Commodity Futures Trading Commission Acting Chairman Caroline D. Pham today announced that the Market Participants Division has established a pilot program designed to increase liquidity and hedging of risks in connection with Energy Commodity End User Swaps. The pilot program includes additional reporting requirements so CFTC staff can conduct enhanced monitoring of trading activity.“Over the past 13 years, energy markets have seen sharply higher price volatility due in part to many dealers exiting CFTC markets to avoid punitive Dodd-Frank costs,” said Acting Chairman Pham. “This has resulted in less liquidity providers and higher costs per trade, which are passed down to commercial end users like U.S. energy producers, utilities, and ultimately, consumers. By recalibrating outdated regulatory requirements in our energy markets, we can restore opportunities to manage critical business risks involved in powering our cities, factories and homes across America.“The CFTC’s new pilot program will expand access to energy markets, increase the ability to hedge risks and lower costs, which can unlock potentially billions of dollars of energy savings for U.S. consumers. This is a win for all Americans by unleashing U.S. energy production through less red tape and cutting costs for the entire value chain.”  “The Department of Energy supports initiatives that reduce energy prices for Americans, cut unnecessary red tape, and drive forward the energy needed to achieve America’s global AI dominance,” Deputy Secretary of Energy James P. Danly said. “DOE commends the CFTC’s efforts to reduce regulatory barriers and costs and increase reliability of American energy." The CFTC staff no-action letter provides for a pilot program that will exclude certain Energy Commodity End User Swaps from the swap dealer de minimis calculation. Participants in the pilot program are required to submit monthly reports on energy commodity sub-category, aggregate notional value and number of counterparties for CFTC market oversight. RELATED LINKS CFTC Staff Letter 25-51 Dept. of Energy Letter

The Commodity Futures Trading Commission’s Market Participants Division today announced it has issued a no-action letter to the Managed Funds Association submitted on behalf of its members. The letter states MPD will not recommend the CFTC initiate an enforcement action against firms registered as investment advisers with the Securities and Exchange Commission, who operate commodity pools privately offered solely to sophisticated investors known as qualified eligible persons, for failing to register with the Commission as a commodity pool operator, subject to certain conditions. RELATED LINKS CFTC Staff Letter No. 25-50

This statement describes remarks made by Kurt Hohl, Chief Accountant, during a fireside chat with Julie Bell Lindsey, CEO of the Center for Audit Quality, at the 2025 AICPA Conference on Current SEC and PCAOB Developments held on December 8, 2025, in Washington, D.C. [1] Introduction The federal securities laws establish the authority of the Securities and Exchange Commission (“SEC” or “Commission”) to set accounting, auditing, and auditor independence standards to be followed in the preparation and the audit of the financial statements of public companies. The SEC’s Office of the Chief Accountant (“OCA”) is led by the Chief Accountant, who serves as the principal advisor to the Commission on accounting and auditing matters pertaining to application of the federal securities laws. “We” and “our” are used in this Statement to refer to OCA or OCA staff. The staff in OCA are dedicated to improving the financial reporting ecosystem to ensure that such reporting is decision-useful and transparent for the benefit of investors and our capital markets. OCA’s Priorities Recently, OCA has had the opportunity to engage with a wide range of stakeholders and reflect on how we can best support the Commission in its mission to protect investors, maintain fair, orderly and efficient markets, and facilitate capital formation. We have identified five key priorities that are grounded in decades of experience with the capital markets, the evolving landscape of financial reporting, and candid feedback from stakeholders: Responsiveness to emerging issues; Oversight of the Financial Accounting Standards Board (FASB) in its standard-setting activities; Oversight of the Public Company Accounting Oversight Board (PCAOB) in its regulatory activities and standard-setting priorities; Monitoring international standard setting and governance structures; and Strengthening OCA’s capabilities. 1. Responsiveness to emerging issues We continue to operate in a dynamic environment shaped by innovation, evolving business models, and global interconnectivity. From artificial intelligence (“AI”) to crypto assets, emerging technologies are transforming how companies operate and how financial information is prepared and used. OCA is committed to ensuring that accounting and auditing frameworks keep pace with these developments. We are focused on understanding the implications of innovation across the financial reporting ecosystem, including the impacts to investors, preparers, audit committees, audit firms, standard setters, and other stakeholders, to better identify where existing standards may need to evolve. Impartiality and objectivity are cornerstones of public accounting, especially in the context of auditing. The profession must fulfil its auditing duties without being unduly influenced by relationships or external pressures. Auditor independence is under increasing pressure in the age of AI due to both technological and ethical complexities. As AI becomes more embedded in financial reporting and audit processes, we are beginning to explore whether updates to the independence framework are necessary to reflect today’s business environment. Our goal is to support innovation that benefits public markets while preserving the trust and integrity upon which financial reporting depends. We are also closely monitoring structural changes in audit firms, including those driven by private equity and venture capital investments. While these developments present opportunities, such as access to capital or risk mitigation, they also introduce risks, particularly with respect to audit quality and independence. Our office remains available for consultation on the application of auditor independence rules to these types of transactions and any resulting relationships created or modified because of such transactions. 2. Oversight of the FASB’s activities High-quality accounting standards are foundational to transparent, decision-useful financial reporting. Our oversight of the FASB is grounded in supporting a standard-setting process that is responsive, based on sound principles, and focused on the needs of investors and other users of the financial statements. Given the pace of change in how companies do business and access capital, it is increasingly important that accounting standards are developed and updated in a timely manner. We are encouraged by the responsiveness of the FASB, including its agenda decisions related to crypto assets and its use of the reconstituted Emerging Issues Task Force (EITF). Maintaining this momentum will be critical to ensuring accounting standards remain relevant and faithfully represent the underlying economic reality of transactions in an evolving global market. We continue to work closely with the FASB to share insights from accounting consultations and industry engagement, and we support efforts to enhance the transparency, timeliness and overall effectiveness of the standard-setting process. In that regard, we encourage the FASB to continue strengthening its cost-benefit analyses, ensuring that new and amended standards appropriately balance investor benefits with implementation costs and operational considerations for preparers and auditors. Robust cost-benefit analysis is an essential component of high-quality standard setting and facilitates broader stakeholder acceptance and confidence in final standards. Early and sustained stakeholder engagement remains a key component of a robust standard-setting process and critical driver of high-quality standards. Input from all stakeholders, including investors, preparers and audit firms, throughout the standard setting process, well before the standards are finalized, helps promote practical, high-quality outcomes and leads to smoother implementation. Lastly, we strongly support continued and deepened engagement between the FASB and the International Accounting Standards Board (IASB). Ongoing collaboration helps to promote global consistency, reduces unnecessary complexity, and enhances the usefulness of financial reporting across jurisdictions. Where appropriate, we support efforts to minimize differences between U.S. GAAP and International Financial Reporting Standards (IFRS) as issued by the IASB, particularly when doing so improves clarity and comparability for investors. 3. Oversight of the PCAOB’s activities The PCAOB plays a vital role in the capital markets ecosystem by promoting audit quality and supporting investor confidence. The Commission has the authority to appoint PCAOB Board members, approve the PCAOB’s budget, and provide strategic oversight, among other things. OCA advises the Commission on such matters. Audit firms have made significant efforts to improve audit quality in recent years. However, the PCAOB and audit firms are also affected by innovation and the changing business environment that comes with it. As the new PCAOB Board gets up and running, OCA will encourage the Board to evaluate how the changing business environment necessitates changes in the PCAOB’s standard-setting agenda and oversight processes. For example, we will encourage the PCAOB to take a fresh look at its inspections process, particularly in light of new quality control standards, and to consider whether inspection reports are providing meaningful information to stakeholders. The PCAOB could consider whether shifting its inspection process towards the review of a firm’s system of quality management, corroborated by engagement-level reviews, provides more relevant information about audit quality. Doing so may shift accountability upstream to audit firm leadership, where many of the drivers of audit quality originate. Such a model could serve as a blueprint globally and allow for a more consistent metric to evaluate firm performance. We also support a more transparent and responsive audit standard-setting process. We believe the PCAOB should consider additional transparency in its standard-setting process, for example, adopting an agenda consultation process, similar to the process utilized by the FASB, to transparently solicit public comment on projects for which both an identifiable problem and feasible solutions exist. From an international perspective, OCA also supports further alignment of the auditing and assurance standard-setting activities between the PCAOB and International Auditing and Assurance Standards Board (IAASB). For instance, the PCAOB could look to the international audit standard-setter when considering their agenda and updating their rules and standards. Alignment of auditing standards, to the extent possible, would greatly reduce risk because it would promote more consistency among auditors across the globe. Some differences are inevitable, but this approach would narrow the unnecessary gaps between PCAOB auditing standards and those set by the IAASB, ultimately bolstering investor confidence and enhancing audit quality. Lastly, we believe the PCAOB can do more to be responsive to the needs of registered firms. Similar to OCA’s consultation process, the PCAOB could consider establishing a structured consultation process to address questions related to audit standard interpretation. Such a process could further enhance audit quality, serve to avoid unnecessary inspection findings, and foster a more collaborative regulatory environment. 4. Monitor international standard setting and governance The use of international accounting and auditing standards is widespread in U.S. capital markets. For instance, IFRS are used in every major capital market including the U.S. The market capitalization of foreign private issuers (FPIs) with securities listed in U.S. markets is estimated at over $14 trillion and those using IFRS represents approximately 75 percent of that market capitalization figure.[2] The SEC has allowed the use of IFRS without reconciliation to U.S. GAAP since 2007. Furthermore, the IAASB develops the International Standards on Auditing (ISAs) that, as we understand it, serve as the baseline standards for audit firms operating in U.S. capital markets. Investor confidence in global capital markets depends on the high-quality accounting and auditing standards issued by these entities. Our office has observed that the international standard-setting system for accounting and auditing are both experiencing significant challenges. We are closely monitoring the governance and funding of international standard-setting bodies, including the IASB and the IAASB. In a recent speech to the OECD,[3] Chairman Atkins emphasized the importance of high-quality accounting standards. The IFRS Foundation, which oversees the IASB and, more recently, the International Sustainability Standards Board (ISSB), has recently experienced funding challenges. We reiterate the Chairman’s views that the expansion of the IFRS Foundation’s remit cannot divert its focus from its long-standing core responsibility of funding the IASB. Separately, the IAASB operates under the oversight of the International Foundation for Ethics and Audit (IFEA) and the Public Interest Oversight Board (PIOB). These organizations are also facing serious funding challenges given reliance on the profession for funding, creating risks and placing a strain on the system. It is vital that these organizations remain focused on their core missions and are supported by stable, independent funding structures, particularly given the continued importance of cross-border cooperation amongst domestic and international standard setters. 5. Strengthening OCA’s capabilities Finally, our office is focused on strengthening its overall capabilities to effectively support the Commission’s mission. This includes continued investment in our people, processes, and tools to ensure we have the right expertise, capacity, and infrastructure to meet evolving demands. Over the past year, OCA has made meaningful progress in rebuilding and revitalizing our staff. While staffing has declined significantly, we have taken important steps to restore capacity and leadership through the appointment of two Deputy Chief Accountants: Sheri York as the Deputy Chief Accountant for the Accounting Group and Michal Dusza as the Deputy Chief Accountant for the Professional Practice Group. We have also revitalized the Professional Accounting Fellow (PAF) program and selected nine highly qualified professionals to join the office in the coming months. Beyond hiring, we are focused on ensuring our team has the right mix of skills and experience to address increasingly complex accounting, auditing and financial reporting issues. This includes prioritizing active engagement with stakeholders and ensuring our outreach is reflected in our work. We are also exploring opportunities to leverage emerging technologies, like AI, to modernize our internal processes and drive improvements in efficiency, consistency and effectiveness across our office. Closing The Office of the Chief Accountant remains committed to thoughtful oversight, proactive engagement, and continuous improvement. We are here to protect investors, support the profession, and ensure that our financial reporting system remains strong and resilient. We welcome continued dialogue with all stakeholders—preparers, auditors, investors, and regulators—and we appreciate your partnership in advancing the quality and integrity of financial reporting.     [1] This statement represents the views of the author in his official capacity as the Commission’s Chief Accountant and does not necessarily reflect those of the Commission, the Commissioners, or members of the staff. It is not a rule, regulation, or statement of the SEC. The Commission has neither approved nor disapproved its content. This statement, like all staff statements, has no legal force or effect: it does not alter or amend applicable law, and it creates no new or additional obligations for any person. [2] Based on a staff analysis that aggregated the market capitalization of FPIs listed on either the Nasdaq or New York Stock Exchange as of December 2025 and that identified, as a percentage of total market capitalization, those FPIs applying IFRS. [3] https://www.sec.gov/newsroom/speeches-statements/atkins-keynote-address-inaugural-oecd-roundtable-global-financial-markets-091025.

Notice Type: Exchange Notice ID: 1876.121925 2025 Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended (“Act”), and Section 40.6(a) of the regulations promulgated by the Commodity Futures Trading Commission (the “Commission”) under the Act (the “Regulations”), North American Derivatives Exchange, Inc. (“Nadex”, the “Exchange”), Nadex self-certified its intent to delist certain contracts. These contracts will be delisted as of trade date December 20, 2025. A list of affected contracts can be found in the document attached to this notice. Should you have any questions or require further information, please contact the Compliance Department. Notice 1876 Self-Certification

Notice Type: Exchange Notice ID: 1875.121925 2025 Nadex will observe the following modified holiday schedule for Weeks of December 22, 2025, and December 29, 2025, due to the 2025 Christmas Holiday and the 2026 New Years Day Holiday. Monday, December 22, 2025: The Exchange will observe normal business hours. Tuesday, December 23, 2025: The Exchange will observe normal business hours. Wednesday, December 24, 2025: The Exchange will observe normal business hours, unless otherwise specified below: For Commodities, the following contracts will be listed: Daily Crude Oil Binary contracts will be listed from 6:00pm ET Sunday through 1:30pm ET Wednesday Trading in Crude Oil contracts will open at their normal time and close at 1:30pm ET; Intraday 2-hour contracts which normally expire at 2pm ET will not be offered on this day Daily Gold Binary Contracts will be listed from 6:00pm ET Sunday through 1:30pm ET Wednesday Trading in Gold contracts will open at their normal time and close at 1:30pm ET For the FX contracts, the following contracts will be listed: 2-Hour Intraday Currency Binary contracts will be listed and expire at their normal times until 1:00PM ET; no 2-Hour Intraday Currency Binary contracts which would normally expire after 1:00PM ET will be listed; 5-Minute Intraday Currency Binary contracts will be listed and expire at their normal times until 1:00PM ET; no 5-Minute Intraday Currency Binary contracts which would normally expire after 1:00PM ET will be listed. For the U.S Equity, the following contracts will be listed: Daily U.S Equity Binary contracts will be listed from 6:00pm ET Sunday through 1:15pm ET Wednesday Trading in US 500, US Tech 100, US SmallCap 2000, and Wall St 30 contracts will open at their normal time and close at 1:15pm ET; Intraday 2-hour contracts which normally expire at 2pm, 3pm, and 4pm ET will not be offered on this day; Intraday 20-minute binary contracts which normally expire at 1:20, 1:40, 2:00, 2:20, 2:40, 3:00, 3:20, 3:40, and 4:00 will not be offered on this day; Thursday, December 25, 2025: Industry Event - Live Presentations - NAICS 711 will observe their regular schedule. The Exchange will list Crypto currency related products during Thursday’s trade date and they observe their regular schedule. All other non-Crypto Currency or Industry Event - Live Presentations - NAICS 711 related products will NOT be listed during Thursday’s trade date. Friday, December 26, 2025: The Exchange will list non-Cryptos products starting at 8:00am ET. Nadex will observe the following modified schedule: Trading in US 500, US Tech 100, US SmallCap 2000, and Wall St 30 contracts will open at 8:00am ET and close at their regular times. Trading in Crude Oil contracts will open at 8:00am and close at their regular times. Trading in Gold contracts will open at 8:00am ET and close at their regular times. All Currency contracts listed on this day will open at 8:00am ET or their regular open times after 8:00am ET: The 2-Hour Intraday Currency Binary contracts will start listing at 8:00am ET, no 2-Hour Intraday Currency Binary contracts before 8:00am will be listed. The 5-Minute Intraday Currency Binary contracts will start listing at 8:00am ET, no 5-Minute Intraday Currency Binary contracts before 8:00am will be listed. Monday, December 29, 2025: The Exchange will observe normal business hours. Tuesday, December 30, 2025: The Exchange will observe normal business hours. Wednesday, December 31, 2025: The Exchange will observe normal business hours. Thursday, January 1, 2026: Industry Event - Live Presentations - NAICS 711 will observe their regular schedule. The Exchange will list Crypto currency related products during Thursday’s trade date, and they observe their regular schedule. All other non-Crypto Currency or Industry Event - Live Presentations - NAICS 711 related products will NOT be listed during Thursday’s trade date. Friday, January 2, 2026: The Exchange will observe normal business hours. Please note, Nadex’s Market Maker Agreement previously identified the following products and time periods as Illiquid Markets: All Intraday 5-Minute, Intraday 2-Hour, Daily, and Weekly, Foreign Currency Binary contracts available for trading, at times the Exchange is open, between the hours of 2:00pm ET and 3:00am ET. Additionally, in regard to the Foreign Currency Binary contracts, Nadex authorized Market Makers operating pursuant to a Market Maker Agreement will be relieved of their quoting obligations relating to size on trade dates Wednesday, December 24, 2025, and Wednesday, December 31, 2025, from 3:00am to 2:00pm ET. A Market Maker(s) that elects to quote in any Intraday 5-Minute, 2-Hour, Daily, and Weekly Currency Binary markets during this period will be required to comply with the spread obligations set forth in its Market Maker Agreement. Lastly, Nadex is extending the Illiquid Markets coverage to Cryptocurrency products for trade dates Thursday, December 25, 2025, and Thursday, January 1, 2026. As such, Nadex authorized Market Makers operating pursuant to a Market Maker Agreement will be relieved of their quoting obligations relating to size on trade dates Thursday, December 25, 2025, and Thursday, January 1, 2026, from 6:00pm on calendar date December 24, 2025, to 5:00pm ET on calendar date December 25, 2025, and from 6:00pm on calendar date December 31, 2025, to 5:00pm ET on calendar date January 1, 2026. A Market Maker(s) that elects to quote in any Cryptocurrency markets during this period will be required to comply with the spread obligations set forth in its Market Maker Agreement. Please refer to the Holiday Product Schedule Guidelines for specific product trading hours. Should you have any questions or require further information, please contact the Compliance Department. Should you have any questions or require further information, please contact the Compliance Department.

The BC Securities Commission (BCSC) has banned a man with ties to Vancouver from participating in the investment market for 15 years following his conviction for conspiracy to defraud investors of a Boston-based biomedical company. Marco G. Babini pleaded guilty in U.S. federal court in 2023 to conspiracy to commit securities fraud and wire fraud, and was sentenced in 2024 to prison time equal to time already served (approximately two and a half months), about nine months of pre-sentencing home incarceration and post-sentencing supervised release, and a fine of $50,000. The conviction was for Babini’s participation with others in a securities fraud scheme in 2012 and 2013 to sell stock that was under his concealed control. Babini, who had trading authority over Swiss brokerage accounts in the names of nominee entities, wanted to raise money for a promotional campaign for the company’s stock, and arranged to execute trades with an undercover federal agent whom he thought was a corrupt broker. Babini, who was living in Vancouver at the time of the crime, was arrested in Canada in 2020 at the request of U.S. authorities, and was extradited to the U.S. in 2023. As of May 2025, he was living in Vancouver. The BCSC panel, which described Babini’s scheme as “deliberate, fraudulent, and dishonest,” said he is currently a risk to investors and the investment market, and that he should not be involved in certain aspects of the business of any issuer. The panel ordered that Babini resign from any position he holds as a director or officer of any issuer or registrant, and prohibited him for 15 years from: Trading in or purchasing any securities or derivatives, with certain limited exceptions Becoming or acting as registrant, promoter, or a director or officer of any issuer or registrant Advising or otherwise acting in a management consultative capacity in the securities or derivatives markets Engaging in promotional activities on behalf of himself or an issuer, security holder, party to a derivative or someone who would reasonably be expected to benefit from the activities, and Relying on any exemptions in B.C.’s Securities Act. “We prohibit Babini from involvement with issuers in trading or capital raising, including while acting as a consultant,” the panel said. “However, we do not intend to prohibit him from providing employment or consulting services to issuers regarding operational issues.”

A total turnover of 9.849 billion shares worth N305.843 billion in 126,584 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 4.373 billion shares valued at N97.783 billion that exchanged hands last week in 110,736 deals. Click here for full details.

Special Announcement: Due to the federal holiday on December 25, and the closure of Federal executive offices on December 24 and December 26, the Commitments of Traders Release Schedule has been updated.  COT reports data for December 23 will be released on December 31, 2025. Additional information on Commitments of Traders (COT) | CFTC.gov Historical Viewable Historical Compressed Revised 2025 Release Schedule CFTC Public Reporting Environment (PRE) PRE User Guide PRE Frequently Asked Questions (FAQs)

Special Announcement: The processing and publication of Commitments of Traders data were interrupted from October 1 – November 12 due to a lapse in federal appropriations. Following a return to normal operations, the CFTC has resumed publication of the Commitments of Traders reports in chronological order. A revised release schedule depicts the intended COT Report publication dates for the data associated with the original publication date. The reports for the week of December 09, 2025 are now available. Report data is also available in the CFTC Public Reporting Environment (PRE), which allows users to search, filter, customize and download report data.  Additional information on Commitments of Traders (COT) | CFTC.gov Historical Viewable Historical Compressed Revised 2025 Release Schedule CFTC Public Reporting Environment (PRE) PRE User Guide PRE Frequently Asked Questions (FAQs)

As Acting Chairman of the CFTC, I welcome IOSCO’s final report on pre-hedging. Pre-hedging is a well-established risk management practice, underpinned by extensive industry guidance and expertise. I am proud that the CFTC played an active role in IOSCO’s efforts, contributing to the review of existing codes and practices, the survey of members and industry participants, the formal consultation process, and the stakeholder roundtables. IOSCO’s final report rightly acknowledges that individual member jurisdictions already have rules in place to address pre-hedging, complemented by industry codes and standards such as the FX Global Code, the Global Precious Metals Code, and the Financial Markets Standards Board (FMSB) Standard for execution of Large Trades in FICC markets. Importantly, IOSCO has made clear that its recommendations are designed to support existing rules and regulations, recognizing that many jurisdictional frameworks are already achieving the intended outcomes. IOSCO has also made clear that its recommendations, which apply across asset classes, align with these industry codes and standards. I believe this alignment is critical to avoid disruption of markets that are essential to the real economy, mitigate systemic risk and promote financial stability.  The publication of IOSCO’s final report serves to reinforce the standards the CFTC sets for entities within our jurisdiction. For the avoidance of doubt, the views expressed in the IOSCO report reflect the CFTC’s position on pre-hedging. In light of this, I do not anticipate the need for further CFTC rulemaking or guidance to address IOSCO’s recommendations.

The Board on Friday published its biennial report on debit card transactions, which summarizes information collected from large debit card issuers and payment card networks. The report, required by law, provides data on interchange fees, issuer costs, and fraud losses related to debit card transactions performed in 2023. Interchange fees are paid by merchants to debit card issuers for each debit card transaction. 2023 Interchange Fee Revenue, Covered Issuer Costs, and Covered Issuer and Merchant Fraud Losses Related to Debit Card Transactions (PDF)

Click here to download Malawi Stock Exchange's weekly summary report.

Effective January 1, 2026, pending filings with the U.S. Securities and Exchange Commission, MIAX Options Exchange, MIAX Pearl Options Exchange, MIAX Emerald Options Exchange, and MIAX Sapphire Options Exchange (collectively, “the Exchanges”) will extend the following discount for historical data requests to current monthly subscribers of the Open-Close Report: From January 1, 2026 through June 30, 2026, any single purchase of $20,000 or more of historical End-of-Day Open-Close Report data and/or historical Intra-Day Open-Close Report data by an existing subscriber to the End-of-Day or Intra-Day Open-Close Report, will receive a 20% discount when the subscriber purchases the same category of historical data for which they have a monthly subscription. For MIAX Sapphire Options Exchange only, the 20% discount will apply to any single purchase of historical End-of-Day Open-Close Report data and/or historical Intra-Day Open-Close Report data by an existing subscriber to the End-of-Day or Intra-Day Open-Close Report, when the subscriber purchases the same category of historical data for which they have a monthly subscription This discount cannot be combined with any other discount offered by the Exchanges, including the academic discount provided to Qualifying Academic Purchasers of historical Open-Close Report data. Historical Open-Close Report pricing for each of the Exchanges is currently as follows: End-of-Day Ad-hoc Request (historical data): $500 per request, per month End-of-Day Reports for MIAX Options Exchange, MIAX Pearl Options Exchange, and MIAX Emerald Options Exchange are available beginning with June 2021 End-of-Day Reports for MIAX Sapphire Options Exchange are available beginning with August 2024 Intra-Day Ad-hoc Request (historical data): $1,000 per request, per month Intra-Day Reports for the Exchanges are available beginning with the following dates: MIAX Options: January 2013 MIAX Pearl Options: March 2017 MIAX Emerald Options: March 2019 MIAX Sapphire Options: August 2024 Subscribers who purchase an Intra-Day Ad-hoc Request (historical data) may submit an End-of-Day Ad-hoc Request (historical data) for the same date or date range for no additional charge.

The Office of the Comptroller of the Currency (OCC) reported cumulative trading revenue of U.S. commercial banks and savings associations of $18.4 billion in the third quarter of 2025. The third quarter trading revenue was $1.8 billion, or 10.9 percent, more than in the previous quarter and $2.1 billion, or 12.7 percent, more than a year earlier. In the report, Quarterly Report on Bank Trading and Derivatives Activities, the OCC also reported that as of the third quarter of 2025: a total of 1,221 insured U.S. national and state commercial banks and savings associations held derivatives. four large banks held 86.3 percent of the total banking industry notional amount of derivatives. initial credit exposure from derivatives before netting decreased in the third quarter of 2025 compared with the second quarter of 2025. Net current credit exposure decreased $15.8 billion, or 5.9 percent, to $252.0 billion. derivative notional amounts increased in the third quarter of 2025 by $8.3 trillion, or 3.7 percent, to $231.8 trillion. derivative contracts remained concentrated in interest rate products, which totaled $154.5 trillion or 66.7 percent of total derivative notional amounts. Related Link Quarterly Report on Bank Trading and Derivatives Activities: Third Quarter 2025 (PDF)

The Commodity Futures Trading Commission today announced it is awarding more than $1.8 million to two whistleblowers whose information significantly contributed to the successful resolution of enforcement cases involving defrauded investors.  “We are grateful to the whistleblowers for coming forward,” said Cynthia Lie, acting director of the Whistleblower Office. “Like many before them, these whistleblowers showed courage and commitment to the public interest. They provided critical assistance that helped the Commission identify fraud and return unlawfully obtained funds to American investors. We remain committed to rewarding individuals who provide significant information and cooperate with our investigations.”  Whistleblower Officer staff responsible for handling this award are Dan Schiffer, Laurence Tai, and Sherri Borman.  About the CFTC’s Whistleblower Program The Whistleblower Program was established under Section 748 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Since issuing its first award in 2014, the CFTC has awarded more than $395 million to whistleblowers. Those awards are associated with enforcement actions that have resulted in more than $3.3 billion in monetary sanctions. The CFTC may issue whistleblower awards based on its own enforcement actions, as well as related actions brought by other domestic or foreign regulators, when certain conditions are met. The Commodity Exchange Act provides confidentiality protections for whistleblowers. Whether or not CFTC issues an award, the agency does not disclose information that could reasonably be expected to reveal a whistleblower’s identity, except in limited circumstances. Consistent with these protections, the CFTC does not disclose the specific enforcement action or the exact award amount. Eligible whistleblowers may receive between 10 and 30 percent of the monetary sanctions collected. All awards are paid from the CFTC’s Customer Protection Fund, which Congress established and is funded entirely through monetary sanctions paid to the CFTC by CEA violators. No money is taken or withheld from harmed customers to fund the program. Anyone with information related to potential CEA or CFTC violations may submit a tip electronically by filing a Form TCR (Tip, Complaint or Referral) online. Visit Whistleblower.gov for more information about CFTC’s Whistleblower program. RELATED LINKS 26-WB-01

A panel of the Capital Markets Tribunal today approved the Ontario Securities Commission’s (OSC) settlement agreement with Claire Drage (Drage) regarding a fraud by Drage and two companies under her ownership and control: The Lion’s Share Group Inc. (Lion’s Share Group) and The Windrose Group Inc. (Windrose Group). As such Mrs. Drage will be permanently banned from becoming or acting as a registrant or as a director or officer of any issuer. Prior to their bankruptcy in 2024, Drage, Lion’s Share Group and Windrose Group raised funds for Ontario real estate developers by issuing and brokering unsecured promissory notes. Despite knowing by 2021 that the borrowers faced serious liquidity issues and were overleveraged, Drage and her companies failed to disclose these risks and continued to solicit investments using misleading statements. Between 2021 and 2024, they raised over $285 million, leaving nearly $90 million owing to approximately 450 investors at the time of bankruptcy. Drage and the companies also sold these securities without meeting prospectus and registration requirements, depriving investors of critical protections. “The settlement agreement reached today ensures that more investors will not be harmed by the actions of Mrs. Drage in the future, given her lifetime ban,” said Bonnie Lysyk, Executive Vice President, Enforcement, OSC. “The OSC remains vigilant in its efforts to minimize fraud, and we will continue working to take action against bad actors to protect more investors from harm.” A copy of the settlement agreement is available on the website of the Capital Markets Tribunal. The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.ca.

Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today issued the following statement in response to the Senate confirmation of Michael Selig as Chairman of the Commodity Futures Trading Commission (CFTC): "On behalf of Cboe, we congratulate Michael Selig on his confirmation as Chairman of the CFTC," said Craig Donohue, CEO of Cboe Global Markets. "He brings deep experience across financial markets and a thoughtful, balanced approach to regulation that will be essential as the derivatives markets continue to evolve at a rapid pace. We look forward to working closely with the CFTC to further strengthen the resilience of our markets, enhance the investor experience, and uphold the principles that have long defined the strength and integrity of U.S. derivatives markets." "We also thank Acting Chairman Caroline Pham for her leadership and service to the agency, and wish her continued success in her future endeavors."

As previously announced in the October 14, 2025 Alert, effective January 1, 2026, pending filings with the Securities and Exchange Commission, MIAX Options, MIAX Pearl Options, and MIAX Emerald Options will amend the following non-transaction fees: Trading Permit fees for EEMs and Market Makers 1Gb and 10Gb ULL connectivity fees to the disaster recovery facility and primary/secondary facility for Members and non-Members FIX Port fees Full Service MEI/MEO Port fees for EEMs and Market Makers Limited Service MEI/MEO Port fees Purge Port fees FIX Drop Copy Port fees CTD Port fees (only for MIAX Pearl Options and MIAX Emerald Options) Click here to download a summary of the proposed fee changes for each exchange.Complete details will be contained in the January 1, 2026 MIAX Exchange Group Fee Schedules, when posted on the MIAX website at MIAX Options Fee Schedule, MIAX Pearl Options Fee Schedule and MIAX Emerald Options Fee Schedule.  

The Federal Reserve Board on Friday requested public input on a "payment account," which eligible financial institutions could use for the limited purpose of clearing and settling their payments. In recent years, rapid developments in the payments industry have led to innovative approaches to banking, and financial institutions with new business models are seeking access to Federal Reserve payments services. To support innovation and promote a safe and efficient payment system, the new payment account would be tailored to meet the limited needs of eligible financial institutions seeking payments and settling services. This tailoring could result in lower risk to the payment system and, as a result, requests for payment accounts could generally receive a streamlined review. "These new payment accounts would support innovation while keeping the payments system safe," said Governor Christopher J. Waller. "This request for information is a key first step to ensuring that the Fed is responsive to evolutions in how payments are made." A payment account would be distinct from a master account, which is what financial institutions currently use to access payments services from the Fed. A payment account would not pay interest, not have access to Fed credit, and would be subject to balance caps, among other features that separate it from a master account. Additionally, a payment account would not expand or otherwise change legal eligibility for access to payments services from the Fed. The comment period will close 45 days after publication in the Federal Register. Board Memo (PDF) Federal Register notice: Request for Information and Comment on Reserve Bank Payment Account Prototype (PDF) Statement by Governor Barr

As previously announced in the December 16, 2025 Alert, the MIAX Options Exchange, MIAX Pearl Options Exchange, MIAX Emerald Options Exchange, MIAX Sapphire Options Exchange and MIAX Pearl Equities Exchange will be closed on Thursday, December 25, 2025 for Christmas Day and Thursday, January 1, 2026 for New Year’s Day.On Wednesday, December 24, 2025, the MIAX Exchanges will have an abbreviated trading session. Trading in all option classes and equity issues will close 3 hours early.Please note, the MIAX Options Exchange, MIAX Pearl Options Exchange, MIAX Emerald Options Exchange, MIAX Sapphire Options Exchange and MIAX Pearl Equities Exchange will operate on a regular schedule on Friday, December 26, 2025.