The attached tables and charts released on Wednesday summarize the economic projections made by Federal Open Market Committee participants in conjunction with the June 16-17 meeting. Projections (PDF) | Accessible Mate

The Federal Open Market Committee approved the following statement for release by a 12 – 0 vote: The Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent, in support of the Federal Reserve's dual mandate. The Committee reaffirmed its policy of maintaining ample reserves in the banking system. Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East. Productivity growth and capital investment are strong. Job gains have kept pace with the workforce, and the unemployment rate has changed little. Inflation remains elevated relative to the Committee's 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy. The Committee will deliver price stability. Implementation Note issued June 17, 2026

CME Group, the world's leading derivatives marketplace, today announced its longest-serving Chairman and Chief Executive Officer Terry Duffy will transition to Executive Chairman on March 1, 2027. Lynne Fitzpatrick, currently President and Chief Financial Officer, will be named Chief Executive Officer and will join the CME Group Board of Directors at that time. Duffy has been at the helm of CME Group for more than 25 years when he was appointed Chairman in 2002, then Executive Chairman in 2006 and Chairman and Chief Executive Officer in 2016. Throughout his tenure, Duffy has led the company, and in turn the industry, through significant and ongoing transformation. He built a global trading powerhouse that traded an average daily volume of 28.1 million contracts last year and commands a market cap of more than $95 billion, up more than 8,000% since Duffy took the company public in 2002.  Under Duffy's leadership, CME Group transitioned from floor-based to electronic trading and became the first U.S. exchange to go public. He successfully completed the industry's first merger with cross-town rival the Chicago Board of Trade in 2007, a combination that few believed would come to fruition and an achievement that was quickly followed by the acquisition of the New York Mercantile Exchange in 2008. He also guided the company through times of turbulence including the global financial crisis of 2008 and the downfall of trading firm MF Global. His long, proven track record of innovation continues and has included the 2018 acquisition of NEX, a landmark partnership with Google Cloud in 2021, and a groundbreaking venture with FanDuel in 2025 that expands the reach of CME Group benchmark products to a new audience of millions of potential U.S. retail traders. "Leading CME Group through more than 25 years of transformative growth has been among the highest honors of my life," said Duffy. "Since first stepping onto the trading floor in the 1980s, I have been a believer that strong, transparent and regulated markets are a powerful force in driving progress for economies, businesses and individuals. Together with my Board, colleagues both past and present, and our employees across the globe, I am proud to have played a role in turning my conviction into history, as CME Group has grown from a Chicago institution to a true global powerhouse – all while generating billions in daily efficiencies for market users globally. "I am pleased our company is so well positioned and have never been more optimistic about its future potential. As I begin this transition to Executive Chairman, I look forward to working even more closely with Lynne, our soon-to-be CEO, to deliver enhanced benefits to our clients and new value for our shareholders. With more than 20 years of strategic and financial expertise and strong leadership abilities, Lynne is the right person at the right time. She will continue moving our company forward for our clients, shareholders and our entire global team." "On behalf of the CME Group Board, I thank Terry for his tremendous leadership, not only as the longest running Chairman and CEO in our company's history, but also as the foremost champion of our business, our markets and the global futures industry," said Charlie Carey, Lead Director of the CME Group Board of Directors. "As a friend and colleague for more than 40 years, I've had a front row seat to watch Terry successfully deploy the strategic vision that has propelled CME Group into one of the strongest global financial services organizations in the world. We are pleased he will remain as Executive Chairman to work with Lynne, a strong, accomplished leader in her own right, as she steps into the role of CEO and continues to build and expand our company's leading position in this very dynamic marketplace." Fitzpatrick said, "It is my privilege to have been able to work with and learn from Terry over the last 20 years, and I am honored to have the opportunity to succeed him as CEO next March. I appreciate the confidence that he and the Board have placed in me, and I look forward to working with our investors, clients and employees around the world as we grow our core business and create value for our shareholders."  Duffy Biographical Information A leading voice of the financial industry, Duffy joined CME Group as a runner in the lean hog pit in 1980. He purchased a seat to become a member and founded his trading company, TDA Trading, in 1981. Duffy joined the Board of Chicago Mercantile Exchange in 1995, was named Vice Chairman in 1998 and Chairman in 2002. He became Executive Chairman of the Board of CME Group in 2006, Executive Chairman and President in 2012, and was named to his current role of Chairman and CEO in 2016. He regularly testifies before Congress on key issues facing derivatives markets, clients and global market users. He has been named FOW's International CEO of the Year, one of TabbFORUM's 40 Innovators in Financial Markets, a member of the Futures Industry Association's Hall of Fame and included in Crain's Who's Who in Chicago Business. Under his leadership, CME Group has received a wide range of industry awards recognizing the company, clearing house, technology, product innovation and brand value. Duffy was inducted into the Futures Industry Hall of Fame by the Futures Industry Association in 2025. He was appointed by President Bush and confirmed by the U.S. Senate in 2003 to join the Federal Retirement Thrift Investment Board (FRTIB), a position he held until 2013.  He serves as Co-Chair of the Mayo Clinic Greater Chicago Leadership Council and is a Board member of the CME Group Foundation. He attended the University of Wisconsin-Whitewater and received a Doctor of Public Service, honoris causa, from Saint Xavier University and a Doctor of Humane Letters from DePaul University. Fitzpatrick Biographical Information Fitzpatrick was appointed President and Chief Financial Officer in 2024. She previously served as Chief Financial Officer since 2023, Deputy Chief Financial Officer since 2022 and Managing Director of Corporate Development and Treasurer since 2017. Since joining CME Group in 2006, Fitzpatrick has held a variety of positions with increasing levels of responsibility within the organization. She previously worked as an investment banker at Credit Suisse and UBS. Fitzpatrick has been named to Crain's 40 Under 40 and recognized as one of Crain's Chicago Business Notable Leaders in Finance. She holds a bachelor's degree in economics from Brown University and an MBA from the University of Chicago Booth School of Business.

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for May 2026. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity over the next quarter, found a monthly increase in request volume for new municipal identifiers, while requests for new corporate identifiers declined. North American corporate CUSIP requests totaled 7,989 in May, which represents a 10.9% decrease on a monthly basis. On an annualized basis, North American corporate requests were up 9.6% over May 2025 totals. Requests for new U.S. corporate debt identifiers fell 0.4% and requests for new U.S. corporate equity identifiers fell 0.8% for the month of May. The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – rose 10.3% versus April totals. On a year-over-year basis, overall municipal volumes were down 4.1% through the end of May. Texas led state-level municipal request volume with a total of 160 new CUSIP requests in May, followed by New York (119) and California (98). “We’re seeing some mixed results in the CUSIP issuance dataset this month, as municipal issuers continue to request new identifiers at a rapid clip and corporate issuers pull back a bit,” said Gerard Faulkner, Director of Operations for CGS. “Overall, volumes remain within historical norms for this time of year, which suggest a relatively steady new issuance environment for the near-term.” Requests for international equity CUSIPs rose 10.4% in May and international debt CUSIP requests were up 34.6%. On an annualized basis, international equity CUSIP requests were up 4.7% and international debt CUSIP requests were up 16.7%. To view the full CUSIP Issuance Trends report for May, please click here. Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through May 2026: Asset Class 2026 YTD 2025 YTD YOY Change U.S. Corporate Equity 6,072 4,769 27.3% Private PlacementSecurities   2,416 2,028 19.1% Syndicated Loans 1,329 1,124 18.2% International Debt 3,231 2,768 16.7% Short-Term MunicipalNotes 363 340 6.8% International Equity 756 722 4.7% Long-Term MunicipalNotes 221 214 3.3% CDs < 1-year Maturity 3,731 3,941 -5.3% U.S. Corporate Debt 13,186 13,627 -3.2% CDs > 1-year Maturity 3,011 3,251 -7.4% Municipal Bonds 4,238 4,582 -7.5% Canada CorporateDebt & Equity 2,308 2,829 -18.4%  

The London Metal Exchange (LME) has today signed an agreement with the Shanghai Futures Exchange (SHFE) to launch an LME-listed futures contract that will allow market participants outside China to acquire exposure to the SHFE flat steel market. The new LME contract – LME Steel HRC Shanghai – will be cash-settled against the Steel HRC Shanghai (SHFE) monthly US dollar price. The necessary currency conversions and other pricing tasks will be undertaken by Commodity Pricing and Analysis Limited (CPAL), a sister company to the LME. John Williamson, LME Chairman, said: “This is an exciting development for both markets. It will give companies outside China easier access to one of the world’s most liquid commodity contracts alongside the simplicity of trading a cash-settled LME contract. “Our suite of cash-settled steel contracts will be enhanced by this agreement and it will strengthen the LME’s links with the world’s largest producer and consumer of metals.” Mr. Tian Xiangyang, Chairman of SHFE, said: “China has a large-scale and well-established steel industry, supported by a mature and well-regulated futures market. "This cooperation will further attract global steel enterprises and financial institutions to participate in price formation, and continuously enhance the international influence of China's steel futures products." Trading is expected to commence in October 2026, and the LME will announce a launch date for the contract following final regulatory non-objection.

The United Kingdom has imposed its largest ever penalty for a breach of Russian financial sanctions since the 2022 invasion of Ukraine. UK travel technology firm fined more than £1 million for breaching UK financial sanctions against Russia. Sabre Global Technologies Limited made funds and economic resources available to a designated Russian airline for seven months in 2022, and tested alternative payment routes to get around UK sanctions. Third penalty issued under OFSI’s new settlement policy, as the UK continues ironclad support of Ukraine. The £1 million fine has been levied against a technology firm – Sabre Global Technologies Limited (SGTL) – that repeatedly breached UK financial sanctions.   The action by the Office of Financial Sanctions Implementation (OFSI) – part of HM Treasury – underlines the UK’s increasingly robust enforcement of the Russia sanctions regime in support of Ukraine and sends clear compliance lessons to industry. The penalty is also the first issued by OFSI for a circumvention offence, and comes as the UK steps up enforcement action on those seeking to evade our sanctions regime.  SGTL, which provides travel technology services, continued to provide Russian carrier Ural Airlines access to its Global Distribution System service for seven months after it was designated by the UK in May 2022. SGTL was notified of the designation on the day it took effect. After payments to its UK bank were blocked for sanctions concerns, SGTL explored alternative ways of receiving payments from Ural Airlines. This included asking Ural Airlines to send a test payment to a non-UK SGTL bank account, intending for future settlements to be routed through this account. This amounted to circumvention of UK sanctions. Prime Minister Keir Starmer said: Those who seek to evade our sanctions regime and support Putin’s cronies should be in no doubt, we will come after you. It is vital we support Ukraine and continue to ramp up pressure on Russia, as every pound flowing into Putin’s war chest is being used to fuel conflict in Europe and undermine our security. Chancellor Rachel Reeves said: Our support for Ukraine is ironclad. This largest ever penalty for breaches of financial sanctions since Russia’s 2022 illegal invasion sends a clear message - we will take decisive action against those who break UK financial sanctions and help fund Russia’s war machine. The UK alone has sanctioned more than 3300 individuals, businesses and ships under the Russia sanctions regime. This latest action follows sanctions packages in May which targeted the infrastructure underpinning Russia’s war economy, including crypto exchanges and maritime services. SGTL has been fined a total of £1,000,920.59 for breaches of the Russia (Sanctions) (EU Exit) Regulations 2019. More information The penalty notice is available at: Imposition of Monetary Penalty - Sabre Global Technologies Limited (SGTL) In line with OFSI’s enforcement guidance, the case was assessed to be “most serious.”  SGTL actively circumvented UK financial sanctions, continued to provide services to Ural Airlines for several months after potential breaches had been identified, and directly undermined the purpose of the sanctions regime by providing an economic resource to a designated person. At the time of the breaches, SGTL faced a number of compliance issues, including in relation to staffing and process. OFSI found that SGTL lacked effective senior oversight of sanctions and was unable to properly assess or mitigate its sanctions risks. SGTL made a voluntary disclosure to OFSI, cooperated with the subsequent investigation, and have undertaken remediation to improve their future compliance with sanctions. This was the third penalty resolved under transitional arrangements in OFSI’s new settlement policy, introduced in February 2026.

Broadridge Financial Solutions, Inc. (NYSE: BR), a global Fintech leader, today announced it has joined Anthropic's Project Glasswing, a new industry initiative focused on using frontier AI models to help secure the world's most critical software and strengthen cyber defense. Broadridge's participation underscores its commitment to supporting the security of the financial services industry. "Cybersecurity is fundamental to the resilience of financial markets," said Tim Gokey, CEO of Broadridge. "We are participating in Project Glasswing to apply frontier AI models to our own systems, helping us stay ahead of emerging threats and supporting a safer financial ecosystem." Project Glasswing brings together organizations that build or maintain software for critical infrastructure, including financial services, to address a rapidly evolving threat landscape. As part of the initiative, participants will use Claude Mythos Preview, Anthropic's unreleased frontier model, to strengthen defensive security efforts across foundational systems that represent a significant portion of the world's shared cyberattack surface.

The MENA Fintech Association (MFTA), the leading not-for-profit fintech ecosystem enabler and industry advocacy platform across the Middle East and Africa, today announced a strategic collaboration with Fintech.TV, the premier global media platform dedicated to financial innovation, capital markets, fintech, digital assets, and the future of finance. The partnership will establish a dedicated series of high-impact on-air discussions, executive interviews, thought leadership programs, and ecosystem-focused broadcasts featuring global policymakers, regulators, financial institutions, fintech founders, investors, technology innovators, and industry leaders. Powered by the MENA Fintech Association and amplified through Fintech.TV’s international media reach, the initiative aims to showcase the rapid evolution of the UAE and broader MENA fintech landscape while facilitating meaningful dialogue around the future of financial services, innovation, regulation, and digital transformation. The collaboration will serve as a global platform for advancing conversations across critical sectors including payments, digital banking, embedded finance, open finance, digital identity, Web3, digital assets, tokenization, artificial intelligence, sustainable finance, financial inclusion, cross-border innovation, and emerging regulatory frameworks. Through exclusive programming and executive-level discussions, the alliance will provide a unique channel for industry stakeholders to share insights, shape market narratives, promote innovation, and contribute to the development of forward-looking policy frameworks that support responsible growth across the global fintech ecosystem. As the UAE continues to strengthen its position as a leading international hub for financial innovation, entrepreneurship, and digital economy development, the partnership seeks to further elevate regional success stories, connect local innovators with international audiences, and foster greater collaboration between public and private sector stakeholders. The initiative will also support broader ecosystem development objectives by creating opportunities for knowledge exchange, cross-border partnerships, investment attraction, regulatory engagement, and thought leadership across key financial centers worldwide. "The future of fintech will be shaped by those who lead global conversations, not simply participate in them. Through the MENA Fintech Association’s partnership with FINTECH.TV, we are creating a powerful international platform that positions the MENA region at the center of financial innovation, policy dialogue, and industry leadership - connecting regional excellence with global influence." — Nameer Khan, Chairman, MENA Fintech Association The MENA region is rapidly becoming a global hub for fintech innovation, entrepreneurship, and investment. At FINTECH.TV, we are excited to partner with the MENA Fintech Association to spotlight the leaders and ideas transforming the industry. By combining MFTA’s ecosystem leadership with FINTECH.TV’s international media platform, we will deliver impactful conversations, amplify regional innovation, and connect the MENA fintech community with audiences around the world. Troy McGuire Co-Founder and Global Head of Content and Operations, FINTECH.TV  The partnership reflects a shared commitment to strengthening global fintech connectivity, promoting informed policy discourse, and accelerating the next generation of financial innovation through strategic collaboration, media engagement, and industry leadership. By bringing together influential voices from across government, finance, technology, and investment communities, MFTA and Fintech.TV aim to create one of the region's most influential platforms for fintech dialogue, market intelligence, and ecosystem advancement.

Chetwood Bank has announced the launch of its Wholesale Banking division with the appointment of Alex Grove as Managing Director of Wholesale Banking, Toby Sharp FRICS as Director of Commercial Real Estate and Nirvan Sunderam as Managing Director of Wholesale Risk. Through the Wholesale Banking division, Chetwood Bank provides tailored funding solutions to corporate, institutional and specialist lending customers. Its role is to originate, structure and manage larger-scale lending relationships that support the bank’s strategic growth, diversify income, and make disciplined use of capital. Grove will join Chetwood Bank’s Executive Committee and will lead the Wholesale Banking division as the UK digital challenger bank continues to build capability across structured finance, commercial real estate, and wider investment activity. Sharp will report directly to Grove, while Sunderam will lead the second-line risk function for Wholesale activities reporting into the bank’s Chief Risk Officer. Chetwood Bank has grown to a £7 billion balance sheet, funded primarily through retail deposits, and combines retail savings with mortgage lending and Wholesale Banking activity. The bank has a £3 billion mortgage lending portfolio and lent £1 billion through active forward flow relationships in the last financial year, while also expanding to participate in structured finance markets and non-GBP assets. The appointments bring together senior expertise across investment management, commercial real estate, market risk, and structured finance. Grove has held senior roles at Intrum, BAWAG P.S.K., and Morgan Stanley; Sharp has held senior real estate finance and securitisation roles at Hamburg Commercial Bank, BAWAG P.S.K., and Credit Suisse; and Sunderam has held senior structuring and risk roles across Bank of America, UBS, and Pemberton Capital Advisors. Paul Noble, CEO of Chetwood Bank, said: “This is an important step for our Wholesale Banking division, giving us leadership capability that reflects the scale of the opportunity ahead and the standards we set for how we operate. Alex, Toby and Nirvan bring experience across the areas that matter most to this part of the business, from structured finance and investment management to commercial real estate and risk, and I’m confident their expertise will strengthen how we evolve and build long-term relationships with institutional partners.” Alex Grove, Managing Director of Wholesale Banking at Chetwood Bank, said: “I am very much looking forward to working with Paul and the rest of the team. Chetwood Bank is an outstanding platform on which to build a leading wholesale business, and we intend to make the most of this opportunity.”

BNP Paribas’ Securities Services business, a leading global custodian with EUR 14.3 trillion in assets under custody1, today announces its mandate with BCC Risparmio & Previdenza S.G.R.p.A., the asset management company of the Iccrea Cooperative Banking Group, to provide an integrated suite of services covering EUR 8 billion in assets under administration, including the Aureo open-ended pension fund and Italian-domiciled UCITS funds. Under this mandate, Securities Services at BNP Paribas provides BCC Risparmio & Previdenza with services including custody, fund accounting, transfer agency, middle office and OTC collateral management, in addition to the depositary bank services. The offerings also fit into BNP Paribas Group's integrated bank model, supporting SGR’s operational needs from custody to administration, and to investment banking through a single point of contact. BCC Risparmio & Previdenza, the asset management arm of the BCC Iccrea Group, supports the Group in developing solutions in asset management and pension. The company manages approximately EUR 38 billion in assets. Andrea Cattaneo, Head of Italy, Switzerland and Iberia, Securities Services, BNP Paribas, commented: “We are pleased to support BCC Risparmio & Previdenza, a key partner in the Italian asset management landscape and the cooperative banking sector. This mandate is a testament to the confidence placed in our ability to tailor our offering to the specific needs of each client to ensure operational efficiency. We appreciate the trust from the management team of BCC Rispamio & Previdenza, and we are proud of how our team has successfully delivered the onboarding services.” Andrea Cecchini, Chief Executive Officer of BCC Risparmio & Previdenza S.G.R.p.A., commented: “Our range of products has grown significantly over time. We are delighted to sign this agreement with BNP Paribas. Leveraging its leading position in Europe, global operating model, and regulatory expertise, its Securities Services team has enabled us to guarantee high service quality to our BCC customers and provides us with complete assistance for our non-Italian law solutions. This also marks a new step for us to advance the quality of our products and to answer the evolving needs of our customers.” As of 31 March 2026. Source: BNP Paribas’ Securities Services website    

Archax, the UK/EU regulated digital asset platform, today announced the launch of $GOVY, a tokenised, perpetual US Treasury Bill (T-Bill) product, designed to align with high-quality liquid assets (HQLA) principles. $GOVY gives investors direct, legally-enforceable exposure to auto-rolling, short-dated US government securities with embedded on-chain settlement, custody and delivery rights - and with no active management required by the investor. The Archax $GOVY token represents ownership of continuously rolling, short-dated T-Bills, removing the operational complexity typically associated with managing maturing T-Bill positions. The product then combines the capabilities of blockchain-based smart contracts - instant settlement, 24/7 availability - with the expectations of traditional institutional clients, such as legal enforceability, collateral eligibility, regulated custody. Crucially, without using a fund or SPV structure. “$GOVY brings together the safety and familiarity of US T-Bills with the operational advantages of tokenisation,” said Graham Rodford, CEO and co-founder of Archax. “Professional and institutional investors can now access government yield in a structure that is fully regulated, legally robust and operationally simple - without the friction of traditional settlement cycles, SPVs or fund wrappers.” How $GOVY Works Investors can subscribe through an Archax brokerage account, or from whitelisted wallets using eligible stablecoins. Archax purchases and tokenises the corresponding T-Bills, which are held 1:1 in regulated custody. As each T-Bill matures, it is automatically replaced within the $GOVY token by the next equivalent short-dated instrument, providing perpetual, continuously rolling exposure. Investors can redeem $GOVY for stablecoins or take delivery of the underlying T-Bill at any time. Importantly, investors retain legal ownership of their specific underlying T-Bills throughout. Key Features and Benefits   FCA-Regulated InfrastructureArchax is authorised by the UK Financial Conduct Authority to custody both traditional and tokenised securities. Although issued and governed by FCA regulations, the product is available outside the UK too. Direct Legal OwnershipLegal title to the underlying T-Bills is held in an insolvency-remote nominee vehicle under UK trust law. No opaque SPV structures or fund wrappers, nor use of lesser regulatory jurisdictions.  Pool Token Structure Leverages Archax’s innovative, patent-pending ‘pool token’ technology to provide single-token access to rolling tokenised T-Bills, which the investor can ‘open’ to take delivery of the underlying tokenised T-Bills they own, at any time. Institutional-Grade CustodyArchax is the regulated digital asset custodian for the $GOVY tokens, utilising Northern Trust for custody of the underlying US T-Bills. Multi-Currency IssuanceThe $GOVY launch will soon be followed by similar products in other currencies and tenors, including: GBP (£GOVY) and EUR (€GOVY). Operational EfficiencyInvestors can utilise instant subscriptions and redemptions to a single token with continuously rolling entitlement to T-Bills, without manual roll management. Cost EfficiencyLow custody and transaction fees with no additional intermediary or fund management layers. $GOVY will initially be available to non-US investors and will be issued on Ethereum, Hedera and Stellar, with support for other blockchains to follow. Transferability is restricted to whitelisted wallets, ensuring compliance with regulatory and investor eligibility requirements. The underlying assets consist of short-dated US T-Bills held 1:1 against the issued tokens. The launch of GOVY tokens marks another milestone in Archax’s mission to build regulated infrastructure for the tokenisation, custody, trading and distribution of both cryptoassets and real-world assets. For more information on GOVY, visit https://govy.finance/.

Triparty collateral solution strengthens capital efficiency, operational scalability, collateral and liquidity management for a growing international client base  Euronext, the leading European capital market infrastructure, and BNY, a global financial services company, today announced a strategic collaboration to enhance the collateral management capabilities of Euronext Clearing across asset classes, notably for cleared repo. By leveraging BNY’s world-class collateral infrastructure and $7.8 trillion liquidity pool, this collaboration enhances the collateral management capabilities of Euronext Clearing, enabling members to manage their cleared activity more efficiently, including margin and default fund contributions. Euronext joins a growing number of CCPs trusting BNY’s collateral solutions to support efficient and scalable cleared market activity. This initiative represents a key step in expanding Euronext’s pan-European repo clearing offering, supporting clients with more efficient, flexible and scalable collateral solutions as demand for cleared repo continues to grow across Europe. Advancing capital efficiency through collateral optimisation Under this collaboration, BNY will act as a triparty agent, enabling enhanced collateral management capabilities for Euronext’s members. By combining BNY’s Global Collateral Platform with clearing capabilities from Euronext Clearing, clients will have access to automated and flexible collateral solutions designed to improve operational efficiency, optimise margin and balance sheet usage, and enhance liquidity management. As an independent third party, BNY’s leading platform for managing collateral at scale will support the selection, valuation and substitution of collateral, ensuring compliance with eligibility requirements while enabling efficient collateral optimisation. Importantly, clients will be able to manage both cleared and uncleared exposures on a single integrated platform, providing greater transparency, control, operational consistency and potential optimisation benefits across all their collateral activity. Supporting the next phase of European cleared repo market evolution The collaboration comes at a time of structural change in European repo markets, as participants are facing tighter balance sheet constraints, evolving regulatory expectations and increasing demand for centrally cleared solutions.  Euronext Clearing’s value proposition now extends beyond Italian government bonds to a broader range of asset classes, enabling the onboarding of international banks and institutional clients. Enabling scalable growth under Innovate for Growth 2027 Collaborating with BNY is a foundational element in the scaling of Euronext’s expanded repo clearing offering. It forms part of Euronext’s broader “Innovate for Growth 2027” strategy, aimed at strengthening its post-trade franchise and delivering best-in-class clearing and collateral management solutions. This collaboration marks the expansion of Euronext’s triparty collateral ecosystem, building on earlier integrations with triparty agents, and reinforcing Euronext Clearing as a scalable and flexible platform for collateral optimisation. Camille Beudin, Chief Diversification Officer, Euronext, said: “This collaboration with BNY represents another important milestone in the execution of our Innovate for Growth 2027 strategy. By enhancing our triparty collateral capabilities, we are enabling clients to manage collateral more efficiently, optimise capital usage and access deeper liquidity pools. This is central to our strategy to build a more integrated, resilient and competitive European market infrastructure.”  Gesa Johannsen, Executive Platform Owner for Global Collateral Platform, BNY, said: “As the collateral industry increasingly adopts clearing solutions, we are excited to collaborate with Euronext Clearing, bringing our global expertise in designing capital-efficient, integrated repo clearing and collateral solutions to the European market. By connecting Euronext Clearing into BNY’s $7.8 trillion Global Collateral platform, clients benefit from access to deep liquidity and can seamlessly optimise collateral across cleared and uncleared obligations on a single, integrated platform.”

Bitso provides a secure and seamless gateway for cross-border liquidity between Latin America and Asia, embedding compliance directly into its core infrastructure  At the closing of the Stablecoin Conference 2026, the company also revealed the winners of its annual global accelerator program, The Push 2026 Bitso Business, the B2B arm of Bitso, Latin America's leading digital financial services group, announced today during the second day of the Stablecoin Conference 2026 the expansion of its operations to Asia. Driven by a surge in demand from Asian enterprises looking to explore new, trusted business opportunities across Latin America, Bitso’s global infrastructure is now actively enabling these corridors through its fully compliant regulatory rails. Alongside the geographic expansion, Bitso Business launched a unique API in Colombia, designed to equip clients with a comprehensive real-time payments experience in the country. Additionally, the company disclosed new expansions to its investment portfolio by revealing the winners of The Push 2026, its annual global stablecoin startup accelerator.  The new builders Bitso is accelerating and investing in include: Etherfuse (Mexico): Offers tokenized sovereign bonds for global markets, giving anyone access to government-backed yields that are freely transferable onchain. Checker (USA): A global network enabling financial institutions to access and execute multiple digital asset operations via a single API. Latitude (USA): Unlocks the global economy for businesses with real-time global fiat payouts and stablecoin on/off-ramps. li>Saf.Money (El Salvador): Delivers simple and fast cross-border settlements in Central America by uniting Bitcoin, stablecoins, and bank rails into a single network. "As Bitso Business expands its operations globally, we address the number one concern of financial institutions: compliance and trust," said Imran Ahmad, Bitso COO and General Manager of Bitso Business. "Throughout our decade-long journey, we have consistently prioritized security over rapid growth. Every time we launch a new product or enter a new market, we ensure we are fully compliant from day one. This commitment is, in fact, our greatest competitive advantage. We have spent over ten years working alongside regulators and local authorities to build a rock-solid framework, and it is exactly this infrastructure that now allows us to seamlessly bridge Latin America with Asia, giving our clients a secure, trusted gateway to move liquidity across continents." Ahmad continued: "Today’s announcements solidify a belief we hold deeply: to truly transform the way people move money and unlock new business opportunities for Latin America, you must build with a relentless focus on infrastructure, people, and security. That is why we are investing heavily in advanced technology, backing the broader ecosystem, and placing compliance as a non-negotiable priority in everything we do. Through the Bitso group, we have built a suite of specialized entities, including Nvio and Juno, that enables us to offer a single, unified infrastructure for FX, onchain liquidity, and instant local on/off-ramps. Corporate clients do not want to manage separate, fragmented providers for their crossborder operations. By packaging this into a single API, we give businesses a full real-time experience that handles local pay-ins, payouts, tokenized assets, and FX instantaneously."  

The Commodity Futures Trading Commission today issued a Request for Information to assist the Commission in identifying regulations, guidance documents, orders, no-action letters, and other items (“CFTC regulatory item(s)”) that unduly impede fintech firms from entering into partnerships with federally regulated institutions as well as CFTC regulatory items that could be amended to streamline application processes for eligible fintech firms.   This Request for Information will assist the Commission in complying with its obligations under Executive Order 14405. Additionally, the Request for Information will help the Commission identify which CFTC regulatory item(s) could be updated to facilitate innovation and competition for fintech firms.  The comment period will be open for 21 days after publication in the Federal Register. Comments may be submitted electronically through Regulations.gov or by the other methods detailed in the request. All comments received will be posted on Regulations.gov. RELATED LINKS Request for Information: Identifying Regulations to Facilitate Innovation and Competition to Financial Products and Services for Fintech Firms

Shield, the global communications surveillance platform for financial services, today extended the reach of its communications surveillance platform to cover Microsoft 365 Copilot interactions and image-based content, bringing two of the fastest-growing compliance blind spots under active monitoring.  Microsoft 365 Copilot is already deeply embedded in financial services workflows, with more than 90 percent of Fortune 500 companies now using it — institutions including Barclays, UBS, and Lloyds Banking Group have collectively deployed it to nearly 200,000 employees. For most of those firms, however, every employee prompt and AI response sits entirely outside compliance workflows, unarchived, unsupervised, and unavailable for search or review.  Regulators have not waited for the market to catch up. FINRA Rule 4511 and the 2026 Oversight Report make clear that recordkeeping obligations apply to business communications regardless of channel or format. In the UK and across EU jurisdictions where MAR applies, the expectation is the same. The FCA has stated directly that firms with unmonitored risks and no strategic plan to address them are “a long way from meeting our expectations.”  According to the 1LoD 2026 Surveillance Benchmarking Report, 67 percent of banks say applying surveillance across multiple communication channels is already a major challenge, and 22 percent of firms now monitor more than 30 channels, up from 14 percent two years ago. Coverage obligations are expanding faster than most compliance teams can match. Screenshots, photos of documents, and scanned materials are now routine in business communication, and the text inside them has rarely been treated as a native part of the surveillance workflow.  “Comprehensive surveillance has always meant capturing everything material to business conduct. But what counts as material is changing — AI-assisted conversations and image-based content are now part of daily workflows at every major financial institution.” Tamar Sharir Beiser, Chief Product Officer at Shield What Shield Is Delivering  Shield’s platform will now bring both gaps inside the compliance perimeter, addressing areas regulators and compliance teams increasingly cite as unresolved, and where operational risk has been building. Both capabilities are set to be natively embedded in Shield’s existing platform, applying the same compliance controls firms already rely on for every other communication channel.  The native connector for Microsoft 365 Copilot captures every employee prompt and AI response, flowing them directly into Shield’s existing archive, search, case management, surveillance, and export workflows. Copilot interactions are processed end-to-end in under 24 hours, with rich metadata preserved for audit and investigation — fulfilling regulatory requirements for AI-assisted communications without adding new tools, portals, or process steps.  OCR Text Extraction for Image Attachments brings image-based content into the same surveillance stack. Text inside screenshots, scanned documents, and photos is now extracted, indexed, and analyzed, with triggered terms highlighted inline directly below each image. This eliminates manual inspection and makes image-based content fully searchable for investigation and e-discovery. The capability is built into Shield’s existing unified pipeline, validated through prototype testing with multiple customers.  “Comprehensive surveillance has always meant capturing everything material to business conduct. But what counts as material is changing — AI-assisted conversations and image-based content are now part of daily workflows at every major financial institution,” said Tamar Sharir Beiser, Chief Product Officer at Shield. “Shield’s role is to ensure that as communication evolves, the compliance infrastructure around it evolves too, so firms are never in a position where their governance framework is trailing their technology adoption.”  Regulators have already answered whether AI-assisted conversations and image-based content need to be monitored. For financial firms, the operational challenge is bringing those channels inside the compliance perimeter without disrupting the workflows their teams already rely on. Shield’s latest capabilities do both. 

Nodal Exchange, in collaboration with IncubEx, announced today the successful launch of several new environmental futures and options, including: CORSIA, California Carbon Offsets and Massachusetts CPEC contracts.  Nodal is listing the following new contracts: CORSIA Phase 1 Eligible Emission Unit (2024 – 2026) Futures and Options California Carbon Offsets 8 with Direct Environmental Benefits (DEBs) Futures Massachusetts Clean Peak Energy Certificate Futures The physically-delivered CORSIA Phase 1 Eligible Emissions Unit Futures and Options are designed to meet the criteria of the United Nations International Civil Aviation Organization (ICAO) CORSIA 2024-2026 compliance period. The California Carbon Offsets 8 DEBs Futures contract is physically delivered with certificates issued by California Air Resources Board. The new contract complements 3 other California Carbon Offset futures listed on Nodal. The Massachusetts Clean Peak Energy Certificate Futures contract is physically delivered with certificates from the state’s Clean Peak Energy Standard and adds to the 7 listed Massachusetts products on Nodal. This launch also includes an extension of the Washington Carbon Allowance Future and Washington Carbon Allowance Vintage-Specific Future to Vintage 2030. “The new products mark another milestone for Nodal and IncubEx, which continue to expand the market for environmental products,” said Dan Scarbrough, CEO of IncubEx. “The customer support and input is what drives these new products and shows how the North American and international environmental market continues to evolve.” “Nodal and IncubEx continue to look for ways to meet customer needs and this latest set of products illustrates that,” said Paul Cusenza, CEO of Nodal Exchange. “At Nodal, we will expand and grow our markets in valuable ways for our customers.” Nodal Exchange, in collaboration with IncubEx, have built the broadest market for environmental products, with more than 125 futures and options.

Government has today (16 June) set out in further detail what Chris Woolard will focus on and deliver. The published Terms of Reference, Terms of Reference - Wholesale Digital Markets Champion (PDF, 209 KB, 3 pages), sets out how he will lead industry in driving the adoption of digital technologies across UK markets, increasing competitiveness, driving down cost and enhancing resilience. On 21 April, the government appointed Chris Woolard CBE as the Wholesale Digital Markets Champion to provide market leadership and support industry progress on the development of a tokenised wholesale financial markets ecosystem, as well as to support the government’s work to deliver a more efficient and competitive financial sector. Following a meeting between the Economic Secretary to the Treasury and Chris to discuss the forward plan for this work, the Government is today publishing the Terms of Reference for this role, setting out how the Champion will work in partnership with industry and government to accelerate the digitalisation of UK wholesale financial markets. Under the Terms of Reference, the Champion will provide leadership to co-ordinate the sector’s wider implementation of digital as outlined in the Wholesale Financial Markets Digital Strategy, which was published on 15 July 2025 as part of the Leeds Reforms. The strategy covers the immediate steps to optimise UK markets by replacing outdated processes, as well as medium to longer term steps to transform UK markets by realising the benefits of emerging technologies, particularly the adoption of tokenisation through use of distributed ledger technology (DLT). The Champion will: Establish a cross-industry taskforce, with representatives from across the market ecosystem, to provide input and support. Deliver a report to the Chancellor, developed with the sector, covering how UK wholesale markets can best adopt tokenisation and other related technologies, as well as how the sector and government can ensure DLT interoperability. Promote the delivery of the Wholesale Financial Markets Digital Strategy across the sector. Co-ordinate with the Chairs of the other workstreams (on AST and DEMAT) as they implement their programmes to deliver T+1 and remove paper shares. The Terms of Reference sets out a clear timetable for delivery. The Champion will provide an initial forward look, including plans to establish the industry taskforce, by July 2026. A full report on DLT adoption and interoperability will be submitted to the Chancellor by July 2027. The appointment will run for 18 months, with ongoing work to support implementation of the strategy across the sector. The role is unpaid.

A new peace agreement between the United States and Iran is poised to shift market dynamics, easing inflationary pressures and refocusing investor attention on the booming AI sector and the outlook for Bitcoin, according to Marc des Ligneris, Senior Portfolio Manager at CoinShares. "The major development this week is the peace agreement between the United States and Iran," des Ligneris stated. He noted that the nearly four-month closure of the Strait of Hormuz had a significant inflationary impact, contributing to higher rates in Europe and creating a challenging environment for the Federal Reserve. "For risk assets, the end of the conflict is clearly positive." With the conflict resolved, des Ligneris predicts that normalizing supply chains will allow investors to return their focus to the massive wave of capital expenditure related to artificial intelligence. "Technology companies continue to invest heavily in data center infrastructure, supporting manufacturing activity and economic growth," he explained. "Across the AI ecosystem, companies are also raising capital and pursuing IPOs to finance these investments." This trend marks a significant shift from the market environment of the last fifteen years, which was dominated by share buybacks. "Going forward, markets are likely to be less predictable and potentially more volatile," he added. Meanwhile, des Ligneris noted that Bitcoin and the broader crypto market have recently faced pressure from shifting monetary policy expectations and capital being diverted to high-profile IPOs. This led to the first genuine net outflow from Bitcoin ETFs since their launch. However, he sees a turning point on the horizon. "Interestingly, our proprietary market indicator...has recently approached levels that have historically coincided with major market bottoms."Looking ahead, des Ligneris believes the macroeconomic backdrop is becoming more favorable for Bitcoin. "The main source of inflationary pressure appears set to fade, while the adoption of AI technologies could prove structurally deflationary over the medium term. This combination should create a more supportive backdrop for Bitcoin in the months ahead." He concluded that as inflation risks recede and financial advisors become more equipped to recommend Bitcoin, "current market levels may offer an attractive opportunity to build strategic allocations."

The European Banking Authority (EBA) continues to execute on its simplification and efficiency programme. After proposals in April to reduce the reporting burden for banks and for a simpler stress-test in 2027, it publishes today a comprehensive review of the EU bank microprudential, macroprudential and resolution capital framework, including proposals to simplify it. The proposals aim to reduce complexity while preserving banks’ resilience and resolvability as well as authorities’ tools, and to ensure the framework remains focused on emerging and materially evolving risks. Building on its July 2024 description of the microprudential, macroprudential and resolution capital regime in the EU (“stacking order”) and on its October 2025 Report on the efficiency of the regulatory and supervisory framework (“TFE report”), the EBA provides a comprehensive overview of the implementation of capital requirements and buffers in the EU over the past decade. It also identifies a number of improvements to their design and interaction without weakening the resilience built over the past decade. The Report does not advocate a fundamental redesign. It focusses on adjustments to improve consistency, predictability and effectiveness while ensuring the acquired resilience of the European banking system is preserved. Recommendations are being assessed against four guiding principles: preserving overall resilience and capital neutrality; adhering to international standards; ensuring proportionality; and enhancing the efficiency and depth of the Single Market. The Report also discusses options which are not recommended. Taking a holistic perspective, the Report recommends the following simplification measures: A simpler microprudential stack: To preserve the existing risk-based microprudential toolkit including Pillar 1, Pillar 2 requirements (P2R) and Pillar 2 guidance (P2G) while clarifying and strengthening their respective roles; To sharpen the focus of supervisory tools on institution-specific and emerging risks; To remove macroprudential considerations from the microprudential stack; To simplify the leverage ratio (LR) stack, by converting the LR Pillar 2 requirement into a buffer and removing the LR guidance. A simpler macroprudential stack: To combine the current countercyclical capital buffer (CCyB) and the systemic risk buffer (SyRB) into a single releasable buffer supported by a high-level common methodology; To update the O-SII framework, including enhancements to the scoring methodology and considering buffer calibration. A simpler resolution stack: To streamline the MREL framework, including the alignment of definitions of TLAC and MREL eligible resources. reducing metrics and simplifying adjustments, to reduce operational complexity. Taken together, the Report makes an in-depth contribution to the simplification debate by setting out detailed recommendations to reduce the number of regulatory layers and stacks. In line with the TFE, this Report also highlights the importance of coordination amongst the authorities responsible for using these various instruments although it does not discuss it.  Notes for editors Today’s publication marks the third major milestone under the EBA’s communication campaign “Simplifying to strengthen: building a more efficient EU prudential and supervisory framework”. This initiative is part of the EBA’s broader priority to simplify and enhance the efficiency of the regulatory and supervisory framework, in line with the work of its Task Force on Efficiency (TFE) and the EBA’s Report on the efficiency of the regulatory and supervisory framework, published on 1 October 2025. It delivers, in particular, on Recommendation 9 of the TFE, which called for for streamlining the interaction of capital buffers, MDA requirements, and multiple own funds, leverage and TLAC/MREL requirements. TFE recommendation 14 in the TFE report sits in the section on the “holistic picture” and recommends an analysis of the coordination between public authorities which his underway with a view to complementing the present work on the design of the instruments. The Report builds on the EBA’s 2024 Report on stacking orders and capital buffers, which illustrates the complexity, granularity and multi-layered nature of the EU banking regulatory framework, and the large number of interacting prudential and resolution requirements that institutions must manage. The proposals are also linked to the revision of the Supervisory Review and Evaluation Process (SREP) Guidelines, consulted on 24 October 2025 with the final report forthcoming. Documents Report on simplifying the stacking orders of the EU prudential and resolution framework (2.14 MB - PDF) Related content Topic Own funds Topic Simplification and efficiency of the Regulatory and Supervisory Framework

Rafael Moral Santiago, Head Securities Services and Member of the Executive Board, will leave SIX. Marion Leslie, Head Financial Information and Member of the Executive Board, will assume responsibility for the business unit on an interim basis with immediate effect. SIX today announced that Rafael Moral Santiago, Head Securities Services and Member of the Executive Board, will leave the company with immediate effect. Rafael Moral Santiago joined SIX in May 2025. Over the past year, he has made valuable contributions to the development of the business unit and has helped advance a number of important strategic and operational initiatives. “On behalf of the Executive Board and the Board of Directors, I would like to thank Rafael for his commitment and contribution over the past year,” said Bjørn Sibbern, CEO of SIX. “We appreciate his dedication to the business and wish him every success in his future endeavours. I would also like to thank Marion for taking on the additional responsibility during this transition period, while continuing to lead SIX Financial Information successfully.” The Securities Services Business Unit is very well positioned and fully focused on delivering for clients and executing its strategic priorities. The business unit records growth across all core products and service segments. The interim appointment of Marion Leslie remains subject to the required regulatory approvals. SIX will communicate the permanent succession once a decision has been made.