The Canadian Securities Administrators (CSA) is warning Canadians about the growing risk of fraud and financial abuse targeting older investors. As more people use digital platforms and artificial intelligence (AI) becomes more widespread, fraudsters are using new tactics to make scams appear credible and urgent. In recognition of World Elder Abuse Awareness Day, the CSA is encouraging investors and their families to take steps to better recognize, avoid and report investment fraud. “Older Canadians may face increased exposure to fraud and financial abuse,” said Stan Magidson, CSA Chair and Chair and CEO of the Alberta Securities Commission. “Fraudsters often exploit trust, social connections, and new technologies such as AI to make scams appear legitimate. Taking simple precautions can help protect your financial well-being.” Protect yourself from investment fraud The CSA encourages investors to: Be cautious about what you share online. Limit sharing personal information on social media or in online communications with those you’ve never met before. Fraudsters can use these details to target or manipulate you. Be wary of unsolicited investment offers. This includes messages from new acquaintances or online relationships that involve money, investment advice, or requests to transfer funds, especially crypto. Do not rely on celebrity or politician endorsements. Scammers often use AI-generated images or videos to falsely suggest endorsements from well-known individuals. Check before you invest. Use AreTheyRegistered.ca to confirm that the person or firm you are dealing with is registered. Registration helps ensure they meet regulatory requirements. Take your time. Fraudsters often try to create a sense of urgency. Do not feel pressured to make quick financial decisions without researching the investment and verifying the registration of those offering it. Add a Trusted Contact Person The CSA also reminds investors of the importance of naming a Trusted Contact Person (TCP) on their investment accounts. An appointed TCP is an important safeguard that gives your financial advisor someone they can contact if they cannot reach you, or are concerned about possible financial abuse, fraud or financial exploitation or concerns around decision-making abilities. A TCP: does not have authority over your account cannot make investment decisions cannot access your account information World Elder Abuse Awareness Day is recognized annually on June 15. The CSA encourages Canadians to share this information and learn more about protecting themselves from fraud at securities-administrators.ca. The CSA also has  investor tools and resources available online to help Canadians become more informed investors. Investors can follow @CSA_News on X, @CSA.ACVM on Facebook and subscribe to the CSA’s Investor Alerts.  The CSA is the council of securities regulators of Canada’s provinces and territories. The CSA’s objective is to improve, coordinate and harmonize regulation of the Canadian capital markets.

Eight centuries ago, the fairs of Champagne were where Europe settled its accounts. Held throughout the year, they drew merchants from the cloth towns of Flanders to the banking city-states of Italy who came to clear their debts against one another on paper rather than carting silver across the continent. Bills written all over Europe were timed to come due at these fairs, to be reckoned together, so that great sums changed hands with barely a coin in sight. For a time, a divided Europe settled its accounts as one. Since then, Europe has advanced enormously towards integrated settlement, above all with the euro and the systems that underpin it. But the challenges never stop, and Champagne shows what is at stake if they go unanswered. As tolls rose and new sea routes opened the merchants drifted away, and Europe’s first common market faded into memory. Today, we face two new challenges at once. Technology is rewriting how money is exchanged and trades can be settled, most of all through tokenisation. And geopolitics has turned the ownership of financial infrastructure into an instrument of power, so that sovereignty now matters where once it did not. Real as these challenges are, for Europe they are above all an opportunity. In our capital markets, they offer the chance to tackle the fragmentation that has held us back for decades, and in our retail payments, the chance to open the field to operators working right across Europe, and to more competition. In the Eurosystem, we are pursuing a comprehensive strategy to seize this opportunity. It starts with wholesale markets. Today, a single cross-border transaction passes through a chain of separate record-keepers, each holding its own ledger, creating high transaction costs and reinforcing home bias. 32 central securities depositories keep these records across our Union. The United States has two. Tokenisation offers a way past this. On a shared ledger, ownership is recorded once and payment changes hands in the same instant as securities do, with the terms of settlement written into the instrument itself. We have been trying for decades to weave our national systems into one. Now we can build a new layer that is complete from the start. But the technology settles nothing on its own. Without a credible, risk-free asset to settle in, tokenised finance will splinter into private islands and fail to reach escape velocity from its current sandbox status. The market has told us as much. We brought together more than 60 participants from across the industry, and their message was clear: they will not commit to issuing digital assets at scale until they can settle in central bank money. Nothing else is trusted and accepted by all, and nothing else can expand and contract with the market’s needs so that liquidity is there when the system most needs it. A token that is backed euro-for-euro can never do that. So we are answering the call. Already in the course of this year, our Pontes project will settle tokenised transactions in central bank money. And our Appia project reaches further still. With the market, it is drawing the blueprint for a single European market in tokenised finance and putting Europe at the frontier of this new technology. The next dimension is retail payments, and the role of central bank money within them. The only public money we can hold today is cash, our ultimate claim on the central bank, and our connection to it. The Eurosystem is committed to preserving cash, with a new series of euro banknotes on the way. But as more of daily life moves online, Europeans risk losing that connection altogether. The digital euro carries it forward, a euro issued by the ECB and available to all. The digital euro does more than preserve what we have. It is also a chance to end a dependence we have lived with for too long. Europe has no pan-European card scheme of its own, and most of what people tap and swipe runs on networks we do not own. International schemes account for more than 60% of card payments, and 13 out of 21 euro area countries have no national card scheme. European schemes have never reached pan-European scale because they are caught in a vicious circle: no merchant adopts what few customers use, and no customer uses what few merchants accept. The digital euro breaks that circle. Because of its legal tender status, it must be accepted everywhere. This would give Europe, at last, a payment instrument that works across the whole Union. And because its technical standards are open, any provider can build on them and reach across Europe from the start. For the first time, European players could compete on equal terms. The final dimension is cross-border payments. Sending money abroad is still slow and costly, routed through long chains of correspondent banks. US dollar-denominated stablecoins are positioning themselves to move into that gap, promising to be faster and often cheaper than the current system. It remains to be seen whether the promise will be kept once end-to-end costs are factored in and compliance standards are brought up to those of regulated providers. But the gap is there and the case for action is clear. The G20 has recognised as much, putting cross-border payments at the centre of its own reform roadmap. The Eurosystem is acting here, too. By interlinking our instant payment system, TIPS, with others, we are letting European payments reach across the world. A link to India’s UPI, the largest instant payment system in the world, is now being built, while connections to the Nexus Global Payments network in South-East Asia, and to Switzerland’s SIC IP system, are in advanced stages of analysis. The aim is simple: that Europeans can transfer money to a growing list of countries around the world in seconds, on rails of their own. Which brings me to the largest prize of all. The euro’s international role has long been held back by the same fragmentation that limits us at home: markets that are too shallow, infrastructure that is too divided. Put our own house in order, and that begins to change. A deep and integrated market, anchored in trusted public money, is the path to a currency the world will want to use. The Eurosystem is doing its part. But we cannot deliver this vision for Europe alone. We need the market to invest in the technology and to agree on shared standards. With Appia, we are building them together so that tokenised networks connect to each other, rather than remaining siloed. And we need governments to provide legal certainty through a common framework for digital assets. National regimes are already multiplying, and unless we establish that framework first, we will rebuild in law the fragmentation that technology is currently dissolving. Eight centuries ago, a divided Europe settled its accounts as one. But this did not last. What we have built since then – a single currency settled on shared rails – is extraordinary. The challenge is to carry it into the tokenised age, so that the new technology extends our single settlement rather than fragmenting it. This time, we can keep it.

Eurosystem and ECB portfolios on track to meet emissions reduction targets Inflation-adjusted emissions metrics disclosed for first time to further improve transparency Green bond share in ECB own funds increases further, supporting green transition The European Central Bank (ECB) today published for the fourth time a set of climate-related financial disclosures. They provide an overview of the carbon footprint and climate-related risks of the Eurosystem’s monetary policy portfolios, the ECB’s foreign reserves and the ECB’s non-monetary policy portfolios, which include its staff pension fund and own funds portfolio. Emissions associated with the Eurosystem’s monetary policy portfolios and the ECB’s foreign reserves continued to decline in absolute terms, which was mainly driven by the ongoing run-off of these portfolios, which declined by 13% in 2025. The Eurosystem remained on track in 2025 to meet its interim emissions reduction targets, set on a relative carbon intensity basis, for the corporate bonds it holds for monetary policy purposes, on a path that supports the goals of the Paris Agreement and the EU’s climate neutrality objectives. However, the run-off means that the ECB cannot keep tilting reinvestments towards issuers with better climate performance, so further emissions reductions will depend on issuers themselves taking action to reduce their emissions. To further improve transparency, the ECB is reporting a set of inflation-adjusted emissions metrics for the first time. Higher inflation can overstate the pace of reduction in emissions by increasing portfolio nominal revenue, which is used to calculate the carbon intensity. The inflation-adjusted metrics correct for the apparent improvements in emissions metrics driven by rising prices and reflect real decarbonisation changes. These indicators complement existing ones and provide additional insight into emissions performance over time. For the first time, the reports also disclose relative metrics for scope 3 emissions of non-sovereign holdings, which include all indirect emissions that occur in a company’s value chain. This reflects recent improvements in data quality driven by the expanded coverage of reported financed emissions, despite remaining limitations. These emissions represent the bulk of portfolio emissions of these holdings. The ECB’s non-monetary policy portfolios also show continued progress. In the ECB’s staff pension fund, the relative carbon footprint of corporate assets declined further in 2025, keeping the portfolio on track towards its medium and long-term climate targets. In the ECB’s own funds portfolio, the share of green bonds increased to 33% at the end of 2025, channelling €7.6 billion towards the green transition. The ECB aims to increase the share of green bonds to 35% in 2026. Beyond climate change, the ECB continues to recognise the growing importance of nature-related risks and their strong links with climate change. Building on its disclosures last year, the ECB is again reporting on the exposure of its portfolios to sectors with material dependencies or impacts on nature, as identified by the Taskforce on Nature-related Financial Disclosures. Together with the rest of the Eurosystem, the ECB continues to closely monitor the ongoing improvements in the quality of nature-related data and the development of associated reporting standards. As these continue to improve, the ECB intends to further expand its nature-related disclosures over time. By publishing these disclosures, the ECB and the Eurosystem continue to provide transparency and support wider efforts to improve the availability and quality of climate and nature-related data. Within its mandate, the ECB remains committed to taking climate change and nature degradation into account in its policies and operations, supporting the green transition and contributing to a sustainable future.

As Credit Index Futures continue to reshape the landscape of credit derivatives trading, Eurex is proud to spotlight the voices of our most influential partners. In this exclusive series, we sit down with leading market participants from firms that have played a pivotal role in the development, adoption, and evolution of Credit Index Futures at Eurex. From early product design to global market expansion, these conversations offer unique insights into how Credit Index Futures are being used across trading desks, what differentiates them from other instruments, and where the market is headed next. Whether you're a seasoned credit trader or exploring new hedging strategies, this series delivers firsthand perspectives from those shaping the future of credit markets. Introduction: Alessia Frontalini is Executive Director in F&O Sales at J.P. Morgan and a supporter of Eurex Credit Index Futures in the market and internally. As a key point of contact for buy-side clients, Alessia has a strong understanding of the clients’ needs and use cases in the ecosystem. Being a design partner in the Credit Derivatives Partnership Program, she sat down with us to discuss her and the firms involvement in Credit Index Futures. Eurex: Alessia, over the past years you have been a staunch supporter of Credit Index Futures at Eurex and talk to clients about these products every day. Please, tell us what your initial thoughts were when you first heard about the products and how you have seen that developing.   Alessia Frontalini   Alessia Frontalini: In the broader "futurization" trend, credit was always the asset class where I expected adoption to be slowest, given its long-standing status as a predominantly OTC market. The nature of the business – its breadth of instruments and relative illiquidity compared with other asset classes – made the transition to listed markets appear more challenging initially. When I first approached clients about Credit Index Futures, reactions were mixed: some viewed them as a genuine innovation (with a degree of early skepticism), while others recalled earlier, historic attempts to move credit into listed formats that saw limited uptake. That said, progress has been rapid, with growth accelerating markedly in recent months. The first quarter of the year was particularly instructive as we navigated rolls, higher volatility, and a steady influx of new participants. If anything, credit futures demonstrated resilience in more volatile conditions: open interest and average daily volumes increased significantly, which helped strengthen investor confidence even when trading conditions were less than ideal. Eurex: We appreciated your engagement and collaboration across Europe and the U.S. How do you think about the global offering that Eurex has, and what feedback do you hear from clients worldwide? Alessia Frontalini: It has been an exciting journey – there is something compelling about seeing a market develop effectively from the ground up, with a broad range of participants committing to the product and supporting its continued growth. A global offering undoubtedly places Eurex in a unique position of strength. In practice, many clients will naturally begin with products listed on their local exchange and denominated in their functional currency. In Europe, we have seen early adoption of the EUR contracts, alongside more tentative positioning in the USD contracts. That is entirely consistent with expectations, and I would view USD adoption as a natural "second phase" of development rather than an immediate priority for all European clients. Conversely, it is logical that interest in the USD contracts has been stronger outside Europe. Either way, the ability to access the full suite on a single exchange is a clear advantage, and I expect clients to make increasing use of that over time. Eurex: Credit futures markets are embedded in an ecosystem of other derivatives and cash products such as ETFs, corporate bonds, credit default swaps and total return swaps. At J.P. Morgan, you have been successful in integrating the offering across futures, credit macro and traditional credit channels, reaching a broad client base. How are these various customer groups thinking about the products and what are the biggest differentiators that you find for Credit Index Futures compared to the other alternatives they are already employing? Alessia Frontalini: One factor that has worked particularly well has been the centralization of the trading desk, with a unified pool of traders able to quote across instruments – from ETFs and CDS to futures. This makes it easier for sales teams (and, by extension, clients) to obtain a clear, like-for-like comparison across products, highlighting the relative economic merits of each instrument depending on funding and other considerations. The client base is broad, spanning both multi-asset investors and credit-specialist desks. As a result, some clients naturally gravitate toward futures because they already trade futures actively in other asset classes; others are more deeply embedded in the OTC ecosystem and therefore continue to prefer traditional credit instruments. Overall, Credit Index Futures sit alongside existing tools rather than replacing them, adding a highly practical instrument with multiple use cases – for example, for clients without an ISDA/CSA infrastructure in place; for those seeking to gain beta or generate alpha efficiently through a liquid instrument; or for those who want to benefit from the advantages of listed markets, including transparency and cross-margining. Eurex: Over the past weeks, we saw European investment grade (EUR IG) futures overtake the largest corresponding ETF in terms of volumes on multiple days. Do you think we have reached an inflection point? What are the next benchmarks you are looking for, and where do you think the market will develop in the foreseeable future? Alessia Frontalini: Yes – I would expect the records set during March (in terms of open interest, daily volumes, and volumes relative to ETFs) to be tested and exceeded again, with meaningful room for further growth. If anything, the volume of client engagement - both virtual and in-person -has been substantial and continues to increase month on month. There remains significant untapped potential, with many accounts still completing system readiness work or finalising risk comfort before they can begin trading; over time, that should translate into additional positions and higher volumes. More than focusing on a single headline benchmark, the next step is reaching a level where the market can consistently transact materially larger risk sizes – multiples of what we have seen so far – supported by traders' ability to hedge efficiently and provide deeper liquidity. Further information  Credit Index Futures  Credit Index Derivatives Partnership Program  Download center Credit Index Futures

Commodity Futures Trading Commission Chairman Michael S. Selig today announced two senior staff appointments. Donald Battle as Chief Data Innovation Officer Don Battle joins the CFTC as chief data innovation officer, serving in the Division of Data and as a member of the Innovation Task Force. “I am thrilled to welcome Don Battle to the CFTC,” Chairman Selig said. “Don brings a wealth of expertise in data science, blockchain forensics, programming interfaces, and cutting-edge AI solutions. His contributions will be instrumental in driving the agency forward in fostering innovation and ensuring we continue to adapt to the evolving technological landscape.” “I was lucky enough to work for Chairman Selig on the SEC’s Crypto Task Force, and to be asked to follow him to the CFTC is a true honor,” Battle said. “We are living in the age of data, and I could not be more driven to help the Chairman and talented CFTC staff to be a force multiplier for integrity and innovation in the United States.” Battle joins the CFTC from the Securities and Exchange Commission, where he most recently served as a senior advisor to Commissioner Hester Peirce on the agency’s Crypto Task Force and on detail from his role as assistant director in the Enforcement Division’s Data Science Group. At the SEC, he helped develop various programming and data science solutions to analyze large datasets, leading complex investigations involving novel technologies. He has led teams that have won the SEC Chair’s award for Investor Protection, the Paul R. Carey Award, and the Arthur F. Mathews Award. Prior to the SEC, Battle served as a virtual currency enforcement officer at the Financial Crimes Enforcement Network (FinCEN) at the U.S. Department of Treasury. He brings expertise heavy in data science, blockchain forensics, programming interfaces, emerging integrated AI solutions, and the statutory obligations around anti-money laundering and counterterrorism under the Bank Secrecy Act. Battle received his B.A. from George Mason University, graduating cum laude. J Matthew Haws as Senior Advisor and Chicago Regional Administrator  J Matthew Haws joins the CFTC as senior advisor in the Office of the Chairman and as the Chicago Regional Administrator. “I’m pleased Matt Haws is joining the Commission,” Chairman Selig said. “Matt will be a vital addition to our Chicago office as the agency continues to staff up throughout the country. His extensive background in derivatives markets will help drive forward the agency’s mission to protect our markets and market participants from fraud, manipulation, and other abuses.” “I am honored to join the CFTC at this exciting time in its history,” Haws said. “At this critical moment for innovation in American financial markets, I look forward to contributing to the Commission’s efforts to support responsible innovation and ensure market integrity.”  Haws brings more than 13 years of experience advising global financial institutions. He most recently served as senior legal counsel at Marex, advising the firm’s U.S. derivatives and capital markets businesses on critical regulatory risks, governance, and compliance frameworks. He previously was a partner at Katten Muchin Rosenman LLP, where he represented Futures Commission Merchants, broker-dealers, and swap dealers, among others, in complex regulatory enforcement and litigation matters. Haws earned his J.D., magna cum laude, from the University of Illinois College of Law and his B.S. from Boise State University. He is admitted to practice in Illinois.

The Initial Public Offering (IPO) of 750,000,000 shares, equivalent to 5% of the stocks of “Tamin Agriculture and Husbandry and Dairy Investment Group” with a notable participation of 1,259,168 trading codes was conducted at Tehran Securities Exchange on Monday, 15th June 2026. This Group was listed as the 670th company, under the ticker of “TDKO” in the sector of “Agriculture” on TSE’s main board of the second market. The newly listed issuer was priced at IRR 6,333 per share through a price discovery method. In this event, 1,251,164 trading codes were allocated a maximum of 648 shares each. Tamin Agriculture and Husbandry and Dairy Investment Group that was established on 16 February 2004, is a diversified organization dedicated to advancing sustainable agricultural, livestock and diary production. Through strategic investments, modern farming practices, and innovative technologies, the group aims to enhance productivity, support food security, and create long-term value across the agricultural supply chain. With a strong commitment to quality, efficiency, and environmental responsibility, this Investment Group works closely with producers, industry partners, and local communities to promote growth and development in the sector. TDKO continues to expand its impact by fostering innovation, strengthening production capabilities, and contributing to the sustainable future of agriculture and dairy industries.

Appoints Fiserv Executive Takis Georgakopoulos as Chief Executive Officer Bringing Payments, Technology, and Financial Services Experience to the Role Mike Lyons Steps Down to Become CEO of Truist Financial Corporation Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, today announced that Takis Georgakopoulos has been appointed Chief Executive Officer (CEO) and as a member of the Board of Directors, effective immediately. He succeeds Mike Lyons, who has stepped down as CEO and member of the Board of Directors to return to banking and become CEO of Truist Financial Corporation. Mr. Georgakopoulos joined Fiserv in late 2024 and brings more than two decades of payments, technology, financial services, AI, and cybersecurity experience to the role. As a member of the Fiserv executive team, he has been leading and partnering across the company’s Financial Solutions and Merchant Solutions businesses to capitalize on the opportunities in these converging markets. Mr. Georgakopoulos will continue to focus on delivering best-in-class technology across the enterprise and remain closely engaged with the Merchant Solutions business to drive positive client outcomes. Most recently, Mr. Georgakopoulos served as Fiserv’s Co-President leading Technology and Merchant Solutions and previously as Chief Operating Officer, Technology and Merchant Solutions. Prior to his tenure at Fiserv, he served as Global Head of Payments for J.P. Morgan’s Corporate and Investment Bank, where he oversaw all aspects of the business including technology, product, sales, and operations. Earlier in his career, he was a partner at McKinsey & Company, advising large financial institutions. Gordon Nixon, Chairman of the Fiserv Board of Directors, said, “Takis is an exceptional leader whose strategic vision, technical depth, and knowledge of our clients have been instrumental since he joined Fiserv. During this time, he has driven meaningful progress in modernizing our merchant platform, accelerating Clover, and embedding AI across our infrastructure. He is the right leader to guide Fiserv in an industry being reshaped by rapid advances in technology, innovation, AI, and cybersecurity.” Nixon added, “The Board has great confidence in the company's strategy outlined at Investor Day and in Takis's ability to lead Fiserv, execute the One Fiserv action plan, and optimize shareholder value for the long-term.” Mr. Georgakopoulos commented, “I am honored to serve as CEO of Fiserv. The company has leading positions across finance and commerce, a unique ability to enable financial transactions across financial institutions, merchants, and consumers, the scale to compete and win, and the most talented team in the industry. I look forward to working closely with the Board and leadership team as we continue to advance the strategic priorities we laid out at Investor Day.” Mr. Nixon added, “We appreciate Mike's leadership during an important period for the company. On behalf of the Board, we wish him all the best in his new role.” Mr. Lyons said, “I’m proud of what the team has accomplished over the past year. I have great confidence in the Company's strong platform, talented leadership team, and dedicated associates and look forward to partnering with Fiserv as a client in the years ahead.” Reaffirming 2026 OutlookThe company is reaffirming its outlook for the full year 2026 as provided on May 5, 2026. Fiserv continues to expect organic revenue growth of 1% to 3% and adjusted earnings per share of $8.00 to $8.30 for 2026. Additional information regarding our current outlook, including the definitions of the non-GAAP financial measures referenced herein and related reconciliations, is included in our earnings release dated May 5, 2026, which is available on our investor relations website. About Takis GeorgakopoulosTakis Georgakopoulos joined Fiserv in 2024 as an Executive Vice President and member of the Management Committee and became Chief Operating Officer, Technology and Merchant Solutions in April 2025 and Co-President and Head of Merchant Solutions and Technology in December 2025. Before joining Fiserv, he served as Global Head of Payments for J.P. Morgan’s Corporate & Investment Bank, where he oversaw all aspects of the business, including technology, product, sales, and operations.

Global educational charity and professional body the CISI (Chartered Institute for Securities & Investment) is delighted to announce the appointment of Emilios Tannousis MCSI, FCCA as president of the CISI’s Cyprus National Advisory Council (NAC). Emilios (above) previously served as vice president of the CISI’s Cyprus NAC. He has over 25 years of experience in the wealth and asset management industry, with expertise in wealth management and family office advisory for both private and institutional clients. He currently serves as Partner, Wealth Management at Gravity Private Wealth, a European-regulated multi-family office advisory boutique firm serving private families and institutional investors across global financial markets. Prior to joining Gravity, Emilios led the Wealth Management Units at Bank of Cyprus, overseeing teams serving private clients, family offices, investment funds, pension funds, insurance companies and other institutional investors. He also currently serves on the Board of the Cyprus Investment Funds Association (CIFA) and is a member of the Advisory Board of the European Institute of Management and Finance (EIMF) Master's programme in Risk and Governance. Emilios Tannousis MCSI, FCCA said: "I am honoured to take on the Presidency of the CISI Cyprus National Advisory Council at a time when the financial services industry is rapidly evolving through innovation, digital transformation, and increasing global interconnection “I look forward to collaborating closely with fellow peers and the Institute in London to further strengthen professional standards, promote ethical leadership, and support the continued development of Cyprus as a growing international financial services centre and as a hub for family wealth and fintech innovation, underpinned by a robust European regulatory framework." Tracy Vegro OBE CISI CEO said: “Our warmest congratulations to Emilios, who has been integral to our Cyprus NAC over the years and continues to be an advocate for CISI and the wider financial services profession. We look forward to supporting him in championing integrity, raising individual standards of knowledge, skills and behaviour. “We are also deeply grateful for the outstanding service of Charles Charalambous, Chartered MCSI, Chief Executive Officer, Cyprowealth Group, who will remain with us as the Vice President of Cyprus NAC.” The next Cyprus CISI event will be a summer social gathering and a date will be confirmed shortly.

CloudMargin, the only collateral and margin management solution purpose-built for the cloud, announced today the appointment of Nico Busch, a veteran capital markets, fintech and data product executive, as Chief Product Officer, effective today. The hire coincides with a series of senior management organisational changes and promotions designed to help the firm capture new opportunities in the marketplace, including AI-native products and services. CloudMargin CEO Stuart Connolly said: "Nico joins us at an exciting time as we embark on the execution of our new vision and innovative wave of product development after we've demonstrated a strong growth trajectory and successful delivery of our previous three-year commercial and product strategy. We're at an incredibly important juncture with the advent of truly transformative agentic AI advancements, which will serve as the foundation of our business evolution. With that in mind, we are refreshing our operating model, acknowledging the strong contributions of our leadership team and ensuring we're best positioned for our next stage of growth." Steven Marconi, Chief Operating Officer (COO), has been promoted to President & COO, with increased responsibility for key additional parts of the business, including Product and Client Services. David White, Chief Commercial Officer of CloudMargin since 2020, now assumes responsibility for all aspects of the firm's revenue growth journey, including client success. Simon Millington, who joined CloudMargin in 2015 and has served as Head of Business Development for the past five years, now reports to White as Head of Client Success and Partners. Miriam Marascio, previously Head of Client Services, has just been appointed Chief Client Services Officer, now reporting into Marconi. Yasmin Ullah, who has been the firm's Chief People Officer, assumes the new role of Chief of Staff, broadening her responsibilities beyond people matters. Ullah will continue to report to Marconi. Marconi said the firm has already brought in professionals with hands-on experience in AI engineering and product development and will bring on more as it undertakes initiatives to create even further efficiencies and tools for clients that leverage AI-native capabilities. Busch, reporting to Marconi, joins CloudMargin after serving for nearly four years as Product Manager and later Head of Product at Xceptor, a global provider of data automation for financial institutions. He was previously CX (Customer Experience) Manager at Digital Asset, a leading innovator in blockchain technology and creator of the technology that launched the Canton Network. From 2016 to 2021, Busch served as Product Manager and then Head of Product Management for Duco, a data automation company for financial institutions. His career also includes roles in risk, product, technical and analytical roles at Kyriba, IT2 Treasury Solutions and Bank of New York Mellon. He earned a Bachelor of Science degree in philosophy and economics from the London School of Economics and Political Science and a Master of Science degree in risk management and financial engineering from Imperial College London. Connolly said: "I am excited about what the future holds and extremely proud of our leadership team and the colleagues who serve our clients every day. Along with Clinton Elston, our Chief Technology Officer, Steven, David, Miriam, Yasmin, Nico, Simon and I are committed to ensuring that CloudMargin remains at the forefront of the industry, leveraging opportunities that will bring important new capabilities and efficiencies to our clients as the landscape evolves at an unprecedented pace."

Global exchanges experienced a paradoxical month in May 2026, with record-high trading volumes failing to translate into stock price growth for many operators. According to the latest data from Mondo Visione, macroeconomic anxiety and political uncertainty are overshadowing strong transactional activity, causing a significant divergence in exchange performance. The FTSE Mondo Visione Index, which tracks the performance of listed exchanges and trading platforms, closed May at 97,274.04 points, a 3.4% decrease from its April close of 100,734.89 points. This dip occurred even as markets saw unprecedented trading activity. The top five exchanges by market capitalisation at the end of May 2026 were: CME Group: USD 98.57 billion   Intercontinental Exchange: USD 84.94 billion   Hong Kong Exchanges & Clearing: USD 64.67 billion   London Stock Exchange Group: USD 61.83 billion   Nasdaq: USD 53.12 billion Standout performers for the month in terms of capital returns (in U.S. dollars) were led by the Tel Aviv Stock Exchange, with an impressive 20% increase. India's BSE followed with a 13.8% rise, and Cboe Global Markets recorded a notable 11.2% gain. Conversely, some major exchanges faced significant declines. ASX experienced the steepest drop, falling 23.9% from May 1 to May 31. Brazil's B3 and Canada's TMX Group  also saw decreases of 9.9% and 8.0%, respectively. Herbie Skeete, Managing Director of Mondo Visione and Co-founder of the Index, commented on the trend: "Despite record-breaking trading volumes in May, not all exchange operators benefited equally. While investors sold off shares in transaction-heavy companies like CME and LSEG, they shifted their capital to Cboe's high-margin index options. This suggests that simply having high trading volume isn't enough to drive growth. Instead, Cboe's unique products and favorable market conditions are giving it a significant advantage." Click here to download a detailed analysis of the performance of global exchanges in May 2026. 1-YEAR PERFORMANCE CHART OF THE FTSE MONDO VISIONE EXCHANGES INDEX (USD CAPITAL RETURN) Source: FTSE Group, data as at 29 May 2026 Monthly FTSE Mondo Visione Exchanges Index Performance (Capital Return, USD) July 2014 3.1% August 2014 2.3% September 2014 -3.6% October 2014 2.8% November 2014 2.5% December 2014 -0.5% January 2015 -1.0% February 2015 8.5% March 2015 0.0% April 2015 10.7% May 2015 0.1% June 2015 -3.2% July 2015 -2.7% August 2015 -5.3% September 2015 -2.1% October 2015 7.6% November 2015 0.4% December 2015 -2.2% January 2016 -4,7% February 2016 -0.7% March 2016 6.7% April 2016 0.4% May 2016 1.8% June 2016 -2.2% July 2016 5.3% August 2016 2.3% September 2016 -1.6% October 2016 -1.6% November 2016 2.1% December 2016 0.1% January 2017 6.0% February 2017 -0.8% March 2017 1.4% April 2017 0.8% May 2017 1.6% June 2017 5.6% July 2017 2.7% August 2017 0.3% September 2017 3.6% October 2017 -0.7% November 2017 6.4% December 2017 -0.7% January 2018 10% February 2018 -0.5% March 2018 -1.6% April 2018 -1.0% May 2018 -1.5% June 2018 -0.8% July 2018 -0.7% August 2018 2.4% September 2018 -1.7% October 2018 1.0% November 2018 3.1% December 2018 -4.2% January 2019 5.4% February 2019 1.7% March 2019 -2.6% April 2019 4.6% May 2019 1.5% June 2019 4.3% July 2019 2.2% August 2019 3.7% September 2019 -0.8% October 2019 2.0% November 2019 -0.5% December 2019 1.6% January 2020 5.0% February 2020 -7.4% March 2020 -11.5% April 2020 8.0% May 2020 6.7% June 2020 2.3% July 2020 6.6% August 2020 4.9% September 2020 -5.2% October 2020 -6.7% November 2020 8.9% December 2020 7.2% January 2021 0.8% February 2021 1.4% March 2021 -2.7% April 2021 3.3% May 2021 2.5% June 2021 0.4% July 2021 0.4% August 2021 0.1% September 2021 -4.2% October 2021 5.9% November 2021 -5.6% December 2021 4.9% January 2022 -2.2% February 2022 -3.5% March 2022 3.5% April 2022 -8.6% May 2022 -5.1% June 2022 -0.7% July 2022 2.4% August 2022 -3.9% September 2022 -8.8% October 2022 -1.1% November 2022 11.5% December 2022 -2.9% January 2023 3.8% February 2023 -4.1% March 2023 5.0% April 2023 0.9% May 2023 -3.9% June 2023 3.8% July 2023 4.6% August 2023 -2.3% September 2023 -3.0% October 2023 -0.6% November 2023 7.7% December 2023 3.8% January 2024 -2.7% February 2024 4.3% March 2024 -0.1% April 2024 -3.8% May 2024 1.3% June 2024 -0.4% July 2024 3.2% August 2024 8.2% September 2024 4.7% October 2024 -1.2% November 2024 2.6% December 2024 -3.1% January 2025 4.3% February 2025 5.6% March 2025 2.2% April 2025 3.5% May 2025 4.4% June 2025 0.8% July 2025 -2.9% August 2025 -0.7% September 2025 -3.1% October 2025 -3.2% November 2025 3.6% December 2025 -0.4% January 2026 3.2% February 2026 3.2% March 2026 -4.1% April 2026 5.0% May 2026 -3.4%   About FTSE Mondo Visione Exchanges Index The FTSE Mondo Visione Exchanges Index, a joint venture between FTSE Group and Mondo Visione, was established in 2000. It is the first Index in the world to focus on listed exchanges and other trading venues. The FTSE Mondo Visione Exchanges Index compares performance of individual exchanges and trading platforms and provides a reliable barometer of the health and performance of the exchange sector. It enables investors to track 34 publicly listed exchanges and trading floors and focuses attention of the market on this important sector. The FTSE Mondo Visione Exchanges Index includes all publicly traded stock exchanges and trading floors: Australian Securities Exchange Ltd B3 SA Bolsa de Comercio Santiago Bolsa Mexicana de Valores SA Boursa Kuwait Securities BSE Bulgarian Stock Exchange Bursa de Valori Bucuresti SA Bursa Malaysia Cboe Global Markets CME Group Dar es Salaam Stock Exchange PLC Deutsche Bourse Dubai Financial Market Euronext Euronext Athens Hellenic Exchanges SA Hong Kong Exchanges and Clearing Ltd Intercontinental Exchange Inc Japan Exchange Group, Inc Johannesburg Stock Exchange Ltd London Stock Exchange Group Multi Commodity Exchange of India Nairobi Securities Exchange Nasdaq New Zealand Exchange Ltd Philippine Stock Exchange Saudi Tadawul Group Singapore Exchange Ltd Tel Aviv Stock Exchange TMX Group Warsaw Stock Exchange Zagreb Stock Exchange The FTSE Mondo Visione Exchanges Index is compiled by FTSE Group from data based on the share price performance of listed exchanges and trading platforms.

The MENA Fintech Association (MFTA) and the Swiss Fintech Association (SFTA) today announced a landmark strategic partnership designed to advance a new era of cross-border collaboration, ecosystem integration, and innovation-led financial transformation across global markets. This alliance reflects a shared conviction that the future of financial services will be defined by interconnected ecosystems, seamless knowledge exchange, and the collective empowerment of institutions, innovators, and talent across geographies. The Memorandum of Understanding (MoU) was formally signed with the Swiss Fintech Association, represented by its President, Phillip Weights, marking a significant milestone in strengthening institutional ties between the two ecosystems. The engagement was held under the presence and facilitation of H.E. Arthur Mattli, Ambassador - Embassy of Switzerland to the United Arab Emirates & Kingdom of Bahrain, whose support underscored the strategic importance of deepening bilateral cooperation in financial innovation and reinforcing cross-border ecosystem linkages. At the heart of this partnership lies a bold commitment to cross-border collaboration, enabling structured engagement between fintech ecosystems in the MENA region and Switzerland. Both associations aim to eliminate silos that limit innovation, fostering a unified platform for dialogue between startups, regulators, investors, financial institutions, and technology leaders. A central objective of the partnership is to develop cross-border frameworks, understand the global outlook and landscape, and further the future of finance across both ecosystems and beyond. Empowerment of the next generation of fintech talent, with a strong emphasis on nurturing emerging founders, developers, and innovators, is also a vital pillar of this partnership. Through joint programs and curated ecosystem access, MFTA and SFTA will work to cultivate a globally competitive pipeline of fintech leadership capable of shaping the future of financial infrastructure. The collaboration will further prioritize knowledge sharing and intellectual capital exchange, establishing formal mechanisms for sharing insights on regulatory frameworks, emerging technologies, market dynamics, and best practices. This will include thought leadership forums, research collaborations, and high-level roundtables aimed at elevating industry-wide understanding and accelerating informed innovation. Both organizations will also engage in co-development of ecosystem-building initiatives, designed to unlock scalable impact across both regions. These initiatives will support fintech startups in accessing new markets, facilitate investor connectivity across borders, and enable institutional partnerships that drive real-world adoption of financial technologies. In addition, the partnership underscores a strategic global outlook, positioning both associations as key enablers of international fintech alignment. By bridging two of the world’s most dynamic financial ecosystems, the collaboration is expected to create new pathways for capital flow, regulatory dialogue, and innovation diffusion at a global scale. The alliance is further anchored in a long-term strategic vision focused on building resilient, inclusive, and future-ready financial ecosystems. This includes fostering regulatory innovation, supporting digital transformation agendas, and reinforcing trust-based frameworks that enable sustainable fintech growth. Leadership from both MFTA and SFTA emphasized that this partnership is not symbolic, but foundational, representing a decisive step toward shaping a more interconnected, collaborative, and innovation-driven global financial landscape. Philip J. Weights, SFTA President comments that: “This strategic MOU between the Swiss FinTech Association (SFTA) in Zurich and the MENA Fintech Association (MFTA) in Dubai creates a powerful cross-border corridor for wealth, innovation, and digital finance. It establishes a bridge between two of the world's most prominent financial technology hubs.” “This alliance is a defining step toward deepening cross-border collaboration and co-creating the future of financial innovation between our two ecosystems. It reflects a shared ambition to enable sustainable growth and global connectivity in fintech.” — Nameer Khan, Chairman, MENA Fintech Association Together, the MENA Fintech Association and the Swiss Fintech Association are setting a new global benchmark for ecosystem partnership, one defined by cross-border synergy, talent empowerment, and the shared ambition to co-create the future of finance.

ASIC and APRA have published notes from two Superannuation CEO Roundtables, held on 8 and 15 April 2026. The roundtables were attended by 12 superannuation CEO representatives from a broad cross-section of the industry (see Appendix I in the attachment below for the full list of attendees). Attendees discussed insights from APRA’s inaugural System Risk Stress Test (SRST), as well as broader themes of system-wide risk, operational resilience and regulatory change. Download Read the notes (PDF 108 KB)

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

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

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

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

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

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

The current reports for the week of June 09, 2026 are now available. Report data is also available in the CFTC Public Reporting Environment (PRE), which allows users to search, filter, customize and download report data. Additional information on Commitments of Traders (COT) | CFTC.gov Historical Viewable Historical Compressed COT Release Schedule CFTC Public Reporting Environment (PRE) PRE User Guide PRE Frequently Asked Questions (FAQs)