Solactive is pleased to announce its latest collaboration with Korea Investment Management. The KIM ACE US SMR Nuclear Top 10 ETF tracks the Solactive US SMR Nuclear Top 10 Index, which is designed to provide a rules-based representation of U.S. companies leading the advancement of nuclear energy, with a specific focus on Small Modular Reactor (SMR) technology. Nuclear energy is regaining strategic importance as countries seek to decarbonize their energy systems while ensuring grid reliability. Small Modular Reactors represent a major innovation in nuclear technology—offering modular deployment, enhanced safety, and scalable low-carbon power. Beyond their contribution to national energy transitions, SMRs are gaining momentum as a potential energy source for powering high-demand digital infrastructure, including data centers and AI computing facilities. As energy demands from AI continue to grow, SMRs are increasingly viewed by industry stakeholders as a promising solution to support the sustainable expansion of digital infrastructure. The Solactive US SMR Nuclear Top 10 Index is designed to reflect the performance of the ten most relevant U.S.-listed companies headquartered in North America operating across the SMR and broader nuclear energy value chain. Using ARTIS®, Solactive’s proprietary natural language processing algorithm, the index identifies firms with significant thematic exposure across the nuclear energy value chain. A tiered weighting system with buffer rules ensures a balance between thematic alignment and diversification. The ETF was listed on 3 February 2026 on the Korea Exchange (KRX) with the ticker code “A0155M0”.  Timo Pfeiffer, Chief Markets Officer at Solactive, commented: “We are pleased to partner again with Korea Investment Management, this time focusing on emerging thematic area within the clean energy landscape. The Solactive US SMR Nuclear Top 10 Index represents a transparent and focused framework for measuring activity in nuclear innovation—particularly in the SMR segment.” Seyoung Mo, Head of ETF Product Strategy Dept, at Korea Investment Management, commented: “Amid intensifying global competition for energy leadership, with governments and tech giants alike racing to secure power for AI, we see strong growth potential in SMRs, which are expected to play an important role in supporting AI infrastructure. We believe this ETF allows investors to benefit from SMR growth while also offering access to the broader U.S. nuclear value chain expected to gain from the nuclear renaissance.”

  January 2026 Contracts January 2025 Contracts % Change 2026 YTD ADV 2025 YTD ADV % Change Equity Options 703,580,242 639,673,352 10.0% 35,179,012 30,460,636 15.5% ETF Options 556,917,947 423,025,293 31.7% 27,845,897 20,144,062 38.2% Index Options 111,852,411 92,054,979 21.5% 5,592,621 4,383,570 27.6% Total Options 1,372,350,600 1,154,753,624 18.8% 68,617,530 54,988,268 24.8% Futures 4,583,740 4,401,138 4.1% 229,187 209,578 9.4% Total Volume 1,376,934,340 1,159,154,762 18.8% 68,846,717 55,197,846 24.7% Securities Lending   January 2026 Avg. Daily Loan Value January 2025 Avg. Daily Loan Value % Change January 2026 Total Transactions January 2025 Total Transactions % Change Market Loan + Hedge Total 206,890,528,360 173,614,369,096 19.2%  324,656  291,757 11.28% Additional Data Market share volume by exchange Open interest Historical volume statistics

Good morning, everyone. I am pleased to join you this morning, although, I must say I am jealous of the Florida weather you are all enjoying. Here in DC it is still well below freezing. Before I begin, I must inform – or remind – you that these remarks are provided in my official capacity as the Securities and Exchange Commission’s Director of the Division of Investment Management, but do not necessarily reflect the views of the Commission, the Commissioners, or other members of the staff. I would like to talk a bit today about how we in the Division of Investment Management are looking at the tremendous changes – and opportunities – that artificial intelligence affords both you, as key personnel at investment advisers and investment companies, as well as the ultimate investors – who often are individual retail investors – who purchase your investment products and advisory services. If time permits, I can also share how I see the Division – as your friendly neighborhood regulator – fitting into that new worldview. Ready? Now, when we talk about “technology” issues, there is often a tendency to focus, as lawyers, on how very specific technological developments will be addressed under the securities laws. For example: Does web posting constitute an adequate mechanism for furnishing information to investors? Are e-mails “correspondence” for regulatory purposes? Will storage of records in electronic form satisfy record retention rules? Resolution of these issues in a timely and sensible fashion is quite important to the effective operation of the securities laws and the financial markets. If you think my introductory scoping passage was insightful and current, you're right.  And wrong. In fact, that entire passage was an excerpt from a speech by the late Giovanni Prezioso, in one of his last speeches as General Counsel of the Securities and Exchange Commission.  In 2005.   I began with that passage because it shows that we, both industry and regulators, have not made all that much progress on the three core issues Giovanni mused about twenty years ago: Although we are focused on this topic, we have not, to date, formally proposed a comprehensive “e-Delivery” rule; Confusion over what electronic communications fall within the Books and Records Rule (or other retention requirements) remains a live topic; and The Books and Records Rule is still reflective of an age when advisers typed client letters that were snail-mailed (back then, we just called it “mail”). Just to underscore how much time has gone by, in that speech Giovanni shared a story on how he watched his two pre-teen daughters vote by phone for the winner of an “American Idol” episode.  Marveling at the use of 2005 technology, he wondered why large public companies could not have instantaneous shareholder votes. By the way, those two girls, both accomplished lawyers, have kids of their own. In other words, we are literally looking at a lost generation of limited progress. Let’s turn lemons into lemonade. But - instead - let’s look at this need to modernize as a generational opportunity. AI and the Investment Process. Today’s cutting edge technology centers on artificial intelligence.  We can debate whether generative AI will win out against Yann LeCun's "world models,” but the point is that AI is here. And intelligent use of artificial intelligence can, should, and will catalyze a transformation of the technology of investment management. The fact that AI can improve the investment management process is not news.  Many of you are already utilizing AI, but the feedback from numerous industry surveys, from our direct outreach, and from our partners in the Examinations Division is that adoption is still uneven and often tentative. We hear that the greatest impediment to a more widespread adoption of AI is liability concerns.  Many advisers are afraid that using AI creates exposure if (when) there are losses.  And I recognize that some of that concern results from SEC examination and enforcement efforts that have accompanied prior waves of technological advancement.  But liability concerns should not be insurmountable obstacles.  We have dealt with technologically-driven shifts in the past.  For example, the advent of algorithmic and quantitative models caused much concern, but after a period of adjustment, the industry settled into a rough equilibrium marked by commonly-used disclosures and accepted compliance practices. I do recognize that AI is different. With quantitative strategies, a key safeguard was making sure that there was a human “in the loop” to pull the plug, in real time, if the models began misbehaving.  But AI is different – the goal of AI is to take the human out of loop.  At least out of the real-time response loop.  There will still be humans involved, to be sure, but if we are being honest – they are going to be a more remote and supervisory role. That will present new challenges. No doubt. But these are challenges that need to be addressed, in part because your competitors will incessantly force each of you to deploy more AI in your investment function. So where does the Division of Investment Management fit into this?  Well, we could issue a bunch of rules and guidance on what your fiduciary duties require you to do.  But that will take some time and, by the time they take effect, the market and the technology may have moved on, rendering them irrelevant.  (“WORM retention standards, anyone?”) Or … we could listen to you. To the extent that you have concerns about how our existing laws, rules and regulations constrain your deployment of new technologies, please reach out.  You have heard our Chairman refer to the SEC as “The Innovation Commission.” Given that, you should assume that inbound emails that say something like “I have a novel approach that is good for investors…” will grab our attention. So this is a request for engagement.  We want to work with advisers, investment companies, and other market participants to enable new technologies to come online, and to work with you on understanding how the industry can do that and still retain traditional investor protections.  LLMs and Investor Disclosures One topic that comes up time and again is: When will the Commission act to modernize fund document delivery? Now, I’m not at liberty to comment on initiatives unless they have been published in a RegFlex agenda.  But I do want to reflect on the nature of the requests we are receiving. At their core, the “E-” requests center around making electronic delivery the default mechanism for delivering prospectuses and other fund documents.  And “electronic delivery” generally is conceived as sending PDFs by email to end retail investors. And while that could and would be an important step for many in the industry, I’d like to offer a broader perspective. Because what we’re really talking about here is using 1990s technology—email and PDFs—to deliver disclosures to investors in 2026. That’s not innovation. That’s just digitizing paper. So I’d like to pose a question: What should the next step in our digital journey look like? From my perspective, this is the right time, with the right leadership in the White House and at the SEC, to think boldly. And to the extent that market participants are ready to innovate and push the envelope, we want to hear from you. When I shared some of these thoughts with Commissioner Peirce during my pre-hire interview, her response stuck with me. She said something to the effect of: “Innovation is rare in this space because we’ve either prohibited it or strangled it with regulation.”  There’s a lot of truth in that. At the same time, history shows that when unelected bureaucrats—like myself—try to use the regulatory pen to drive technology forward, the results are mixed at best. The greatest innovations come from the market itself. So let me offer this idea—not as a mandate, not as guidance, and certainly not as investment advice—but as a conversation starter: What if we reimagined disclosure using large language models? Think about it: Today, a direct-sold mutual fund adviser communicates with retail investors through a massive prospectus, filled with risk factors, financials, biographical data, and investment process descriptions. That’s just the beginning. There’s also the prospectus supplement, the SAI, periodic reports, and financial statements—an entire library of information, often written by teams of in-house and external lawyers, and housed in different locations. Now, imagine the retail investor interacting, not with a 200-page document, but with a  fund- or adviser-provided AI agent  An autonomous AI agent can be trained on the library of fund documents and then answer - in plain English – questions like: What do you invest in? What fees will I pay? How do I redeem my shares? Do you hold short positions? And what is a short position, anyway? Do you have conflicts of interest? What benchmarks do you think are useful performance comparisons?  Can you generate some comparison charts? This kind of tool could be a tremendous bridge between investors and the disclosures that all too often are misunderstood or – even worse – go unread. Yes, there are liability questions. But there are also liability questions for the AI systems used by surgeons, law firms, and logistics firms moving critical goods around the world. These are not insurmountable challenges. Yes, there are also regulatory questions: Would the model be considered marketing? Would it require registration as an investment adviser? How would we supervise it? These are real questions. But they’re also solvable ones—with thoughtful legal analysis, regulatory guidance, and, most importantly, collaboration. So I invite you—if you have ideas, if you want to explore a pilot program, if you would like to request a no-action letter or staff guidance—come talk to us. We can’t promise every idea will make it to market. But we can promise that every idea will be heard.

Farmer sentiment weakened sharply in January, as the Purdue University/CME Group Ag Economy Barometer fell 23 points from December to a reading of 113. The decline reflected growing pessimism about both current conditions and the future outlook for U.S. agriculture; the Current Conditions Index dropped 19 points to 109, while the Future Expectations Index fell 25 points to 115. The largest shift was in producers' long-term outlook for U.S. agriculture, with the index that measures expectations for widespread good and bad times over the next five years falling to its lowest level since September 2024. Producers also expressed greater concern about agricultural exports than last month. The survey was conducted Jan. 12-16, coinciding with the U.S. Department of Agriculture's release of the World Agricultural Supply and Demand Estimates report on Jan. 12. Producers reported worsening farm financial conditions compared with a year earlier. Half of the farmers surveyed indicated that their operations were worse off than a year earlier. Looking ahead to the next 12 months, more producers expect conditions to worsen than to improve. Thirty percent of respondents anticipate weaker financial performance in the coming year, compared with 20% who expect improvement. Reflecting this more cautious outlook, the Farm Capital Investment Index fell 11 points in January to 47, its lowest level since October 2024. Just 4% of producers said they plan to increase farm machinery purchases over the next year. "What stands out this month is the growing number of producers who report that higher operating-loan needs stem from carrying over unpaid debt from the previous year," said Michael Langemeier, the barometer's principal investigator and director of Purdue's Center for Commercial Agriculture. "That points to increasing financial pressure heading into the year ahead." Since 2020, each January barometer survey has included questions about farmers' operating loans for the upcoming year. Twenty-one percent of respondents said they expect to have a larger operating loan compared with a year earlier, up from 18% last year. Among producers anticipating an increase, 31% cited carryover of unpaid operating debt from the prior year as the primary reason. This percentage has risen steadily in recent years, increasing from just 5% in 2023 to 17% in 2024 and 23% in 2025. The results align with producers' growing concerns about farm financial performance. Producers also expressed increased pessimism about the outlook for U.S. agricultural exports in January. When asked about export prospects over the next five years, 16% of respondents said they expect exports to decline, up from 5% in December. Concerns were even greater among corn and soybean farmers when the question specifically addressed soybeans, a key agricultural export. This month, 21% of corn and soybean producers said they expect soybean exports to decline over the next five years, compared with 13% the previous month. Increasing competition from Brazil is also weighing heavily on producers' minds. Eighty percent of corn and soybean producers said they were concerned or very concerned about the competitiveness of U.S. soybean exports relative to Brazil, including 44% stating they were very concerned. Producers remained optimistic about short-term farmland values in January, while their longer-term outlook became more cautious. The Short-Term Farmland Value Expectations Index was unchanged at 117. After reaching a record high in December, the Long-Term Farmland Value Expectations Index fell 14 points in January to a reading of 152. Respondents cited alternative investment opportunities, net farm income and interest rates as the factors expected to have the greatest influence on farmland values. The January survey asked corn and soybean producers how they expect to use payments from the Farmer Bridge Assistance Program announced in late December. More than half of respondents said they plan to use the payments to pay down debt, while 25% indicated the funds would be used to improve working capital. The remaining respondents said the payments would go toward family living expenses (10%) or investment in farm machinery (12%). Producers' broader outlook for the U.S. economy also softened. As in recent months, respondents were asked whether the U.S. is headed in the "right direction" or on the "wrong track." In January, 62% of producers said the U.S. is headed in the "right direction," down from 75% in December 2025. About the Purdue University Center for Commercial AgricultureThe Center for Commercial Agriculture was founded in 2011 to provide professional development and educational programs for farmers. Housed within Purdue University's Department of Agricultural Economics, the center's faculty and staff develop and execute research and educational programs that address the different needs of managing in today's business environment.

The Ontario Securities Commission (OSC) is warning Ontario investors that the following companies are not registered to deal or advise in securities in Ontario: Bullverse Fin Quickly Money Farm Ltd Meth Trade Hub Delta Wealth Ltd. FINAEU (aka FINA-EU, FISEU, FINSEU, FIN-EU, FINS-EU and FIN-AU) VertexOnGroup Royal Stone Group (aka Royal-StLtd) Glencore Trade Gordians Corporate Temstar Limited Volarent Capital Capium-Ltd Limited Lexium Limited SwissBrokerFX SharesHolding.com Hyper Trades Capital Altrion Cargill FSE Ltd. (aka Cargil FSE Ltd.) Alivio Group At the OSC, we issue investor warnings and alerts about possible harmful or illegal activity in progress, and maintain a warning list of companies or individuals performing activities that may pose a risk to investors. A full list of OSC investor warnings and alerts is available on the OSC’s website. Investors can sign up for email notifications when new warnings and alerts are issued and can follow the OSC’s X feed at @OSC_News. Ontarians who have been approached by any of the individuals or firms listed above, or any other unregistered company or individual, are advised to contact the OSC Contact Centre at 1-877-785-1555 or via email at inquiries@osc.gov.on.ca. Always check the registration of any person or business trying to sell you an investment or give you investment advice. This can be done by visiting the Check Before You Invest or the Crypto businesses pages on the OSC website. 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 https://www.osc.ca.  

The Ontario Securities Commission (OSC) today published its third behavioural science research report on gamification and retail investing, continuing its extensive work to understand how digital engagement practices influence investor behaviour. The new report, Gamification and Retail Investing: Positive Use Cases and Mitigation Techniques, explores situations in which gamification can enhance investor decision-making and outcomes. The report also explores various techniques designed to mitigate the negative influence of gamification on investor behaviour. As a core component of the research, the OSC conducted an online experiment with over 4,000 Canadians who took part in a simulated trading environment. Participants invested a hypothetical $10,000 across eight stocks while being exposed to one of four gamification techniques designed to increase the diversification of their portfolios: Diversification Score – a real-time score (out of 100) based on diversification level Goal Framing – setting diversification goals and tracking progress in reaching those goals Leaderboards – comparing diversification scores to other users Rewards (Badges) – awarding badges for meeting diversification thresholds Results showed that all four techniques had a modest yet positive impact, producing a 3.5% to 4.5% increase in portfolio diversification. Diversification is a strategy to help investors mitigate risk and smooth returns over the long term. “Understanding the behavioural impact of gamification is critical to ensuring that digital engagement practices support, rather than undermine, investor outcomes,” said Kevin Fine, Senior Vice President, Thought Leadership at the OSC. “Gamification techniques can put investors at risk, but when used thoughtfully, they can encourage positive behaviours like portfolio diversification.” The new report builds on insights found in the OSC’s research report Digital Engagement Practices in Retail Investing: Gamification & Other Behavioural Techniques, followed by two additional research reports: Digital Engagement Practices: Dark Patterns in Retail Investing and Gamification Revisited: New Experimental Findings in Retail Investing. The OSC’s Investor Research and Behavioural Science Team partnered with the Behavioural Insights Team (BIT) on the study. The OSC has resources to help investors understand the potential influence of digital engagement practices on their decision making. GetSmarterAboutTrading.ca exposes users to gamification tactics in a simulated stock market. For more information about investing, investor protection and behavioural science, visit GetSmarterAboutMoney.ca and sign up for the OSC’s popular e-newsletter, Investor News 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 https://www.osc.ca.

The Canadian Investment Regulatory Organization (CIRO) published a new Digital Asset Custody Framework, setting clear expectations for the custody of digital assets by Dealer Members operating Crypto-Asset Trading Platforms (CTPs) in Canada. Developed in collaboration with industry stakeholders and informed by regulatory developments in other jurisdictions, the framework reflects the continued evolution of CIRO’s approach to crypto-asset regulation, and addresses the technological, operational, and legal risks unique to digital assets, which cover crypto assets and tokenized assets, including stablecoins. “Custody is one of the most critical points of risk in the crypto ecosystem,” said Alexandra Williams, Senior-Vice President, Strategy, Innovation and Stakeholder Protection. “This new framework gives firms the flexibility to operate and innovate responsibly. It reflects what we heard from the industry and demonstrates CIRO’s commitment to being an agile and trusted regulator.” The framework enhances expectations for how client assets are held, including through third-party custodians, and builds on existing custody requirements, all of which will be imposed through terms and conditions of membership. This approach allows CIRO to respond quickly to risks highlighted by past failures in the crypto sector, where contributions of losses, such as hacking, fraud, inadequate governance and insolvency, lead to investor vulnerability and losses. A key feature of the framework is its tiered, risk-based structure, which provides firms with flexibility to diversify their crypto custody arrangements while maintaining strong safeguards for investor protection. Reviewing and enhancing custody and segregation requirements for crypto assets held by CIRO Members operating CTPs was identified as one of CIRO’s public regulatory priorities for 2026. The guidance note is effective immediately.

Speaker: Sarah Pritchard, deputy chief executiveEvent: ABI Annual Conference 2026, LondonDelivered: 3 February 2026 Highlights Insurance helps consumers navigate their financial lives and supports businesses and the economy. It’s essential it succeeds and thrives. Innovation is crucial to the industry’s success, and we’re playing our part by providing the necessary support and tools. We will remain focused on driving better consumer outcomes, but are also championing flourishing wholesale markets. Consumer trust is low but can be built. This will take greater transparency and adherence to the standards set by the Consumer Duty. Introduction It’s hard to think of a more symbolic venue to discuss driving change in the insurance sector than the QEII Centre. Step outside, and you’re in the shadow of both the Houses of Parliament, and Westminster Abbey. Scrutiny, change and serving citizens on one side. Tradition on the other. That’s where insurance sits, too. As an industry, you have to balance the new with the non-negotiables – finding ways to innovate while ensuring outcomes and trust keep pace. Throughout history, you’ve done exactly that. The UK Customer Satisfaction Index shows you understand and care for your consumers. That, alongside your ability to spot a need and build a market around it, is what makes our insurance markets world-leading. In our ever-changing world, insurance is critical. It shields millions of consumers from losses that could make them financially vulnerable. Underpins resilience for businesses. Drives growth through effective risk management. And is central to a resilient UK economy. Insurance attracts huge amounts of investment from across the globe and makes up nearly one-quarter of total financial services exports.  Which is why we don’t just want you to succeed. We need you to succeed. But for markets to continue to grow, firms must feel confident enough to explore new ways to unleash innovation. We’re here to support you Tools like our AI lab, Sandboxes and new Scale-up Unit are there to support you as you innovate. I encourage you to use them, and use them early – especially our Sandboxes. They offer a safe environment to test new products and ideas to find out what does or doesn’t work. It’s striking that of the nearly 3,000 firms that have applied across our Innovation Pathways and Sandboxes, just 208 were insurance-related. We’d like to see this number increase. Because when you do apply, you are more successful than other sectors: overall acceptance rates across all sectors are around 31%. For insurance firms, it’s 50%. We’ve seen some creative, impactful Sandbox work coming from insurance. For example, a firm developed a new business model for bike insurance. It charged monthly, based on the exact cost of all claims settled by the pool of consumers, but capped premiums so bills would always be predictable. We helped them design a testing plan with appropriate safeguards in the Regulatory Sandbox – and today, they’re delivering the plan on a greater scale. We know it’s tough to innovate in this space. But it’s not impossible. The door is open. You just have to walk through it. Bring consumers with you The market is at its best when innovation is something consumers feel – not just something firms build. It’s not enough to create and scale a good product. To succeed, you have to bring consumers with you when you walk through the door to innovation. But don’t just assume they’ll come along. Our 2024 Financial Lives Survey found that 66% of consumers have low trust in the sector, making insurance one of the least trusted parts of retail financial services.  That’s not easy to hear, I know. But rather than a rebuke, let’s take that as motivation. To work together. Improve those numbers. And build greater trust. Because if insurance underpins resilience, trust underpins insurance. It won’t be easy, but it is possible to build that trust by improving the consumer experience. How? Be clear about coverage and test consumer understanding. Handle claims promptly, fairly and transparently. Test outcomes against the Consumer Duty. Since the Duty took effect, we have seen higher industry standards and tangible consumer benefits. And we are acting where firms don’t meet our expectations. We recently stopped one insurer offering unsuitable products to 30,000 consumers – resulting in £1m paid in compensation. When consumers were being shortchanged after their car was stolen or written off, we secured £200m in compensation for 270,000 consumers. Our action on Guaranteed Asset Protection insurance will save consumers an estimated £70m. Looking ahead for consumers Our focus on seeing good consumer outcomes will continue throughout 2026. In the last few years, we have looked closely at the retail insurance sector. We have used our competition market study tools to analyse how the pure protection market is working, as well as premium finance. And reviewed the motor, home and travel insurance markets. There is room for improvement. But there are also examples of the market working well. And changes being made to better support consumers because of the Consumer Duty. We do not believe we need any new market-wide interventions to drive positive progress. We will achieve our aim, of good consumer outcomes and innovative markets, through the Duty. For example, we recently acted to ensure consumers paying for insurance monthly get fair value from their provider. Many of the firms we looked at were delivering it. But some were not.  Rather than write new regulation, we used the Duty’s fair value rules to get better outcomes for consumers, faster. I’m pleased to report that alongside base rate reductions and firms’ own fair value assessments, this has helped save consumers £157m annually. There is more to come. This year, we will complete our work on motor total loss and home and travel to better support consumers. And we will see that firms make the necessary improvements.  Because trust is built or lost at the point of claim. Following the Which? super complaint, we will continue our work improving claims handling and consumer understanding of what they’re buying. We’ll also expand our review of firms’ oversight to outsourced claims processes. This is in addition to our focus on Managing General Agents. Finally, we will review products and services for indicators of poor outcomes. And look at how firms treat vulnerable consumers. But we’re not just looking backwards. We’re looking forwards, too. Too many people still lack protection for when things go wrong – 26% have no insurance at allLink is external . Leaving millions exposed when life hits hardest. We should all be working to increase access to insurance.  Our Pure Protection Market Study shows the market mostly works well. We see firms delivering good value for consumers. Most can claim successfully, with 98% accepted and £5.4 billion paid out in 2024.  Still, 58% of adults don’t hold a pure protection product, even though many would benefit from one.  That’s a significant protection gap. One that we will work with you and other stakeholders to close. There is more to come before we conclude our work in this area:  assessments of income protection claims ratios, incentives to churn consumers, and  claims experience Our final report will be published later this year. We welcome your engagement with the Financial Inclusion StrategyLink is external and the Government’s Motor Insurance Taskforce ReportLink is external. And are committed to playing our part in that work. Looking ahead for wholesale markets While our focus on the Consumer Duty remains to drive better consumer outcomes, we also want to enable our wholesale markets to thrive. These are markets defined by customisation, where specialised risk-taking is enabled. Keith Richards’ hands. David Beckham’s legs. Bruce Springsteen’s voice. A sommelier’s sense of smell and taste.  That calls for special protections. And proportionality and clarity.  We have listened carefully to your feedback around the application of the Duty for wholesale firms. And have already acted to remove some disproportionate burdens in your sector. We are consulting on removing unnecessary data returns, and want to consult on the disapplication of the Duty to overseas consumers in Q2. We’ve already received valuable feedback on this and will keep the conversation going in roundtables. Some want us to move even faster. But we know it isn’t sensible to tweak insurance rules without considering how they interact with the Duty. Which is why we will be consulting on them together. To provide clarity on how the future framework applies. More broadly, we’re committed to re-setting expectations around the application of the Consumer Duty to wholesale markets. The Duty doesn’t apply to purely wholesale activity. Only if firms have a material impact on retail consumers. Some firms have misunderstood this. Others have had to spend too much time clarifying how it does not apply, and need to know when enough is enough. We also know applying the Duty across distribution chains can be complex. So, we are taking action. We have already set out a four-point plan for our work to the Chancellor. Clarified expectations for firms working together. And announced plans to draw clearer lines between retail and professional investors. In the first half of 2026, we will consult on changes to the Duty’s scope and application to reduce duplication and keep requirements lean, and outline our approach to removing businesses with non-UK consumers from its scope. We will also review how our wider conduct expectations for insurers apply internationally. The FCA’s role The FCA is here to support the success and integrity of the entire market. The consumers, who need access to products that will help them navigate their financial lives. And firms, as they grow and innovate. But a prescriptive one-size-fits-all approach does not support markets to innovate and change. So, we are taking an increasingly outcomes-focused approach to regulation. And overhauling our supervisory model. Supervision is there for a reason. It allows us to act before harm becomes systemic, and deliver better outcomes for consumers and markets more quickly than we would through enforcement. There is still room for us to work more smartly. With a more predictable, purposeful and proportionate approach. Engagement will change. We want to increase the number of firms we are in direct contact with and scale the intensity of our ongoing supervision depending on risk. Less intensive supervision for those doing the right thing. Stronger action where harm is highest.  To minimise burden, we will ask only for data we need. And use new technology to manage and analyse it. It is important that I state that we do need data – the right data, at the right time, helps us spot harm and act early. Importantly, our supervisory priorities will be more predictable. We have stopped publishing our routine 'Dear CEO' portfolio letters and moved to new annual market reports that will outline our regulatory priorities predictably and consistently. These have been piloted in just one sector: yours. A clear sign of how important the insurance market is. We are testing this approach with firms, our panels and trade associations so we can take feedback. But keep in mind that we often get different and conflicting views. Some of you want more detail. Others, less. We can’t promise to satisfy everyone – but we can promise to listen and consider every view. Finally, I’ve said before that risk is essential to growth and innovation. Rebalancing it is at the heart of our five-year strategy.  We want to support responsible, managed risk, enabled by outcomes-based regulation. After all, you are the risk experts – and central to helping others manage theirs.  And we know markets are changing – that a prescriptive approach does not support consumers or markets to evolve. Which is why we want those of you in firms to be confident to change your approach, if you can deliver better while maintaining regulatory standards. We recognise that myths about perceived regulatory blocks – or what FCA supervisors might say – put many off changing tack.  Those myths hinder progress. That’s why, in my Chief Risk Officer speech last autumn, I asked firms to help us bust them. To empower their second and third lines to adapt where it supports sensible, managed risk. And it’s why I’m encouraging you now to be confident to change course where it delivers well for consumers. Finally, if you have any feedback on our supervisory model, now is the time to share it. We are listening. Conclusion So as you move throughout the conference today, remember the setting – Parliament on one side, Westminster Abbey on the other. Bring about change. Keep sight of tradition. That is the message.  We want you to succeed. But we need you to be confident to innovate, and bring your consumers with you. So, here’s my ask: engage with us. Early and often.  And here’s my promise: We will be clear about our priorities, and on hand with the practical support you need to innovate with confidence.

The Upper Tribunal has upheld the FCA’s decision that Rangecourt SA (formerly Banque Havilland), Edmund Rowland, the former London CEO and Vladimir Bolelyy, a former Bank employee, acted without integrity. The Tribunal agreed with the FCA that significant fines should be imposed, deciding that fines of £4m, £352,000 and £14,200 were appropriate for Rangecourt SA, Mr Rowland and Mr Bolelyy respectively. The Tribunal also upheld the FCA’s decision to ban Mr Rowland and Mr Bolelyy from working in financial services. Banque Havilland created a plan (initially titled ‘Setting fire to the neighbour’s house fund’) to harm the Qatari Riyal through manipulative trading strategies. The aim was to devalue the Qatari currency and break its peg to the US Dollar, harming the economy of Qatar. Banque Havilland intended to present this manipulative trading strategy to a sovereign wealth fund, Mubadala Investment Company. Mr Rowland and Mr Bolelyy were instrumental in this deliberate misconduct. Mr Rowland was trying to impress Mubadala in the hope of securing future financial benefit for Banque Havilland and his family. In making its findings the Tribunal held that Mr Rowland lied to both the FCA and in court. He also persuaded Mr Bolelyy to lie.  Steve Smart, executive director of Enforcement and Market Oversight at the FCA, said: 'Motivated by greed, Banque Havilland, Mr Rowland and Mr Bolelyy had a plan to seriously damage the Qatari economy. It is right that they have been held to account.' Background See the Upper Tribunal judgement,Link is external  dated 3 February 2026 (which includes two drafts of the plan in the Appendices). Banque Havilland changed its name shortly before the Tribunal hearing began and is now known as Rangecourt S.A. As per our previous press release, the FCA decided to fine David Weller £54,000 for his role in the misconduct, and he did not refer that decision to the Tribunal. Warning Notice statement (PDF) published on 1 February 2022. The FCA proposed to fine Banque Havilland £10m, but the Tribunal determined that the fine should be £4m.   David Rowland, exercising third party rights pursuant to section 393 of the Financial Services and Markets Act 2000, referred the Decision Notices of Banque Havilland, Edmund Rowland, Vladimir Bolelyy and David Weller to the Tribunal. The Tribunal held that, whilst Mr Rowland did email his father, David Rowland, a copy of the manipulative trading strategy, some of the statements made about David Rowland in Annex B to the FCA’s Decision Notices (which dealt with his representations to the RDC) were not justified. David Rowland’s references were nevertheless dismissed. 

The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have announced the first cohort of banks and building societies to benefit from their joint Scale-up Unit. The Scale-up Unit announced last year is designed to build stronger ties and provide tailored support for fast-growing and innovative financial firms, helping them to grow sustainably at pace. The 6 firms that expressed interest and have been accepted to the first cohort are: Allica Bank ClearBank Monument Bank Nottingham Building Society OakNorth Bank Zopa Bank These firms will receive support designed to help them navigate the regulatory landscape as they develop new products, attract new customers, and move into new markets.  PRA and FCA officials will meet directly with the firms, both as a group and individually, throughout the coming months. This will also help the PRA and FCA better understand scaling firms’ experience of the regulatory process, with the aim of improving regulatory processes for the entire sector to help firms expand and innovate. Charlotte Gerken, executive director for UK Deposit Takers at the PRA, said: 'Welcoming the first cohort to our Scale-up Unit is an important milestone. It shows our commitment to helping firms grow in a sustainable way that benefits the financial services sector and wider economic growth.' Jessica Rusu, chief data, information and intelligence officer at the FCA, said: 'We look forward to working with the first cohort as we deliver on our strategy to support growth and UK competitiveness. Our joint Scale-Up Unit enhances the support available to firms as they move from start-up to scale up, helping them to grow successfully and sustainably.' The regulators will be open to expressions of interest from a second cohort of firms later this year, with further detail to follow. The Scale-up Unit is also open to requests for support from smaller, fast-growing insurersLink is external  on an ongoing basis, rather than through a cohort, in line with the criteria set out on the PRA website.  The FCA currently supports new and high growth firms through its Early and High Growth Oversight function. We will further enhance our offer by opening expressions of interest for a new solo regulated Scale-up cohort in the Spring, supporting firms from a wider range of sectors. Richard Davies, CEO of Allica Bank, said: 'Allica are delighted to be included in the initial Scale-up Unit cohort, having led the call for a dedicated regulatory unit to support firms as they scale. The Unit should provide banks like Allica with more capital certainty and more regulatory support to boost lending to the established SMEs that power the UK’s real economy. 'Done well, the Scale-up Unit can support the government’s objective to make the UK the location of choice for financial services firms to invest, innovate and grow.' Rishi Khosla, CEO and co-founder of OakNorth, said: 'We’re honoured to be part of the first cohort of the Scale-up Unit. OakNorth was founded to empower breakthrough businesses – profitable and scaling lower-mid-market companies – who are too often overlooked by traditional banks, and this tailored regulatory support will help us better deliver on that mission as we continue to scale. 'Having already lent over $21bn to these businesses, supporting the creation of tens of thousands of jobs and homes, we’re delighted to work closely with regulators to build an even stronger platform for sustainable growth.' Background Read more about the Scale-up UnitLink is external. The Scale-up Unit builds on and complements the regulators’ existing support for early-stage firms, including through the New Bank and Insurer Start-up Units, Regulatory Sandbox, Early and High Growth Oversight function, Pre-Application Support Service (PASS), and AI Lab. It recognises the different types of support needed for firms at the next stage of their development. The Scale-up Unit also aligns with changes designed to streamline regulation, including implementing Basel 3.1, Solvency UK, Strong and Simple, and reforms to the Senior Managers Regime. It also aligns with the Office for Investment: Financial Services, which is helping foreign firms enter and adjust to the UK market.

Brings industry-standard clearing model to Treasury markets Prepares for launch of repo clearing later this year Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, today announced that the U.S. Securities and Exchange Commission (SEC) has approved its application and rulebook for ICE Clear Credit to expand its current registered Covered Clearing Agency (CCA) designation to add U.S. Treasury clearing. ICE Clear Credit’s U.S. Treasury clearing service is now fully operationally live, providing market participants with welcome competition and the first ever alternative venue for clearing U.S. Treasury securities. “Since we first announced plans to launch a U.S. Treasury securities clearing service, we have heard a resounding message that U.S. Treasury market participants want innovation, change and progress,” said Paul Hamill, Chief Commercial Officer of ICE Clear Credit. “To meet that challenge, our service harmonizes access models, operational workflows, risk management and protection models, across cash, repos, futures and swaps, providing a modernized scalable solution for one of the largest and most important markets in the world.” ICE’s Treasury clearing solution delivers both ‘Done-Away’ and ‘Done-With’ implementations, allowing market participants to choose their preferred clearing method. This is the same process that is used daily to clear financial products through ICE’s global clearing houses. ICE leveraged its extensive expertise and proprietary technologies for clearing credit instruments to offer clearing for U.S. Treasury securities, and soon repurchase agreements (repos). Established as a distinct offering from ICE’s existing Credit Default Swap (CDS) clearing service, the new Treasury clearing solution has its own rulebook, membership, risk management framework, financial and liquidity resources, and governance structure. “With our Treasury clearing service now operationally live and ready to clear cash transactions, we’re thrilled to put the final touches on our approach to clearing repos, which we expect to be ready for testing and integration in the second half of the year, and is planned to go live in the fourth quarter,” said Stan Ivanov, President of ICE Clear Credit. “By extending our CDS solution to U.S. Treasury securities, we have begun the process of bringing our industry-leading risk management services to the U.S. Treasury market, and we will continue to expand with the launch of repo clearing.” ICE Clear Credit was founded during the financial crisis in 2009 to bring confidence and stability to the CDS market. It enables clearing of more than 685 Single Name reference entities, Index and Index Option CDS instruments on corporate and sovereign debt. ICE Clear Credit clearing has reduced counterparty risk exposure for parties to trades whose combined notional amount exceeds $400 trillion, with current open interest at ICE Clear Credit of over $2 trillion. ICE Clear Credit has been designated a systemically important financial market utility (SIFMU) by the Financial Stability Oversight Council, and is a qualified central counterparty under U.S. bank capital rules. For more information about ICE’s U.S. Treasury clearing service, please visit: https://www.ice.com/clear-credit/us-treasury-clearing.

245.8 Million Derivative Contracts Traded During January 2026 Highest Monthly U.S. Equities Notional Traded in NYSE History Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, today announced that January marked the strongest month for trading activity in its history with a record 245.8 million contracts traded, including a record 199 million futures traded and a record 46.9 million options traded. In addition, January 2026 marked the highest notional in NYSE history, with a record daily average of $202.5 billion in notional value of U.S. equities traded. Across ICE’s derivatives markets, January marked new records for average daily volumes (ADV) with record ADV of 12 million futures and options, with record commodities ADV of 7.7 million, record energy ADV of 7.2 million and record natural gas ADV of 3 million. "Following a record year last year, 2026 has already set new milestones for trading activity across ICE as well as at the NYSE,” said Ben Jackson, President of ICE. "For 25 years, ICE has continually invested in building a network of markets, technology and supporting data to provide the breadth of tools our customers need to manage their risk, benefitting from the capital efficiency and liquidity ICE offers, and the strength of our trading infrastructure.” January 2026 trading records include: Record 153.9 million commodities futures and options traded Record 143.8 million energy futures and options traded Record 60.9 million natural gas futures and options traded, including a record 19.4 million TTF futures and options. Record 10.5 million Oil options traded with a record 9.2 million Brent options and record 220,000 Gasoil options traded Record 3.7 million Dubai futures traded and record 1.9 million Midland WTI (HOU) futures traded Record 2.4 million power futures and options traded Record 808,000 natural gas liquids futures traded Record 708,000 EU carbon allowance options traded Record 9 million SONIA options traded Meanwhile, ICE’s futures markets hit record open interest of 60 million contracts on January 29, 2026, with record open interest in commodity futures of 44.9 million, energy futures of 42.4 million, Oil futures of 11.9 million, and SONIA futures and options of 14.5 million.

Record ADV in metals products Record ADV in Henry Hub Natural Gas, Micro Silver and Micro Copper contracts Highest-ever January ADV in interest rate and energy products CME Group, the world's leading derivatives marketplace, today reported its highest January average daily volume (ADV) on record at 29.6 million contracts, an increase of 15% year-over-year. The company's previous January ADV record was set in 2025 with 25.7 million contracts. Market statistics are available in greater detail at https://cmegroupinc.gcs-web.com/monthly-volume. January 2026 ADV across asset classes includes: Interest Rate ADV of 13.9 million contracts Equity Index ADV of 7.3 million contracts Energy ADV of 3.6 million contracts Metals ADV of 2.2 million contracts Agricultural ADV of 1.6 million contracts Foreign Exchange ADV of 991,000 contracts Cryptocurrency ADV of 408,000 contracts ($10.8 billion notional) Additional January 2026 product highlights compared to January 2025: Interest Rate ADV increased 18% U.S. Treasury futures and options ADV increased 15% to 7.7 million contracts SOFR futures and options ADV increased 21% to 5.6 million contracts 30 Day Fed Funds futures ADV increased 59% to 504,000 contracts Metals ADV increased 218% Record Micro Silver futures ADV of 438,000 contracts Record 1-Ounce Gold futures ADV of 115,000 contracts Record Micro Copper futures ADV of 48,000 contracts Micro Gold futures ADV increased 472% to 693,000 contracts Equity Index ADV increased 4% Micro E-mini Nasdaq 100 futures ADV increased 10% to 1.8 million contracts Energy ADV increased 11% Record Henry Hub Natural Gas futures ADV of 851,000 contracts Record Henry Hub Natural Gas options ADV of 403,000 contracts WTI Crude Oil options ADV increased 26% to 273,000 contracts Foreign Exchange ADV Japanese Yen futures ADV increased 32% to 204,000 contracts Foreign Exchange options ADV increased 9% to 69,000 contracts Cryptocurrency ADV increased 106% Micro Ether futures ADV increased 69% to 116,000 contracts Ether futures ADV increased 67% to 20,000 contracts Micro Products ADV Micro E-mini Equity Index futures and options ADV of 3.2 million contracts represented 43.9% of overall Equity Index ADV and Micro WTI Crude Oil futures accounted for 2% of overall Energy ADV International ADV increased 19% to 9.2 million contracts, with EMEA ADV up 18% to 6.7 million contracts and APAC ADV up 25% to 2.2 million contracts BrokerTec U.S. Repo average daily notional value (ADNV) increased 20% to $382 billion and European Repo ADNV increased 11% to €346 billion EBS Spot FX ADNV increased 13% to $75 billion and FX Link ADV increased 78% to 59,000 contracts ($5.7 billion notional per leg)

Trading Technologies International, Inc. (TT), a global capital markets technology platform services provider, announced today the promotion of Reena Raichura to SVP and Chief Product Officer. Raichura, an award-winning fintech and product development executive, has more than 25 years of experience in technology and capital markets. Relocating from Singapore to Chicago for the new role, Raichura is charged with leading the next chapter of TT's product evolution, focused on building and delivering the platform strategy, and enhancing the discipline the product organization brings to its planning, preparation and go-to-market execution. She reports to Jason Shaffer, EVP and Chief Technology and Product Officer. Shaffer said: "Reena has demonstrated exceptional organizational discipline and a wealth of strategic experience as a conduit between business and technology, generating business value through platform, product and technological innovation. She's exactly the right leader to elevate and mature our product management discipline and operations and drive the rigor necessary for our ambitious growth plans." Raichura joined TT in May last year as Managing Director, Core Platform Product Management. She has held senior product and technology roles at financial services and fintech organizations including J.P. Morgan Corporate Investment Bank and Wealth Management, ION Fidessa, Exane BNP Paribas, interop.io and more. She serves as a Non-Executive Director at Alfa Financial Software Holdings PLC, a FTSE 250 company. Named "Fintech Person of the Year" for 2023 in the FTF News Technology Innovation Awards, Raichura has earned a broad range of recognitions over the past five years. She is a published author and serves as a moderator and keynote speaker on technology innovation, disruption and digitalization. Raichura earned a Master of Science degree in Information, Systems and Technology from City St. George's, University of London and a Bachelor of Arts degree in European Studies and German with honors from Coventry University.

Deutsche Börse with its trading venues Xetra and Frankfurt generated a turnover of €171.49 billion in January (previous year: €129.01 billion / previous month: €116.33 billion). €165.15 billion were attributable to “Deutsche Börse Xetra” (previous year: €124.97 billion / previous month: €113.00 billion), bringing the average daily Xetra trading volume to €7.86 billion (previous year: €5.68 billion / previous month: €5.95 billion). Trading volumes on “Deutsche Börse Frankfurt” were €6.35 billion (previous year: €4.04 billion / previous month: €3.33 billion). By type of asset class, equities accounted in total for €121.08 billion. Trading in ETFs/ETCs/ETNs generated a turnover of €47.37 billion. Turnover in bonds was €0.74 billion, in certificates €2.23 billion and in funds €0.07 billion. The DAX stock with the highest turnover on Xetra in January was SAP SE with €10.77 billion. Renk Group AG led the MDAX with €911.56 million, while Schaeffler AG NA O.N. led the SDAX index with €355.94 Mio million. In the ETF segment iShares Core MSCI World UCITS ETF generated the largest volume with €896.44 million. Trading volumes January 2026 in billion euros:   Xetra Frankfurt Total Equities 118.15 2.93 121.08 ETFs/ETCs/ETNs 47.00 0.37 47.37 Bonds - 0.74 0.74 Certificates - 2.23 2.23 Funds - 0.07 0.07 January ‘26 in total 165.15 6.35 171.49 December ‘25 in total 113.00 3.33 116.33 January ‘25 in total 124.97 4.04 129.01 Further details are available in Deutsche Börse’s cash market statistics. For a pan-European comparison of trading venues, see the statistics provided by the Federation of European Securities Exchanges (FESE).

Key takeaways: Digital asset products saw US$1.7bn of weekly outflows, flipping YTD flows to a net outflow of US$1bn and driving a US$73bn fall in AuM since October 2025 highs. Outflows were heavily concentrated in the US at US$1.65bn, with broadly negative sentiment across regions and major assets, led by Bitcoin and Ethereum. Short Bitcoin and Hype products were notable exceptions, benefiting from defensive positioning and tokenised precious metals activity respectively. The full research features in CoinShares’ weekly newsletter, which can also be found here.

People who pay monthly for their insurance are saving around £157m a year, with over half the firms the FCA reviewed as part of a market study lowering the cost of premium finance. Interest rates for premium finance have fallen by an average 4.1 percentage points since 2022, saving consumers £8 on a typical motor policy and £3 on a typical home policy per year. The changes result from regulatory attention, fair value assessments and base rate reductions.   The FCA has seen even more significant changes made by firms it identified as at highest risk of not providing fair value, following direct engagement with them. These firms reduced APRs by 7 percentage points on average – saving £14 on a typical motor policy and £4 on a typical home policy per year. Graeme Reynolds, director of competition and interim director of insurance at the FCA, commented: 'For millions, paying for insurance monthly is not a choice: it’s a necessity. We found that competition in the market is meeting the needs of many consumers. But where we found issues, we used our Consumer Duty to get people fairer value, without needing to write new rules. 'While we’re not planning any market-wide changes, we won't hesitate to act if firms fall short of our expectations as we continue to monitor fair value.' In 2023, nearly half of motor and home insurance policies (about 23 million) were paid monthly, often because customers couldn’t afford annual payments. The FCA has confirmed it will not introduce a price cap or mandate that premium finance is provided without interest, as this could restrict access to important cover for customers who can only afford to pay monthly. The regulator expects all firms to consider whether further changes are needed to their premium finance offerings to meet fair value requirements. To help them, it has shared examples of good and poor practice seen across the premium finance market. Background   Read our final report and interim report.   The estimated savings for individual motor and home insurance customers quoted above, £8 and £3 respectively, refer to reductions in the average cost of premium finance from £49 to £41 (2022 vs 2026) for motor and £18 to £15 for home (2022 vs 2026). Savings are calculated using representative motor and home premiums of £400 and £220 respectively. Since the Consumer Duty came into force in 2023, firms have been required to undertake fair value assessments to demonstrate if the price a consumer pays for a product or service is reasonable compared to the overall benefits they can expect to receive.   We have previously provided good and poor practice on fair value assessments with further examples in the full report.   Read our blog on fair value.

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: 02 February 2026 Aggregate number of ordinary shares purchased: 246,500 Lowest price paid per share: 8,120.00p Highest price paid per share: 8,326.00p Average price paid per share: 8,220.94p   LSEG intends to cancel all of the purchased shares. Following the cancellation of the repurchased shares, LSEG has 507,265,409 ordinary shares of 679/86 pence each in issue (excluding treasury shares) and holds 21,451,599 of its ordinary shares of 679/86 pence each in treasury. Therefore, the total voting rights in the Company will be 507,265,409. 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/4001R_1-2026-2-2.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:       246,500 (ISIN: GB00B0SWJX34) Date of purchases:      02 February 2026 Investment firm:         Citi Aggregate information: Venue Volume-weighted average price Aggregated volume Lowest price per share Highest price per share Turquoise 8,220.96 24,800 8,124.00 8,324.00 London Stock Exchange 8,220.93 221,700 8,120.00 8,326.00

ASIC Chair Joe Longo has welcomed the appointment of Sarah Court as the agency’s incoming Chair. Mr Longo said Ms Court would bring deep regulatory expertise to the role from her career of public service. ‘Sarah is an exceptional regulator with a strong record in enforcement that demonstrates her integrity and impact,’ Mr Longo said. ‘Her work as ASIC’s Deputy Chair has been instrumental to the success of the agency’s structural transformation that has strengthened our enforcement posture and work, leading to better outcomes for consumers and a fairer financial system. ‘ASIC will be in very capable hands under her leadership. ‘Over the coming months, I will support Sarah, the Commission and all our staff to ensure a smooth and orderly transition.’ Sarah Court commences as ASIC Chair on 1 June 2026.

The Commodity Futures Trading Commission announced today the following enforcement update. The U.S. District Court for the Southern District of Texas entered a consent order against Matthew Clark of Houston for misappropriation of confidential information and directing business in exchange for illegal kickbacks in schemes to defraud his employer. Under the order, Clark must pay $7,709,509 in restitution, representing his employer’s losses from the kickback scheme, and $6,532,360 in disgorgement, representing Clark’s gains from both schemes. The order also permanently bans Clark from trading and CFTC registration. The consent order resolves all claims the CFTC brought against Clark in the complaint filed in February 2022 [See CFTC Press Release No. 8490-22]. The CFTC previously charged and settled with a broker, Mathew Webb for his role in the misappropriation of information and kickback schemes on June 15, 2021 [See CFTC Press Release No.8396-21]. The U.S. District Court for the Southern District of Texas entered a consent order against Peter Miller, a proprietary trader, for his participation in the misappropriation scheme on Dec. 22, 2025 [See CFTC Press Release No.9168-26]. In a related criminal case, the Department of Justice charged Clark in February 2022 with conspiracy to commit honest services wire fraud, insider trading, and prohibited commodities transactions based on the same conduct alleged in the CFTC’s complaint. [United States v. Matthew Clark, No. 4:22-cr-00055 (S.D. Tex. Feb. 3, 2022)]. Clark pleaded guilty and, in June 2024, was sentenced to six years and six months in prison and ordered to pay $7,709,509 in restitution and $6,532,360 in criminal forfeiture. RELATED LINKS Consent Order: Matthew Clark