The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for August 2024.  The next release, which will report on data for September 2024, is scheduled for November 18, 2024.  The sum total in August of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC inflow of $79.2 billion.  Of this, net foreign private inflows were $79.7 billion, and net foreign official outflows were $0.6 billion. Foreign residents increased their holdings of long-term U.S. securities in August; their net purchases were $129.8 billion.  Net purchases by private foreign investors were $158.1 billion, while net sales by foreign official institutions were $28.3 billion. U.S. residents increased their holdings of long-term foreign securities, with net purchases of $18.4 billion. After including adjustments, such as estimated foreign portfolio acquisitions of U.S. stocks through stock swaps, overall net foreign purchases of long-term securities are estimated to have been $111.4 billion in August. Foreign residents increased their holdings of U.S. Treasury bills by $59.4 billion.  Foreign resident holdings of all dollar-denominated short-term U.S. securities and other custody liabilities increased by $65.7 billion. Banks’ own net dollar-denominated liabilities to foreign residents decreased by $97.9 billion. Complete data are available on the Treasury website at: https://home.treasury.gov/data/treasury-international-capital-tic-system About TIC Data The monthly data on holdings of long-term securities, as well as the monthly table on Major Foreign Holders of Treasury Securities, reflect foreign holdings of U.S. securities collected primarily on the basis of custodial data.  These data help provide a window into foreign ownership of U.S. securities, but they cannot attribute holdings of U.S. securities with complete accuracy.  For example, if a U.S. Treasury security purchased by a foreign resident is held in a custodial account in a third country, the true ownership of the security will not be reflected in the data.  The custodial data will also not properly attribute U.S. Treasury securities managed by foreign private portfolio managers who invest on behalf of residents of other countries.  In addition, foreign countries may hold dollars and other U.S. assets that are not captured in the TIC data.  For these reasons, it is difficult to draw precise conclusions from TIC data about changes in the foreign holdings of U.S. financial assets by individual countries. Press Notice TIC for October 2024       TIC Monthly Reports on Cross-Border Financial Flows       (Billions of dollars, not seasonally adjusted)                 12 Months Through                     2022 2023 Aug-23 Aug-24 May Jun Jul Aug     Foreigners' Acquisitions of Long-Term Securities                                             1     Gross U.S. Sales of Domestic U.S. Securities 61438.4 52158.7 52555.5 59039.3 5265.2 5178.8 5514.7 5962.2 2     Gross U.S. Purchases of Domestic U.S. Securities 60443.7 51155.0 51314.4 58246.3 5270.1 5062.4 5377.3 5832.4 3     Domestic Securities, net U.S. sales (line 1 less line 2) /1 994.7 1003.7 1241.1 793.0 -4.9 116.4 137.5 129.8                             4       Private, net /2 1005.5 858.6 1118.9 758.0 -5.9 104.7 164.8 158.1 5         Treasury Bonds & Notes, net 927.3 467.3 602.0 506.4 50.5 18.1 88.1 49.3 6         Gov't Agency Bonds, net 141.5 120.9 129.6 97.0 -9.8 10.6 9.2 9.9 7         Corporate Bonds, net 147.3 277.7 255.1 288.4 8.0 16.6 31.2 39.8 8         Equities, net -210.6 -7.4 132.2 -133.8 -54.5 59.5 36.3 59.2                             9       Official, net /3 -10.8 145.1 122.2 35.0 1.0 11.6 -27.4 -28.3 10         Treasury Bonds & Notes, net -173.3 53.5 -10.9 4.5 -6.0 -6.4 -32.2 -30.2 11         Gov't Agency Bonds, net 162.1 40.1 70.2 -39.8 -3.7 -3.5 -5.0 -5.7 12         Corporate Bonds, net 16.6 23.1 14.3 35.2 5.8 1.2 2.4 1.9 13         Equities, net -16.2 28.5 48.5 35.1 4.9 20.4 7.4 5.6                             14     Gross U.S. Sales of Foreign Securities 26835.5 13833.0 18813.4 15972.5 1539.4 1526.2 1601.2 1532.7 15     Gross U.S. Purchases of Foreign Securities 26509.0 13904.8 18792.4 16282.3 1577.3 1562.1 1600.8 1551.1 16     Foreign Securities, net U.S. sales (line 14 less line 15) /4 326.5 -71.8 21.0 -309.8 -37.9 -35.8 0.4 -18.4 17         Foreign Bonds, net 281.6 -82.5 17.8 -220.5 -23.1 -29.0 4.3 -4.6 18         Foreign Equities, net 44.9 10.7 3.2 -89.3 -14.8 -6.8 -3.8 -13.9                             19     Net Long-Term Securities Transactions (lines 3 and 16): 1321.2 931.9 1262.2 483.2 -42.8 80.5 137.9 111.4                             20     Other Acquisitions of Long-Term Securities, net /5 -151.1 -9.4 -55.8 0.0 0.0 0.0 0.0 0.0                             21   Net Foreign Acquisition of Long-Term Securities                           (lines 19 and 20): 1170.1 922.6 1206.4 483.2 -42.8 80.5 137.9 111.4                             22   Increase in Foreign Holdings of Dollar-Denominated Short-Term                           U.S. Securities and Other Custody Liabilities: /6 194.3 -104.3 10.3 -40.9 4.7 -38.9 14.3 65.7 23     U.S. Treasury Bills -37.4 132.7 107.2 113.7 -9.8 6.2 16.2 59.4 24       Private, net -28.5 121.4 99.9 44.5 -1.9 -7.3 12.8 24.1 25       Official, net -8.9 11.3 7.3 69.1 -7.9 13.4 3.3 35.3 26     Other Negotiable Instruments                           and Selected Other Liabilities: /7 231.7 -237.0 -96.9 -154.6 14.5 -45.0 -1.8 6.3 27       Private, net 231.0 -220.6 -82.6 -146.2 11.3 -42.3 -5.1 8.7 28       Official, net 0.6 -16.4 -14.2 -8.4 3.2 -2.7 3.3 -2.4                             29   Change in Banks' Own Net Dollar-Denominated Liabilities 258.5 -50.0 -138.8 -10.8 65.4 50.2 6.9 -97.9                             30 Monthly Net Dollar-Denominated Portfolio Inflows (lines 21, 22, and 29) /8 /9 1622.8 768.3 1077.9 431.5 27.3 91.9 159.1 79.2     of  which                   31     Private, net 1596.9 584.9 921.9 216.3 18.8 65.6 144.5 79.7 32     Official, net 25.9 183.4 155.9 215.2 8.6 26.3 14.6 -0.6                                                         /1     Net U.S. sales = Net foreign purchases of U.S. securities (+).                 /2     Includes international and regional organizations.                 /3     The reported division of net U.S. sales of long-term securities between net sales to foreign official institutions and net sales               to other foreign investors is subject to a "transaction bias" described in Frequently Asked Questions 7 and 10.a.4 on the TIC website.   /4     Net transactions in foreign securities by U.S. residents. Foreign purchases of foreign securities = U.S. sales of foreign securities to foreigners.           Thus negative entries indicate net U.S. purchases of foreign securities, or an outflow of capital from the United States; positive entries           indicate net U.S. sales of foreign securities.                 /5     Minus estimated unrecorded principal repayments to foreigners on domestic corporate and agency asset-backed securities (zero after Jan. 2023) +          estimated foreign acquisitions of U.S. equity through stock swaps - estimated U.S. acquisitions of foreign equity through stock swaps +           increase in nonmarketable Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries.      /6     These are primarily data on monthly changes in banks' and broker/dealers' custody liabilities. Data on custody claims are collected             quarterly and published in the TIC website.                 /7     "Selected Other Liabilities" are primarily the foreign liabilities of U.S. customers that are managed by U.S. banks or broker/dealers.     /8     TIC data cover most components of international financial flows, but do not include data on direct investment flows, which are collected           and published by the Department of Commerce's Bureau of Economic Analysis. In addition to the monthly data summarized here, the           TIC collects quarterly data on some banking and nonbanking assets and liabilities. Frequently Asked Question 1 on the TIC website           describes the scope of TIC data collection.                 9/      Series break at February 2023 for lines 1-21 and the dependent lines 30-32; see TIC press releases of March 15 and April 15, 2023.

Speaker: Nikhil Rathi, Chief ExecutiveEvent: City Dinner, Mansion HouseDelivered: 17 October 2024 Highlights Growth is urgent but it has always been part of the FCA’s story. We are seeking answers about what more we can do to support capital formation, productivity gains and financial services exports. The secondary growth objective is liberating and we are having a much needed, more candid conversation about our collective risk appetite. We need to collaborate to deliver growth.  As the prime minister said at Monday’s investment summitLink is external , “growth is the cause that binds us together”. It is urgent. In truth, growth has always been part of the FCA’s story. Trusted, liquid markets. Consumers confidently engaging with products they need. Competition. Reduced financial crime.  Our longstanding work to support growth, now enshrined in law as a secondary objective. We recognise that the jury is out on whether the FCA is helping to achieve growth.  Take our annual firm survey. Increasingly positive on our delivery on consumer protection and market integrity. More ambivalent on our competition mandate. And weakest on international competitiveness and growth. Though 70% say we enhance the UK’s standing as a financial centre.   We clearly have more to do.   So, how do we keep improving performance on primary objectives, whilst firing on all cylinders on the secondary, too?   Literature review Our economists have published today a literature review on links between financial regulation and growth.  A summary of existing research: a mile wide and an inch deep. It identifies not how much we know but, often, how little.   So we will shortly open a research competition to find the missing answers on how we can support: capital formation   productivity gains financial services exports Operational effectiveness While we seek those answers, we won’t let up on our operational effectiveness … we know that matters.   Your predecessor raised authorisations 2 years ago – 98% of applications are now done within statutory deadlines. Our first application form is now fully digitised. More digitisation is coming.  We are not perfect. But some firms now say they can’t always keep up with us. Same rigorous standards. More efficiency. We’re more assertive against harm. 10,000 errant financial promotions tackled. Doubled cancellations of firms breaching minimum standards. And we have more targeted enforcement. 9 successful fraud prosecutions and 21 charges last year – the most ever. A record 45 people facing proceedings. Investigation times are falling – as low as 14 months in recent cases vs a 42-month average.   We have proposed being more transparent on enforcement. Not in all cases. But no longer just by exception. Because our current approach doesn’t work. We think a degree more openness can reduce harm, build whistleblower confidence and benefit firms that play by the rules. We know the proposals came as a surprise, falling short of our ‘predictability’ test.  And we have heard the strength of opposition and some concern that we could be an international outlier, detracting from competitiveness.   We want to work through this together, mindful of all our objectives.   Next month, we will provide more data and case studies on how a public interest test could work in practice.   This is about firms, not individuals. We hope to reassure the sector – here and overseas – that relatively few cases would be affected, given so many are already disclosed, mostly by firms themselves.   Where we decide to name a firm in the public interest, it wouldn’t by default be when an investigation starts. Unlike in many jurisdictions, our enforcement investigations typically follow at least a year of supervisory engagement.   We would give firms of all sizes longer to make representations about impact. And we know we have to be particularly mindful of impact on small firms. We’ll continue to listen to feedback and our Board will decide early next year. Ultimately, an FCA that tackles financial crime and deters serious misconduct reduces the drain on growth and competitiveness.   We have heard, too, industry concerns about data requests: number, scope, time to respond.   A lack of timely data featured in recent market issues: over-the-counter (OTC) trading in the nickel episode clarity on leverage in the liability-driven investment (LDI) crisis position information in August’s yen carry trade unwind We now ingest 1 billion records a day, double a few years ago.   We all need to invest in technology to make it easier to share data and ease regulatory burdens. Our move to the cloud and use of large language models means we can analyse it quicker.   Digital infrastructure I understand Tom Cruise wants to go beyond the clouds and shoot his next film in space.  Unlike Mr Cruise, I don’t see the FCA’s objectives as Mission Impossible.   Not if you are alongside us.   Katherine Johnson, whose calculations enabled NASA’s first crewed spaceflights, observed: “We always worked as a team...Never just one person.” That collaborative approach is now needed more than ever – I will highlight 2 areas.   First, infrastructure underpinning markets. There are bright sparks such as progress on tokenisation in asset management. But a collective execution deficit. Some boosters are not yet fully fired: the Smart Data Bill for the next phase of open banking the National Payments Vision   timetables for T+1 settlement and share register dematerialisation pensions dashboards or, critically, a roadmap on identity authentication Others are pulling ahead, fast. They’re overcoming vested interests.   Government or regulatory action is not always needed. Rachel Kent recommended an investment research hub that requires neither. Just industry funding and leadership.   Innovate Finance calls for tech positive rather than tech neutral regulators.   Let’s overcome national tech scepticism, and adopt an optimism which could tackle financial exclusion, as biometric identity has done from India to Sweden.  Our review of bereavement insurance claims shows far quicker payouts if electronic verification of death became the norm.   Risk appetite and regulatory reform We won’t always get it right. We may back the wrong technology.   Is there really appetite for greater risk? We have shown we’re up for it. Our far-reaching listing reforms are already being used. More radical reforms on prospectuses are readying for take-off.  We've published competitiveness metrics. Are policymakers willing to set metrics for tolerable failures to create conditions to unlock growth capital? We are a nation of improving savers, but bad investors. Credit to Barclays for shining a light on savers’ excess cash.   The advice guidance boundary review seeks innovation so people can access affordable support. But if that results in greater holdings in investments not cash, more will be at risk from short-term market volatility.   You have until Halloween to tell us how we can use the Consumer Duty to trim our rule book.   Fewer tick boxes, less cost; no doubt welcome. But if we streamline disclosure, affordability or product rules, will firms be spooked if they have responsibility for outcomes without the comfort blanket of rules or guidance? Outcomes-based regulation brings risk as well as opportunity.   Our history shows the value of risk taking.   A decade ago, the FCA launched Project Innovate – supporting firms trying new things. The FCA’s competition objective spurred the idea – proof of our responsiveness to Parliament. Almost 1,000 firms have benefited. With firms that tested in our sandbox, 50% are more likely to attract capital. 95 foreign regulators have replicated it.   We’re now launching an AI Lab.   Can we go further still … will the market accept more risk? Can we build on enhanced supervision for newly authorised firms with an L-plate for provisional authorisations … even if that means more firm failures, and increased Financial Services Compensation Scheme (FSCS) costs?   What if we bring promising startups together with venture capital? Would we be conflicted, in the event of future problems?   The secondary growth objective is liberating. We are now having a much-needed, more candid conversation about our collective risk appetite. Conclusion So, Lord Mayor, lots done. Much more on its way.   We are now in 2024, not 2008. A shift in approach is underway. We won’t always all agree. But we should challenge one another on risks we’re willing to accept for growth.  The foresight to invest for the long term, particularly in technology. Acceptance that that brings opportunities to succeed but also to fail. A shift in our public discourse when that happens. And ownership of outcomes we are seeking, leaving behind prescriptive rules. In short, isn’t it time to stop admiring the problems and execute solutions? To collaborate to deliver growth rather than compete for who’s done best. We ask for all your help, such that by next year when Mission Impossible 8 comes out, we can demonstrate that the FCA’s mission impossible is, in fact, possible.

Thank you. Before our discussion, I’d like to speak to the Biden-Harris Administration’s international economic policy, which we’ll continue to move forward next week at the IMF and World Bank Annual Meetings. Our international economic policy has many objectives, including addressing critical challenges facing the entire globe. But I’d like to especially focus today on how it complements our domestic economic agenda to benefit American businesses and families. At home, our Administration has driven a historic economic recovery. U.S. GDP growth is strong, our unemployment rate is near historic lows, and inflation has declined significantly. We’re now doing everything we can to lower costs for American families and pursuing a strategy I’ve called modern supply-side economics, which aims to expand our economy’s capacity to produce while reducing inequality. We’ve seen record small business growth and a historic boom in factory construction led by facilities producing semiconductors and electric vehicle batteries. Productivity growth has been strong. More prime-age Americans are participating in our labor force than at any point over the past two decades. And we’re reaching people and places that historically had not benefited from enough investment, supporting well-paying jobs for Americans without college degrees. America’s strong economic performance is helping power the global economy, which remains resilient though progress across economies has been uneven. And it’s not just our actions at home that are supporting the global economy. But from the start of this Administration, President Biden and Vice President Harris have also charted a new course for America’s international economic policy. We’ve focused on stabilizing and strengthening relationships and working multilaterally, including because we believe that America’s economic well-being depends on a global economy that’s growing and secure. American businesses and families have a tremendous amount to gain from our connections to the global economy and from U.S. global economic leadership. We need to promote policies, investments, and institutions that support global growth, protect financial stability, and avoid economic instability. This includes tackling challenges like climate change, pandemics, and conflict and fragility that threaten to hold back global growth and that will be high on the agenda at next week’s meetings. Calls for walling America off with high tariffs on friends and competitors alike or by treating even our closest allies as transactional partners are deeply misguided. Sweeping, untargeted tariffs would raise prices for American families and make our businesses less competitive. And we cannot even hope to advance our economic and security interests—such as opposing Russia’s illegal invasion of Ukraine—if we go it alone. But the issues we face today, from broken supply chains, to climate change and global pandemic preparedness, to China’s industrial overcapacity, also mean we cannot simply draw from an old playbook. Let me explain how our approach is delivering the benefits of global growth to Americans, tackling global challenges, and countering threats to our competitiveness and national security.  I. Delivering the Benefits of Global Growth to Americans Let me start with how our work helps Americans realize the benefits of global growth, including through trade and investment. Trade expands the market for our exports, from services to goods like transportation equipment and electronics; helps our producers efficiently source key inputs; and enables American consumers to access more goods at lower prices. The U.S. Chamber of Commerce estimates that more than 41 million American jobs depend on trade. American businesses also grow from investing abroad. And recent research finds that over 10 percent of U.S. employment could be directly or indirectly attributable to foreign direct investment in the United States. Trade and investment also offer crucial pathways to greater economic security. During the COVID-19 pandemic, we saw American consumers and businesses pay the price of broken or overconcentrated supply chains: When the chips shortage forced temporary plant closures, companies lost revenue, workers lost wages, and families faced higher prices. Our work to reinvigorate American manufacturing, including through the CHIPS and Science Act, is necessary. But it’s not sufficient to realize the promise of trade and investment and to confront supply chain challenges. This requires strategic global engagement. So, we led efforts to put in place a global minimum tax that will prevent a race to the bottom. It will also level the playing field for American businesses, providing us with more resources to invest at home. We’re strengthening our supply chains through an approach I’ve called friendshoring, which aims to bolster ties with a wide range of trusted allies and partners. We and partners launched the Minerals Security Partnership to accelerate the development of critical minerals supply chains. We negotiated a critical minerals agreement with Japan and a supply chain agreement with Indo-Pacific Economic Framework for Prosperity partner countries. We’re supporting the Partnership for Resilient and Inclusive Supply-chain Enhancement and working with the Inter-American Development Bank to find opportunities to enhance competitiveness and support key supply chains in Americas Partnership for Economic Prosperity countries. We’re leveraging the CHIPS and Science Act to pursue partnerships to diversify the global semiconductor ecosystem. And last May, we took another step forward by launching the Nairobi-Washington Vision to accelerate investments toward clean and resilient economies and supply chains. I’ve seen the fruits of our engagement in my travels as Treasury Secretary, from an American company processing lithium in Chile to a U.S.-funded job training facility in South Africa, among many other examples. Through our global engagements, we’re strengthening economies around the world. And we’re growing American businesses and creating American jobs, supporting American consumers, and increasing our country’s economic security.  II. Tackling Global Challenges America’s economic future, however, also depends on tackling challenges that cross borders to affect people and economies around the world, including the American people and the U.S. economy. I’ll start with pandemics. No matter what we do at home, without addressing critical gaps in the global health infrastructure to strengthen global preparedness, preparation, and response, a future pandemic could negatively impact many economies, with significant spillovers to ours. So, in the aftermath of the COVID-19 pandemic, I worked with fellow finance and health ministers to take actions like launching the Pandemic Fund. It was set up and scaled in record time and is now allocating desperately needed resources in response to its second call for proposals to support countries across the globe, in turn making Americans safer and more secure. Climate change is another powerful example. The destruction we’ve seen this hurricane season in the United States is the latest reminder of the need for bold action. At home, our actions include fueling the transition to clean energy through the Inflation Reduction Act, developing Principles for Net-Zero Financing and Investment to affirm the importance of credible net-zero commitments, and addressing the risks climate change poses to U.S. financial stability. But emissions everywhere around the globe contribute to climate change. And we’re impacted by increasingly severe and frequent climate-related events, wherever they occur. Damage to infrastructure abroad affects the availability and prices of energy and agricultural goods like coffee and cacao. We suffer from smoke from wildfires in Canada and from precarious shared water resources with Mexico. And the potential risks climate change poses to global financial stability are increasingly widely recognized as well. This means that helping countries around the world mitigate and adapt and financial institutions globally pursue transition finance is crucial, including to protect American businesses and families. So, we’ve made a massive push as part our multilateral development bank evolution agenda to better equip the MDBs to help countries address climate change, including through increasing climate financing. We’ve worked with partners to launch Just Energy Transition Partnerships to help countries accelerate their transitions and strengthen their economies. We’ve pursued bilateral efforts like the partnership we launched with Brazil’s Fazenda in July and are working multilaterally, such as through the G20 Sustainable Finance Working Group. And we’ve been focused on harnessing the private sector, including through the Partnership for Global Infrastructure and Investment and the Global Agriculture and Food Security Program. Alongside pandemics and climate change, conflict and fragility abroad also pose risks, to countries around the world and to America’s economy and national security, so we’re engaging on these challenges as well, including through the MDB evolution agenda. Nor do risks to financial stability respect national borders, making the work of the Financial Stability Board and other global collaboration critical to ensuring a safe, stable, effective financial system and protecting the global and U.S. economy. Put simply, in engaging to support countries around the world in tackling today’s greatest challenges, we also lower the likelihood of negative spillovers to the U.S. economy like weakened markets for our exports and increased instability. The scale and nature of these challenges mean there is no alternative but to engage. III. Countering Threats to our Competitiveness and National Security Let me end by emphasizing a third way in which our global engagement supports Americans: bolstering our competitiveness and national security, including through our approach to China. Trade and investment with China can bring significant gains to American firms and workers and must be maintained. But we must also have a healthy economic relationship based on a level playing field. China’s barriers to market access and unfair trade practices currently cause challenges for American firms and workers and for other foreign businesses looking to operate in China. China’s policies are also leading to industrial overcapacity in critical industries, threatening the viability of American and other firms and increasing the risk of overconcentrated supply chains that undermine global economic resilience. No matter how much we invest to strengthen our manufacturing at home, we cannot support American businesses and families without also engaging to address these challenges. The United States announced strategic and targeted steps in key sectors as a result of the Section 301 review to respond to unfair trade practices by the PRC. The European Union and emerging market countries have also taken or are exploring actions. I’ve raised concerns about overcapacity frequently and directly with my Chinese counterparts, including on multiple trips to China, and with America’s allies and partners, who share these concerns and are also responding. This growing international consensus is a powerful indication to China that it must shift its practices. Russia’s war on Ukraine has also revealed the necessity of strategic global engagement. Russia’s invasion caused immediate economic shocks, like record gas prices in June of 2022. At home, releasing barrels from the Strategic Petroleum Reserve and record domestic oil and natural gas production helped address our short-term needs. But this would not have been enough to keep global energy markets well-supplied, nor to oppose the threat Putin’s actions pose to the rules-based international order that underlies the strength of the global economy and the international financial system.   So, we formed a strong coalition and put in place a novel price cap, helping keep prices lower for American and global consumers than many economists forecast following the invasion. We’ve continued to strengthen sanctions that constrict Russia’s ability to wage war. We’re working towards unlocking the value of Russian sovereign assets to support Ukraine. This sustained, global action allows us to accomplish what we could not alone, delivering immediate results and sending the clear message that dictators like Putin do not operate with impunity. Failing to engage or not engaging strategically would have disastrous effects, enabling Putin to destabilize Europe and undermining our collective security and the global economy. In the coming months, we will continue to be focused on these and other priorities, including using all the tools at our disposal in response to the ongoing conflict in the Middle East. We’ve imposed sanctions on terrorist actors including Hamas, the Houthis, and Hezbollah. And we’re also working to increase stability in the region by ensuring that legitimate aid flows reach Gaza and pressing for measures to support the West Bank economy. IV. Conclusion Over the past four years, the world has been through a lot: from a once-in-a-century pandemic, to the largest land war in Europe since World War II, to increasingly frequent and severe climate disasters. This has only underlined that we are all in it together. America’s economic well-being depends on the world’s, and America’s economic leadership is key to global prosperity and security. American isolationism and retrenchment will leave all of us worse off. I am convinced that there is simply no other path forward than the one we will continue pursuing next week and in the months ahead: strategic international economic policy that delivers for American families and businesses and others around the world. I now very much look forward to our discussion.

The Office of the Comptroller of the Currency (OCC) today released enforcement actions taken against national banks and federal savings associations (banks), and individuals currently and formerly affiliated with banks the OCC supervises. The OCC uses enforcement actions against banks to require the board of directors and management to take timely actions to correct the deficient practices or violations identified. Actions taken against banks are: Formal Agreement with Axiom Bank, N.A., Maitland, Florida, for unsafe or unsound practices, including those related to the bank’s Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program and violations of 12 CFR 21.21(d)(1) and (d)(3) (BSA/AML internal controls and BSA officer). (Docket No. AA-SO-2024-83) Formal Agreement with First National Bank of Dennison, Dennison, Ohio, for unsafe or unsound practices, including those related to board and management oversight, credit underwriting, and credit administration. (Docket No. AA-CE-2024-49) Formal Agreement with First National Bank of Lake Jackson, Lake Jackson, Texas, for unsafe or unsound practices, including those related to strategic and capital planning, liquidity risk management, and interest rate risk management. (Docket No. AA-SO-2024-70) Formal Agreement with The First National Bank of Waverly, Waverly, Ohio, for unsafe or unsound practices, including those relating to strategic planning, capital planning, and liquidity risk management. (Docket No. AA-CE-2024-64) Cease and Desist Order and Civil Money Penalty against TD Bank, N.A., Wilmington, Delaware, and TD Bank USA, N.A., Wilmington, Delaware, for deficiencies in the banks’ BSA/AML compliance program. The assessed civil money penalty is $450 million. Refer to OCC News Release 2024-116. (Docket No. AA-ENF-2024-77 and AA-ENF-2024-78) The OCC uses enforcement actions against an institution-affiliated party (IAP) to deter, encourage correction of, or prevent violations, unsafe or unsound practices, or breaches of fiduciary duty. Enforcement actions against IAPs reinforce the accountability of individuals for their conduct regarding the affairs of a bank. The term “institution-affiliated party,” or IAP, is defined in 12 USC 1813(u) and includes bank directors, officers, employees, and controlling shareholders. Orders of Prohibition prohibit an individual from any participation in the affairs of a bank or other institution as defined in 12 USC 1818(e)(7). Actions taken against IAPs are: Order of Prohibition against Tanya Jazmin Cortez, former Teller and Concierge at Los Angeles County, California, branches of Citibank, N.A., Sioux Falls, South Dakota, for selling confidential bank customer information to a third party, resulting in check fraud and a loss to the bank of approximately $348,000. (Docket No. AA-ENF-2024-59) Order of Prohibition against Alexis LeaAnne Day (f/k/a Alexis LeaAnne Adcock), former Client Relationship Consultant at a Clarksville, Tennessee, branch of U.S. Bank, N.A., Cincinnati, Ohio, for misappropriating approximately $10,000 from a bank ATM. (Docket No. AA-ENF-2024-79) Order of Prohibition against Leronne D. Kornegay, former Associate Banker at a Brooklyn, New York, branch of JPMorgan Chase Bank, N.A., Columbus, Ohio, for engaging in a scheme to steal bank funds and falsely reporting the receipt of counterfeit bills in the bank’s general ledger. The bank suffered a loss of at least $201,000. (Docket No. AA-ENF-2024-67) Order of Prohibition against Lexus Inez Lewis, former Fraud Operations Specialist, at a Jacksonville, Florida, branch of Citibank, N.A., Sioux Falls, South Dakota, resolving the Notice of Charges, in which the OCC alleged, among other things, that Lewis made false representations in her employment application and became employed at the bank in violation of federal law; caused fraudulent transactions totaling at least $389,000 to incur on bank customers’ credit card accounts; and kept bank equipment without authorization. Lewis consented to the Order without admitting or denying the allegations in the Notice. (Docket No. AA-ENF-2024-14) To receive alerts for news releases announcing public OCC enforcement actions, subscribe to OCC Email Updates. All OCC public enforcement actions taken since August 1989 are available for download by viewing the searchable enforcement actions database at https://apps.occ.gov/EASearch. Related Link Enforcement Action Types

As regulators look to tackle perceived risks posed by non-bank financial intermediation, Bruce Tuckman from the Stern School of Business gives his views on what’s driving these concerns and how they might be resolved. Please view this page via Chrome to access the recording.

WHAT: Chairman Rostin Behnam will participate in a fireside chat at SIFMA’s Annual Meeting in NYC. WHEN: Monday, October 21, 20242:00 p.m. – 2:35 p.m. (EDT) WHERE: Intercontinental New York Barclay Hotel111 East 48th StreetNew York, NY 10017Additional information: SIFMA 2024 Annual Meeting

On 3 October, the three European Supervisory Authorities (ESAs) – the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA) – organised the 11th edition of their annual Consumer Protection Day, in Budapest.  The event followed the theme of “Empowering EU consumers: fair access to the future of financial services” and had three panels covering the topics of artificial intelligence (AI) in financial services, access to consumer centric products and services, and sustainable finance. Speakers and panellists included leaders from consumer organisations, regulatory authorities, EU institutions, academia, and market participants from across the European Union, with 300 participants on-site and more than 600 viewers online. Speeches were delivered by the three ESAs Chairs – Verena Ross (ESMA and currently Joint Committee Chair), Jose-Manuel Campa (EBA), and Petra Hielkema (EIOPA) – as well as Csaba Kandrács, Deputy Governor of the Central Bank of Hungary and Agustín Reyna, the Director General of the European Consumer Organisation (BEUC). A fire-side chat also took place with Chris Betz, Chief Information Security Officer of Amazon Web services to discuss generative AI.  On Artificial Intelligence, panellists exchanged views about the potential benefits of AI, such as fraud detection and the automation of processes to detect and prevent money laundering, as well as the risks, such as the lack of transparency and explainability. Panellists emphasised the need to better understand the technology to assess how those risks can be mitigated. Some panellists highlighted the importance for the ESAs to facilitate knowledge sharing, ensure regulatory and supervisory convergence and create the conditions for innovation to grow. Some industry players also called on the ESAs to issue ‘guardrails’ or other guidance on how financial institutions should comply with the new EU AI Act. During the panel on access to consumer centric financial products and services, panellists discussed the need to strengthen  financial education, pay greater attention to vulnerable consumers, and enable them to understand and access standard financial services packages (payment account, saving account, home/health insurance). The importance of better understanding consumer needs and preserve consumer trust was also highlighted. On sustainable finance, panellists remarked that investors still struggle to understand the technicalities of  product disclosures and the complex terminology attached to such disclosures. Simplification of the current Sustainable Finance Disclosures Requirements towards a categorisation system that works for retail investors was considered by the panellists to be the main area that regulators should focus on,  in addition to enhancing the financial literacy of retail investors. The ESAs will reflect on the input and suggestions heard from the audience and the panellists, and discuss the actions to be strenghtened  or to be taken going forward.  See the related webpage and the recording of the event here. 

  The company, which comes from the Pre-Market Environment, is the twentieth company to register an Initial Access Document with BME so far this year The Market Coordination and Incorporations Committee considers that REDEGAL will meet the requirements to join the BME Scaleup trading segment. It is the twentieth company to join this BME market. The reference price of the shares will be taken from the capital increase to be carried out by the company and will be communicated in an addendum to the Initial Access Incorporation Document of BME Scaleup. The company's Registered Advisor is DCM Asesores, Dirección y Consultoría de Mercados, while GPM Gestión de Patrimonios Mobiliarios Sociedad de Valores will act as Liquidity Provider. REDEGAL fits in with the philosophy of BME Scaleup, BME's marketplace aimed primarily at companies in an early stage of development with a proven and scalable business model that wish to boost their growth through the capital markets. Since December 2021, she has participated in BME's Pre-Market Environment (EpM) training and networking programme. Before it, eight other companies have made the leap from the EpM to BME's expanding markets. The REDEGAL Group, with a presence in Spain and Mexico, specialises in providing digital services to clients for the development of their online sales channel, combining technology and digital marketing. The Initial Public Offering Document of REDEGAL is available on the BME Scaleup website, where all the information related to the company and its business can be found. This new BME market is aimed especially at scaleups, companies with a proven business model, in an accelerated growth phase for at least three years, with a minimum turnover of one million euros and/or an investment of at least that amount. This market, which offers the necessary transparency to investors and simplifies the incorporation requirements for companies, is also open to other types of companies such as SMEs, SOCIMIs or family businesses seeking a first contact with the capital markets. Among the advantages of BME Scaleup for companies are its ability to boost growth with funds for financing, obtain greater prestige and brand visibility, the possibility of expanding its investor base, the boost to inorganic growth and greater ease of attracting and retaining talent. To be listed on this market a company must be a public limited company, have a board of directors, be accompanied by an advisor registered in the market and publish audited annual accounts. It will not be necessary to have a liquidity provider or to comply with a minimum free float. BME Scaleup already has 14 registered advisors.

In an open letter in response to the Institutional Limited Partners Association (ILPA) consultation on its reporting and performance templates, the EDHEC Infra & Private Assets Research Institute (EIPA) has expressed strong support for the ILPA’s initiative to enhance transparency by improving performance and reporting disclosures in private markets. EIPA also commented that a standardised valuation approach that brings the focus back to asset-level information could provide strong foundations to improve benchmarking practices. Transparent and objective factor-model-based valuations can reduce gaming of the valuation and also provide private-market-specific return proxies. A first step in this direction could be for ILPA to recommend benchmarking guidelines that restrict the degrees of freedom in comparing performance, such as proposing standardised definitions of metrics, objective identification of peer groups, and increased information about comparisons. Moreover, ILPA could insist on using private market-specific indices as a reference for comparison. Commenting on the open letter, Frederic Blanc-Brude, Director of EIPA, said, “The introduction of disclosures about subscription lines in the performance template and the increased detail on fees in the reporting template, as part of the proposed Quarterly Reporting Standards Initiative, are commendable. We believe these changes will enable LPs to make more informed decisions in private markets. Furthermore, these templates set a high standard, and their adoption by GPs can substantially improve private market investing.”

During a visit by a Tanzanian delegation to Luxembourg which included representatives of the country’s Ministry of Finance, Ministry of Water and other public authorities, the Luxembourg Stock Exchange (LuxSE) and Tanga UWASA celebrated the listing of the Tanzania-based water authority’s pioneering green bond on LuxSE. The bond is displayed on the Luxembourg Green Exchange (LGX), the world’s reference platform for sustainable securities. This historic achievement was made possible through the critical support and coordination of the UN Capital Development Fund (UNCDF), which played a pivotal role as the lead development finance advisor and technical partner to Tanga UWASA throughout the entire bond issuance process. UNCDF's support included project development, raising national awareness, creating and financing the issuance roadmap, and developing innovative risk mitigation strategies tailored to the Tanzanian market. This project serves as a model for UNCDF's efforts to develop sustainable finance mechanisms across East Africa and beyond. Accessing global investors The TZS 53 billion bond, equivalent to EUR 17.8 million, is the first green bond to be issued by a public institution in East Africa. It has a 10-year maturity and aims to finance water infrastructure projects and environmental conservation initiatives.  “As we appreciate that LuxSE is a place where ideas meet capital, become reality and create real impact; we aspire for our future Tanzanian issuers – both public and private sector – to access Luxembourg markets, get connected with a pool of global investors, raise capital, and drive growth. In other words, we would want to see more subnational, corporate, and even sovereign debt products listed in Luxembourg. We are developing a pipeline of transactions to facilitate this positive trend of sustainability investments; and remain committed to improving our country’s enabling environment to attract foreign investors and private sector,” said Dr. Mwigulu Lameck Nchemba, Hon Minister of Finance for Tanzania. Transforming access to water in Tanzania The bond, which was open to both domestic and international investors, was met with great interest when issued earlier this year, and twice oversubscribed. Around 65% of the funding came from domestic investors while 35% came from international investors. This is seen as an indication of the growing interest of the international investor community in sustainable investment opportunities in Tanzania.   The issuance highlights the important role subnational entities such as Tanga UWASA can play in unlocking capital market financing in local currency to fund sustainable development projects in Tanzania. The proceeds of the bond will go towards propelling thousands of households' access to safe and affordable water in the East African country and protecting the natural resources of the nation's famous Zigi river, among other key environmental projects. The Managing Director of Tanga UWASA, Eng. Geofrey Hilly, emphasised that, “the listing of our green bond on LuxSE, underscores the utility’s commitment to advancing sustainable water services to our customers while remain a pioneer and an excellent model for replication by other public entities. We are thankful to all our investors and partners who supported our transaction, and we reaffirm our assurance in meeting applicable standards including our investment obligations.”   Mobilising capital for sustainable development With 44,000+ listed securities, LuxSE is the world’s leading exchange for the listing of international bonds, serving 1,800 issuers across 100 countries. Since establishing LGX in 2016, LuxSE has focused on advancing the sustainable finance agenda across the world. Over the past few years, LuxSE has established cooperation agreements with selected exchanges in Africa and worked with market participants to help foster sustainable finance initiatives on the continent.   “Access to safe and affordable water and sanitation is a key factor in achieving the United Nations Sustainable Development Goals, and the very foundation of health and safety. We are delighted to mark the listing of this pioneering green bond from Tanga UWASA on our exchange, it is a great illustration of the role that international capital markets play in mobilising financing to secure access to essential services for everyone,” said Julie Becker, CEO of LuxSE. Collaborating for sustainability Tanga UWASA, which was established in the historic city of Tanga in 1998, plays a key role in supplying sufficient, clean and safe water to Tanga City, Muheza and Pangani Townships residents and safely collecting and disposing of sewage in compliance with both environmental and health standards. The bond issuance, which is hoped to pave the way for other such issuances in the region, is the result of close collaboration between the subnational entity, the country’s Finance and Water Ministries, its Capital Market and Securities Authority and the UNCDF, among other key players. "The successful issuance and cross-listing of the Tanga Water Bond demonstrates UNCDF's commitment to promoting sustainable finance and developing domestic capital markets in Tanzania," said Peter Malika, Head of UNCDF Tanzania. "Our team has worked tirelessly to coordinate the National Municipal and Subnational Bond Stakeholders Taskforce, which was instrumental in launching this first national pilot. This bond issuance is part of UNCDF's ongoing commitment to unlock domestic capital for sustainable development in Tanzania. Moreover, UNCDF's work has contributed to improving the regulatory environment for subnational bond issuances in Tanzania, paving the way for future similar initiatives." To find out more about Tanga UWASA’s green bond, go to https://www.luxse.com/security/TZ1996105296/410686

G7 Cyber Expert Group publishes guidance for the finance sector on planning for quantum computing. The G7 Cyber Expert Group (CEG) - chaired by the U.S. Department of the Treasury and the Bank of England - released a public statement on 25 September highlighting the potential cybersecurity risks associated with developments in quantum computing and recommending steps for financial authorities and institutions to take to address those risks. G7 Cyber Expert Group statement on planning for the opportunities and risks of quantum computing (PDF, 483 KB, 3 pages) Quantum computers are being built that will be able to solve computational problems currently deemed impossible for conventional computers to solve within a reasonable amount of time.  While potentially providing significant benefits to the financial system, these powerful computers will also carry with them unique cybersecurity risks.  One of the most significant is that cyber threat actors could use quantum computers to defeat certain cryptographic techniques that secure communications and IT systems, potentially exposing financial entity data, including customer information. While the exact timeline for developing quantum computers with these capabilities is uncertain, there is a real possibility that such capabilities could emerge within a decade. These quantum computers would not only put future data at risk, but also any previously transmitted data that cyber adversaries have been able to intercept and store with the intent of decrypting later with quantum computers. Due to the potentially long lead time needed to put in place quantum-resilient technologies, the time to start planning is now. An initial set of quantum-resilient encryption standards was released by the National Institute of Standards and Technology (NIST) last month. Additional standards from NIST and other standard-setting bodies are expected in the future. It is important for financial entities to maintain the agility required to incorporate new encryption standards in a timely and appropriate manner as they become available. With the availability of NIST’s standards, some financial entities may be in a position now to start making the needed changes to implement quantum resilient technologies within their systems. Others may be dependent on vendors and other third parties to develop implementations of the new standards that can be incorporated once they become available. No matter where entities are in their adoption timelines, the G7 CEG strongly encourages financial authorities and institutions to begin taking the following steps to build resilience against quantum computing risks: Develop a better understanding of the issue, the risks involved, and strategies for mitigating those risks. Assess quantum computing risks in their areas of responsibility. Develop a plan for mitigating quantum computing risks. The CEG statement provides additional details on quantum computing risks and the specific actions that financial entities can start taking to build quantum resilience within the financial system. The G7 CEG’s membership includes representatives of financial authorities across all G7 jurisdictions as well as the European Central Bank.  It was founded in 2015 to serve as a multi-year working group that coordinates cybersecurity policy and strategy across the member jurisdictions.  In addition to policy coordination, the G7 CEG also acts as a vehicle for information sharing, cooperation, and incident response.

Treasury’s Office of Payment Integrity Began Using Enhanced Processes, including Machine Learning AI, to Deal with Increased Fraud and Improper Payments Since the Pandemic Today, the U.S. Department of the Treasury announced that its latest efforts in taking a technology and data-driven approach to fraud and improper payment prevention enabled the prevention and recovery of over $4 billion in fraud and improper payments this fiscal year (FY) (October 2023 – September 2024), up from $652.7 million in FY23. This increase reflects dedicated efforts by Treasury’s Office of Payment Integrity (OPI), within the Bureau of the Fiscal Service (Fiscal Service) to enhance its fraud prevention capabilities and expand offerings to new and existing customers. Highlights include: Expanding risk-based screening resulting in $500 million in prevention. Identifying and prioritizing high-risk transactions resulting in $2.5 billion in prevention.    Expediting the identification of Treasury check fraud with machine learning AI resulting in $1 billion in recovery.  Implementing efficiencies in payment processing schedule resulting in $180 million in prevention.  “Treasury takes seriously our responsibility to serve as effective stewards of taxpayer money. Helping ensure that agencies pay the right person, in the right amount, at the right time is central to our efforts,” said Deputy Secretary of the Treasury Wally Adeyemo. “We’ve made significant progress during the past year in preventing over $4 billion in fraudulent and improper payments. We will continue to partner with others in the federal government to equip them with the necessary tools, data, and expertise they need to stop improper payments and fraud.”  In addition to enhanced capabilities, Treasury is focused on establishing and strengthening partnerships with new and high-risk programs to increase access to and usage of Treasury’s payment integrity solutions, including federally-funded state administered programs. For instance, in May 2024, Treasury and the Department of Labor announced[1] a data-sharing partnership to provide state unemployment agencies with access to Do Not Pay Working System data sources and services through the Unemployment Insurance Integrity Data Hub.  As the federal government’s central disbursing agency, Treasury securely disburses approximately 1.4 billion payments valued at over $6.9 trillion dollars to more than 100 million people annually. At a time when losses from fraud in the financial sector continue to rise every year, with online payment fraud expected to cumulatively surpass $362 billion by 2028[2], Treasury is uniquely positioned to support federal programs proactively mitigate the risk of financial fraud by leveraging data and emerging technologies.  ### [1] Departments of Labor, Treasury announce partnership to make federal fraud prevention tool available to state unemployment insurance agencies | U.S. Department of Labor (dol.gov) [2] Juniper Research, Online Payment Fraud: Market Forecasts, Emerging Threats & Segment Analysis 2023-2028 (Jun. 2023), https://www.juniperresearch.com/research/fintech-payments/fraud-identity/online-paymentfraud-research-report/

The VIXEQ Index is a direct component in the calculation of the Cboe S&P 500 Dispersion Index New index aims to measure the market cap weighted 30-day implied volatility of a basket of S&P 500 constituent stocks Furthers Cboe's and S&P DJI's efforts to provide insight into market volatility and implied dispersion Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, and S&P Dow Jones Indices (S&P DJI), the world's leading index provider, today announced plans to launch the Cboe S&P 500 Constituent Volatility Index (VIXEQ Index), calculated by Cboe Global Indices. Using an adaptation of Cboe's proprietary VIX® Index methodology, the VIXEQSM Index is designed to measure the market cap weighted 30-day implied volatility of a basket of S&P 500 constituents, as represented by the Cboe S&P 500 Dispersion Basket Index (DSPBX Index). The announcement was made by Cboe and S&P DJI at Cboe's 39th annual global Risk Management Conference (RMC), currently taking place in Snowbird, Utah. Cboe and S&P DJI launched the Cboe S&P 500 Dispersion Index (DSPX Index) in September 2023 to provide the market a measure of expected dispersion in the S&P 500 Index over the next 30 calendar days. The DSPX Index is designed to give investors a view of S&P 500 Index moves relative to its constituent companies, providing investors with visibility into potential opportunities for portfolio diversification. The DSPX Index calculation is derived from prices of S&P 500 Index options and the single stock options of the S&P 500 Index's constituent companies. The VIXEQ Index, which is expected to launch Monday, November 4, follows the launch of the DSPX Index and is developed based on the DSPBX Index. The DSPBX Index provides the representative universe of large-cap U.S. equities conducive to the DSPX Index calculation.  "Since providing the industry with a first-of-its-kind forward-looking dispersion measure last year, Cboe and S&P Dow Jones Indices have been working to provide more insight into the relationship between the S&P 500 Index and single stock volatility, while expanding the utility of our implied dispersion indices," said Rob Hocking, Head of Product Innovation at Cboe. "When referenced alongside Cboe's volatility index suite, including our VIX Index and DSPX Index, the VIXEQ Index can help investors better understand dispersion opportunities and market volatility expectations. Cboe continues to strive to provide market participants the tools and measures needed in an evolving market."      While the VIX Index measures implied volatility by using SPX options prices, the VIXEQ Index will be based on single stock options prices. For each eligible S&P 500 constituent, as determined by the DSPBX Index, a VIX-like calculation is performed, and the results are then weighted by their market cap in the DSPBX Index. The market cap weighted equity variance calculations are summed and converted to the VIXEQ Index value. "As an index provider, S&P DJI is dedicated to continuing to establish standards that help market participants understand and measure volatility," said Tim Brennan, Global Head of Capital Markets at S&P DJI. "We expect VIXEQ to provide a more refined glimpse into the volatility of the individual constituents within the world's most liquid equity benchmark. This latest collaboration between S&P DJI and Cboe speaks to the importance and acceptance of volatility tools more broadly and continues to underscore the S&P 500's ongoing strength as the best single gauge of the U.S. equity market." Following its launch, the daily value of the VIXEQ Index is expected to be found at the Cboe Global Indices Feed and data vendors under the ticker VIXEQ. The VIXEQ Index adds to Cboe Global Indices' derivatives-based index offerings. Cboe Labs, the company's innovation arm, plans to introduce more new products in the volatility space including developing a futures product on the DSPX Index to be listed on Cboe Futures Exchange (CFE), subject to regulatory review. The planned launch of DSPX Index futures may enable investors to manage their exposure and express views on the implied dispersion for the S&P 500 Index, or transfer risk between SPX options and options based on the underlying S&P 500 Index constituents. To learn more about Cboe Labs, visit https://www.cboe.com/labs/.

Investment supports Euroclear's growth strategy in the Asia-Pacific region Euroclear joins Marketnode's major shareholders Singapore Exchange (SGX Group), Temasek and HSBC Euroclear today announced it has acquired a strategic stake in Marketnode, a Singapore-based digital market infrastructure operator. Financial terms of the transaction will not be disclosed. Founded by SGX Group and Temasek in 2021, Marketnode serves as Asia-Pacific's DLT-powered financial market infrastructure. It operates two platforms: Gateway, a one-stop, end-to-end platform leveraging the potential of tokenisation, and Fundnode, Singapore's investments fund infrastructure on blockchain. Fundnode provides the funds ecosystem with a single platform for transaction management, funds processing, and record-keeping. HSBC invested in Marketnode in May 2024. By joining forces with Marketnode and its existing shareholders, Euroclear aims to participate in the setup of a key market infrastructure in Asia-Pacific designed to simplify the management of funds flows and reduce settlement times by using new technology. The investment aligns with Euroclear's global funds strategy and strengthens its one-stop-shop fund offering - Euroclear FundsPlace® - in the Asia-Pacific region. Philippe Laurensy, Euroclear's CEO of Asia Pacific markets, commented: "Partnering with Marketnode demonstrates our shared commitment to developing a new generation of funds market infrastructure by leveraging Euroclear's global footprint, established fund infrastructure and digital capabilities. This first strategic investment in Asia also reinforces the region's importance to Euroclear's positioning and business growth. We are excited to join Marketnode's pioneering journey in the rapidly growing area of digital assets and support the company's international service expansion." Rehan Ahmed, CEO of Marketnode, said: "We are excited to welcome Euroclear as a strategic investor. Euroclear's global connectivity, operational expertise, and market-leading position as a trusted financial market infrastructure will catalyse the growth of Marketnode's platforms, especially Fundnode. It is also our privilege to be Euroclear's first strategic investment in Asia, reflecting strong endorsement of our trajectory and achievements to date. We look forward to building the next generation of financial market infrastructure out of Asia, working together with Euroclear, HSBC, Temasek and our clients to realise our mission and vision." Pradyumna Agrawal, Managing Director, Investment, Temasek, said: "With Euroclear coming on board, Marketnode's efforts and potential in further developing the global digital infrastructure space are being recognised. Euroclear's partnership will provide Marketnode with expertise and access to a wider ecosystem, reinforcing Singapore's position as a leading financial hub for funds. As one of Marketnode's founding shareholders, we look forward to witnessing their continued success and welcome more like-minded investors to join this journey."

AiMi, a Fintech specialising in mission-critical trading and market data infrastructure management solutions, has launched its AI-powered platform to automate and streamline access to Capital Markets infrastructure. The platform enables firms to efficiently manage and action changes to trading venue’s platforms, services, and APIs. The infrastructure powering capital markets is critical, complex and constantly evolving. Market structure, regulatory reforms, new technology innovations, and competition for liquidity drive a constant stream of updates. Monitoring, reviewing and triaging thousands of monthly announcements and notifications received each month from global exchanges, trading venues and vendors requires significant resources to stay on top of a constant stream of changes to mission-critical infrastructure. AiMi, currently in public beta, automates and streamlines the process by codifying these notices and documents into actionable data sets to enable automation workflows to assess the impact and take appropriate actions. AiMi’s digitised service catalogue of change notifications, technical specifications, and data policies automates the notification process to identify and extract key information. These are then aggregated into trackable changes for triage and action. This allows firms to refocus their resources on more impactful initiatives, whilst efficiently managing critical exchange connectivity and API changes. This release also includes a natural language copilot chat agent, offering quick and direct access to questions on trading and market data venues, platforms and policies. Powered by the same curated and codified service catalogue, the agent provides constant and comprehensive answers to in-depth technical and functional queries, enhancing efficiency for resource-constrained operations and technology teams. “I’m delighted to introduce AiMi’s innovative AI-powered solution designed to redefine how firms manage market infrastructure changes. With exchange announcements and technical specifications being highly unstructured, companies often invest significant resources in manually managing these changes”, Ollie Cadman, CEO and Founder of AiMi, explains "AiMi’s current release focuses on automating this process by codifying the unstructured data, streamlining workflows, reducing costs and redirecting resources to higher-value growth activities." To learn more about AiMi’s platform and how it can transform your access to capital markets infrastructure, visit https://aimi.technology.

SDX and RULEMATCH announce a partnership to offer financial institutions an integrated solution to trade, settle, and manage crypto assets. SDX and RULEMATCH deliver a complete, end-to-end, institutional-grade solution for banks and financial institutions. This Swiss-made partnership signals the coming to age of the crypto market, centered around efficiency, security, and compliance. Institutions will be able to trade on RULEMATCH’s platform with post-trade clearing and settlement, eliminating the need to pre-finance their trading activities. Using the integrated solution of SDX and RULEMATCH, they can hold crypto assets in SDX’s secure custody and easily manage clearing collateral on a dedicated SDX account. The integration removes the need to hold collateral with the trading venue, providing a seamless and secure solution. Investors will also be able to increase their crypto collateral positions within seconds, avoiding the lengthy delays often associated with traditional on-chain transactions. The integrated solution with SDX’s custody services and RULEMATCH’s trading and settlement platform will be available from Q4 2024. Commenting on the significance of the partnership, David Newns, Head of SIX Digital Exchange, said: "Until now, the digital asset space has been held back by concerns around speed, compliance and fragmentation. Our partnership with RULEMATCH tackles these issues head-on by providing transparency, capital efficiency and, crucially, a clear separation of trading and custody roles. This means institutional investors retain full control over their collateral via SDX’s custody and can segregate assets by crypto address, ensuring clarity on asset location at all times. As part of SIX, a trusted provider of global financial infrastructure, SDX continues to uphold the highest standards of security and compliance for institutional investors.” David Riegelnig, CEO of RULEMATCH, added: “We have always believed that separating the roles of trading and custody is key to serving financial institutions in the digital assets industry. As a pure market operator, RULEMATCH is thrilled to partner with SDX and integrate its custody services with our trading and settlement platform. And we know from our participants that many of them would love to use a secure, independent custodian like SDX to manage the full lifecycle of their crypto asset holdings, while also leveraging the competitive advantages of trading and settling on RULEMATCH. Thanks to our partnership, they can do exactly that.”

Bursa Malaysia (Bursa Malaysia or the Exchange) and Universiti Malaysia Perlis (UniMAP) will jointly organise “Karnival Saham Perlis bersama Bursa Malaysia” at Dewan Ilmu, UniMAP on Saturday, 19 October 2024. The event aims to promote financial literacy and encourage active and informed investing among the Malaysian public, particularly communities in the northern region of Malaysia. The investment fair will be officiated by His Royal Highness the Raja Muda Perlis, Tuanku Syed Faizuddin Putra Ibni Tuanku Syed Sirajuddin Jamalullail, who is also the Chancellor of UniMAP. Her Royal Highness Raja Puan Muda of Perlis, Tuanku Dr. Hajah Lailatul Shahreen Akashah Khalil, the Pro-Chancellor of UniMAP, will also grace the event. Highlights of Karnival Saham Perlis   Themed “Invest Today for A Sustainable Future”, the investment fair will feature educational and investment talks on topics relating to effective financial planning and wealth creation. This is to encourage the public to start investing in the stock market early, responsibly, and with confidence. In addition to learning about investment strategies, attendees will gain knowledge on how to identify fraudulent schemes to safeguard their savings, and how to make informed investment decisions. The event will feature 11 booths, from organisations such as the Securities Commission Malaysia, Bank Negara Malaysia, and various agencies from the financial industry. Participating brokers will also be present to showcase their products and services, and to assist with free on-site CDS account openings. Attendees can also enjoy a variety of fun activities, including buskers, clown show, children’s drawing and colouring competitions, and food trucks. The investment fair marks the first time the Exchange’s investor education event is being held in Perlis. Previous recent editions of Karnival Saham Bersama Bursa Malaysia were held in Pahang (2022), and Terengganu (2023).   The event is expected to attract over 1,000 visitors. The investment fair is free to attend, and will run from 8:30 am to 5:00 pm, with exciting giveaway prizes awaiting attendees.  Registration is available online at https://form.evenesis.com/KSP2024 and on-site at the event.

The Australian Securities and Investments Commission’s program of transformation work has continued with key appointments to its senior executive leadership team. Regulation and Supervision Following an international search, ASIC Chair Joe Longo has announced the appointment of Peter Soros as Executive Director Regulation and Supervision. Mr Soros will join ASIC from the Australian Transaction Reports and Analysis Centre (AUSTRAC), Australia’s financial intelligence and anti-money laundering and counter-terrorism financing regulator. He will commence in November. Mr Soros currently holds the position of Deputy CEO Regulation, a position he has held for six years. Last year, he was also Acting CEO for an eight-month period. Enforcement and Compliance Mr Longo also announced the appointment of Chris Savundra to the role of Executive Director Enforcement and Compliance, effective 28 October 2024. Mr Savundra will bring significant litigation experience to the role from his time with ASIC including some of ASIC’s most significant and complex matters such as the Bank Bill Swap Rate litigation. Recruitment for Mr Savundra’s current position of ASIC General Counsel and Executive Director Legal Services is underway.   Transformation work Mr Longo said the executive changes continued ASIC’s transformation following the agency’s largest organisational redesign in 15 years. This included the appointment of three new Commissioners in 2023, and the appointments this year of new executives including Diana Steicke as Executive Director Registry and Intelligence, Joanne Harper as Executive Director Data, Digital and Technology, and Annie Reeves as Chief People and Culture Transformation Officer. Mr Longo said following announcements in April about Warren Day’s secondment to the Commonwealth Director of Public Prosecutions, a global search for a new permanent CEO would also commence shortly. ‘We continue to change and evolve so we can ensure ASIC is an ambitious, confident and modern regulator,’ Mr Longo said. ‘I would like to congratulate Peter and Chris on their appointments. The talent and experience they bring to those roles will be invaluable. ‘The cumulative effect of these changes will help ensure ASIC is set up to meet the challenges and opportunities the agency faces. 'The work we have undertaken on ASIC’s transformation is delivering positive results for Australians, and we acknowledge that there are opportunities to continue that improvement.  ‘I am excited by the agency’s future and I am committed to the renewal and culture transformation that we are undergoing.’ Biographies Peter Soros is currently Deputy CEO Regulation AUSTRAC, responsible for its regulatory and compliance operations. In this role he also has responsibility for AUSTRAC’s legal, policy and communication functions. Peter has more than 20 years of financial intelligence, regulation, and compliance experience, and has previously held the position of Chief of Staff in the ministerial portfolios of Human Services and of Justice. Peter holds a Bachelor of Business Studies degree. Chris Savundra is currently the Executive Director of ASIC’s Enforcement and Compliance group. In this role, Chris oversees the leadership, management and strategic direction of ASIC’s enforcement and compliance response to misconduct across all sectors we regulate, except markets. Chris has more than 25 years of legal, regulatory and enforcement experience and before joining ASIC worked in the litigation group of Allens Arthur Robinson (now Allens) in Perth and Herbert Smith in London. Chris holds law degrees from the University of Oxford and the University of Western Australia. He also holds a Bachelor of Commerce.

To implement the guiding principles of the Third Plenary Session of the 20th CPC Central Committee and the Central Financial Work Conference, and in line with the national green development policies, Shenzhen Stock Exchange (SZSE) has launched a Sustainable Financial Service Platform on the official website. This move aims to further enhance the efficiency of sustainable financial services. Market participants can access the platform via the "Market Services" section on the SZSE website. The platform offers a one-stop portal for sustainable development resources of the Shenzhen market. The platform is divided into five sections: Listed Company Practices, Sustainable Financial Products, Regulations and Guidelines, International Exchanges, and Training Materials. The Listed Company Practices section offers access to the sustainability reports, case studies, and CNI ESG evaluations of SZSE-listed companies. The Sustainable Financial Products section supports queries on fixed income, infrastructure REITs, funds, indices, and other sustainable financial products in the SZSE market, as well as related announcements. The Regulations and Guidelines section provides access to documents related to sustainable finance issued by the CSRC, SZSE, CGBSC, etc. The International Exchanges section showcases SZSE's efforts to deepen international cooperation in sustainable finance. The Training Materials section provides sustainable finance-related training courses, research reports, and references on international sustainable finance standards. SZSE has consistently pursued a sustainable development strategy, focusing on building a sustainable financial market ecosystem. We strive to establish SZSE as a leading example of a sustainable exchange and contribute to the achievement of carbon peaking and carbon neutrality goals. Firstly, we have been supporting the clustered development of green industries. With the registration-based IPO reform as the driving force, SZSE has promoted institutional innovation, enabling the rapid development of green and low-carbon industries through the capital market platform. As of now, there are nearly 400 listed companies in the green and low-carbon fields in the Shenzhen market, with a total market value of over 6 trillion yuan, accounting for 20% of the total market value of SZSE-listed companies. Secondly, we guide listed companies and bond issuers to embrace sustainable development. SZSE has issued guidelines for sustainability reports, special corporate bonds, and asset-backed securities, clarifying disclosure requirements for sustainability reports of listed companies, as well as disclosure requirements for the environmental and social benefits of green and low-carbon transition, rural revitalization fixed-income products, etc. This year, a total of 935 SZSE-listed companies have issued 2023 social responsibility or ESG reports, with a disclosure rate of approximately 35%. Thirdly, we work to expand the supply of sustainable financial products. By the end of September 2024, a total of 219.127 billion yuan of green and low-carbon transition, and rural revitalization fixed-income products had been issued, along with 21.608 billion yuan of sustainable development-themed ETFs. Moreover, SZSE listed the first clean energy infrastructure REIT in China and launched 71 sustainable development-themed indices covering ESG and environmental, social, and governance dimensions. Fourthly, we actively participate in global governance on sustainable development. SZSE has supported representative green and low-carbon enterprises in raising funds abroad through the issuance of GDRs and has hosted the Global Investors Conference for four consecutive years, with a focus on sustainable investment. In particular, we have organized several overseas roadshows for SZSE-listed green and low-carbon companies, deepening domestic and international exchanges and cooperation in sustainable finance. Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and fully implementing the guiding principles of the Third Plenary Session of the 20th CPC Central Committee, SZSE will continue to follow a general work pace of pursuing progress in advancing green finance. We aim to further improve the sustainability information disclosure system, expand the range of sustainable financial products, and integrate green practices into our own operations. Through these efforts, SZSE seeks to promote the construction of a sustainable financial system to attract more patient capital to support sustainable development.

MarketAxess Holdings Inc. (Nasdaq: MKTX) the operator of a leading electronic trading platform for fixed-income securities, will issue a press release announcing its third quarter 2024 financial results on Wednesday, November 6, 2024, before the market opens. Chris Concannon, Chief Executive Officer, Richard Schiffman, Global Head of Trading Solutions, and Ilene Fiszel Bieler, Chief Financial Officer, will host a conference call to provide a strategic update and discuss the Company’s financial results and outlook on Wednesday, November 6, 2024 at 10:00 a.m. ET. To access the conference call, please dial 646-307-1963 (U.S./International) and use the ID 1832176. The Company will also host a live audio Webcast of the conference call on the Investor Relations section of the Company's website at http://investor.marketaxess.com. The Webcast will also be archived on http://investor.marketaxess.com for 90 days following the announcement.