ASIC is seeking feedback on a proposed, new pre‑hedging regulatory guide, aligning Australia’s regulatory approach with international standards developed by the International Organization of Securities Commission (IOSCO). Released today, Consultation Paper 389 Proposed regulatory guide on pre‑hedging (CP 389), provides draft guidance outlining ASIC’s expectations for market participants engaging in pre-hedging and how existing legal obligations apply to the practice. ASIC played a key role in shaping IOSCO’s global approach as Chair of IOSCO’s Committee on Regulation of Market Intermediaries. The proposed regulatory guide aligns with IOSCO’s Final Report on Pre-Hedging and builds on ASIC’s previous communications to industry (ASIC’s guidance for market intermediaries on pre-hedging). It does not introduce new legal requirements. The draft regulatory guide aims to: clarify how existing obligations apply to pre‑hedging activities help market participants assess when pre-hedging is appropriate, and highlight practices that help manage conduct risk and maintain market integrity. The guidance is relevant to market participants, including Australian financial services (AFS) licensees and other entities that undertake pre‑hedging in anticipation of client transactions. It also provides guidance on conduct that clients should expect of these entities. ASIC is seeking industry feedback on the proposals in CP 389, including whether the final regulatory guide should include examples of observed better practices to support implementation. ASIC intends to publish the new regulatory guide in Q4 2026, after considering consultation process feedback. Providing feedback Submissions for feedback close at 5pm AEST on 27 July 2026 and will remain open for six weeks. Details on how to respond are set out in the consultation paper. Download Consultation paper 389 Proposed regulatory guide on pre-hedging (CP 389) Background Pre‑hedging is used by market participants to manage risks associated with anticipated primary capital raisings and secondary market transactions. While it can support liquidity and efficient execution, pre-hedging can raise conflicts of interest and risks of market abuse where market participants trade while in possession of confidential information about an anticipated client transaction. Market participants should always carefully consider their obligations under Australian law and applicable international codes and standards, when undertaking pre-hedging. On 1 February 2024, ASIC published an open letter to market participant CEOs outlining its guidance on pre-hedging practices in Australia (ASIC’s guidance for market intermediaries on pre-hedging). The proposed regulatory guide will supersede this letter once finalised. IOSCO’s Final Report on Pre-Hedging, published in November 2025, introduced a global definition of pre‑hedging and recommendations for regulators to address conduct and risks arising from pre-hedging. ASIC has previously taken enforcement action against several entities for poor practises or misconduct related to pre-hedging. In December 2025, Australia and New Zealand Banking Group Limited (ANZ) was ordered to pay $135 million in combined penalties for misconduct relating to a $14 billion government bond transaction, including a record $80 million penalty for unconscionable conduct. This outcome was part of a total $250 million in penalties ordered against ANZ across four, separate court proceedings (25-314MR). In January 2024, Westpac Banking Corporation (Westpac) was found to have engaged in unconscionable conduct when executing a $12 billion interest rate swap transaction and was ordered to pay $1.8 million in relation to the conduct and $8 million for ASIC’s litigation and investigation costs, with penalties and costs totalling $9.9 million (24-011MR).

Mr KL Yap, Chairman, Singapore Bullion Market Association (or SBMA)Mr Albert Cheng, CEO, SBMAMr David Tait, Global CEO, World Gold CouncilMs Ruth Crowell, CEO, London Bullion Market Association (or LBMA)Distinguished guests and industry partnersIntroduction1.  Good morning to all of you. Thank you for inviting me to speak at the 9th Asia-Pacific Precious Metals Conference.2.  We meet at a time when the global economic landscape is becoming more contested and fragmented. a. Capital and goods continue to move across borders, but they now do so amid greater geopolitical uncertainty, sharper policy divergence, and heightened concerns over resilience and security.b. In this environment, trust becomes a form of infrastructure.c. Global investors, including institutional and high-net-worth investors, are not only looking for yield and liquidity. They are also looking for places where assets can be held safely, transacted reliably, and governed transparently. Strengthening Singapore’s role in intermediating global-regional gold flows3.  Gold sits squarely within this broader search for trust and resilience. a. Throughout history, gold has served as an important store of value, and a strategic reserve asset, particularly in periods of uncertainty.b. Today, its relevance reflects a growing demand for assets that can help preserve value, diversify risks, and provide resilience across market cycles.c. Investors are increasingly using gold to strengthen portfolio resilience. Reserve diversification by long-term asset owners such as central banks also anchors long-term gold demand. 4.  At the same time, the centre of gravity for gold demand is shifting further towards Asia. a. Asia accounts for roughly 70% of annual consumer gold demand, and has been a key driver of both consumption and investment flows.b. China and India were the top contributors to bar and coin demand in 2025. Southeast Asian markets are also active, including in Thailand and Vietnam. 5.  However, Asia’s gold market infrastructure has not fully kept pace with this shift in demand. a. Trading, liquidity and price discovery remain concentrated in established global centres like London and New York.b. This creates a practical gap in the Asian time zone. Market participants are seeking more efficient ways to access liquidity, manage risk, and settle transactions during Asian trading hours.c. They are also looking for additional, complementary nodes where gold can be securely stored and reliably transacted.d. We already see evidence of this demand for Singapore-based solutions. i. For instance, the LionGlobal Singapore Physical Gold Fund, which invests in gold held in custody in Singapore, has attracted over S$600 million in assets since its launch in November 2025. 6.  This is where Singapore can play a meaningful role for Asia, alongside gold centres in other time zones. a. We are not seeking to replace established centres of gold trading and liquidity. Instead, Singapore can serve as a trusted node in the global gold ecosystem – connecting regional demand with global liquidity, and supporting market activity during Asian hours.b. Our value proposition rests on two key strengths – connectivity and trust. Our financial centre is deeply connected to global markets, and anchored by strong institutions operating within a robust and progressive regulatory framework.c. We are well placed to complement the existing global network, by making it easier for participants to trade, clear, settle, store and manage gold in this region. Building trusted market infrastructure and capabilities7.  To play this role well, we need the right building blocks in place – reliable clearing and settlement systems, secure vaulting, relevant products, and clear standards. This will allow participants to transact with confidence. a. This has been a key focus for MAS, the SBMA, Enterprise Singapore and industry players, building on earlier industry efforts such as the SBMA’s Project Lion 2 study.b. The Gold Market Development Working Group, co-chaired by MAS and SBMA, has made good progress since its formation in January this year. It has identified key focus areas across gold product development, vaulting and logistics infrastructure, and an efficient gold clearing system for Loco Singapore.c. Today, I am pleased to update on four areas of progress, each corresponding to one of these building blocks. 8.  First, SGX will establish an over-the-counter (OTC) gold clearing system for Loco Singapore by end-2026, with interbank trading expected to build up from 2027. a. This is a foundational piece of market infrastructure. i. By streamlining trade processing, enhancing transparency, and supporting more efficient clearing and settlement, this will give market participants greater confidence to transact in Singapore.ii. It will support both large bars and kilobars, enabling standardised settlement during Asian trading hours. b. I am pleased that six bullion banks – DBS, Deutsche Bank, ICBC Standard Bank, J.P. Morgan, OCBC and UOB – will sign an MOU with SGX later today to participate as clearing members. i. They will work with SGX to advance the development of the Loco Singapore gold market, deepen price discovery and build trading activities. 9.  Second, MAS will introduce central bank gold vaulting services by October this year. a. Singapore already has strong commercial vaulting capacity, with major vault providers offering more than 2,000 tonnes of secure storage. i. This caters to a range of market participants including bullion banks, institutional and high-net-worth investors.ii. Industry participants are also prepared to expand this capacity in line with market growth. b. MAS’ gold vaulting services will complement commercial capacity, by providing foreign central banks and sovereign entities with a secure option to vault their gold reserves in Singapore, backed by MAS’ institutional standing.c. Beyond secure storage, some foreign central banks and sovereign entities may also be keen to actively manage their gold holdings. MAS will therefore extend gold accounts to a select group of Singapore-based bullion banks, enabling them to better provide gold-related services and liquidity to these entities.d. This strengthens Singapore’s proposition as a jurisdiction where reserve assets can be securely held, actively managed, and connected to wider market liquidity during Asian trading hours. 10.  Third, we are making good progress in developing gold-related capital market products. a. SGX is exploring a physical deliverable gold futures contract, which would enhance price discovery and risk management in Loco Singapore.b. Banks are also keen to develop the use of tokenised gold within the Singapore market, including through collaboration on the Gold Bar Integrity initiative by the World Gold Council and LBMA.c. These initiatives will complement the OTC gold market, and support a broader range of investment and hedging needs. Over time, this can deepen liquidity, strengthen price discovery, and improve the efficiency of gold as a tradable financial asset. 11.  Fourth, MAS will remove the 5% cap on physical investment precious metals under the tax incentive schemes for funds. a. This will allow eligible funds and family offices to diversify their portfolios more flexibly, and support greater capital deployment into physical gold in Singapore.b. MAS will provide further details by September. Singapore’s value as a trusted node in the global gold network12.  The gold market works best when liquidity and infrastructure are connected across regions. With an established clearing infrastructure and strong market ecosystem, Singapore can support a more seamless global market across time zones – from Asia, to Europe, to the Americas.13.  To achieve this, we are working to align Singapore’s market practices with relevant global standards. a. These include standards under the LBMA Good Delivery framework for large bars, as well as delivery and settlement standards adopted by major exchanges such as the Chicago Mercantile Exchange and Shanghai Gold Exchange for kilobars.b. Such alignment will reduce friction for participants operating across markets, while preserving flexibility to accommodate differences in market structures. c. Banks and market intermediaries will also play an important role in bridging these markets, through products and services that allow participants to transact efficiently across locations and bar formats. 14.  Taken together, these efforts will position Singapore as a strong connector in the global gold ecosystem.Conclusion15.  Our gold market initiatives are part of a broader effort to strengthen Singapore’s role as a trusted global node for capital, investment and physical trade flows. a. Asia’s demand for financial services is growing, and so is the need for reliable market infrastructure in this time zone.b. At the same time, global fragmentation and uncertainty are raising the premium on safe, trusted and credible venues for intermediation.c. Our initiatives will broaden Singapore’s marketplace, so that institutions and companies can manage investments for the long term, preserve value, and transact with confidence.d. We will build this through reliable infrastructure, robust standards, deep industry partnerships, and close alignment with international markets. 16.  Together with the SBMA, our industry partners, and international counterparts, we look forward to shaping and developing a more connected and trusted global gold ecosystem.17.  Thank you and I wish you a fruitful conference ahead.

ASX Limited today announced it has settled proceedings brought by ASIC in relation to statements made in 2022 on the status of the previous CHESS project.  ASIC commenced civil proceedings against ASX in August 2024[1] alleging three statements that were made in 2022 regarding the previous CHESS project were misleading and contravened ss 12DA and 12DB of the Australian Securities and Investments Commission Act 2001 (Cth). Under the agreement with ASIC, ASX admits that it contravened these provisions of the ASIC Act when it made the “progressing well” representation. ASIC is no longer pursuing allegations of misleading statement in relation to representations the Project was “tracking to the Published Plan” and “Tracking to Go-Live in April 2023”.  As part of the settlement, and subject to the approval of the Federal Court of Australia, ASX will pay a penalty of $20.5 million and will contribute $3 million to ASIC’s legal costs. Given this development, the parties will no longer be proceeding to trial. ASX Chair David Clarke said: “The market must have confidence in what ASX says about its operations as these statements can be relied upon to make decisions. When we stopped the CHESS project in November 2022 to reassess our whole approach, that tested market confidence in ASX and called into question the nature of statements previously made.  “As the market operator and a steward of critical market infrastructure, our words matter. I am sorry ASX fell short. We recognise the impact this has on trust and confidence, and we take responsibility for the lessons that must be learned from that experience. “The CHESS project is now on firmer footing, and our decision to settle this matter reflects the desire by the Board to focus ASX on building for the future while maintaining the work still required to build confidence and deliver for the market. We will continue the reset across the Group, informed by the findings of the ASIC Inquiry report delivered earlier this year.” Interim CEO Darren Yip said: “CHESS remains a critical priority for the Group. Just two months ago, the team successfully delivered Release 1 of the new system, providing clearing services on a modern, cloud-aligned platform.  “Since go-live of Release 1, CHESS has continued to perform strongly, consistently processing elevated trading volumes during periods of heightened global market volatility - underscoring its resilience and scalability. The significant investments we are making in our technology modernisation program remain a core focus for ASX.” The proposed penalty in today’s settlement will need to proceed to an approval hearing in the Federal Court of Australia that has not yet been scheduled but may occur in late FY26 or in FY27. The amount will, however, be provisioned in FY26 and be recognised as a non-recurring significant item. ASX’s contribution to ASIC’s legal costs will also be recognised as a significant item in FY26. We recognise the CHESS project is an endeavour that needs the support of the whole market. On 16 February 2023, ASX announced it had established the CHESS Partnership Program. The program recognises the extended timeline of the project [1] Australian Securities and Investments Commission v ASX Limited NSD1108 of 2024.                                                                                                                                                                     1/2 Public

ASX Limited (ASX) has admitted that its 10 February 2022 market announcement which stated that the CHESS replacement project was “progressing well” was misleading and exposed market participants to the risk of financial harm. ASIC and ASX will ask the Federal Court to find that ASX contravened the law, impose a penalty of $20.5 million, and order ASX to pay $3 million towards ASIC’s costs. The proposed resolution is subject to the approval of the Federal Court. It is a matter for the Court to determine whether the proposed orders are appropriate and whether any other orders should be made. ASX has admitted that: as at 21 December 2021 the CHESS replacement project was not on its critical path to ‘go live’ in April 2023 and needed to return to it between then and the 10 February 2022 announcement, the project was internally classified ‘red’, indicating significant unresolved issues or risks, and industry test environments had opened, and were planned to open, with reduced scope and performance, while timelines for incomplete work had been pushed out. Despite this, ASX told the market on 10 February 2022 that the project was “progressing well”, a statement it now admits was misleading. About six weeks later, on 28 March 2022, ASX announced there was a strong likelihood the project’s go-live date would be delayed. It later paused the project and derecognised pre-tax project costs of approximately $245–255 million. ASIC Chair Sarah Court said ASX’s statement risked undermining confidence in Australia’s financial markets. ‘ASX has admitted to making a misleading statement in relation to critical market infrastructure at the centre of Australia’s financial system. ‘These admissions concern the accuracy of disclosures to the market about a significant and complex project that carried real consequences for confidence, planning, and investment across the market. ‘Accurate and timely disclosures are fundamental to maintaining trust in Australia’s financial markets, particularly from entities that operate core market infrastructure,’ the Chair said. Since these events, ASIC has obtained commitments from ASX to strengthen oversight, governance and delivery of the CHESS replacement program. Those measures are intended to support confidence in the operation and future development of Australia’s critical market infrastructure. It is a matter for the Federal Court to determine whether the proposed orders are appropriate and to make other orders. ASIC will issue a further media release when orders are made. Background On 13 August 2024, ASIC commenced civil penalty proceedings in the Federal Court against ASX alleging it made misleading statements about the CHESS replacement project in market announcements (24-177MR). ASX has admitted that, by making the misleading statement that the CHESS replacement project was ‘progressing well’, it contravened sections 12DA and 12DB(1)(a) and (e) of the Australian Securities and Investments Commission Act 2001 (Cth). The CHESS replacement project was a critical infrastructure program for the development of a system to replace the Clearing House Electronic Subregister System (CHESS) operated by ASX, with a new system using distributed ledger technology. ASX commenced the project in 2016-17 and planned for it to ‘go live’ in April 2023. On 28 March 2022, about six weeks after telling the market the project was “progressing well”, ASX announced there was a strong likelihood the project would be delayed. On 17 November 2022, ASX paused the project and derecognised approximately $245-$255 million (pre-tax) in its own project costs. In November 2023, ASX announced a new CHESS replacement solution would be delivered in two releases, with clearing services in Release 1 and settlement and subregister services in Release 2. Release 1 went live on 20 April 2026. Editor's note: At a hearing on 15 June 2026, Justice Markovic listed the matter for a half-day hearing on final orders and penalty on 1 July 2026 at 10:15am.

Dandy Ltd Company (Q.P.S.C.) (under conversion), the Qatari company specialising in the manufacture and distribution of dairy, beverage and ice cream products for more than 45 years, announced that it has obtained the approval of the Qatar Financial Markets Authority (QFMA) to proceed with offering 40% of its share capital to institutional and individual investors, with the offer price to be determined through the book-building mechanism. The book-building process will be conducted under the Offering, Listing, Mergers and Acquisitions Rules issued by the Board of the QFMA pursuant to Decision No. (8) of 2025, as part of a package of measures designed to attract more companies and provide diverse options for those seeking to offer and list on the capital market. This offering reflects the continued collaboration between the Qatar Financial Markets Authority and the Qatar Stock Exchange to develop the market's regulatory framework and broaden the options available to companies seeking to list. It is worth noting that the book-building mechanism is used in global markets and in many markets across the region to determine the offer price by relying on institutional investors who possess the expertise, knowledge and tools necessary for the fair pricing of a security. The Company intends to conduct the offering in two phases:  Offering shares to institutional investors through the book-building mechanism in accordance with the timeline approved by QFMA comprising 12,360,000 shares, representing 30% of the Offer Shares.  Offering shares to the public — to individual Qatari nationals and entities incorporated in the State of Qatar, based on the price determined through book building comprising 28,840,000 shares, representing 70% of the Offer Shares. The Company has stated that the price per Offer Share (excluding offering and listing fees) is expected to be determined through the book building process within a range of QAR 5.00 to QAR 5.20 per share. To view the details of the announcement of Dandy's share offering through book building, click here: https://www.dandy.qa/

Click here to download Tehran Securities Exchange's weekly report.

The Commodity Futures Trading Commission’s Division of Market Oversight today announced it has issued no-action relief to designated contract markets seeking to convert their existing perpetual style digital commodity futures contracts into true digital commodity perpetual futures.  This no-action letter issued today follows recent Commission actions which clarified the regulatory treatment of true perpetual futures contracts referencing bitcoin and other digital commodities with deep, active, and continuous spot market trading. [See CFTC Press Release Nos. 9240-26 and 9242-26]   According to the letter, DCMs may remove expiration dates from their existing digital commodity perpetual style futures contracts and implement these amendments to convert them into true digital commodity perpetual futures contracts effective upon the satisfaction of certain customer protection and procedural conditions in the letter. These include: soliciting feedback from market participants with open positions; providing advance notice and an opportunity to exit positions; offering appropriate risk disclosures; and ensuring that no other material contract terms are modified.  DCMs must also file the amendments under CFTC Regulations 40.5 or 40.6 and certify compliance with all conditions.  The no‑action positions in this letter expire on June 30, 2026. RELATED LINKS CFTC Staff Letter No. 26-19

The current reports for the week of June 09, 2026 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 COT Release Schedule CFTC Public Reporting Environment (PRE) PRE User Guide PRE Frequently Asked Questions (FAQs)

The Commodity Futures Trading Commission today filed a lawsuit in federal court against the state of New Mexico, seeking to block the state’s efforts to apply state gaming laws against CFTC-registered contract markets.  Just last week, New Mexico filed a lawsuit in a state court against CFTC-registrant KalshiEX LLC, alleging that its prediction market offerings amount to unlawful online sports betting while attempting to “evade state gaming laws.” The state’s complaint seeks injunctive relief to halt Kalshi’s operations within its borders and to prevent Kalshi from further offering sports-related event contracts. The CFTC’s complaint against New Mexico seeks a declaratory judgment that federal law grants it exclusive authority to regulate event contracts and requests a permanent injunction preventing the state from enforcing preempted state laws against its registrants. The CFTC has clear and longstanding exclusive jurisdiction to regulate event contracts and the prediction markets on which they trade under the Commodity Exchange Act, which preempts state laws purporting to regulate designated contract markets. “New Mexico is the latest state seeking to nullify black letter law and decades of judicial precedent by imposing state gaming laws on federally regulated derivatives exchanges subject to the CFTC’s exclusive jurisdiction,” said CFTC Chairman Michael S. Selig. “As I’ve said repeatedly, the CFTC has the expertise and responsibility to protect its exclusive jurisdiction over commodity derivatives, and that’s exactly what we’ll continue to do.”  Today’s lawsuit reaffirms the CFTC’s continued commitment to its ongoing campaign of preserving exclusive jurisdiction over CFTC-registered prediction markets. New Mexico joins a growing list of states purporting to regulate registrants within CFTC’s jurisdiction, following litigation in Arizona, Connecticut, Illinois, New York, Minnesota, Rhode Island, and Wisconsin.  RELATED LINKS Complaint for Injunctive and Declaratory Relief

smartTrade Technologies, a global leader in AI-driven solutions for multi-asset electronic trading and payments, is pleased to announce that it has been awarded Best Solution for Foreign Exchange Trading at the prestigious TradingTech Insight Awards USA. The TradingTech Insight Awards USA recognize excellence in the global FX markets, focusing on vendors that provide exceptional trading infrastructure, trading technology, and data solutions. The event celebrates achievements of leading banks and technology providers in the FX industry. smartTrade Technologies stood out in a highly competitive field, earning recognition for Best Solution for Foreign Exchange Trading. Commenting on the win, David Vincent, CEO of smartTrade Technologies, said, ‘We are proud to receive the Best Solution for Foreign Exchange Trading award. This recognition reflects our ongoing commitment to helping clients navigate increasingly complex and fast-moving markets — with technology they can truly rely on. We have invested heavily in what matters most: ultra-low-latency execution, robust liquidity management, flexible workflows, and scalable infrastructure. And we have made AI a core part of that — helping our clients make better-informed decisions and improve their operational efficiency every day. This achievement is a testament to our team. Their expertise, their dedication, and their hard work are what drive our success. I am incredibly proud of what they have built.’

A summary of Deutsche Börse Group's business indicators for May 2026 is now available on the eutsche Börse website: Trading Statistics There you can also find the Excel file 'Major business figures' containing historic business indicators for the respective reporting segments.

Nasdaq (Nasdaq: NDAQ) announced today the results of the semi-annual review of the OMX Copenhagen 25™ Index, (Nasdaq Copenhagen: OMXC25TM), which will become effective at market open on Monday, June 22, 2026. The following security will be added to the Index: Nordea Bank Abp (NDA DK). The OMX Copenhagen 25™ Index measures the performance of a selection of the largest and most traded securities listed on Nasdaq Copenhagen A/S. The Index is reviewed semi-annually in June and December. As a result of the semi-annual review, the following security will be removed from the Index: Bavarian Nordic A/S (BAVA). For a list of current Index Securities please refer to Nasdaq's Global Index Watch. For more information, please refer to the Nasdaq Copenhagen 25 Index Methodology.

The Securities and Exchange Commission has appointed John Moses as Director of the agency’s Office of Investor Education and Assistance, which provides services and resources to help investors build their financial futures and protect against investment fraud.  Mr. Moses joined the SEC staff in 2016 and has served in a variety of positions, including as Managing Executive in the Office of the Chairman before becoming a Deputy Director in the SEC’s Office of Investor Education and Assistance in 2020. He was Acting Director of the office prior to his appointment to the permanent role.  “John is an effective communicator who demonstrates a sincere passion for investor outreach and brings as much enthusiasm as he does wisdom to this position,” said SEC Chairman Paul S. Atkins. “Investor education is fundamental to our mission of protecting investors, and John possesses the exact skills and experience necessary to ensure our Office of Investor Education and Assistance – and our agency as a whole – are serving Americans as they participate in our dynamic capital markets.”  Mr. Moses said, “My colleagues in the Office of Investor Education and Assistance have consistently proven their dedication to serving the tens of thousands of investors who contact our agency each year with investment-related questions and concerns. We are constantly evolving to find additional avenues to reach even more investors and give them useful tools and information to make informed investment decisions. It is a genuine honor to help lead these initiatives.”   Before joining the SEC staff, Mr. Moses gained private sector experience in real estate and operations leadership. He is a veteran of the U.S. Navy and served as a surface warfare officer and security team leader during Operation Iraqi Freedom.  Mr. Moses earned undergraduate and graduate degrees from Stanford University and an MBA from Harvard Business School.

Euronext today announced the results of the quarterly review for the MIB ESG® index, which will be implemented after markets close on Friday, 19  June 2026 and will be effective from Monday, 22 June 2026. Results of the Quarterly Review MIB ESG® Inclusion of: Exclusion of:  TECHNOPROBE AMPLIFON Euronext retains the right to change the published selection, for instance in the case of a removal due to a takeover, until the publication of the final data after close of Wednesday, 17 June 2026. All events happening after that date will not lead to a replacement of the selected company that possibly needs to be removed from the final selection. Review MIB ESG®  Family The MIB ESG® index is reviewed quarterly (March, June, September, December). Next review will be announced on 11 September  2026.

On 10 June 2026, transmission system operators (TSOs) submitted a proposal to ACER to revise the harmonised allocation rules (HAR) and the requirements for the single allocation platform (SAP). To inform its decision-making process, ACER will open a public consultation on 10 July 2026. What are these rules about? The harmonised allocation rules apply to all allocations of long-term transmission rights performed in the European Union. They provide specifications for the auctioning of long-term transmission rights (including their use, curtailment and eligibility criteria) and go through a review process every two years. All TSOs issuing long-term transmission rights are required to offer-long term cross-zonal capacity to market participants through the single allocation platform. Why amend them? With the implementation of long-term flow-based allocation, long-term transmission rights for all bidding zone borders within a capacity calculation region will be allocated with a single auction.  Currently, collaterals (i.e. financial security provided by market participants to guarantee their payment obligations) for long-term transmission rights are reserved until the auction is cleared, often leading to an overestimation of collaterals’ needs. As long-term flow-based allocation combines multiple bidding zone borders, this over-reservation further increases collateral requirements for market participants. This, in turn, may result in unnecessary bid rejections by market participants and potential welfare losses. To address this, TSOs propose to amend the harmonised allocation rules and the single allocation platform requirements by introducing a new collateral management solution. What are the next steps? The public consultation will run from 10 July until 7 August 2026.  ACER will analyse the feedback received and reach a decision by 10 December 2026. Read more

ETFGI, reported today that assets invested in the ETFs Industry in the United States reached US$15.7 Trillion milestone, driven by record US$837 billion in YTD net inflows. During May, the ETFs industry in the United States gathered net inflows of US$189.01 billion, bringing year-to-date net inflows to US$837.35 billion, according to ETFGI's May 2026 US ETFs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. ETFGI, is a 14 year old leading independent research and consultancy firm renowned for its expertise in subscription research, consulting services, 6 annual ETFGI Global ETFs Insights Summits, and ETF TV on global ETF industry trends. (All dollar values in USD unless otherwise noted.) Highlights Assets invested in the ETFs industry in the US reached a new record of $15.69 trillion at the end of May, surpassing the previous high of $14.87 trillion in April 2026.  Assets have increased 16.8% year-to-date, rising from $13.43 trillion at the end of 2025.  The industry gathered $189.01 billion of net inflows in May. Year-to-date net inflows of $837.35 billion mark a new record, exceeding $443.32 billion in 2025 and $399.10 billion in 2021.  The ETF industry in the US has now recorded 49 consecutive months of net inflows.   “The S&P 500 rose 5.26% in May and is up 11.27% year‑to‑date in 2026. Developed markets excluding the U.S. gained 5.20% during May and are up 15.33% year‑to‑date, with Korea (+28.71%) and Luxembourg (+20.50%) delivering the strongest returns among developed markets for the month. Emerging markets increased by 3.77% in May and are up 11.44% year‑to‑date, led by Taiwan (+16.95%) and Peru (+11.75%), which recorded the highest gains among emerging markets in May.” According to Deborah Fuhr, Managing Partner and founder of ETFGI.   Growth in assets in the ETFs industry in the United States as of the end of May Source: ETFGI data sourced from ETF/ETP sponsors, exchanges, regulatory filings, Thomson Reuters/Lipper, Bloomberg, publicly available sources and data generated in-house. Note: “ETFs” are typically open-end index funds that provide daily portfolio transparency, are listed and traded on exchanges like stocks on a secondary basis as well as utilising a unique creation and redemption process for primary transactions. “ETPs” refers to other products that have similarities to ETFs in the way they trade and settle but they do not use a mutual fund structure. The use of other structures including grantor trusts, partnerships, notes and depositary receipts by ETPs can create different tax and regulatory implications for investors when compared to ETFs which are funds. The ETFs industry in the United States has 5,283 ETFs, assets of $15.69 Tn, from 488 providers on 3 exchanges at the end of May. The ETFs industry in the US continues to be highly concentrated competitive, with iShares and Vanguard effectively tied for leadership by assets, holding 28.9% and 28.6% market share respectively, while State Street SPDR remains third with 13.2%. Although iShares has the largest number of ETFs at 487, Vanguard has achieved nearly the same asset base with just 115 products, underscoring the strength of Vanguard’s scale and product concentration. State Street SPDR, with 179 products, maintains a significant position.  From a net flows perspective, Vanguard stands out as the strongest gatherer of net new assets, attracting $54.4 billion in May 2026 and $233.8 billion year-to-date, both ahead of iShares at $34.3 billion in May and $155.9 billion YTD. State Street SPDR remains a major player in trading activity, with $59.8 billion in average daily volume, net inflows have been more modest at $10.7 billion in May and $54.3 billion YTD.  Net Inflows   The industry gathered $189.01 billion of net inflows in May.    Year-to-date net inflows of $837.35 billion mark a new record, exceeding $443.32 billion in 2025 and $399.10 billion in 2021.    Equity ETFs attracted $78.62 billion over the month, bringing year-to-date net inflows to $378.22 billion, significantly higher than the $148.51 billion recorded at this point in 2025.    Fixed income ETFs recorded $41.50 billion of net inflows in May, with YTD inflows reaching $151.55 billion, well above the $93.67 billion gathered by the end of May 2025.    Commodity ETFs saw modest net inflows of $147.9 million in May, but remain in net outflow territory year-to-date at $2.99 billion, compared to $14.18 billion of net inflows at the same stage in 2025.    Active ETFs continued to attract strong demand, with $75.95 billion of net inflows in May, bringing YTD inflows to $329.09 billion, significantly exceeding the $177.01 billion recorded over the same period in 2025. Substantial inflows can be attributed to the top 20 ETF's by net new assets, which collectively gathered $107.92 Bn in May, the Vanguard S&P 500 ETF (VOO US) gathered $18.69 Bn alone.Top 20 ETFs by net new assets May 2026 Substantial inflows can be attributed to the top 10 ETP's by net new assets, which collectively gathered $1.72 Bn in May, the United States Oil Fund LP (USO US) gathered $309.00 Mn alone. Top 10 ETPs by net new assets May 2026 Investors have tended to invest in Equity ETFs during May.

Exegy, a leading provider of market data, trading technology, and managed services for the capital markets, is proud to announce today that Exegy Nexus™, a purpose-built FPGA-powered market data platform, has been named this year’s ‘Best Trading Technology Stack’ at the TradingTech Insight Awards USA 2026.  Exegy Nexus combines ultra-low-latency performance with unified access and infrastructure in a fully managed appliance. Developed with input from leading market makers, agency brokers, and global banks, Nexus addresses challenges firms face today, including rising market data volumes, limited rack space in data centers, higher power usage, and the operational load of managing fragmented systems. By centralizing feed handling and market data processing in FPGA hardware before it reaches downstream applications, Nexus reduces infrastructure sprawl, lowers compute requirements, and simplifies operations while delivering deterministic performance at scale. “Trading firms are under real pressure to handle more market data at higher speeds, while keeping infrastructure, power usage and operational complexity under control,” said Laurent de Barry, Chief Technology Officer at Exegy. “Nexus was built to help firms address that challenge. By moving the most demanding processing into FPGA hardware, we can deliver the low latency, determinism and scalability clients need, while helping them simplify their architecture.” Delivered as a fully managed solution, Nexus is supported by Exegy’s global team of experts, providing 24×7 monitoring and operational support. This enables firms to scale performance without adding operational burden, while reducing infrastructure sprawl across mission-critical market data environments. The TradingTech Insight Awards USA recognize leading trading solutions and services across the capital markets. Winners are selected with input from industry participants, reflecting the technologies and providers helping firms improve performance, efficiency and resilience across the trading lifecycle.

ETFGI, reported today that assets in the ETFs industry in Europe reached a new record of US$3.77 trillion at the end of May. During May the ETFs industry in Europe gathered net inflows of US$45.77 billion, bringing year-to-date net inflows to a record US$220.91 billion, according to ETFGI's May 2026 European ETFs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service.  ETFGI, is a 14 year old leading independent research and consultancy firm renowned for its expertise in subscription research, consulting services, 6 annual ETFGI Global ETFs Insights Summits, and ETF TV on global ETF industry trends.(All dollar values in USD unless otherwise noted.) Highlights Assets invested in the European ETF industry reached a record $3.77 trillion at the end of May, surpassing the previous high of $3.58 trillion at the end of April 2026.  Assets have increased 17.0% year‑to‑date in 2026, rising from $3.22 trillion at the end of 2025 to $3.77 trillion.  The industry recorded net inflows of $45.77 billion in May 2026.  Year‑to‑date net inflows of $220.91 billion represent a new record, exceeding the previous highs of $149.79 billion in 2025 and $95.18 billion in 2021.  May marked the 44th consecutive month of net inflows into European ETFs. “The S&P 500 rose 5.26% in May and is up 11.27% year‑to‑date in 2026. Developed markets excluding the U.S. gained 5.20% during May and are up 15.33% year‑to‑date, with Korea (+28.71%) and Luxembourg (+20.50%) delivering the strongest returns among developed markets for the month. Emerging markets increased by 3.77% in May and are up 11.44% year‑to‑date, led by Taiwan (+16.95%) and Peru (+11.75%), which recorded the highest gains among emerging markets in May. According to Deborah Fuhr, Managing Partner and founder of ETFGI. Growth in assets in the ETFs industry in Europe as of the end of May   The ETFs industry in Europe has 3,860 products, with 15,931 listings, assets of $3.77 Tn, from 159 providers listed on 32 exchanges in 26 countries at the end of May. iShares is the largest provider in terms of assets with $1.49 Tn, reflecting 39.6% market share; Amundi ETF is second with $468.60 Bn and 12.4% market share, followed by Xtrackers with $382.69 Bn and 10.1% market share. The top three providers, out of 159, account for 62.1% of European ETF AUM, while the remaining 156 providers each have less than 8% market share.   Net inflows During May, ETFs gathered net inflows of $45.77 billion. Equity ETFs led the way with $25.18 billion of net inflows, bringing year‑to‑date inflows to $151.29 billion, well above the $108.71 billion recorded at this stage in 2025. Fixed income ETFs recorded $13.91 billion of net inflows in May, with year‑to‑date inflows reaching $45.80 billion, significantly higher than the $24.26 billion gathered by the end of May 2025. Commodities ETFs attracted $2.35 billion during the month, bringing year‑to‑date inflows to $4.09 billion, slightly below the $4.16 billion recorded over the same period in 2025. Active ETFs gathered $4.62 billion in May, with year‑to‑date inflows in Europe rising to $20.27 billion, nearly double the $10.89 billion recorded year‑to‑date in 2025. Substantial inflows can be attributed to the top 20 ETFs by net new assets, which collectively gathered $19.53 Bn in May. Vanguard FTSE All-World UCITS ETF (VWRD LN) gathered $2.93 Bn, the largest individual net inflow.Top 20 ETFs by net new assets May 2026: Europe The top 10 ETPs by net new assets collectively gathered $2.03 Bn during May. WisdomTree Agriculture (AIGA LN)  gathered $736.70 Mn, the largest individual net inflow. Top 10 ETPs by net new assets May 2026: Europe Investors have tended to invest in Equity ETFs during May.

Vermiculus, a global independent provider of market infrastructure solutions, and its trading product VeriTrade has been awarded Best Matching Engine for Exchanges and Electronic Trading Venues at the 2026 TradingTech Insight US Awards 2026.  The award recognizes VeriTrade’s innovation in delivering 24/7 trading, ultra-low, deterministic latency and extreme throughput (18us @50,000tps, 100us@850,000tps), combined with the flexibility and scalability required to support modern, continuously operating markets.  “It is great to see VeriTrade recognized with this award.” says Johan Norén, System Architect for VeriTrade at Vermiculus.  “With markets moving towards 24/7 trading, the ability to operate reliably around the clock is becoming critical. VeriTrade is designed with this in mind, combining deterministic performance with key capabilities such as intra-day updates of reference data, resilient architecture, and advanced memory management, ensuring stable and predictable operations in continuously running markets.” Built on a modular design, VeriTrade also supports emerging use cases such as prediction markets alongside crypto and traditional asset classes both for exchanges targeting institutional as well as retail customers. Its flexible architecture allows venues to adapt quickly to evolving market demands and regulatory requirements, without compromising performance.  Vermiculus index engine further extends VeriTrade with integrated index capabilities, enabling markets to build and grow their index business. It supports both Price Return and Total Return indices and enables additional calculation methodologies to be introduced as needed. VeriTrade can be deployed in the cloud, on‑premises, or in a hybrid setup. This gives operators flexibility while keeping full control of their infrastructure.   “We have no strategic, commercial, or technical alignment with any specific cloud, hosting, or infrastructure provider. This allows our clients to retain full flexibility and control over their technology choices.” comments Alexander Kilian, Principal Architect at Vermiculus. All Vermiculus solutions are built, delivered, and supported using Vermiculus project model with dedicated teams. This ensures deep expertise, continuity, and world-class support throughout the entire system lifecycle.     Johan Norén, System Architect for VeriTrade, and Alexander Kilian, Principal Architect.

The German Financial Supervisory Authority (Bafin) warns about offers on the website capital-holdings(.)life. According to information available to Bafin, the unknown operators of the websites are offering banking transactions and financial services without the required authorisation. Anyone conducting banking business or providing financial or investment services in Germany may do so only with authorisation from Bafin. However, some companies offer these services without the required authorisation. Information on whether companies have been authorised by Bafin can be found in Bafin’s database of companies. The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).   Caution Bafin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) warn consumers to watch out for internet-based financial fraud. If you wish to invest money online, exercise the utmost caution and do the necessary research beforehand in order to identify attempted fraud at an early stage. In the “Recognising financial fraud” section of our website, you can view Bafin’s current warnings about companies operating without the required authorisation and find out how to protect yourself from fraud on the financial market