The FCA will set out its approach on motor finance redress shortly after markets close on Monday 30 March, having consulted on a compensation scheme in October 2025.

The New York Stock Exchange (NYSE), part of Intercontinental Exchange, Inc. (NYSE: ICE), one of the world’s leading providers of financial market technology and data powering global capital markets, and Securitize, the world’s leader in tokenizing real-world assets, today announced a collaboration to support the development of tokenized securities markets, with Securitize named as the first digital transfer agent eligible to mint blockchain-native securities for corporate or ETF issuers on the upcoming NYSE-affiliated tokenized securities platform (the Digital Trading Platform). As part of the collaboration formalized in their Memorandum of Understanding (MOU), NYSE plans to partner with Securitize as a premier design partner in the development of a digital transfer agent program intended to support on-chain settlement of tokenized security transactions. The companies plan to collaborate on the development of standards for digital transfer agents and tokenization agents participating in the digital ecosystem, with a focus on establishing regulatory, operational, and technology requirements for institutional-grade tokenized securities infrastructure. “The NYSE continues to lead the industry in responsible innovation,” said Lynn Martin, President, NYSE Group. “As we explore how tokenization can enhance capital markets, it is critical that new infrastructure is developed in a way that preserves the trust, transparency, and protections investors expect. Securitize brings deep experience in digital asset infrastructure and transfer agency, making them a strong partner in helping design this next generation of market structure.” This initiative will draw on Securitize’s experience as a leading tokenization platform and SEC-registered transfer agent, helping define the role of transfer agent infrastructure in maintaining official records of ownership, supporting corporate actions, and ensuring tokenized securities meet the standards of traditional markets. Subject to applicable requirements, this work is expected to support Securitize’s role as an approved digital transfer agent for the platform. “Securitize has spent years building the regulated infrastructure needed to bring real-world assets on-chain,” said Carlos Domingo, Co-Founder and CEO, Securitize. “We are proud to support NYSE in helping design the foundational transfer agent infrastructure for tokenized securities markets. This is about building tokenization in a way that works within real market structure, with the protections, controls, and operational integrity required for public securities.” As part of the broader collaboration, Securitize Markets is expected to become one of the broker-dealer participants on the upcoming Digital Trading Platform, supporting the development of market structure for issuer-sponsored tokenized securities.

Today, Commodity Futures Trading Commission Chairman Michael S. Selig launched the Innovation Task Force, which is dedicated to advancing clear rules of the road for American innovators building novel products and technologies within U.S. derivatives markets.  The Innovation Task Force, in partnership with the Innovation Advisory Committee, will work with the Commission to develop a clear regulatory framework for innovators focused on: (i) crypto assets and blockchain technologies; (ii) artificial intelligence and autonomous systems; and (iii) prediction markets and event contracts.  “By establishing a clear regulatory framework for innovators building on the new frontier of finance, we can foster responsible innovation at home and ensure American market participants are not left on the sidelines” said Chairman Selig.  The Innovation Task Force is charged with executing on the Commission’s innovation agenda, and will coordinate with federal agencies and departments, including the U.S. Securities and Exchange Commission and its Crypto Task Force, on innovation initiatives. Michael J. Passalacqua, senior advisor to the Chairman, will lead the Innovation Task Force. 

BISON expands its portfolio, listing seven additional altcoins Broader access to the crypto market within the fully regulated environment of Boerse Stuttgart Group The crypto trading platform now offers a total of 63 coins BISON, the crypto trading platform for retail investors of Boerse Stuttgart Group, continues to expand its offering: users can now trade seven additional cryptocurrencies within a fully regulated environment. The portfolio now comprises a total of 63 coins and includes cryptocurrencies such as Ethereum Name Service (ENS), Bonk (BONK), and Jupiter (JUP). “With the expansion of our offering, we are responding to the growing interest in altcoins and the demand for portfolio diversification,“ says Dr. Ulli Spankowski, CEO and Co-Founder of BISON. "This gives our customers even broader access to the crypto market within the secure and regulated environment of Boerse Stuttgart Group." The seven coins at a glance With the portfolio expansion, BISON customers now have access to seven additional cryptocurrencies - from established infrastructure tokens to innovative Solana-based projects with strong community participation: Ethereum Name Service (ENS): Governance token of the decentralized naming system on the Ethereum blockchain that enables human-readable addresses and decentralized domain services Bonk (BONK): Community-centric social token within the Solana ecosystem, designed to drive liquidity and user engagement through extensive dApp integrations Jupiter (JUP): Token of the decentralized exchange routing protocol in the Solana ecosystem, supporting liquidity and efficient trading routes Pyth Network (PYTH): Decentralized oracle network delivering high-quality financial and market data in real time to DeFi applications across multiple blockchains Dogwifhat (WIF): Community-driven digital asset on Solana that has gained significant market presence through viral momentum and high on-chain trading activity Popcat (POPCAT): Culture-based token within the Solana network, deriving its value from active community participation and robust trading liquidity Mask Network (MASK9): Web3 protocol and browser integration connecting social media platforms with decentralized features, enabling private interactions, crypto transactions, and dApp integration 60+ cryptocurrencies available for trading in a regulated environment There are no trading fees on BISON, only the spread applies. Custody is provided by Boerse Stuttgart Digital Custody GmbH, a regulated subsidiary of Boerse Stuttgart Group, which became the first German crypto custodian to receive the EU-wide MiCAR license. The crypto custodian has implemented a multi-level security concept with an integrated crime insurance policy, which covers stored coins against theft, hacker attacks, and other risks, and applies to hot, warm, and cold wallets.

ETFGI reports record US$21.24 Trillion in Global ETF Assets as Inflows Reach Highest YTD Level on Record at end of February. During February, the ETFs industry globally gathered net inflows of US$301.52 billion, bringing year-to-date net inflows to a record US$451.99 billion, according to ETFGI's February 2026 Global ETFs and ETPs 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 • Global ETF assets reached a new record of US$21.24 trillion at the end of February, surpassing the previous high of US$20.64 trillion set in January 2026. • Assets have grown 7.0% year‑to‑date, rising from US$19.84 trillion at year‑end 2025 to US$21.24 trillion. • The global industry recorded US$301.52 billion in net inflows during February. • Year‑to‑date net inflows reached a record US$451.99 billion—the highest on record—exceeding the previous YTD highs of US$304.70 billion in 2025 and US$252.60 billion in 2024. • February marked the 81st consecutive month of net inflows. • iShares is the largest provider in terms of assets with US$5.91 Tn, reflecting 27.8% market share; Vanguard is second with $4.51 Tn and 21.3% market share, followed by State Street SPDR ETFs with $2.09 Tn and 9.8% market share. The top three providers, out of 978, account for 58.9% of Global ETF AUM, while the remaining 975 providers each have less than 5% market share “The S&P 500 declined by 0.76% in February and was up 0.68% year‑to‑date in 2026. Developed markets excluding the U.S. rose 6.03% during February and were up 12.55% year‑to‑date, with Korea (up 20.11%) and Luxembourg (up 16.61%) recording the strongest gains among developed markets for the month. Emerging markets increased by 2.47% in February and were up 8.11% year‑to‑date, led by Thailand (up 19.48%) and Taiwan (up 11.63%),” said Deborah Fuhr, Managing Partner, Founder, and Owner of ETFGI. Growth in assets in the Global ETFs industry as of the end of February The Global ETFs industry had 16,187 products, with 31,566 listings, assets of $21.24 Tn, from 978 providers on 84 exchanges in 65 countries at the end of February. Net Flows: During February, ETFs globally recorded $301.52 billion in net inflows.Equity ETFs gathered $138.24 billion in net inflows for the month, bringing year‑to‑date net inflows to $171.53 billion, above the $125.33 billion attracted by this point in February 2025. Fixed income ETFs saw $50.54 billion in net inflows during February, lifting YTD net inflows to $82.73 billion, higher than the $65.97 billion gathered by the end of February 2025. Commodities ETFs reported $11.62 billion in net inflows** in February, bringing YTD net inflows to $26.45 billion, significantly above the $12.47 billion reported at the same point in 2025. Active ETFs attracted $91.15 billion in net inflows during the month, with YTD net inflows rising to $167.58 billion, compared to $103.29 billion at the end of February 2025. Substantial inflows can be attributed to the top 20 ETFs by net new assets, which collectively gathered $89.96 Bn during February. ProShares GENIUS Money Market ETF (IQMM US) gathered $18.25 Bn, the largest individual net inflow.​ Top 20 ETFs by net new assets February 2026: Global     Source: ETFGI data sourced from ETF/ETP sponsors, exchanges, regulatory filings, Thomson Reuters/Lipper, Bloomberg, publicly available sources and data generated in-house. Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional data becomes available. The top 10 ETPs by net new assets collectively gathered $9.77 Bn over February. SPDR Gold Shares (GLD US) gathered $2.51 Bn, the largest individual net inflow. Top 10 ETPs by net new assets February 2026: Global​​​ Source: ETFGI data sourced from ETF/ETP sponsors, exchanges, regulatory filings, Thomson Reuters/Lipper, Bloomberg, publicly available sources and data generated in-house. Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional data becomes available. Investors have tended to invest in Equity ETFs during February.

The International Organization of Securities Commissions (IOSCO) published today its 2025 Investment Funds Statistics Report (IFSR) and updated its associated Dashboard. The IFSR is the only publicly available dashboard to aggregate both public and private investment fund types on a global level. It presents aggregated information submitted by IOSCO members to provide a global overview of the size, composition, and risk characteristics of investment funds. The report covers hedge funds, open-ended funds, and closed-ended funds, drawing on regulatory data collected through existing reporting frameworks and publicly available data, for 2024. This fourth edition of the IFSR reflects submissions from a broad set of jurisdictions and captures a substantial share of global investment fund activity. The report contains information from 38 IOSCO member jurisdictions for the 2024 reporting year and encompasses 128,389 funds representing USD 72.6T in global aggregate net asset value (NAV) and ~85% of the global investment funds industry1. While reporting coverage varies by fund type and jurisdiction, the data provides meaningful insight into trends in fund numbers, NAV, investment strategies, geographical investment focus, asset-class exposures, derivatives usage, leverage, liquidity risk, and counterparty risk2. Overall, the data indicates continued growth in aggregate NAV across major fund types in 2024, alongside relatively stable risk profiles. Borrowing and leverage remain lower for open-ended and closed-ended funds than for hedge funds. Investment activity remains concentrated in a small number of jurisdictions and asset classes, with notable differences in strategy and risk characteristics across fund types. “This fourth edition of the Investment Funds Statistics Report (IFSR) covers more jurisdictions than ever before. One of a kind, it provides a consistent, high-level overview of the global investment funds industry, with a particular focus on leverage, liquidity risk, and counterparty risk, to inform investors and interested stakeholders. Its associated dashboard facilitates the visualisation of data and sheds light on meaningful trends.” - Jean-Paul Servais, IOSCO Board Chair The percentage is calculated using Preqin’s estimate for hedge funds as of September 2024 of USD 4.98T, ICI’s estimate for open-ended funds as of Q4 2024 of USD 79.27T less USD 5.39T for funds-of-funds, and a comparative figure for closed-ended funds of USD 6.02T using the percentage of total NAV for open-ended funds IOSCO has collected compared to global estimates and Preqin’s 2023 estimates of Private Equity. In total, the above combined provides an estimate of the global investments funds industry to be USD 85.01T. Given differences in regulatory frameworks, reporting obligations, and data availability, not all jurisdictions are able to provide information for all fund types or risk dimensions. Where relevant, the report highlights data limitations and methodological considerations to support appropriate interpretation of the results.

Fime, a global leader in payments, digital identity and smart mobility, today announced that its EMEA laboratory has received EMVCo recognition for the evaluation of fingerprint biometric sensors, helping organizations establish trust and bring solutions to market. This new capability strengthens Fime’s role as a trusted enabler of innovation in the payment ecosystem. As biometric payment cards move from pilots to large-scale deployments, Fime’s recognized testing services help banks, card manufacturers and biometric technology providers validate performance, meet security requirements and accelerate time to market. The recognition enables Fime to evaluate fingerprint sensors against the EMV® Biometric Card Specification, assessing key criteria such as reliability, liveness detection and user convenience, to help ensure solutions meet global industry standards. “Biometrics are reshaping the future of secure payments,” said Noël Catherine, SVP Services at Fime. “This recognition expands our ability to support the ecosystem as biometric cards scale globally. Our mission is to help innovators bring secure, trusted solutions to market faster.” Fime has been supporting biometric technologies since 2017, providing functional and security testing for sensors, biometric components and authenticator devices. This new recognition further expands Fime’s capabilities to support the next generation of secure, seamless and user-friendly payment experiences. Learn more about the EMVCo recognition and its benefits, including increased interoperability through compliance with international standards.Find out how Fime can support your biometric solution testing here.*EMV® is a registered trademark in the U.S. and other countries and an unregistered trademark elsewhere. The EMV trademark is owned by EMVCo, LLC.

ING has arranged a £105m green loan to finance the development of Xylo, a landmark Clerkenwell project set to become the UK’s largest all‑timber frame trophy office building. The financing supports Global Holdings Group’s redevelopment of 100 Grays Inn Road into nine floors of high-quality workspace which will set a new benchmark for sustainable workplaces in London upon its completion in Q2 2028. Samuel Ellis, Head of UK Real Estate at ING, said:“This is the kind of project where sustainable finance genuinely matters. This financing supports a development that materially reduces carbon while delivering high‑quality workspace. That combination is rare and it’s exactly where we want to deploy capital.” Xylo represents a significant step-change in sustainability with everything from carbon-sequestering timber to carefully monitored deliveries to reduce overall emissions. End-of-trip facilities, a café, and high-quality cycle parking encourage active commuting and healthier daily routines. The project also boasts energy-efficient systems, low-VOC materials and natural finishes throughout. Josh Lawrence, Chief Executive of Global Holdings Management Group UK, said:  “We are pleased to have completed this financing agreement with our trusted partners ING and follows our appointment of McLaren Construction to deliver this game-changing project. Xylo will showcase the most environmentally friendly technologies in a truly beautiful building, underpinned by a vibrant neighbourhood and abundant transport links making it the perfect workspace for leading international businesses.” Xylo aims to achieve some of the best indoor environmental quality metrics in the UK. Centred around a 6.5m vaulted lobby, Xylo will provide 97,000 sq ft of Grade A office space all featuring beautifully crafted interiors using natural and sustainable materials throughout.   Xylo will also feature a 3,640 sq ft town hall space with bar, lounge and auditorium space, a 3,800 sq ft rooftop garden, 5 landscaped terraces with uninterrupted views across London, a café/restaurant, as well as cycle parking and shower facilities. The building is designed to achieve LETI Pioneer, NABERS UK 5.5-star and BREEAM ‘Excellent’ certifications; taken together they represent a deep focus on building one of the most advanced environmentally sensitive building in the world. The embodied carbon levels will be 50% lower than a typical London office building and reduce operational carbon emissions by up to 82% compared to standard buildings. The loan has been structured as a green facility, with proceeds earmarked specifically to support the project’s environmental objectives. The transaction reflects continued demand for green financing in the UK development market, particularly for projects that combine strong locations with measurable sustainability outcomes. With deep local expertise and a strong track record in complex financings, ING remains committed to supporting the evolution of the UK real estate market. Sustainability is a key pillar of this approach, with ING working alongside clients to enhance the environmental performance and resilience of their assets, financing the transition towards more energy‑efficient, future‑proof buildings.

In presenting the Report, FSB Chair Andrew Bailey reflects on current challenges to multilateralism and how the FSB will remain fit for purpose. Report summarises key 2025 work on NBFI leverage, crypto-assets and stablecoins, operational resilience and cross-border payments. Report explains how the next phase of the FSB strategic review of implementation will focus on identifying the causes of a slowdown in G20 reform implementation and on finding ways to promote implementation more effectively. The Financial Stability Board (FSB) today published its Annual Report, describing the FSB’s work to promote global financial stability in 2025. The Report, presented this year in an updated format, features for the first time a foreword by FSB Chair Andrew Bailey. In his foreword, Mr. Bailey notes the critical importance of the FSB’s work to preserve financial stability in the face of profound shifts in the global landscape. In an increasingly fragmented and unpredictable world, where multilateralism is being tested, FSB members continued to find common ground and displayed commitment to tackle shared challenges, giving reason to be optimistic. “The shocks of recent years have not undermined financial stability”, writes Mr. Bailey, “a testament to the reforms implemented since the global financial crisis.” At the same time, Mr. Bailey also highlights the need for the FSB to continue to adapt to remain fit for purpose in a rapidly changing world, a theme that will guide the FSB work going forward. The next phase of the FSB strategic review of implementation launched in 2025 will focus on identifying the root causes of a slowdown in G20 reform implementation and on finding ways to promote implementation more effectively. As described in the main text of the Annual Report, in 2025, the FSB – through its membership and in cooperation with international standard-setting bodies – continued its efforts to strengthen financial systems, enhance the stability of international financial markets and promote implementation of policy recommendations across sectors and jurisdictions. The FSB’s ongoing surveillance highlighted several long-standing vulnerabilities in the financial system, ranging from rising sovereign debt levels to rapid growth of nonbank financial intermediation (NBFI), from elevated asset valuations to significant volatility in crypto markets, as well as financial firms’ operational vulnerabilities. To address these challenges, in 2025, the FSB finalised work to address the financial stability risks associated with leverage in NBFI and established the Nonbank Data Task Force to tackle data issues that hinder authorities’ ability to effectively assess vulnerabilities in NBFI. Recognising the need for a resilient digital asset ecosystem, the FSB reviewed the implementation of its 2023 global regulatory framework for crypto-assets and stablecoins, urging authorities to address identified gaps and inconsistencies that could pose risks to financial stability. On operational vulnerabilities, the FSB finalised a format for operational incident reporting exchange. As the global standard setter for the resolution of financial institutions, the FSB also continued to advance work on to support authorities’ readiness to respond to failures, producing guidance and enhancing operational planning. Finally, 2025 saw the completion of major policy development initiatives in relation to the Roadmap for enhancing cross-border payments. Going forward, the FSB will intensify efforts to drive jurisdictional implementation of the policy recommendations in order to produce tangible improvements for end-users at the global level. Background Since 2015, the FSB has published annual reports on the implementation and effects of G20 financial regulatory reforms. These reports highlight progress made by FSB members in addressing identified financial vulnerabilities and in building a more resilient financial system. In particular, they provide a high-level assessment of current vulnerabilities in the global financial system, summarise the FSB’s ongoing financial stability work, and review progress on G20 reforms, including evaluations or other assessments of their effects. The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with approximately 70 other jurisdictions through its six Regional Consultative Groups. The FSB is chaired by Andrew Bailey, Governor of the Bank of England. The FSB Secretariat is located in Basel, Switzerland and hosted by the Bank for International Settlements. Publication 24 March 2026 Promoting Global Financial Stability: 2025 FSB Annual Report Against a backdrop of rising vulnerabilities, in 2025 the FSB delivered work in key areas such as NBFI leverage, crypto-assets and stablecoins, operational resilience and enhanced cross-border payments.

Please see attached CoinShares weekly digital asset fund flows. Weekly inflows slowed to US$230m, with US$405m in post-FOMC outflows as markets adopted a "hawkish pause" interpretation of the Fed meeting. Bitcoin led inflows at US$219m; all regional exchanges saw net gains, headed by the US (US$153m), Germany (US$30.2m), and Switzerland (US$27.5m). Solana notched a seventh straight week of inflows (US$136m cumulative), while Ethereum reversed with US$27.5m in outflows after three consecutive weeks of gains.

CFTC's Weekly Swaps Report has been updated, and is now available: http://www.cftc.gov/MarketReports/SwapsReports/index.htm.Additional information on the Weekly Swaps Report. Archive Explanatory Notes Swaps Report Data Dictionary Release Schedule Released: Weekly on Mondays at 3:30 p.m.

Warsaw Stock Exchange has published GPW Group results for Q4 2025 and 2025. WSE Group Financial Results Q4 2025 and 2025 Financial Data 

Over the past few years, tokenised capital markets in Europe have moved from exploration to production. According to recent estimates by the Association for Financial Markets in Europe, European issuers have placed close to €4 billion in fixed-income instruments based on distributed ledger technology (DLT) since 2021, including the first digital sovereign debt issuances by EU Member States.[1] This comprises the Eurosystem's 2024 exploratory work, in which participants across nine jurisdictions conducted transactions worth roughly €1.6 billion, including in trials that involved real settlements in central bank money and experiments that tested new use cases through mock transactions. Tokenisation is the process of issuing or representing assets in the form of digital tokens[2], which are typically recorded on DLT networks. Tokenisation does not only enable “all or nothing” settlement, where the cash leg and the securities leg of a transaction are executed simultaneously. It also allows the full life cycle of a transaction – issuance, trading, settlement and custody – to take place within a single digital environment. Moreover, smart contracts make it possible to automate processes from coupon payments to compliance. Europe has already put in place the regulatory foundations for this new ecosystem. With the Markets in Crypto-Assets Regulation (MiCA) and the DLT Pilot Regime, it is among the first jurisdictions to establish a continent-wide framework for tokenised assets. The market momentum is real, and Europe is well placed to lead. But two main obstacles are preventing scale. The first is platform fragmentation. Multiple DLT networks operate in parallel without synchronisation or transferability of assets between those networks. This fragments liquidity and increases integration costs. The second is the absence of a common, trusted on-chain settlement asset for transactions on DLT networks. Without tokenised central bank money, a seller of a tokenised security may receive payment in an asset they are not comfortable holding – one exposed to price volatility or credit risk – which limits the market’s ability to scale.[3] These challenges can be solved. And the potential of tokenisation for Europe is significant: more efficient and more innovative financial markets, and the prospect of genuine cross-border integration that has long eluded Europe’s fragmented capital markets. Against this backdrop, today I will focus on what Europe needs to get right to seize this opportunity. And I will outline how the Eurosystem’s initiatives, in particular the Appia roadmap we published on 11 March[4], can help provide a blueprint for a future-ready European digital asset ecosystem. In my view, three conditions must be met. First, a safe settlement anchor that enables scale and innovation. Second, a genuine public-private partnership. And third, a legal framework that matches the technological ambition. A safe settlement anchor that enables scale and innovation Let me start with the first condition. Our exploratory work in 2024 – the most comprehensive of its kind globally, with 50 trials and experiments across nine jurisdictions – revealed clear market demand for central bank money settlement.[5] The reason is straightforward. Central bank money is the safest and most liquid settlement asset. It does not carry any credit or liquidity risk and thus serves as the monetary anchor for the financial system. International standards for financial market infrastructures require settlement to be conducted in central bank money where practical and available.[6] As tokenised markets grow, this anchor must be available on the new technology. Without it, tokenised markets will struggle to develop at the speed and scale that Europe needs. Private settlement assets – whether tokenised deposits or stablecoins – will play a role as commercial bank money does today in traditional finance. But they require a trusted public anchor to function effectively across the whole tokenised financial market. Tokenised central bank money will provide the settlement bridge that makes a private settlement asset convertible to another – enabling, for instance, tokenised deposits to be transferred between banks or stablecoins to be settled in fiat currency directly on DLT. This will allow private innovation to scale with confidence. That confidence cannot rest on private settlement assets alone. Research shows that even fiat-backed stablecoins – by far the least volatile type of stablecoin – rarely trade exactly at par, even during calm market conditions.[7] And the sub-optimal yet plausible alternative – a single dominant platform and stablecoin with broad network effects – would have different but equally serious consequences for Europe’s monetary sovereignty.[8] The findings of our exploratory work[9] informed the Eurosystem’s strategy to bring central bank money onto DLT. Pontes will provide this anchor in the near term: it will be launched in the third quarter of this year. It bridges market DLT platforms and our existing TARGET Services, enabling a participant buying a tokenised asset to settle in central bank money. And we will further enhance it over time. Here are a few examples: settlement finality on the Eurosystem DLT, 24/7 operation, use of smart contracts on Eurosystem DLT, and additional features shaped by market needs and analytical work for Appia. Appia sets out the longer-term vision for a European tokenised financial ecosystem. Through a combination of analytical and practical work, it aims to deliver a blueprint by 2028 in cooperation with all relevant stakeholders. The themes we will tackle with Appia are organised around six building blocks – they range from technical standards and interoperability to collateral management, cross-border connectivity and the legal and regulatory foundations. A key design question is whether that ecosystem will rest on a single European shared ledger – a network functioning as a shared utility where multiple parties compete on services – or on multiple interconnected networks that provide redundancy and foster competition at the infrastructure level. These configurations could also be combined. Appia will assess them against the Eurosystem’s objectives[10] under different technological and market conditions, taking into account the broader economic, regulatory and geopolitical environment. Pontes and Appia are not separate initiatives. They form a single strategy. The design of Pontes will be shaped by Appia’s long-term vision as this comes into sharper focus. This is a two-way street: Appia analysis feeds into Pontes enhancements on a staggered basis and operational lessons from Pontes will influence Appia’s architecture. Eventually, Pontes will evolve into a core component of the Appia ecosystem. A genuine public-private partnership The second condition is a partnership between the public and private sectors, which has been key to the development of Europe’s payment infrastructure thus far. The Eurosystem’s role is to ensure that the most trusted settlement asset is available at all times and keeps pace with the latest technologies. But the services, liquidity and business models that will make tokenised markets valuable must come from the market itself. In other words, the underlying infrastructure needs to be designed with the market’s needs at its core. This is the approach we have taken to developing our strategy from the outset. Our exploratory work in 2024 took the form of a large-scale public-private exercise: 64 participants from across the industry came together to test interoperability solutions and identify the demand for programmability and automation, telling us in concrete, operational terms what form central bank money settlement on DLT should take. Their feedback directly shaped the design of Pontes. Similarly, the Eurosystem’s decision to accept DLT-based assets as eligible collateral for credit operations – starting in March 2026 with assets issued in central securities depositories – came in response to a clear market signal about what tokenised markets need in order to scale.[11] Appia takes this approach a step further. It has been designed from the ground up as a joint endeavour with market participants, public sector partners and academia. Allow me to illustrate exactly why this matters. One of the building blocks of Appia focuses on asset interoperability and standards, ensuring that tokenised assets can be transferred across different DLT platforms using compatible data formats and smart contract standards. The Eurosystem can take on a convening role in determining the direction of travel and in developing the standards. But ensuring that they are adopted and work in practice across different business models and legal frameworks will require the active involvement of market infrastructure operators, banks, custodians and technology providers. Otherwise, we risk setting standards that exist on paper, but are not applied in practice. This is also why we published the Appia roadmap earlier this month. It is an open invitation to stakeholders to contribute to the work for each building block. We welcome industry initiatives like that of Euroclear, Clearstream and DTCC on digital asset securities interoperability, which they presented in a recently published white paper.[12] The approach outlined in this white paper aligns very well with the Appia roadmap. More broadly, we encourage and welcome the views of the entire industry. The public consultation we have launched alongside the roadmap provides a structured and inclusive way for all stakeholders to offer their feedback and help shape the vision for Appia. Timely, transparent communication is a precondition for the market to invest and innovate with confidence. A legal framework to match the technological ambition The third condition is a legal framework that matches the technological ambition. Technology alone cannot address the legal fragmentation that lies at the root of the challenges facing Europe’s capital markets. Distributed ledger technology cannot harmonise corporate law across 27 Member States, reconcile divergent securities regulations or override national insolvency regimes that treat the same asset differently depending on where it is held. Over time, the combination of platforms based on DLT and of tokenised central bank money can help reduce post-trade fragmentation and deliver significant efficiency gains. But for capital markets to truly integrate, there is no substitute for legislative work. The Appia roadmap has been designed with this in mind. The fifth building block is dedicated not only to assessing gaps in the current legal and regulatory framework, but also to ensuring the safety and resilience of the new ecosystem as a whole – identifying the harmonisation needed to support an integrated European payments and capital markets ecosystem. The European Commission’s proposals to extend and enhance the DLT Pilot Regime and the 28th regime for corporate law are important and welcome developments. But it might be worth reflecting on whether these steps are sufficient or if we need a dedicated EU legal framework that enables tokenised assets to be issued, held and transferred seamlessly across the EU. Otherwise, we run the risk of building advanced settlement infrastructure on a patchwork of regulations, leaving us unable to fully reap the benefits. Conclusion Let me conclude. Europe is building real momentum in tokenised finance. Market activity is expanding, the regulatory framework is taking shape and the central bank is moving at pace to provide the settlement anchor this new ecosystem needs. At the same time, the obstacles to scaling a European digital asset ecosystem are real. Global competition is intensifying, and the window in which Europe’s early advantages can be turned into lasting leadership will not remain open indefinitely. With Pontes and the Appia roadmap, the Eurosystem has laid the groundwork for what is in its remit. But this is a collective endeavour. Engagement of market participants and legislators is needed to explore how technological ambition can be met with legal ambition. Europe succeeded in building a single currency. It can also build a single digital financial market to stand alongside it. The foundations are in place. Now we must seize the moment. Thank you. Association for Financial Markets in Europe (2025), “DLT-Based Capital Market Report”, 6 October. Digital tokens are entries in a database that are recorded digitally and that can contain information and functionality within the token themselves. See Bank for International Settlements (2024), “Tokenisation in the context of money and other assets: concepts and implications for central banks – Report to the G20”, Joint report by the Bank for International Settlements and Committee on Payments and Market Infrastructures, October. Organisation for Economic Co-operation and Development (2025), “Tokenisation of assets and distributed ledger technologies in financial markets – Potential impediments to market development and policy implications”, OECD Business and Finance Policy Papers, No 75. ECB (2026), “Appia – paving the way for a future-ready, integrated financial ecosystem leveraging tokenisation and DLT”, 11 March. See the page on “Exploratory work on new technologies for wholesale central bank money settlement” on the ECB’s website. See the page on “Principles for Financial Market Infrastructures (PFMI)” on the Bank for International Settlements’ website. Aldasoro, I., Aquilina, M., Lewrick, U. and Lim, S.H. (2025), “Stablecoin growth – policy challenges and approaches”, BIS Bulletin, No 108, 11 July. See Panetta, F. (2020), “The two sides of the (stable)coin”, speech at Il Salone dei Pagamenti 2020, 4 November. ECB (2025), “The Eurosystem’s exploratory work on new technologies for wholesale central bank money settlement”, June. With Appia, the Eurosystem is seeking to leverage DLT to achieve the following objectives: (i) ensure the effectiveness of monetary policy and financial stability and the smooth functioning of payment systems by maintaining central bank money as the anchor of a two-tier monetary system, (ii) foster a more integrated, competitive and innovative payments and securities ecosystem through efficient infrastructures for financial markets, (iii) support strategic autonomy and increased resilience, and (iv) ensure the relevance of the euro as an international currency. ECB (2026), “ECB paves way for acceptance of DLT-based assets as eligible Eurosystem collateral”, press release, 27 January. Euroclear, Clearstream and DTCC (2026), “Building the Path Towards Digital Asset Securities Interoperability”, February.

Please be advised MIAX Options, MIAX Pearl Options, MIAX Emerald Options, MIAX Sapphire Options, and MIAX Pearl Equities Exchanges will be closed on Friday, April 3, 2026 in observance of Good Friday. Weekly Options Expiration for the week ending Friday, April 3, 2026 will take place on Thursday, April 2, 2026.

The European Banking Authority (EBA) today published its Q4 2025 Risk Dashboard (RDB), confirming that the EU/EEA banking sector remains robust with strong capitalisation, ample liquidity and solid asset quality, even as global economic uncertainty rises following renewed conflict in the Middle East.  For the first time, the RDB is published alongside the new Capital Requirements Regulation/Capital Requirements Directive (CRR3/CRD6) dashboard, which replaces the former Basel 3 monitoring Report. The RDB provides disclosures on EU/EEA banks’ direct exposures to counterparties located in the Middle East, which totalled to EUR 132bn at end-2025. These exposures include around EUR 47bn in loans and advances to banks and other financial corporations and around EUR 33bn to non-financial corporations (NFCs). While exposures remain limited (less than 0.5% of total EU/EEA banks’ assets), the escalation of tensions could generate second-round effects, notably via higher energy prices, inflationary pressures, weaker global economic growth and disruptions to supply chains. These effects would be particularly in energy-intensive sectors such as transport, construction and certain manufacturing segments. Capital buffers and profitability remain banks’ first lines of defence. Risk-weighted assets increased by just over 1% in 2025, reaching EUR 10.2 trillion in Q4, while the common equity tier 1 (CET1) ratio (transitional under the CRR3) remained stable at 16.3%. Return on equity held steady in double digits at 10.4% (10.5% in December 2024). The net interest margin (NIM), after declining from 1.66% in December 2024 to 1.58% in September 2025,  rose to 1.6%, suggesting that the downward trend observed in previous quarters may have reached its trough. The cost-to-income ratio rose to its highest level since March 2023, reflecting rising costs and seasonal effects. Total assets remained stable at EUR 29.1 trillion, while outstanding loans increased by more than 1%, driven mainly by residential real estate-backed loans and financing to small and medium-sized enterprises. Non-performing loan (NPL) volumes declined slightly to 370 billion, keeping the NPL ratio stable at 1.8%. Stage 2 loans continued to fall, reaching 9.1% (from 9.3% in Q3 2025), pointing to an improvement in asset quality ahead of any potential deterioration linked to geopolitical tensions and global supply chain disruptions. Liquidity conditions strengthened further. The liquidity coverage ratio (LCR) rose to 163.1% (from 160.7% in Q3 2025), with banks that exceed a ratio of 140% accounting for more than 80% of the total. The net stable funding ratio (NSFR) increased to 126.9%, while the loans-to-deposit ratio continued its downward trend, reaching 104.8%. Banks continued to focus on deposits in their funding mix. While total liabilities remained steady, banks recorded a significant rise in both household customer deposits and NFC deposits, with increases of 1.8% and 3.6% respectively over the final quarter of the year. This growth offsets declines in deposits from other credit institutions and in other liabilities, including deposits from central banks. The newly released EBA’s CRR3/CRD6 dashboard, available on the European Data Access Portal (EDAP), provides forward-looking projections of key capital metrics across the full output floor implementation period (2025 to 2030) and under the fully-loaded framework. Under fully-loaded CRR3 implementation, the average CET1 ratio would slightly decrease but remain robust at around 15.3%. Such reduction reflects an average 4.7% relative increase in Tier 1 minimum required capital once the output floor is fully phased in.  The number of institutions bound by the output floor is projected to increase from 2 at December 2025 to 33 under the fully loaded implementation. Under the static balance sheet assumption, no capital shortfalls would emerge before 2030. At that point, the total capital shortfall is projected at EUR 424.8m, rising to EUR 12.7bn once the output floor is fully implemented, thus giving banks ample time to adjust.  Click here for full details.

From March 25 to 26, 2026, we will be updating the Securities (INET_GATEWAY) and the FX (INETCUR_GATEWAY) markets T1 dedicated test environment. Test trading system could be temporarily unavailable during that period. All trades concluded on that day in the test trading system will be reset. Please note that we do not guarantee the regular delivery of the end-of-day trading and clearing reports during the first days after the scheduled server maintenance. Additionally, please be aware that due to the maintenance, the following services will be unavailable in the test environment: Creation of new IDs, opening of new accounts and client codes, depositing funds and taking positions; WebAPI services: Clearing Terminal, Unified Client Registration, Duplicate Check for Individual Investment Accounts, Publication of iNAV benchmarks and indexes. Read more on the Moscow Exchange: https://www.moex.com/n98667

Nasdaq (Nasdaq: NDAQ) and Talos today announced a partnership to connect Talos' digital asset infrastructure with Nasdaq's Calypso and Trade Surveillance platforms to develop an integrated solution for managing tokenized collateral. The partnership addresses structural barriers that have prevented widespread adoption of tokenized collateral in institutional markets, including the challenge of integrating digital assets into existing risk management and collateral workflows. Tokenized collateral—the digital representation of traditional financial assets on distributed ledger technology—enables real-time mobility of securities, cash equivalents, and other high-quality assets across platforms and jurisdictions. This programmable approach presents a significant opportunity to unlock trapped capital and improve operational efficiency. A recent Nasdaq report found that 25% of collateral is currently tied up in corrective and non-interest-bearing measures, representing over $35 billion in excess or non-remunerated collateral. However, capturing this opportunity requires infrastructure that enables institutions to manage tokenized collateral with the same operational rigor and integrated controls applied to mainstream asset classes. Talos delivers institutional-grade digital asset capabilities spanning front-office portfolio construction, valuation, and execution through to back-office operations, while Nasdaq Calypso is a leading platform used by global financial services firms to manage risk, margin, and collateral requirements across mainstream asset classes. Connecting the two platforms offers market participants a path to managing both on- and off-chain collateral workflows in an integrated environment. It also expands institutional connectivity to marketplaces and custodians across both market ecosystems. "This partnership solves a fundamental challenge facing institutional markets: the inability to manage exposure across markets with a single risk and asset lens," said Roland Chai, Executive Vice President, Nasdaq. "This partnership builds on a series of strategic initiatives designed to converge on- and off-chain market ecosystems, while preserving the liquidity, transparency and integrity of regulated markets. As both a market operator and technology provider to the global financial industry, Nasdaq is uniquely positioned to drive forward the next wave of innovation and growth across global capital markets.” “The evolution toward tokenized collateral is a natural progression for institutional capital markets,” said Anton Katz, CEO and Co-Founder of Talos. “By combining Talos’s digital asset infrastructure with Nasdaq’s Calypso and Trade Surveillance platforms, firms can connect workflows for execution, risk, collateral and compliance to reduce operational friction across both on- and off-chain asset classes.” Advancing digital asset market integrity with surveillance for market abuse The digital asset industry faces market abuse tactics that mainstream markets have addressed for generations. As digital assets scale, both regulators and market participants recognize the urgent need to embed the foundations of trust, integrity and regulatory compliance that underpin the most successful markets around the world. Through this partnership, Talos clients will gain access to Nasdaq Trade Surveillance, a market-leading platform that detects and investigates potential market abuse across both mainstream and digital asset markets. The platform will enable Talos clients to monitor all trades executed through the Talos platform with the same institutional-grade oversight used by leading exchanges and market participants globally. Specifically, clients will receive access to sophisticated detection alerts that identify suspicious trading patterns—including layering, spoofing, wash trading, and cross-market manipulation—across the venues they trade on through Talos. As market abuse schemes become increasingly sophisticated, the platform's cross-product analytics capabilities are essential to identify patterns of behavior that transcend both market ecosystems. This integration allows financial institutions using the Talos platform to strengthen their compliance frameworks and demonstrate adherence to evolving regulatory expectations, while contributing to broader market integrity as institutional participation in digital assets continues to expand.

Broadridge Financial Solutions, Inc. (NYSE: BR) today announced the appointment of Peter Reali as Senior Vice President and General Manager of Institutional Governance, a newly created business focused on advancing proxy voting, stewardship and governance solutions for institutional investors. Reali will report to Swatika Rajaram, President, Bank and Broker-Dealer Solutions, and will be based in New York. “Investors are navigating increasing complexity in stewardship around proxy voting and Peter brings deep industry expertise, operational experience, and a forward-looking vision for governance solutions,” said Swatika Rajaram, President, Bank and Broker-Dealer Solutions at Broadridge. “We are offering modern governance solutions backed by new investments in technology platforms that deliver unbiased, neutral capabilities and greater efficiency across the ecosystem. Peter’s leadership will help us strengthen our end-to-end capabilities, accelerate innovation, and better support clients as they modernize their voting and stewardship programs, leveraging Broadridge’s trusted expertise and transformative technology.” Reali will lead Broadridge’s new Institutional Governance business, bringing together Proxy Edge®, Custom Policy Engine, Proxy Disclosure, Pass-Through Voting and Shares Management Solution into a cohesive, end-to-end solution suite for Stewardship teams at asset managers, asset owners, and wealth managers. “I’m excited to join Broadridge at such a pivotal time for institutional governance as investors look for technology and insights that match the scale and complexity of today’s institutional governance landscape,” said Reali. “By bringing together Broadridge’s leading solutions into a unified business, we have an opportunity to enhance transparency, reduce operational burden, and to empower investors with cutting edge stewardship solutions.” Reali brings more than 20 years of corporate governance and stewardship experience, most recently serving as a Managing Director on Nuveen’s Responsible Investing team where he led their Stewardship & ESG Integration efforts. He previously held senior governance roles at Lord, Abbett & Co., T. Rowe Price, and TIAA-CREF. The creation of the Institutional Governance business strengthens Broadridge’s ability to deliver proxy infrastructure at scale and underscores Broadridge’s continued investment in next-generation technology platforms to increase efficiency across the whole ecosystem. In his role, Reali will be responsible for the overall leadership, strategic direction, and financial performance of the Institutional Governance business. He will oversee daily operations, deepen client engagement, drive revenue growth, and lead cross-functional teams to deliver enhanced product innovation, operational excellence, and market intelligence.

AIM-to-Main transfers triple in a year, hitting highest level since 2016 Companies respond to Main Market reforms The number of companies graduating from AIM to the London Stock Exchange’s Main Market is at its highest level for nearly a decade says Pinsent Masons the international law firm. Six companies transferred from AIM in the last 12 months*, versus two the year before, a noticeable increase. The increase reflects a combination of recent regulatory changes that have reduced the cost and complexity of a Main Market listing, alongside a growing recognition among AIM companies that moving to the Main Market is now a far more accessible step. Young’s the brewery has recently announced it will move from AIM to the Main Market and other recent examples include Brooks Macdonald, which moved to the Main Market after 10 years on AIM. The company said the move was intended to enhance its corporate profile and attract a broader investor base. Nicholas Holmes, Partner at Pinsent Masons and Head of the firm’s Equity Capital Markets practice says, “The increase in transfers is an early vindication of the FCA’s recent listing reforms and shows that companies are beginning to respond.” “We expect the trend to continue.” Explains Nicholas: “The Main Market has always carried greater prestige. What has changed is that recent reforms have reduced some of the regulatory burdens associated with listing, making a move from AIM a more straightforward exercise for many companies.” “The regulatory gap between listing on AIM or the Main Market has narrowed, which is inevitably influencing how companies assess their listing options.” “With AIM reviewing its rules, the market will be watching closely to see whether those changes can attract and retain more businesses on AIM.” Nicholas explains that companies are keen to move from AIM to the Main Market as that will allow a much broader pool of institutional investors to invest in them. Most of the largest investment funds still have mandates that specify that they can only invest in Main Market companies and cannot invest in AIM shares. Regulatory reforms make Main Market more attractive to AIM companies • A simpler listing structure with a single tier replacing the previous premium and standard segments• Fewer shareholder approval requirements for major transactions• Greater flexibility for founders to retain voting control• Simplified eligibility criteria for new listings• Prospectus reforms enabling faster capital raising Moving to the Main Market also gives companies the opportunity to be included in the most high-profile FTSE indices, which means that many index tracking funds will have to invest in them. As well as improving liquidity a move to the Main Market should also give a boost to the valuation of an AIM company.Nicholas says, “Ultimately, these transfers reflect a healthy pipeline within London’s equity markets. AIM is supporting growing companies, while the Main Market is attracting businesses ready for their next phase of their growth.” Transfers from AIM to the Main Market over the last five years *Year end December 31 2025  

• From 24 to 26 March, Borsa Italiana will host the 25th edition of the Euronext STAR Conference • 56 companies listed on Euronext STAR Milan are set to meet approximately 280 investors representing 177 investment firms • More than 3,000 meetings scheduled, highlighting the event’s pivotal role The 25th edition of the Euronext STAR Conference, the annual event that brings together companies listed on Euronext STAR Milan and the investment community, is set to start tomorrow at Palazzo Mezzanotte, Borsa Italiana’s headquarters. The conference represents a unique opportunity for companies listed on Borsa Italiana’s STAR segment to engage with domestic and international investors. Over the three-day event, leading Italian STAR companies will have the opportunity to foster constructive dialogue in support of growth, present their annual results and share future objectives and strategies. This year's edition will host more than 3,000 meetings between 56 participating STAR companies and 280 investors, representing 177 investment firms, alongside more than 100 analysts and representatives from the intermediaries supporting the conference. Of the 177 investment firms in attendance, 49% are from overseas, with investors arriving from 14 countries, including Germany (12%), France (12%), Switzerland (11%), the United Kingdom (3%), Spain (3%), Belgium (2%), and Liechtenstein (2%). Euronext STAR Milan To date, Euronext STAR Milan comprises 61 listed companies, with a total market capitalisation of €39 billion. STAR companies are distinguished by their standards of excellence in terms of governance, transparency and liquidity — qualities that render them particularly attractive to investors. STAR companies operate across 10 different sectors, including the industrial sector, finance, technology, healthcare, consumer discretionary, consumer staples, utilities, real estate, basic materials and telecommunications.  Barbara Lunghi, Head of Equity Primary Markets of Borsa Italiana – Euronext Group, said: “Reaching its 25th milestone, the Euronext STAR Conference remains a pivotal meeting point for the financial sector. This event reflects the commitment of the Euronext Group and Borsa Italiana to empowering SMEs at every stage of their growth. Over the last 25 years, we have encouraged dialogue between investors and companies, championing the role of the Exchange in creating and strengthening companies. It is a commitment we pursue with dedication within an increasingly complex and challenging scenario, where STAR companies prove themselves to be virtuous businesses, capable of attracting domestic and international capital through their adoption of high standards of transparency, liquidity and governance." The companies listed on Euronext STAR Milan that will be attending the conference are: Abitare In, Aeroporto Guglielmo Marconi di Bologna, Altea Green Power, Aquafil, Arnoldo Mondadori Editore, Ascopiave, Avio, B&C Speakers, Banca Ifis, Banca Sistema, Biesse, Cairo Communication, Carel Industries, Cembre, Cementir Holding, CY4GATE, D'amico International Shipping, Datalogic, Digital Bros, DoValue, El.En, Elica, Emak, Equita Group, Esprinet, Eurotech, F.I.L.A. Group, Fiera Milano, Fine Foods & Pharmaceuticals, Garofalo Health Care, Gefran, Generalfinance, IGD – SIIQ, Irce, Italmobiliare, Lu-Ve Group, Marr, Moltiply Group, Neodecortech, Newprinces, Orsero, Pharmanutra, Reply, Revo Insurance, Sabaf, Sanlorenzo, Seco, SeSa, Sogefi, SYS-DAT Group, Tamburi Investment Partners, Tesmec, TXT Group, Unidata, WIIT, Zignago Vetro. The Euronext STAR Conference’s co-organising broker: Alantra, Banca Akros, Banca Finnat, BPER, CFO SIM Equita, Intermonte, Intesa Sanpaolo, Kepler Cheuvreux, Mediobanca, TP ICAP e Value-Track.