Stock Exchange today welcomed the Management, executives and partners of Alpha Bank on the Bank’s 100th anniversary as a listed company. The event was honoured by the presence of the Deputy Prime Minister and Minister of State, Kostis Hatzidakis, the Minister of National Economy and Finance, Kyriakos Pierrakakis, the President of the Hellenic Capital Market Commission, Vasiliki Lazarakou, and the Deputy Governor of the Bank of Greece, Christina Papakonstantinou. The Chief Executive Officer of Alpha Bank Group, Vassilios Psaltis, rang the opening bell of today’s trading session. “For 100 consecutive years, Alpha Bank has remained listed, serving as a stable institutional pillar of the Greek banking system, the capital market and, above all, the Greek economy, consistently contributing to the country’s growth, innovation and prosperity. During periods of expansion as well as times of international turbulence, institutional reforms and deep economic crisis, Alpha Bank has remained steadfast, reliable and firmly committed to the principles of sound corporate governance. This long-standing journey is not merely a testament to resilience over time, but above all an expression of consistency, credibility and enduring trust in the institution of the Greek Capital Market. With deep appreciation and respect for a century-long stock exchange presence, we wish Alpha Bank continued success in contributing, with the same consistency, responsibility and vision, to shaping the future not only of the Greek capital market but of the domestic economy as a whole,” noted among other remarks the CEO of the Athens Exchange Group, Yianos Kontopoulos, in his address. From his side, the Chief Executive Officer of Alpha Bank Group, Vassilios Psaltis, underlined, among other points: “The completion of 100 years of uninterrupted presence of Alpha Bank on the Athens Stock Exchange constitutes a milestone of profound institutional significance. From 1925 to today, the Bank has maintained an unbroken relationship with the Greek capital market, accompanying key developments in the economy and consistently reinforcing its relationship of trust with the investment community. Let us not forget that Alpha Bank is the only listed company that distributed dividends without interruption from 1948 to 2008. This anniversary, however, is not only about the past; it is primarily about the future. It finds Alpha Bank in a period of strength, transformation and increased extroversion, with a clear strategic direction and enhanced international presence. Our strategic partnership with UniCredit positions Alpha Bank more dynamically on the European banking map, creating new opportunities for cross-border cooperation, investments and support for Greek entrepreneurship. At the same time, recent developments concerning the Athens Stock Exchange and its position within the broader European stock exchange ecosystem highlight a new outlook for the Greek capital market, enhancing Greece’s international visibility and investment attractiveness, and creating opportunities for companies, investors and, above all, the real economy. In this environment, Alpha Bank continues to view the Athens Stock Exchange not merely as a trading venue, but as an institution of growth, transparency and long-term value. With strong foundations, a European orientation and confidence in the potential of the Greek economy, we enter our new century ready to actively contribute to shaping the next chapter of growth, supporting progress in life and entrepreneurship for a better tomorrow.” The Deputy Prime Minister and Minister of State, Kostis Hatzidakis, stated: “Greek banks were severely affected during the previous decade by the unprecedented economic crisis that struck the country. What matters is that today they have entered a new positive phase. As Minister of Finance, I experienced in 2023 an important milestone for Alpha Bank, with the divestment of the Hellenic Financial Stability Fund and the expression of investment interest by UniCredit — a major European bank that came and invested in Greece. Since then, Alpha Bank, together with our banking system and the Greek economy, has continued to move forward. Today, Greek banks have the capital adequacy and financial health required to support Greek businesses, their customers and overall economic liquidity. At the same time, however, we must not forget that, by the very nature of their work, they must demonstrate the highest possible sensitivity towards their customers, always respecting competition rules. I wish every success to Alpha Bank’s plans and am confident that both Alpha Bank and the rest of the Greek banks will continue to serve the growth of the national economy.” From his side, the Minister of National Economy and Finance, Kyriakos Pierrakakis, emphasized: “The government believes that a reliable and competitive banking system, which supports the financing of the Greek economy with transparency and stability, is a cornerstone of growth. The Deputy Prime Minister and Minister of State, Kostis Hatzidakis, referred to the recent increase in UniCredit’s participation in Alpha Bank’s shareholder structure, which we supported as a government, as we strongly believe in cross-border mergers and acquisitions. This is also evidenced by the Athens Stock Exchange itself, where we are today, through its recent acquisition by the Euronext network and its integration into a broader pan-European network. We firmly believe that our banking system, within this wider European environment of increased liquidity, has a very important role to play. I wish Alpha Bank every success in continuing to play a leading role in the new phase of transformation, not only of our country but of Europe as a whole.” The President of the Hellenic Capital Market Commission, Vasiliki Lazarakou, noted, among other remarks: “The event celebrating the 100-year Athens Stock Exchange presence of Alpha Bank is truly special. A century on the trading board is a major achievement — one that is not measured solely in financial terms, but also in resilience, reliability, consistency and the ability to adapt over time. Throughout this long journey, the Bank has naturally experienced historic transitions, economic cycles, crises and recoveries. These events, combined with its century-long presence on the ASE, highlight the importance of sustainability as a fundamental value: financial, institutional and social sustainability. Today, as we celebrate a century of presence on the Athens Stock Exchange, we honour not only the past but also the enduring relationship of trust between the Bank, investors and market institutions. On this significant anniversary, I would like to congratulate Mr Psaltis and the Management that led Alpha Bank onto a growth trajectory, as well as all executives and those who contributed to this enduring journey.” “The successful course of Alpha Bank reflects the impressive progress of the Greek banking system over the past decade,” emphasized the Deputy Governor of the Bank of Greece, Christina Papakonstantinou. Closing the event, the Chairman of the Board of Directors of Alpha Bank, Dimitris Tsitsiragos, stated: “The completion of 100 years of uninterrupted presence of Alpha Bank on the Athens Stock Exchange marks an important milestone in a long-standing journey shaped by the choices, responsibility and vision of successive leaderships across different historical periods, guided by a consistent commitment to the Bank’s institutional role. From the Bank’s founder, Yiannis Kostopoulos, to today’s Management under Vassilios Psaltis, Alpha Bank continues, with professionalism and dedication, to shape a new era of growth and extroversion.”

The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, alongside Digital Asset Holdings (Digital Asset) and the Canton Network, today announced a new partnership to enable the tokenization of The Depository Trust Company (DTC)-custodied assets on the Canton Network. The partnership reflects Digital Asset’s and DTCC’s mutual commitment to pioneering digital transformation across capital markets. Today’s partnership announcement follows DTC’s recent receipt of a No-Action Letter from the U.S. Securities and Exchange Commission (SEC) to implement and operate a new service to tokenize real-world, DTC-custodied assets. With this partnership, DTCC plans, for the first time, to enable a subset of U.S. Treasury securities custodied at DTC to be minted on the Canton Network. The organizations are working towards an MVP in a controlled production environment during the first half of 2026, with plans to increase the size and scope of the project in the months that follow based upon client interest. DTCC will leverage its ComposerX suite of platforms to enable the tokenization of U.S. Treasury securities custodied at DTC. “DTCC’s partnership with Digital Asset and the Canton Network is a strategic step forward as we collaborate across the industry to build a digital infrastructure that seamlessly bridges the traditional and digital financial ecosystems and provides unmatched scalability and safety,” said Frank La Salla, CEO of DTCC. “This collaboration creates a roadmap to bring real-world, high-value tokenization use cases to market, starting with U.S. Treasury securities and eventually expanding to a broad spectrum of DTC-eligible assets across network providers.” “This partnership reflects the collective ambition of leading market participants to create future-proof, interoperable financial ecosystems,” said Yuval Rooz, Co-Founder and CEO of Digital Asset. “DTCC’s leadership in this space not only accelerates industry adoption but establishes a foundation for meaningful innovation, unlocking new liquidity opportunities, products, and operational improvements.” While the full DTCC, Digital Asset and Canton Network partnership roadmap is anticipated to unfold over multiple years, the first phase aims to deliver tangible benefits to market participants by providing access to digitized financial instruments in a secure and regulated environment. This phased approach helps ensure flexibility and adaptability, allowing participants to adopt decentralized technologies while meeting regulatory requirements. “Our goal is to enable the industry and DTC Participants to take advantage of tokenization capabilities that enhance liquidity, operational efficiency and market transparency. We welcome the opportunity to partner with Digital Asset and the Canton Network to bring this first, production environment activity live,” stated Brian Steele, Managing Director, President, Clearing & Securities Services at DTCC. “This effort builds upon DTCC’s prior collateral mobility experiment and is part of the firm’s broader strategy to advance a secure, transparent and interoperable digital asset ecosystem that leverages the full potential of blockchain technology across network providers while ensuring the resiliency and safety of traditional markets.” It is anticipated that adoption of tokenized securities could generate significant operational and financial efficiencies across market participants, including major market makers and hedge funds. The ability to streamline processes, reduce operational risk, and enhance capital efficiency is also anticipated to create a positive impact on balance sheets. In addition to the tokenization initiative, DTCC will assume a leadership position within the Canton Network’s decentralized governance structure, joining the Canton Foundation as co-chair alongside Euroclear. This new role will enable DTCC to actively participate in setting industry-wide standards for decentralized financial infrastructure.

Trading Technologies International, Inc. (TT), a global capital markets technology platform services provider, today announced it has acquired OpenGamma, a market leader in derivatives margin analytics for buy-side and sell-side clients. Terms of the transaction were not disclosed. The integration of OpenGamma's sophisticated margin optimization and capital efficiency tools directly into the TT platform will allow for automated trading and position transfer workflows that reduce risk and increase efficiency and will significantly enhance TT's multi-asset platform. Justin Llewellyn-Jones, CEO of TT, said: "The acquisition of OpenGamma is a transformative step that immediately deepens the value proposition we will offer our combined customer base. Global derivatives markets have undergone profound structural changes in recent years, particularly in the realm of margin requirements, resulting in an acute need to manage margin-driven liquidity risk without weakening safeguards around counterparty risk. OpenGamma's real-time insights empower firms to maximize leverage and free up precious capital. This is a crucial strategic addition that aligns perfectly with our mission to provide the best multi-asset platform experience across the entire trade life cycle." Peter Rippon, CEO of OpenGamma, said: "Joining forces with Trading Technologies provides us with a massive opportunity to accelerate our growth. Leveraging TT's scaled go-to-market and distribution capabilities will unlock new opportunities for the OpenGamma platform across the Americas, Europe, the Middle East and Asia-Pacific regions. Our team is excited to integrate our leading analytics into the TT platform, bringing new capital efficiencies to a much broader audience. I would like to thank the OpenGamma team and our investors for their unwavering commitment and support over the last 10 years." OpenGamma's platform boasts a significant footprint, with top-tier clients across hedge funds, commodities trading firms and sell-side banks. TT will leverage OpenGamma's strong client relationships to accelerate its opportunities in the hedge fund and energy sectors, while TT's extensive network will provide OpenGamma with access to a larger pool of sell-side bank clients. The TT platform handled more than 2.9 billion derivatives transactions so far in 2025. Through its Execution Management System (EMS), TT provides access to more than 100 global exchanges and venues for cross-asset trading. Through TT's Order Management System (OMS), firms can accept, manage and execute orders and conduct post-trade confirmations and allocations. The expansion of the platform to deliver multi-asset functionality enables clients to utilize sophisticated order and execution management tools in the E/OMS for high-, low- and no-touch workflows across their global trading operations in each of the asset classes. TT's open architecture allows users to integrate their systems with TT to access their own market connections, private liquidity or execution algorithms and import data from external sources enterprise-wide. Houlihan Lokey served as exclusive financial advisor and Gunderson Dettmer as legal advisor to OpenGamma. Goodwin Procter served as legal advisor to Trading Technologies, Thoma Bravo and 7RIDGE.