Integration with MyPuro 2.0 enables transparent, automated data flows to accelerate certification and strengthen trust in carbon removal Puro dMRV Connect enhances certification efficiency and supports industry-wide digital monitoring and verification Puro.earth, the leading carbon-crediting platform for durable carbon dioxide removal (CDR), today announced the launch of Puro dMRV Connect. This new digital integration connects digital monitoring, reporting, and verification (dMRV) platforms directly into Puro’s certification platform, MyPuro 2.0. This innovation marks a further step in Puro.earth’s digital roadmap, strengthening the company’s role in building a reliable, transparent, investment-grade foundation for the carbon removal market. With close to 1.3million CORCs issued today, Puro.earth is the largest standard in the durable CDR sector. By providing a digital means to integrate with dMRV, Puro.earth is helping strengthen data quality and trust while enabling suppliers to scale more efficiently.  “Puro dMRV Connect links external platforms to MyPuro 2.0, enabling transparent, automated data flows that make certification faster and more reliable,” said Jan-Willem Bode, President of Puro.earth. “It’s a crucial step toward a more connected, digital ecosystem where data integrity and operational efficiency go hand in hand. dMRV is the future of monitoring and verification in carbon markets – as the largest standard in durable CDR, we are helping to make this future a reality.” Streamlining Digital MRV with Seamless Integration The new API allows dMRV providers to send audit data, documentation, and evidence directly to Puro.earth through secure, automated channels. By reducing manual uploads and repetitive exchanges, Puro dMRV Connect improves data accuracy and shortens time to issuance for CO₂ Removal Certificates (CORCs) and future credit types issued under the Puro.earth certification platform. These efficiencies help suppliers increase issuance predictability while giving buyers more consistent and transparent datasets. In this first release, the API supports dual data submission and data retrieval via MyPuro 2.0, allowing dMRV providers to access relevant audit package information and exchange data with Puro more efficiently. The API is available for Puro.earth-ecosystem dMRV partners and suppliers with built-in dMRV solutions. This first release has been shaped through collaboration with these partners, whose feedback informed the requirements and will continue guiding future iterations. To support integration, Puro.earth is providing detailed API documentation and access to a dedicated test environment, so partners can begin onboarding immediately. Laying the Foundation for the Future of Digital Certification The launch of Puro dMRV Connect establishes the next phase of Puro.earth’s digital certification infrastructure, following the release of MyPuro 2.0. Together, these innovations form the backbone of Puro’s pathway toward a digital ecosystem where verified, automated data flows underpin a faster, more transparent, and scalable carbon removal market. “Our goal is to strengthen the infrastructure that underpins trust in carbon removal,” added Bode. “With Puro dMRV Connect, we’re combining rigor, real-time data, and reliability to support suppliers, buyers, and investors as the market grows.” Continuous improvements and expanded capabilities are planned as part of Puro’s broader innovation roadmap, including a high-frequency issuance model for Puro.earth suppliers.

TMX Group today announced its financing activity on Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) for November 2025. TSX welcomed 15 new issuers in November 2025, compared with 51 in the previous month and 14 in November 2024. The new listings were 13 exchange traded products, one mining company and one industrial products & services company. Total financings raised in November 2025 decreased 9% compared to the previous month, but were up 428% compared to November 2024. The total number of financings in November 2025 was 43, compared with 84 in the previous month and 33 in November 2024. For additional data relating to the number of transactions billed for TSX, please click on the following link: https://www.tmx.com/resource/en/440. There were three new issuers on TSXV in November 2025, compared with six in the previous month and three in November 2024. The new listings were two mining companies and one Capital Pool company. Total financings raised in November 2025 increased 48% compared to the previous month, and were up 297% compared to November 2024. There were 153 financings in November 2025, compared with 133 in the previous month and 106 in November 2024. TMX Group consolidated trading statistics for November 2025 can be viewed at www.tmx.com. Related Document:TMX Group Equity Financing Statistics – November 2025

The FCA has confirmed changes to simplify its rules and lower costs for insurers, while maintaining appropriate levels of protection for smaller commercial customers. The final rules aim to give more flexibility and responsibility to insurance firms, such as determining the frequency of their product reviews and how much continual professional development (CPD) staff should undertake. The FCA will make further changes to its insurance rules and cut unnecessary requirements next year, including reviewing the international application of its rules and the Consumer Duty.  Separately, the FCA has also published proposals that will benefit insurers and other firms, including a raft of technical changes to streamline its rules and reduce complexity following the introduction of the Consumer Duty. This includes proposals to: remove 3 further insurance data returns review eligibility and disclosure rules for packaged bank accounts (PBA) streamline and simplify rules on collective investment client assets remove Handbook references no longer needed now the Consumer Duty is in force. The FCA has also set out wider plans to better support smaller financial firms by creating sector guides to help them apply outcomes-based regulation, starting with consumer credit firms next year. The pilot will inform the FCA’s longer-term approach to supporting smaller firms. Graeme Reynolds, director of competition and interim director of insurance at the FCA, said: 'We’re simplifying and removing rules for insurers and brokers, reducing regulatory costs and helping them focus on delivering better outcomes. 'Our focus on smarter regulation is not once and done, and by using the Consumer Duty we’ll continue to look at rules we may no longer need. We want firms to keep engaging with us on further simplifications for the insurance sector, so we can support growth and innovation.' Background Read PS25/21: Simplifying insurance rules. Read CP25/37 on Technical Handbook updates (Consumer Duty Requirements Review). On 23 September Which? submitted a super complaint to the FCA about poor consumer outcomes in the home and travel insurance markets. The FCA has 90 days to respond to Which? setting out how it will deal with the issues raised and any action it will take. The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.

BISON continues its growth momentum and adds sixteen new coins to its portfolio. The crypto trading platform backed by Boerse Stuttgart Group has expanded its offering twice already this year. BISON now supports 56 coins, all available for fully regulated, fee-free trading and MiCAR-compliant custody. BISON, the crypto trading platform for retail investors of Boerse Stuttgart Group, now offers users sixteen new cryptocurrencies in its fully regulated environment.  With this expansion, BISON customers can easily trade and securely hold popular coins such as Sui (SUI), Cronos (CRO), and Cosmos (ATOM). “By expanding our offering, we’re responding to the growing interest in altcoins for portfolio diversification,” comments Dr. Ulli Spankowski, CEO and Co-Founder of BISON. “We are giving our customers even broader access to the crypto market within the regulated, secure framework of Boerse Stuttgart Group.”

Digital asset ETPs saw US$716m in weekly inflows, lifting total AuM to US$180bn, though still well below the US$264bn all-time high. Inflows were broad-based, led by the US (US$483m), Germany (US$96.9m) and Canada (US$80.7m). Bitcoin attracted US$352m while XRP (US$245m) and Chainlink (US$52.8m, a record inflow representing 54% of AuM) also saw strong demand; short-Bitcoin products recorded significant outflows, hinting at easing negative sentiment. The full research features in CoinShares’ weekly newsletter, which can also be found here.

FCA-approved CT Settle will enable 24/7 instant settlement, cut credit risk, and free up vital working capital for financial institutions trading digital assets Represents another step in ClearToken’s mission to bridge today’s crypto markets with tomorrow’s universal settlement layer for all asset classes  ClearToken today launched CT Settle, a new, multi-currency service designed to modernise how global financial institutions settle trades across the digital asset market. CT Settle acts as a neutral, supervised and regulated platform that standardises the trade completion process, making it safer and dramatically more efficient. ClearToken’s CT Settle completed its first complete settlement cycle, settling netted cryptoasset and fiat currency transactions between regulated institutional exchange, LMAX Digital and Flow Traders. The settlement transactions were conducted using Zodia Custody and Bank Frick as sole digital custody and banking partners, respectively, together with technology powered by Nasdaq Eqlipse Clearing. The challenge CT Settle solves ClearToken’s CT Settle offers market participants a netting process that significantly reduces the amount of capital participants must hold in reserve, freeing up working capital across fragmented venues for other trading activities. CT Settle works on a Delivery-versus-Payment (DvP) model, a tried-and-tested method in traditional finance settlement, meaning that digital assets and the fiat currency change hands at exactly the same time. Safer trading, simplified operations By centralising the trade completion process onto a single, regulated platform, CT Settle addresses the biggest pain points for institutional clients: trading risk and operational and capital efficiencies. CT Settle brings trust, transparency, and operational rigour to the evolving digital asset ecosystem. Reduced credit risk - The simultaneous exchange of asset and fiat currency removes the risk of one party failing to deliver their side of the trade (credit risk). Streamlined reconciliation - Applying a single, published rule set simplifies record-keeping and lowers the operational burden for institutions dealing with multiple trading venues and custody solutions. 24/7 global availability - Supporting cryptoassets, stablecoins, and traditional fiat currencies, the service operates around the clock, matching the nature of the digital asset markets. “The launch of CT Settle is a major milestone in building trusted, regulated market infrastructure that enables traditional institutions to participate in the digital asset market safely and efficiently,” said Benjamin Santos-Stephens, founder and chief executive officer of ClearToken, “CT Settle reduces failed trades, simplifies settlement, reduces capital requirements, and helps institutions operate with predictable cash movements. As a UK FCA-regulated platform, CT Settle gives our clients the confidence to enter this space, knowing credit, operational, and regulatory risks are managed.” Building the ecosystem ClearToken is already working with market makers, buy-side organisations and trading venues as initial users of CT Settle, with pathways open for additional institutions to join. The service is built to be a 'horizontal' piece of market infrastructure, meaning it connects smoothly between different trade sources, custodians, and banks. This ensures participants avoid the hassle of dealing with venue-specific settlement rules and duplicated instructions. Partner Perspectives Julian Sawyer, CEO of Zodia Custody: “We believe in a compliant market infrastructure that enables consistent results for clients across all venues. As the sole custodian, we provide CT Settle with the right custody offerings through Zodia Custody’s Solutions, our white-label digital asset custody service that empowers global institutions to navigate the digital asset future and reap the benefits of decentralized finance.”  Michael Lie, Global Head of Digital Assets, Flow Traders: “Net settlement across clear timing windows improves capital efficiency and reduces operational overheads. For a liquidity provider, that structure is essential to deploying capital at scale. CT Settle provides the infrastructure that allows institutional liquidity to grow, and that is why this partnership fits so naturally with how we run our business across markets.” Chris Knight, Managing Director, LMAX Digital: “As a leading regulated exchange dedicated to supporting institutions with their digital asset trading strategies, we welcome familiar market structure that is secure, trusted and robust. CT Settle brings this to digital assets by reducing credit risk and reconciliation burdens, unlocking vital capital efficiencies for institutional clients. This advancement is another step forward in helping the digital asset market to mature further, ensuring meaningful institutional participation.” Building the future of digital post-trade ClearToken’s vision is to bring trust, transparency, and operational rigour to an evolving digital asset ecosystem, enable the unification of traditional finance with digital assets, release the possibilities of tokenisation and empower institutional adoption and drive sustainable market growth. The company is majority owned by market participants and delivers CT Settle as the foundation for a fully regulated, ‘always-on’ post-trade ecosystem for digital assets. The roadmap includes: Global reach: Ensuring that ClearToken’s services can be access by all market participants. Broader connectivity: Adding more venues, custodians, banks, and market participants. Wider asset support: Including a greater range of currencies and tokens. Risk mutualisation: The future launch of a Central Counterparty (CCP) service. Tokenised Securities: The future establishment of a Digital Securities Depository (DSD) to provide settlement finality for real world assets. ClearToken’s working groups To join over 60 market participant firms in ClearToken’s working groups to directly influence the future of regulated digital asset clearing and settlement, helping to refine key workflows and shape requirements for future initiatives, please email sales@cleartoken.io.

The cell and gene therapy (CGT) sector is undergoing a transition as companies navigate a more selective and strategy-driven funding landscape, according to an analysis by the Pharma Strategic Intelligence team at GlobalData, a leading data and analytics company. While venture capital (VC) investment in CGTs has declined in recent years after a peak during the COVID-19 pandemic, mirroring broader industry trends, CGT-focused deals within the biotech ecosystem have remained relevant. GlobalData’s Strategic Intelligence report, “Cell and Gene Therapy Investment Trends,” reveals that approximately 50% of CGT VC activity is focused at the Series B-stage, when companies usually shift from platform validation to clinical execution. CGT capital deployment remains highly concentrated among a small group of major investors, including RA Capital, ARCH Venture Partners, Alexandria Ventures, OrbiMed, and Fidelity International Strategic Ventures, each of which has committed more than $3.5 billion across cumulative deals. Big pharmaceutical companies including Johnson & Johnson, AstraZeneca, Novartis, Bristol Myers Squibb, Roche, Eli Lilly and others are actively embedding CGT technologies into their pipelines through acquisition deals. Irena Maragkou, Senior Healthcare Researcher at GlobalData, says: “Such acquisitions are becoming increasingly modality-driven and focused on platforms, scalable manufacturing systems, and specialized capabilities that can support portfolio-wide CGT expansion efforts. However, big pharma continues to demonstrate willingness to pay a premium for some late-stage or clinically validated assets when they align with long-term strategic objectives and portfolios.” While oncology-focused CGT deals remain heavily skewed toward early R&D and gene-modified cell therapies, the merger and acquisition (M&A) activity centered on non-oncology CGT assets has become more mature and diversified. Maragkou concludes: “As therapeutic CGT approvals increase, and the CGT market is expected to grow at a rate of 34.2% by 2031, companies must simultaneously prepare for sector-specific challenges such as regulatory complexity and manufacturing scalability. Therefore, biotech companies need to be strategic in investing in differentiated technologies and build execution capabilities to deliver clinical and commercial impact.”

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LSEG announces it has purchased the following number of its ordinary shares of 679/86 pence each from Citigroup Global Markets Limited ("Citi") on the London Stock Exchange as part of its share buyback programme, as announced on 04 November 2025. Date of purchase: 08 December 2025 Aggregate number of ordinary shares purchased: 288,000 Lowest price paid per share: 8,428.00p Highest price paid per share: 8,658.00p Average price paid per share: 8,538.95p   LSEG intends to cancel all of the purchased shares. Following the cancellation of the repurchased shares, LSEG has 512,438,937 ordinary shares of 679/86 pence each in issue (excluding treasury shares) and holds 24,051,599 of its ordinary shares of 679/86 pence each in treasury. Therefore, the total voting rights in the Company will be 512,438,937. This figure for the total number of voting rights may be used by shareholders (and others with notification obligations) as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules. In accordance with Article 5(1)(b) of Regulation (EU) No 596/2014 (the Market Abuse Regulation) (as such legislation forms part of retained EU law as defined in the European Union (Withdrawal) Act 2018, as implemented, retained, amended, extended, re-enacted or otherwise given effect in the United Kingdom from 1 January 2021 and as amended or supplemented in the United Kingdom thereafter), a full breakdown of the individual purchases by Citi on behalf of the Company as part of the buyback programme can be found at: http://www.rns-pdf.londonstockexchange.com/rns/7306K_1-2025-12-8.pdf This announcement does not constitute, or form part of, an offer or any solicitation of an offer for securities in any jurisdiction. Schedule of Purchases Shares purchased:       288,000 (ISIN: GB00B0SWJX34) Date of purchases:      08 December 2025 Investment firm:         Citi Aggregate information: Venue Volume-weighted average price Aggregated volume Lowest price per share Highest price per share Turquoise 8,477.08 4,000 8,462.00 8,492.00 London Stock Exchange 8,539.82 284,000 8,428.00 8,658.00

The Dubai Financial Services Authority (DFSA), the independent regulator of the Dubai International Financial Centre (DIFC), has imposed a restriction on Mr Kulvir Virk, the former chief executive of the UK fund manager SVS Securities PLC (SVS), preventing him from performing any function in connection with Financial Services in or from the DIFC. In June 2024, the UK Financial Conduct Authority (FCA) fined Mr Virk and prohibited him from performing any function in relation to regulated activities. The FCA found that Mr Virk had failed to act with integrity and failed to exercise due skill, care and diligence in connection with his role at SVS and considered Mr Virk not to be a fit and proper person, posing a risk to consumers and the integrity of the financial system. In November 2024, it was brought to the DFSA’s attention that Mr Virk had been involved in the management of a DFSA Authorised Firm. Accordingly, to maintain the integrity and reputation of the DIFC and ensure the confidence of participants in the market, the DFSA decided to restrict Mr Virk from performing any function in connection with Financial Services in or from the DIFC. Alan Linning, Head of Enforcement of the DFSA, commented: “The DFSA’s role as the regulator of financial services in the DIFC includes ensuring that there are high standards of integrity and fair dealing. We will continue to take action to ensure that those carrying out regulated functions in our market are appropriate and that these high standards are maintained.” Looking ahead, the DFSA remains committed to developing, administering, and enforcing world-class regulation of financial services within the DIFC. As part of its strategy and ongoing mission, the DFSA will continue to implement stringent enforcement measures and provide clear regulatory guidance to ensure that all entities operating within the DIFC adhere to the highest standards of regulation and ethical conduct. The restriction came into effect immediately. A copy of the DFSA’s Decision Notice for Mr Virk can be found in the Enforcement Decision Notices section of the DFSA website.

Commodity Futures Trading Commission Acting Chairman Caroline D. Pham today announced the launch of a digital assets pilot program for certain digital assets, including BTC, ETH, and USDC, to be used as collateral in derivatives markets; guidance on tokenized collateral; and withdrawal of outdated requirements given the enactment of the GENIUS Act. Today’s announcement marks a significant milestone in the expanded adoption of digital assets in regulated markets with appropriate guardrails, and follows the tokenized collateral initiative Acting Chairman Pham launched in September as a part of the CFTC’s Crypto Sprint to implement recommendations in the President’s Working Group on Digital Asset Markets report. “Under my leadership this year, the CFTC has led the way forward into America’s Golden Age of Innovation and Crypto. This imperative has never been more important given recent customer losses on non-U.S. crypto exchanges. Americans deserve safe U.S. markets as an alternative to offshore platforms, and that’s why last week I announced that spot crypto can now be traded on CFTC registered exchanges,” said Acting Chairman Pham. “Today, I am launching a U.S. digital assets pilot program for tokenized collateral, including bitcoin and ether, in our derivatives markets that establishes clear guardrails to protect customer assets and provides enhanced CFTC monitoring and reporting. The CFTC is also providing regulatory clarity through tokenized collateral guidance for real world assets like U.S. Treasuries, and withdrawing CFTC requirements that are now outdated under the GENIUS Act. As I’ve said before, embracing responsible innovation ensures that U.S. markets are the world leader, and drives progress that will unleash U.S. economic growth because market participants can safely put their dollars to work smarter and go further.”  "The CFTC's decision confirms what the crypto industry has long known: That stablecoins and digital assets can make payments faster, cheaper, and reduce risk,” said Paul Grewal, Coinbase Chief Legal Officer. “We applaud Acting Chair Caroline Pham and the CFTC for swiftly recognizing that tokenized innovation is the future of finance, and thank Acting Chair Caroline Pham for her leadership and vision. This major unlock is precisely what the Administration and Congress intended the GENIUS Act to enable—and will allow digital innovation to transform and improve traditional areas of finance. We encourage other regulators to quickly follow suit." "Circle applauds Acting Chairman Pham's breakthrough leadership for derivatives markets and responsible innovation," said Heath Tarbert, President of Circle. "Deploying prudentially supervised payment stablecoins across CFTC-regulated markets protects customers, reduces settlement frictions, supports 24/7 risk reduction, and advances U.S. dollar leadership through global regulatory interoperability. Enabling near-real-time margin settlement will also mitigate settlement-failure and liquidity-squeeze risks across evenings, weekends, and holidays. Acting Chairman Pham and the Commission have set a course for the future in which the United States will continue to have the safest, deepest, and most trusted global derivatives markets." “Today marks an important milestone in the history of the crypto industry—we have been given regulatory certainty for the future,” said Kris Marszalek, Co-Founder and CEO of Crypto.com. “The CFTC guidance on tokenized collateral is the latest example of Acting Chairman Pham delivering on the promise of President Trump to make the United States the ‘crypto capital of the world.’ Acting Chairman Pham should be commended for these leadership efforts. For years, we have been able to offer tokenized collateral in markets other than the United States. It has only been because of the leadership of Acting Chairman Pham and the CFTC's exclusive jurisdiction over our CFTC-regulated clearinghouse that we will now be able to use tokenized collateral to support our CFTC-regulated crypto and predictions market products, as well as our margined derivatives. This means 24/7 trading is a reality in the United States. We are fully open for business and are excited for this new chapter.” "The CFTC's actions mark a pivotal moment for integrating digital assets into regulated derivatives markets. By recognizing tokenized digital assets—including stablecoins—as eligible margin, the CFTC is providing the regulatory clarity needed to move the industry forward,” said Jack McDonald, SVP of Stablecoins at Ripple. “This step will unlock greater capital efficiency and solidify U.S. leadership in financial innovation. At Ripple, we look forward to continuing to partner with the CFTC and the industry to ensure the safe and responsible scaling of digital assets." Digital Assets Pilot Program and Guidance for Tokenized CollateralThe CFTC’s Market Participants Division, Division of Market Oversight, and Division of Clearing and Risk issued new guidance today on the use of tokenized assets as collateral in the trading of futures and swaps. The guidance highlights that CFTC regulations are technology-neutral, and encourages the analysis of tokenized assets on an individual basis in accordance with the CFTC’s existing regulatory framework and firms’ policies and procedures. The guidance applies to tokenized real world assets, including U.S. Treasury securities and money market funds. Topics include eligible tokenized assets; legal enforceability; segregation, custody and control arrangements; haircuts and valuation; and operational risks. MPD also issued a no-action position with respect to certain requirements applicable to Futures Commission Merchants (FCMs) that accept non-securities digital assets, including payment stablecoins, as customer margin collateral or hold certain proprietary payment stablecoins in segregated customer accounts. The no-action position provides market participants with regulatory clarity regarding the application of the segregation and capital requirements to FCMs that accept these digital assets as margin collateral, while highlighting the importance of FCMs’ maintaining robust risk management practices. By setting up a framework for registered FCMs to accept and take into account the value of non-securities digital asset customer margin collateral and deposit payment stablecoins as residual interest, the no-action letter establishes a pilot program that fosters responsible financial innovation while providing an opportunity for CFTC staff to closely monitor developments associated with non-securities digital asset collateral. As set forth in the conditions of the letter, during the first three months from the commencement of an FCM’s reliance on the no-action position, the digital assets that an FCM could accept as margin collateral will be limited to bitcoin, ether, and USDC. In addition, during this initial period, an FCM relying on the no-action letter will be required to provide weekly reporting of the total amount of digital assets held in customer accounts, listing each asset type separately for each of the three customer account classes, and promptly notify CFTC staff of any significant issue affecting the use of digital assets as customer margin collateral. The frequent reporting and notice requirements will provide an opportunity for CFTC staff to assess the proper application of FCM regulatory requirements without unnecessarily limiting the ability of FCMs to accept digital assets as collateral and deposit proprietary payment stablecoins as residual interest in customer accounts. Finally, MPD withdrew CFTC Staff Advisory No. 20-34, Accepting Virtual Currencies from Customers into Segregation, effective immediately. That advisory, which was issued by MPD’s predecessor division, placed certain restrictions on an FCM’s ability to accept virtual currencies as customer collateral. The substantial developments with respect to digital assets and the use of tokenized collateral in the derivatives markets that occurred in the intervening years since its issuance, including the enactment of the GENIUS Act, have rendered the advisory outdated and no longer relevant.  These actions are based on significant stakeholder input and public comments, feedback from a CFTC Crypto CEO Forum, and recommendations from the Digital Asset Markets Subcommittee of the Global Markets Advisory Committee, which Acting Chairman Pham sponsors. RELATED LINKS CFTC Staff Letter No. 25-39 (Guidance) CFTC Staff Letter No. 25-40 CFTC Staff Letter No. 25-41

Today, the U.S. Supreme Court is hearing arguments in the case of Slaughter v. Trump.  At issue is the President’s authority to fire, at-will and for political reasons, any appointee within the government, including members of Senate-confirmed Commissions, where the underlying statute limits the President’s authority. Although today’s argument concerns the ability to fire members of the Federal Trade Commission, it will set precedent for numerous other independent Commissions, including those that decide whistleblower cases. According to Stephen M. Kohn, the Chairman of the Board of the National Whistleblower Center (NWC), and co-author of the amicus brief filed by the NWC,  “this case could have a radically devastating impact on whistleblowers.”  “The entire framework of protecting federal employee whistleblowers is at stake in this case,” Kohn added.  Whistleblower cases are decided by a Congressionally mandated independent Board, similar to the requirements of the FTC.  Known as the Merit Systems Protection Board (MSPB), it is required to have three members, two from the President’s political party and one member from the opposition party.  Members can only be terminated from the Board  “for cause.”  Because whistleblowers are often critical of a sitting President, this limit was required by Congress to ensure that whistleblower cases could be heard by an independent agency, without direct pressure from the White House. However, asserting his executive authority to terminate federal appointees, President Trump fired the only Democratic member of the Board, causing the MSPB to lose its quorum.  The result:  All federal employee whistleblower cases are now in limbo. Kohn explained:  “The MSPB is only one of numerous boards that whistleblowers rely on for independent and non-partisan decision-making.  For example, the Securities and Commodities Exchange Commission decides all whistleblower award cases under Dodd-Frank and their members currently have similar protections as those being at issue in Slaughter. Stripping these protections is bad policy, bad law, and constitutionally indefensible,” Kohn added. The NWC’s Brief cited a landmark speech by James Madison, a highly respected member of the Convention that drafted the U.S. Constitution and the First Congress.  The NWC explained that Madison firmly believed that Congress was the proper authority to place limits on Presidential appointees. The Brief also quoted from the highly influential Constitutional scholar, former Supreme Court Justice Joseph Story, who warned in his 1839 Commentaries on the Constitution, of the dangerous implications of granting the President “unlimited power to remove” members of the executive branch: “Indeed, it is utterly impossible not to feel, that, if this unlimited power of removal does exist, it may be made, in the hands of a bold and designing man, of high ambition, and feeble principles, an instrument of the worst oppression, and most vindictive vengeance.” U.S. Supreme Court Justice Joseph Story, Commentaries on the Constitution (1833) The NWC’s Brief is linked here. The briefs filed in the Slaughter case, and prior court decisions, are linked here.

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.

Since 2000, Dagens Industri, Sweden’s leading business newspaper, has celebrated the country’s most successful and fast-growing companies through the Di Gasell Awards. This year, Vermiculus is being recognised for the remarkable growth journey achieved over the years. Consistent expansion, strong profitability, and the successful deliveries of advanced technology to the world’s financial markets have been the course of growth for Vermiculus since start. Vermiculus has had fantastic journey given its unique team, modern technology and proven track record. “We are incredibly proud of the growth and successes we achieved as a company, and it is exciting for it to be recognised by DI. This award reflects the strength of our team, our long-term vision, and commitment to delivering real value to the financial markets,” says Taraneh Derayati, CEO of Vermiculus. Vermiculus’ fantastic results and growth are made possible by the collective work of the team, their expertise, the dedicated delivery model, and product solutions built on the latest technology stack. This is all supported by the continued trust of customers and partners.

The Bank of England chairs the London Foreign Exchange Joint Standing Committee (FXJSC) Legal Sub-Committee. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators. Date of meeting: 17 September 2025 Time: 16:00 – 17:30 | Location: Bank of England, Threadneedle St, London, EC2R 8AH Minutes Minute 1: Introduction The Chair (Sharon Blackman) opened the meeting, welcoming those online and in person. Minute 2: Minutes As the 24 June 2025 meeting minutes were circulated late, members were asked to email any questions to the Chair and Bank Secretariat after the meeting, as no comments were received, they were deemed to be approved. Minute 3: FXJSC Operations Sub-Committee contingency planning Matthew Hartley (MH) (Bank of England) gave an update regarding the recent discussions that have taken place at the Operations Sub-Committee (OSC). The OSC discussed contingency plans for a specific scenario relating to Sterling settlement issues. The proposal from the OSC was to create a triage process following an alert of a potential issue. The process will be: Upon incident notification, a core group will validate it and assess its significance and determine if the OSC or a part of the OSC should convene. If a meeting is held, the OSC will confirm the event and review market communications. The FXJSC LSC observed that broader market notifications should take into account Market Abuse Requirements and competition considerations when determining timing. Minute 4: MiFID3 Tom Harkus (TH) (Simmons & Simmons LLP) gave a MiFID II/MiFIR Regulatory Update and discussed the below topics. Dark Trading – Volume Cap Pre-Trade Transparency (Non-Equity Instruments) Post-Trade Transparency (Derivatives) Business Clock Synchronisation Consolidated Tape Provider (CTP) – OTC Derivatives Transaction Reporting Post-Trade Risk Reduction Services (PTRRS) Dealing on Own Account Systematic Internaliser (SI) Definition Best Execution Minute 5: Topics for discussion at future meetings It was proposed that a joint meeting between OSC and LSC should be scheduled for November to talk through the comms plan. The Committee recommended discussing ISDA FX definitions changes at the November joint meeting as well. Further suggestions included: Examine AI's influence on the FX market. Pre-Hedging Discussion (Based on IOSCO’s Discussion Paper). US policy changes and FX swaps reporting impacting venue boundaries, with UK responses reflecting global market dynamics. Benchmark regulations in Europe especially target FX swaps, as the EU aims to exclude them from benchmark scope unless deemed systemically important. Discussing mood on T+0 (trade date) and its impact on the market, especially in legal, compliance, or risk contexts. Digital assets had been discussed previously but the conversation continues to move forward, and there could be further discussion of how they might reshape FX settlement in future. Minute 6: Any other business The Chair raised the possibility of introducing a co-chairing arrangement. While no decision has been made yet, expressions of interest (EoIs) for the role are welcome. Having a co-chair could be beneficial in terms of sharing responsibilities and workload. MH noted that the OSC currently uses a similar model. The Terms of Reference (ToR) will need to be reviewed accordingly, so any feedback on any other section of the ToRs should be sent to the Bank Secretariat team. Attendees Sharon Blackman (Chair) – Citigroup David Harris – Financial Conduct Authority Simon Goldsworthy – Deutsche Bank Joanne Napleton - London Stock Exchange Group Tamsin Rolls – JP Morgan Chase Mayank Patel – Bank of America Rakesh Shah – Standard Chartered Baljit Saini – NatWest FXJSC Legal Sub-Committee Secretariat James Brennan – Bank of England Matthew Hartley – Bank of England Carly Jones – Bank of England Guest attendees Tom Harkus - Simmons & Simmons LLP Apologies Gaynor Wood – CLS Harkamal Singh Atwal – HSBC Krisha Somaiya – UBS Nimisha Kanabar - Morgan Stanley Rowland Stacey – Goldman Sachs Sunil Samani - XTX Markets

The Bank of England chairs the London Foreign Exchange Joint Standing Committee (FXJSC) Operations Sub-Committee. The FXJSC is made up of market participants, infrastructure providers and the UK financial regulators. Date of meeting: 18 September 2025 Time: 1pm – 3pm | Location: Bank of England, Moorgate Building, 20 Moorgate EC2R 6DA Minutes Item 1 – Welcome and Apologies James Kaye (Chair, HSBC) welcomed guest presenters, Richard Lewis, Sharon Tafura and Paige Benattar (Bank of England) and Andrew Harvey (Global Foreign Exchange Division). The Chair also welcomed Jermaine Nooks (Investment Association) as a new Committee member. Apologies were noted from Andrew Cooper (CLS), Claire Foster Lee (Morgan Stanley), Gary Cunningham (Insight Investment), Nimit Jobanputra (Deutsche Bank), and Nikki Woodley (Northern Trust). Item 2 – Minutes of the June Meeting and Feedback from the June Main FXJSC Committee Meeting The minutes from the 18 June 2025 meeting were agreed. The Chair provided an overview of the June Main Committee meetingfootnote[1], noting that members had discussed recent FX market developments including trends around US dollar hedging and factors that could drive future US dollar performance. The Main Committee also discussed the International Organisation of Securities Commissions (IOSCO’s) pre-hedging recommendations. Item 3 – Extended RTGS Operating Hours Richard Lewis, Sharon Tafura and Paige Benattar (Bank of England) presented an update on the Bank of England’s consultation paperfootnote[2] on extending RTGS and CHAPS settlement hours. This included updates on earlier morning settlement, extended contingency windows and bank holiday settlement. Ms Benattar noted that the feedback window for consultation paper 1 would close on 21 October 2025 and encouraged members to engage with the proposals. Members discussed use cases, liquidity considerations, and how the market would need to adapt for near 24/7 settlement. Item 4 – International Organisation for Standardisation (ISO) 20022 Readiness Gail Smith (Deputy Chair, RBC) discussed members’ preparations for the ISO 20022 messaging standard and urged firms to ensure they have plans in place to operationalise the changes ahead of implementation. Item 5 – Review of Committee Communications Around Systemic Issues Andrew Harvey (GFXD) presented an updated version of the Committee’s communications process for managing systemic issues in the FX market. Members discussed a triage model to help validate an issue and considered appropriate channels for communicating incidents within the FXJSC and to the wider FX market. The Committee emphasised the importance of timely communication and discussed the need for a validation framework to assess the severity of emerging issues. Item 6 – Global Foreign Exchange Committee (GFXC) Update Natalie Lovell (Bank of England) noted that the GFXC FX Settlement Working Group was in the process of drafting a discussion paper on the impact on the FX market of the UK, European and Swiss move to T+1 securities settlement. Ms Lovell also noted that the GFXC Secretariat was collaborating with the BIS and the Committee on Payments and Market Infrastructures (CPMI) Secretariat to co-author an article for the BIS Quarterly Review outlining the results of the FX Settlement Survey. Item 7 – FCA Update Oliver McCausland (FCA) provided an update on the FCA’s European Market Infrastructure Regulation reporting framework review. Mr McCausland noted that the third consultation on the reporting requirements had closed and the FCA is currently reviewing the findings. Item 8 – Investment Association Update Jermaine Nooks provided an update on the impact of the UK, European and Swiss transition to T+1 securities settlement on the asset management community in the FX Market. Mr. Nooks also noted that the Hong Kong Exchange was considering a move to T+1 securities settlement alongside the UK and Europe. Item 9 – Any Other Business The Chair informed members that the FX Settlement Playbookfootnote[3], developed by the FXJSC Operations Sub-Committee, had been published on the Cross Market Operational Resilience Group (CMORG) website. Members discussed potential future agenda items, including addressing operational inefficiencies. Attendees Aaron Mills – Citadel (Deputy Chair) Anna Chadderton - Goldman Sachs Alison Kett – Bank of England Daniel Hoye – NatWest Markets Fiona O’Riordan – Citi Gail Smith – Royal Bank of Canada (Deputy Chair) James Andrews – JP Morgan James Hull – MillTech FX James Kaye (Chair) – HSBC Jermain Nooks – Investment Association Joe Halberstadt – SWIFT Kerry Peacock – MUFG Loic Moreau – LSEG Natalie Lovell – Bank of England Oliver McCausland – FCA Rebecca Fishwick - Barclays Steve Forrest - UBS FXJSC Secretariat Carly Jones (Legal Representative) – Bank of England Joe Hanrahan – Bank of England Munalula Lisimba – Bank of England Guest Attendees Andrew Harvey – GFXD Richard Lewis – Bank of England Sharon Tafura – Bank of England Paige Benattar – Bank of England Apologies Andrew Cooper - CLS Claire Foster Lee - Morgan Stanley Gary Cunningham - Insight Investment Nimit Jobanputra - Deutsche Bank Nikki Woodley - Northern Trust Andrew Grice – Bank of England Please see the link to the FXJSC Main Committee Meeting Minutes Please see the link to the Consultation Paper Please see the link to the FX Settlement Playbook 

The Securities and Exchange Commission today announced that Lori J. Schock, who has served as the Director of the Office of Investor Education and Assistance (OIEA) since 2009, will retire from the agency at the end of December. “I have known Lori for decades, when I was a Commissioner and now as Chairman, and I have witnessed firsthand her unwavering commitment to provide America’s investors with invaluable information to help them make better informed investing decisions,” said SEC Chairman Paul S. Atkins. “She has a unique ability to make a deep connection with everyday investors explaining the most complex investing terms in a way they can understand. Her dedication to educating investors has been a touchstone for the agency. I wish her all the best in her future endeavors.” Under her leadership, Ms. Schock has enhanced OIEA’s presence in the financial literacy community and has increased the SEC’s investor education outreach and assistance efforts. Some highlights include: Building the SEC’s Investor.gov website, which more than 8 million Americans use annually to check the background of their investment professional and access financial planning tools and resources to help them invest wisely and protect their money. Creating Investor Alerts and Bulletins to provide investors with timely information on how to avoid the latest investment scams and to help educate investors on current investment topics and trends. Writing numerous Director’s Take articles to provide investors with tips and information on topics, such as building wealth and protecting their retirement money. Overseeing the handling of hundreds of thousands of investor questions and complaints through the SEC’s investor assistance program. Spearheading efforts to provide creative ways to reach investors, such as through the SEC’s decade-long public service campaign, the HoweyCoins fake ICO website and HoweyTrade investment program, and informational videos on topics, such as the power of compounding and the advantages of adding a trusted contact person to a brokerage account. “It has been an absolute privilege and honor to serve with Chairman Atkins and such esteemed Chairmen, Commissioners and colleagues throughout my career at the SEC,” said Ms. Schock. “I am so proud of the positive, impactful work of the entire OIEA team as they truly make a difference in investors’ lives. I know they will carry on their important work and continue to be a champion to assist, educate and protect investors.” Ms. Schock previously was Associate Director at the Financial Industry Regulatory Authority’s Investor Education Foundation and Office of Investor Education, and before that, was Director of Outreach at the Center for Audit Quality. She joined the SEC in 2001 as a Staff Attorney in OIEA. She also served as Special Counsel to the Director from 2002-2006 and as Acting Director and Deputy Director from 2006-2007. A member of the Colorado bar, Ms. Schock received her J.D. from the University of Akron School of Law while also earning her Master of Taxation from the University of Akron College of Business. She received her B.A. from Furman University.

The FCA has set out a suite of measures to empower retail investment, reinforce wholesale markets and maintain the UK’s position as a world-leading financial centre.  With new rules for investment product information, the FCA is playing its part to build a stronger investment culture, supporting firms to innovate and make investing more engaging for consumers. And the FCA is seeking views to make sure regulation supports consumers to invest with confidence. Proposals to enhance how firms classify their clients will give confidence to firms when they deal with professional investors, drawing a line so wholesale markets can remain agile and innovative. The regulator has worked closely with industry and consumer groups to deliver practical policy that moves the dial on risk. Simon Walls, executive director of markets at the FCA, said: 'Today’s measures support investment risk culture right along the spectrum. They ensure that firms can compete to give retail customers material that informs and engages them. They also draw a brighter line for professional markets, defined by contracting parties, informed consent and regulation that is proportionate to that.' Making it easier for consumers to understand investments In retail investment disclosures, the FCA will make a decisive shift away from prescriptive and complex templates that consumers don’t find useful. This gives firms more freedom to put the consumer first, innovate, and help their customers understand potential returns as well as costs and risks.   The FCA is also seeking views on how longer-term regulation can keep up with the evolving retail investment landscape and help shift the dial on risk appetite, to give consumers confidence to access investments that meet their needs and benefit from the potential returns.   Distinguishing between professional and retail The FCA is setting a clearer boundary between retail and professional investors, allowing firms to deal with professional investors with confidence operating outside retail regulations. This will free up firms to innovate and offer a more diverse range of products to truly experienced clients with the resources to bear more of the risks.   The threshold to qualify as a professional investor will remain high, so only those with experience, advice or the ability to bear risk are taken out of retail protections, such as the Consumer Duty, that they don’t need. High standards in classification mean that wholesale regulation remains proportionate and firms are freed from unnecessary guardrails. Proposals remove some arbitrary tests and give firms more responsibility to get it right. This includes a new way for wealthy and experienced individuals to opt out of retail protections and streamline how firms assess professional investors. Background Rules for targeted support will be set out in the coming days. Elsewhere, the FCA supports the industry-led campaign that will help to explain the benefits of investing. CP25/36: Client categorisation and conflicts of interest: these proposals would allow firms to confidently operate with professional clients who don’t need retail protections. However, the regime only works if firms can demonstrate that their clients genuinely meet the threshold of a professional client and the clients give informed consent. The FCA has recently published findings from its supervisory work to ensure firms do this well, including: A warning for investors in contracts for difference. A review of client categorisation in corporate finance firms. The FCA is also streamlining our rulebook, removing duplications and simplifying our requirements. DP25/3: Expanding consumer access to investments: this paper seeks views from industry on what else can be done to ensure regulations help consumers take informed risks. PS25/20: consumer composite investments: new rules to replace EU-derived packaged retail investment products (PRIIPs) and Undertakings for Collective Investment in Transferable Securities (UCITS) disclosure requirements for packaged investment products with a more flexible regime for the UK built on the Consumer Duty. Statement on Consumer Duty expectations for firms working together to manufacture products or services: updated expectations to help firms interpret the Consumer Duty where they work together to create products and services.   The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.

Successful listing on Euronext Amsterdam following the planned separation of Unilever Market capitalisation of €7.8 billion 66th listing on Euronext in 2025 Largest listing on Euronext markets in 2025 YTD Euronext today congratulates The Magnum Ice Cream Company (TMICC), the largest ice cream company in the world, on its listing on Euronext Amsterdam (ticker code: MICC). It is the largest listing on Euronext markets this year. The Magnum Ice Cream Company, with a history spanning over a century, has become a global market leader in ice cream across developed and emerging markets, operating in 80 countries. The company owns, manufactures and sells ice cream brands and products that are tailored for both at-home and away-from-home consumption. With a rich history spanning over a century, the company has built a portfolio of global and local household names, including the Heartbrand, Magnum, Ben & Jerry’s and Cornetto. The listing follows the planned separation of The Magnum Ice Cream Company from Unilever, one of the longest-listed companies on Euronext Amsterdam. The admission and reference price of The Magnum Ice Cream Company shares was set at €12.80 per share. Market capitalisation was €7.8 billion on the day of listing. The company will be listed on Euronext Amsterdam, the London Stock Exchange and the New York Stock Exchange, with the primary listing in the Netherlands. Peter ter Kulve, CEO of The Magnum Ice Cream Company, said: “As we mark the beginning of our journey as a standalone ice cream company, we are proud to be listed on Euronext Amsterdam, in our home city, renowned for its entrepreneurship, culture, and creativity. As an independent business, we’re more agile, focused, and ambitious than ever. We look forward to the next phase of growth, creating new occasions to enjoy ice cream and frozen snacks and innovating new products to delight people around the world. Life tastes better with ice cream.”

The European Energy Exchange (EEX) reports steady growth of trading volumes on the EEX Nordic Power derivatives market since the start of the comprehensive liquidity programme on 1 September.   Traded volumes throughout the months of September to November significantly exceeded previous levels in 2025 and show a +210% growth over the same period last year (7.2 TWh Sep-Nov 2025 versus 2.3 TWh Sep-Nov 2024). Reflecting this expansion, EEX’s net Open Interest for Nordic Power grew by 49.7% YoY, reaching the highest value in 15 months. In addition, the net Open Interest in the SE2 and SE3 zones now both surpassed the milestone of 1 TWh.    Over the first three months of the programme, 11 out of the 13 EEX Nordic areas registered trades, including first trades in the Norwegian NO3, NO4, NO5 as well as the Swedish SE1 and SE3 zones. In addition, November saw the highest number of trades executed in the past two years.  EEX has also extended its Nordic Power Open Interest scheme until 31 March, which now has no minimum trading volume requirement in order to provide wider support for all trading participants.    Peter Reitz, CEO of EEX, comments: “It’s very positive to see the growth of the overall trading volume in only a few months, as well as the engagement of the whole trading community, including the international participants who have been with EEX on other markets. We have now updated our liquidity programme to extend support to an even wider range of trading members. We are looking forward to further growth in liquidity in the Nordics.” EEX’s product offering for the region includes both Nordic System Price contracts, the so-called Zonal Futures with price determination for each Nordic delivery area, and Implied EPADs, a combination of Zonal Futures and the Nordic System Price Futures, which provide the benefits of the location spread. This setup reduces capital requirements through cross-margining effects. The steadily growing EEX member base on the Nordic power derivatives market covers both European and US-based market participants.   Open Interest (OI) is the total number of unsettled futures and options in a given market, indicating the interest level and liquidity of this market.