AutoRek today announced a major advancement to AutoRek ARIA, its regulatory‑grade intelligence engine for reconciliation and financial controls. The latest release introduces new capabilities that significantly reduce manual effort, accelerate configuration, and strengthen governance to enable financial institutions to automate reconciliation at scale without compromising the oversight required in regulated environments. The latest release of AutoRek ARIA advances the platform with: Automated rule generation for complex matching scenarios Sub‑30‑minute configuration for routine reconciliations Expanded pattern recognition to reduce manual investigation Enhanced oversight dashboards for real‑time control visibility Improved explainability to support audit and regulatory review Since launching in September 2025, AutoRek ARIA has delivered measurable operational impact for clients, including automated match rates up to 99.99%, a 95% reduction in time spent evaluating manual matches, and a 90–95% reduction in the time required to create new match rules. These results have accelerated product development, with the latest release further automating complex workflows and enabling institutions to scale operations more efficiently.  “Financial institutions are under pressure to operate faster, with greater accuracy and stronger oversight,” said Chris Livesey, CEO of AutoRek. “AutoRek ARIA brings regulatory‑grade intelligence to one of the most operationally intensive areas of finance. This release represents a step‑change in how firms can automate reconciliation at scale while maintaining the transparency and governance regulators expect.” Early client deployments reflect this impact. In June 2026, AutoRek was recognized as Best Reconciliation Solution by the FTF News Technology Innovation Awards, citing AutoRek ARIA’s contribution to accuracy, speed, and control across capital markets operations.  “Before AutoRek ARIA, configuring a new reconciliation could take weeks and required specialist support. Now our team is setting up straightforward processes in under 30 minutes — and we’ve maintained the same level of control throughout,” said a global asset management client of AutoRek.

The Payments Association, a trade body for the payments sector, has appointed Renuka Rawlins as its new Director of Policy & Government Affairs. Rawlins steps into the role to lead the association’s strategic engagement with regulators, government bodies and industry stakeholders during a pivotal era of digital transformation and shifting financial regulations. She brings high-level experience spanning both the public and private sectors, bridging the gap between disruptive fintech innovation, banking and civil service policymaking. Prior to joining The Payments Association, Rawlins served as Head of Policy & Public Affairs for fintech standout Yaspa, following her tenure as Government Affairs & Policy Manager at Revolut. Her track record in the private sector also includes Assistant Vice-President of Government Relations at Barclays. This deep commercial experience is complemented by an extensive career within the UK government, including roles such as a Technical Qualifications Assurance and Regulation Policy Lead at the Department for Education, a Senior Policy Advisor at the Ministry of Justice, and an Inquiry Manager for the House of Commons. Beyond her policy work, Rawlins is deeply committed to social impact, currently serving as an Advisory Board Member and former Mentoring Coordinator for The Catalyst Collective, a community interest company focused on youth empowerment. Emma Banymandhub, CEO of The Payments Association, said: "Renuka is exactly the person we need to continue the policy drive we have seen from The Payments Association in recently years. Her combination of parliamentary insight, fintech knowledge and banking experience makes her uniquely qualified to advocate for our members. As regulatory frameworks evolve, Renuka’s leadership will be invaluable to ensure our industry’s voice remains central in guiding Europe payments future. “Having gained policy experience from working directly with many of our member organisations, she possesses first-hand experience and keen insight into how members can extract the most value from policy initiatives.” Renuka Rawlins, newly appointed Director of Policy & Government Affairs, said: "It’s an exciting time to be joining The Payments Association. Payments innovation is moving fast and our regulatory frameworks need to keep pace without stifling the sector. Having worked across Government, within tier-one banking, and on the frontline of hyper-growth fintech, I look forward to tackling this challenge from the trade body side with a policy lens. The Payments Association has played a major role in defining the future of finance in recent years and I’m delighted to be part of continuing that effort. “Another reason I was so excited to join The Payments Association is that I was hired while pregnant. In a female-led organisation, my pregnancy was simply seen as a fact of life, not a factor in my appointment. Pregnancy says nothing about a person's ambition, capability or leadership potential. The fact that this still feels noteworthy elsewhere shows how much further we still have to go.”

RTGS.global and Bamboo have today announced a strategic partnership to enhance cross-border payment capabilities for financial institutions, payment providers and businesses operating across Latin America, including those supporting regulated iGaming activities enabling faster, more efficient movement of funds across one of the industry's fastest-growing regions. Latin America has emerged as a key growth market for the global iGaming sector, fuelled by regulatory developments, increasing digital payment adoption and rising player participation. However, operators expanding across the region continue to face significant challenges when moving money between markets, including fragmented payment infrastructure, complex currency management requirements and reliance on slow, costly correspondent banking networks. The partnership combines RTGS.global's next-generation cross-border payment infrastructure with Bamboo's extensive local payment network across Latin America, enabling operators, payment providers and financial institutions supporting the sector to access local payment rails and currencies more efficiently. With daily FX turnover across Latin America growing from $135 billion in 2010 to $330 billion today, the region has become an increasingly important destination for international businesses. For iGaming operators in particular, the ability to deliver fast deposits, seamless withdrawals and efficient treasury management across multiple jurisdictions has become a critical competitive differentiator. Through the partnership, Bamboo will provide access to local payment capabilities across key Latin American markets, while RTGS.global's network will enable participating organisations to benefit from real-time settlement, enhanced liquidity management and streamlined cross-border payment execution. Coverage includes Argentina, Brazil, Chile, Colombia, Peru, Uruguay and Mexico, one of the region's largest and fastest-growing payment markets. "Latin America represents one of the most exciting growth opportunities for the global iGaming industry, but operators continue to face significant challenges when moving money efficiently across borders," said Felipe Hillard, Chief Commerical Officer at RTGS.global." Market expectations around deposits and withdrawals have never been higher, while operators are managing increasingly complex payment and treasury requirements across multiple markets. By partnering with Bamboo, we're helping create a more connected payments ecosystem that enables faster settlement, improved liquidity management and more efficient access to local payment infrastructure throughout the region." The partnership will help operators and payment providers serving regulated markets to reduce friction in cross-border transactionsand improve operational efficiency, while also supporting broader payment flows across industries including e-commerce, digital products and services, and financial services. RTGS.global's platform connects financial institutions through a single integration, enabling real-time cross-border payments, foreign exchange and interoperability across global markets. Combined with Bamboo's local market expertise and payment connectivity, the partnership will provide organisations with a more efficient route into key Latin American payment corridors. Latin America continues to see strong investment and growth across digital industries, increasing demand for payment infrastructure that is efficient, reliable and connected to local markets," said Greg Cornwell, Chief Revenue Officer at Bamboo. "Through our partnership with RTGS.global, we are combining deep local expertise with innovative cross-border settlement capabilities to help financial institutions, payment providers and regulated businesses move funds more efficiently across the regionAs regulatory frameworks continue to evolve and the iGaming sector expands across Latin America, both organisations will work together to support financial institutions, payment providers and businesses seeking more efficient, transparent and scalable cross-border payment capabilities.

The Federation of European Securities Exchanges (FESE) has published its response to ESMA’s Call for Evidence on the market structure of European equity markets. FESE welcomes ESMA’s comprehensive assessment, which provides a timely opportunity to assess evolving market structure trends, identify persistent data quality shortcomings, and explore regulatory improvements to strengthen market transparency, price formation and capital market competitiveness. A key trend identified in the ESMA analysis is the gradual shift of trading activity away from continuous lit trading towards less transparent and/or accessible execution mechanisms, with the largest proportional increase recorded in systematic internalisers’ activity. As a growing share of trading relies on prices formed on RMs and MTFs without directly contributing to price discovery, preserving robust price formation should remain a central objective of EU market structure policy. One of the clearest messages emerging from the ESMA call for evidence is the need to improve data quality and transparency in the off-exchange space. Existing shortcomings in transaction reporting and trade flagging limit the ability of regulators, market participants and policymakers to accurately assess market activity, execution quality and market structure developments. Strengthening data quality should therefore be regarded as a priority and a prerequisite for effective supervision, informed policymaking and a sound understanding of how European equity markets are evolving. Our response also underlines the importance of ensuring balanced competitive conditions across execution models and the need for a more comprehensive view of trading activity in EEA shares, including activity taking place in the UK, the exclusion of which has led to an underestimation of the scale of bilateral and off-venue trading. As policymakers consider the future of EU equity markets, key priorities should include: Better data quality, reporting and transparency in bilateral trading. Addressing regulatory asymmetries for more balanced and fair competition. Measures to strengthen price formation and execution quality. Further analysis of market structure developments and the contribution of different trading models to price discovery. Read FESE’s full response to the ESMA Call for Evidence on the market structure of European equity markets.

The World Federation of Exchanges (WFE), the global industry association for exchange groups and central counterparties (CCPs), has today published a new position paper, Mythos – Beyond the Headlines, examining recent developments in artificial intelligence (AI) and cybersecurity.Developed following analysis by the WFE's Cybersecurity Working Group (GLEX), which brings together market infrastructure cyber security leaders globally from member exchanges and clearinghouses, the WFE paper sets out an initial industry position following recent announcements about Anthropic's Mythos model.The paper emphasises that announcements regarding Mythos should be approached with appropriate seriousness. At this stage, the most effective near-term response is likely to be the continued strengthening of existing cyber resilience, operational resilience, and vulnerability management frameworks. Based on current information, Mythos reinforces an existing direction of travel in cybersecurity rather than introducing a fundamentally new threat.AI models are becoming capable of identifying vulnerabilities and automating known attack techniques, expanding their potential use in cyber operations. The priority for financial market infrastructures should be to continue strengthening cyber resilience through rigorous vulnerability management, patching, identity and access controls, software supply-chain assurance and incident detection and response. It also highlights the importance of continued industry coordination and information-sharing (via global industry forums such as WFE Cybersecurity Working Group) as the technology develops.Nandini Sukumar, Chief Executive Officer of the World Federation of Exchanges, said: "Models such as Mythos have drawn attention from boards, regulators and market participants. Based on what we have seen so far, the issue may reflect genuine technical progress and a degree of hype, typical of emerging technologies. The key question for us is whether organisations have good practices in place and how we continue to ensure the financial system is safe in an ever-changing cyber threat landscape."Richard Metcalfe, Head of Regulatory Affairs at the World Federation of Exchanges, said: "There is understandable concern around tools like Mythos falling into the wrong hands, but there is also a positive story here – we potentially have a tool that can help cybersecurity professionals identify vulnerabilities so they can focus on dealing with them."The paper calls for collaboration across the industry and with supervisors to share lessons, reduce duplication in vulnerability research and monitor changes in the cyber threat landscape.In next steps the WFE will continue to analyse emerging cyber security issues via its Cyber Security Working Group, gathering intelligence from members on cyber incidents and emerging attacker techniques as market infrastructures continue to work to make the financial system safer. The GLEX group, a unique group of practitioners and leaders in cyber security, will continue to bring that perspective and offer input via the WFE into regulatory developments to help inform future policy discussions.

Following regulatory approval by the Austrian Financial Market Authority (FMA), the Vienna Stock Exchange’s market segment direct market plus is officially registered as an EU SME Growth Market with effect from today. This will further facilitate access to the capital market for small and medium-sized enterprises and growth companies – for example, through exemptions from the requirement to draw up a prospectus for capital increases and a reduced scope of the prospectus when moving up to the prime market or standard market (Official Market). The legal basis for the registration was established with the national implementation of the EU Listing Act. The direct market plus is aimed at small and medium-sized enterprises and growth companies seeking a simple and cost-effective entry into the capital market. The market segment of the Vienna MTF offers companies the opportunity to make their shares tradable on the Vienna Stock Exchange, gain capital market experience and lay the foundations for further financing steps. Eleven companies are currently listed on the direct market plus.

More than 180 listed companies already onboarded to the new AI-powered platform, centralising market intelligence, shareholder insights and investor relations services across Euronext markets Supports Euronext’s “Innovate for Growth 2027” ambition to expand its SaaS business and create a unified digital ecosystem for listed companies Euronext Corporate Solutions, Euronext’s subsidiary providing SaaS and services to listed companies across investor relations, governance and compliance, today announced the launch of its Investor Relations (IR) Portal. The new secure, AI-powered digital workspace is designed to simplify and enhance the experience of listed companies across Europe, providing investor relations teams with a centralised gateway to Euronext issuer-facing tools, services, market data and expert resources. The portal has already onboarded more than 180 companies across Euronext’s markets in Belgium, France, Greece, Ireland, Italy, the Netherlands, Norway and Portugal.  The launch marks a significant milestone in the execution of Euronext’s “Innovate for Growth 2027” strategic plan, reinforcing the Group’s ambition to scale up its subscription-based SaaS business and deepen engagement with listed companies throughout their journey as public issuers. As European capital markets continue to evolve, listed companies face growing demands for transparency, investor engagement and access to timely market intelligence. The Investor Relations Portal responds to these needs by bringing together critical investor relations resources within a single secure environment, helping issuers operate more efficiently while strengthening their dialogue with investors. The portal provides companies with access to investor relations tools and services through a single, secure login. Through the platform, issuers can access live share price information powered by Euronext; investor activity insights and shareholder analysis; an Academy & learning hub with expert content; events and resources tailored to IR teams; and an AI agent to help users navigate the platform and access IR best practices and knowledge. The environment is GDPR-compliant with enterprise-grade security and role-based access controls. Julien Tessier, CEO of Euronext Corporate Solutions, said: “Onboarding over 180 companies in under two months is a strong signal that our IR Portal responds to what the market needs. We have built a platform where issuers can access live market data, shareholder intelligence and a learning hub through a single entry point. The IR Portal is a concrete step in our commitment to being the most efficient and supportive partner for investor relations teams across European markets.” Giulia Rossi, Head of Investor Relations at Aquafil, said: “What I appreciate most about the IR Portal is having everything accessible through one login: our IR tools, market data, and expert resources through the Academy. It's a centralised workspace that reflects what we really need for our IR environment.” Tove Vestlie, CFO and Investor Relations at Soiltech, said: “The Euronext Corporate Solutions IR Portal has become a core part of our weekly IR workflow. It allows our teams to save time and focus on what drives value: shareholder engagement and strategic communication.” The IR Portal is designed to become the single entry point through which listed companies access Euronext’s full range of resources, tools and services, simplifying the experience for issuers navigating a broad ecosystem. This launch is the first step in a longer-term ambition to build a unified, AI-powered digital experience for listed companies across Euronext markets. Today, Euronext Corporate Solutions serves thousands of corporate clients across Europe through a portfolio of software solutions and advisory services spanning investor relations, governance and compliance.

Effective July 1, 2026, MIAX Options, MIAX Pearl Options, MIAX Emerald Options and MIAX Sapphire Options Exchanges will amend the following fees pending filings with the Securities and Exchange Commission: MIAX Pearl Options Exchange – Non-Penny class rates Simple Maker Rebates for Non-Penny Classes amended to new rates below Priority Customer: ($1.19) for Tiers 1-6 Pearl Market Maker: ($0.80) for Tiers 1-6 Non-Priority Customer, Firm, BD, and Non-MIAX Pearl Market Maker: ($0.80) for Tiers 1-6 Simple Taker Fees for Non-Penny Classes amended to new rates below Pearl Market Maker $1.21 for Tiers 1-6 Non-Priority Customer, Firm, BD, and Non-MIAX Pearl Market Maker: $1.21 for Tiers 1-6 MIAX Options, MIAX Pearl Options, MIAX Emerald Options and MIAX Sapphire Options –  Historical Open-Close Report discount extension From July 1, 2026 to December 31, 2026, any single purchase of $20,000 or more of historical End-of-Day Open-Close Report data and/or historical Intra-Day Open-Close Report data by an existing subscriber to the End-of-Day or Intra-Day Open-Close Report, will receive a 20% discount when the subscriber purchases the same category of historical data for which they have a monthly subscription. MIAX Sapphire Options does not have minimum single purchase size This discount cannot be combined with any other discount offered by the Exchange, including the academic discount provided for Qualifying Academic Purchasers of historical Open-Close Report data REMINDER:  MIAX Exchange Group will modify its Options Regulatory Fee ("ORF") rates beginning in July 2026 as previously announced in this previous Alert: $0.0170 per contract on MIAX Options Exchange $0.0240 per contract on MIAX Pearl Options Exchange $0.0220 per contract on MIAX Emerald Options Exchange $0.0220 per contract on MIAX Sapphire Options Exchange Attached are highlighted summaries of the July 2026 fee changes. MIAX Sapphire Exchange MIAX Emerald Exchange MIAX Pearl Options Exchange MIAX Options Exchange Complete details will be contained in the July 2026 exchange fee schedules, when posted on the MIAX website at MIAX Options Fee Schedule, MIAX Pearl Options Fee Schedule, MIAX Emerald Options Fee Schedule and MIAX Sapphire Options Fee Schedule.For additional information, please contact MIAX Sales at Sales@miaxglobal.com or (609) 897-8177.For assistance, please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.

Deal volume steady: 26 firm offers (H1 2025: 37; H2 2025: 19) Deal values increase: £36 billion aggregate deal value (H1 2025: £23.1 billion; H2 2025: £15.1 billion) Top five transactions accounted for around 90% of total deal value, however, approximately two-thirds of deals in the sub-£250 million range  European bidders active: involved in 35% of firm offers (FY 2025: 7%) Financial services and industrials dominate: 12 firm offers combined; £30.8bn aggregate deal value Seven firm offers for financial services; £19.8bn Listed bidders active: 54% firm offers by listed bidders; 27% PE; 12% unlisted strategics; 8% private individuals Strong pipeline of possible offers: nine ongoing possible offers; £18.6 billion aggregate deal value Commenting, Patrick Sarch, Head of UK Public M&A at global law firm White & Case LLP, said: “The UK public M&A market in H1 2026 has been notably skewed, with a few marquee deals at the top end and a long tail of smaller deals at the other, with the mid market conspicuously underpopulated. One of the standout features from H1 2026 has been the resurgence of interest from Continental European bidders who do not want to miss the opportunity to acquire world-class UK-listed companies that offer global revenue profiles, strong cash generation and established governance standards at lower valuations. “Until the persistent disconnect between the underlying quality of UK businesses and the prices at which they trade closes, the UK public markets will remain a highly attractive hunting ground for overseas bidders and many will chase the same assets. The change of PM and the prospect of a new Chancellor are unlikely to narrow that valuation gap and instead introduce more uncertainty for domestic buyers, which may well deliver a competitive advantage to international acquirers who are less exposed to UK and sterling financing risks. This could accelerate the flow of UK listed companies being taken private by overseas acquirers, particularly those that provide AI and digital transformation capabilities, and businesses in the financial services, defence and industrials sectors.”

Good afternoon, ladies and gentlemen. And thank you, Barbara [Van Allen], for your generous introduction. Before I offer a few reflections, I must note the standard disclaimer that the views I express here today are my own as Chairman and do not necessarily reflect those of the SEC as an institution or of my fellow Commissioners. First, let me begin by expressing what a profound privilege it is to speak to the Economic Club of New York. Of course, this occasion is rendered especially meaningful—and even, serendipitously, a greater honor—by its timing, as we stand mere days away from the 250th anniversary of our Republic. Such a momentous occasion calls not only for celebration, but also for reflection on the great deeds of the past, and a renewed resolve to confirm that the spirit of 1776 remains our animating force today. So, I do not take lightly the moment in which I stand before you, nor the duty ahead of me to adequately honor our extraordinary Nation, its courageous pioneers, and its storied history—a duty, yes, but for me, really a delight. 1776: Two Documents, One Idea Today, the country that we call home stands squarely on the shoulders of the most consequential year in modern history. The epoch of 1776 did not merely mark the birth of a nation; it was the year that the grand idea behind it took political form. One so potent and so threatening to entrenched power that the band of men who dared to permanently endorse it on a piece of parchment pledged their very lives, their fortunes, and their sacred honor to its defense. For the architects of this order were not timid reformers seeking a few modest amendments to an antiquated system; they were revolutionaries declaring an uncompromising extrication from it. A quarter millennium ago, they announced to a king—and thus to the world—that our rights are undeniable—that they are not subject to the will of princes or parliaments, but sacred gifts from the hand of God. Chief among these rights, our forebears proclaimed, was the right to govern themselves; to forge their own destiny through industry and enterprise; to wager everything on an idea to enjoy the fruit of their endeavor safe in their property; to pursue happiness—a happiness far more profound than our simple vernacular definition of “joy” or “contentment.” Instead, they invoked by that term the classical ideal of human flourishing, achieved through virtuous activity over the course of one’s life. At the heart of our Founding Fathers’ revolution stood an idea—one that found its fullest expression in two fateful documents, crafted an ocean apart but together in time in 1776: one penned in the summer heat of Philadelphia, the other in the intellectual winds of Edinburgh. Thomas Jefferson brilliantly articulated the justification of the Continental Congress for becoming a nation. Adam Smith described the way that such a nation could summon wealth from scattered effort. The authors never met, yet their ideas were inseparable, and their contemporaneous works rested on the same conviction: trust the individual, not the institution. On the far side of two and a half centuries, the question before us today is not whether that idea “worked.” History has certainly answered that in the affirmative. Rather, it is whether we, as stewards of this nation and its institutions, have the wisdom, restraint, and the resolve to preserve it. The Invisible Hand and the Visible Framework  Thomas Jefferson was no stranger to Adam Smith’s philosophy—he was, in fact, a student of it, evidenced by the well-worn copy of The Wealth of Nations contained in his library, from which he gleaned wisdom that he shared freely with friends and correspondents.[1] It is little wonder, then, that our founding documents, in many respects, reflect Smith’s central themes that were debated at the time: that government must not grow infinitely. That it should be sizeable enough to protect its people yet small enough not to shackle them. And that its purpose, above all, is to set them free to pursue their own prosperity—and in so doing, to propel the nation’s prosperity—to unleash what Smith immortalized as “the invisible hand.” Yet the Founders understood that this principle, however true or trustworthy, was not self-preserving. They knew that concentrated power—whether lodged in a crown, in a parliament, or in a bureaucracy—would characteristically constrain it. So, they built a framework around it as light as prudence would permit. Carefully constructed on the cornerstones of clear rights, coherent rules, and public authority granted and bounded by the people, our forebears' framework amounted to more of a trellis than a cage—something along which prosperity could climb. For two and a half centuries, that trellis, rightly tended, has liberated the invisible hand to lift a people—indeed, even an entire nation—and, in so doing, has built the most prosperous, innovative, and resilient capital markets in the world. 250 Years of the Invisible Hand at Work Ludwig von Mises wrote that the market economy needs no apologists or propagandists. That “it can apply to itself the words of Sir Christopher Wren’s epitaph in St. Paul’s Cathedral: If you seek his monument, look around.[2] Well, on the cusp of a quarter millennium, I believe that it is fitting not only to look around, but also to look behind. From its earliest days, America exhibited a bold spirit of enterprise, which the French philosopher Alexis de Tocqueville credited as the primary reason for “its rapid progress, its force, [and] its greatness.[3] Likewise, George Washington, who took the presidential oath here in Manhattan, underscored the power of a commercial and enterprising spirit to propel a nation. In 1784, he wrote that a people driven by “the spirit of commerce,” and determined to “pursue their advantages, may achieve almost anything.”[4] A few years later, not far from where we are gathered, America’s unrivaled capital markets were born almost simultaneously with the nation itself. Not by the edict of government design, but by the ethos of American ingenuity. In 1792, beneath the shade of a buttonwood tree, two dozen stockbrokers gathered to assemble a simple agreement—less than a hundred handwritten words—establishing a system that, while certainly not perfect, would facilitate the flow of capital for generations. Free people, organizing themselves to do what our Founders trusted that they would: create the conditions for capital to flow—and for prosperity to climb that trellis. In the decades that followed, within a framework of shared rules and solemn covenants, Americans set the great wheel of ambition turning, and from it, capital flowed. As this productive symbiosis between capital and creativity increased, the unleashing of human ingenuity gave rise to rapid industrial revolution—and to this great American city, whose history stands as a testament to the power of private investment and free enterprise. The towers that stand out against the sky, the railways that fan out from Grand Central and Pennsylvania Station to the rest of the country, and the harbors, factories, and financial institutions that made New York the Empire City were not conjured by directive, but by initiative—by free people willing to stake their savings on a nation still in formation. By the turn of the twentieth century, millions of Americans owned securities. The merchant class became the middle class, and markets—open to many—became an engine of mobility for more. From the rubble of the Second World War, the might of American free enterprise—with its industrial base largely intact—rose to meet the severe needs of a ravaged world through manufacturing goods and providing services. Pent-up demand, abundant savings, and expanding opportunity revitalized our securities markets—and, in turn, reinvigorated that invisible hand. Manufacturing plants that armed the military pivoted to produce a postwar boom—and the American adventurous spirit, not government mandate, spawned innovative automobiles, appliances, and electronics that defined a generation and revolutionized not only industry, but domestic life as well. In time, this revived spirit of enterprise steadily lifted the United States to the seat of dominant global economic leadership. As the postwar boom matured, the principles by which it was produced came under pressure—until a former governor from California reminded the country what it had forgotten. In the 1980s, President Reagan’s bold return to our Founders’ limited-government ideals called forth a new morning from economic malaise—proving, again, that first principles work when we have the resolve to rekindle them. But that period, prosperous as it was, amounted not to a capstone of our free market edifice, but to a continuation of its building. In the decades since, our markets have never stopped turning, their depth and dynamism repeatedly outpacing that of the rest of the world. Of course, we must acknowledge the panics and reckonings woven between the periods of prosperity. Their indelible marks are surely etched into the very streets of this city and the halls of our history. Yet throughout our 250-year story—through boom and recession, war and peace—a pattern emerges with clarity: every crisis threatened to break American capital markets; but none did. On this anniversary, we would do well to ask why. Each time that our markets bent beneath the weight of adversity, they ultimately endured not because a central planning government scaffolded a recovery, but because the underlying bedrock of free enterprise never shifted. And because, in moments of doubt, Americans returned to first principles rather than abandon them. The first federal securities law enacted in 1933, for example, was not a rejection of free markets, but an effort meant to preserve them. Its animating premise was simple: markets function best when investors can make autonomous decisions based on honest, material information. True to that notion, Congress did not seek to substitute the judgement of regulators for that of investors. Rather, it sought to restore trust through transparency—strengthening the framework so that risk-taking and capital formation could swiftly recover and safely rise. Indeed, the history of our markets is not a tale of unbroken ascent. Rather, the long arc bends toward growth—growth that is less a tribute to regulation than to free people investing in free markets, within a government that trusts them to do so. Even outside observers have arrived at the same conclusion. Peruvian economist Dr. Hernando de Soto studied not what the American system has produced, but what its absence had cost the rest of the world. “Without an integrated formal property system,” he concluded, “a modern market economy is inconceivable.”[5] In essence, transparency and rule of law support property rights, dependable valuations, and a defense against kleptocratic government. It is such a system—and such a promise—which we are now called to defend. The American System of Risk and Reward  Behind our market system is not a central planning system but a citizenry—one willing to take risks within the peerless American system that rewards them. Our Founding Fathers took the first and ultimate step: pledging everything against the charge of treason, with no assurance of success and certain execution if they failed. Yet their courage ultimately yielded a constitutional Republic that established the legal framework for all who would follow, enabling generations of Americans to pursue prosperity in their wake. As the nation’s story continued to unfold, and competing ideologies sought to engineer economic strength from the top down, ours was a model that steadily proved its value on the world stage. The many Socialist experiments, built on brute force of totalitarian government and a commitment to central planning, crumbled under a philosophy incapable of channeling the forces of human aspiration. In stark contrast, our system entrusts citizens with freedom, private property rights, and the opportunity to shoulder the burdens and realize the rewards of risk and innovation. Well, in the decades since—if under different leaders, labels, or “Democratic” descriptors—the same Socialist story has unraveled repeatedly, each time ending in collapse, colossal destructiveness, and poverty, while American markets have stood as a steadfast counterpoint based on individual liberty and rights. As then-SEC Chairman Chris Cox reminded this Club just over 20 years ago, “Our market economy, better than any other system in the world, enables the poor to rise from poverty, and enables the vulnerable and marginalized to be protected. Because after all, wealth must be produced before it can be shared.”[6] So perhaps nowhere is this contrast experienced more palpably than by those beleaguered by such communist and socialist systems—individuals abroad who long for a system that lifts and liberates as America’s does, yet who remain captive to the concentrated power above them. As de Tocqueville observed, Americans are instinctively entrepreneurial and generous. As many of us are witnessing, the World Cup playing out across our country right now offers a striking present-day parallel of his early-1800s observation. Thousands of fans from around the world who travelled to the U.S. expecting only a soccer match or so have encountered something that they did not expect: American life as Americans live it—yet often take for granted. On social media, visitors who rave about air conditioning, and Texas barbeque, and big box stores, and yes, even Ranch dressing. So two centuries on, de Tocqueville’s reflections read less like history than like dispatches from this summer. With each generation, we have not just had an opportunity, but a high calling to remind our fellow citizens of—and live up to—the principles of our free market system. Our way of life is exceptional, not inevitable. And yet the temptation to erode it is never distant—so just step outside, where leaders entrusted to govern this great city that built American commerce are beginning to speak the language of control rather than of freedom—to deliver on campaign promises that would undermine the very foundation that has made this nation great. As President Trump reminded us recently, Communism may seem appealing at first, “but, in the end…great violence proceeds at levels never seen before, and the entity dissolves into poverty, squalor, and crime.”[7] The founding vision of our nation—what our forebears fought for, and what our heroes have died for—was always to serve and safeguard risk-takers, not to second-guess or stifle them; to create the conditions for their flourishing, not to control them. It is a vision that, as regulators, we must not treat as an historical artifact but must take as an archetype: our rules must be clear enough to guide but restrained enough not to suffocate—preserving the conditions in which the invisible hand can convert the pursuit of personal gain into the promotion of public good. And that is precisely the path that this SEC is charting today. The SEC Agenda: Returning to First Principles  Too often of late, our regulatory approach has drifted from following the letter of the law predicated on the founding ideals that propelled a young republic to achieve such stunning success. Rules were fashioned to meet social and political goals rather than to preserve First Principles. Enforcement, meanwhile, became a de facto policy instrument. And disclosure obligations, designed to illuminate what is material to investors, were quietly redirected toward what regulators found merely interesting. And with respect to digital assets—the most consequential financial frontier of our time—uncertainty became the policy. Well, innovation did not wait. It simply left our shores. In a world in which telecommunications know no boundaries, Americans found these assets anyway, but without the standards of American laws. Fortunately, the path forward is illuminated by the light of what we know is true—by the proven approach of the generations of Americans who have gone before us. So, in our nation’s 250th year, we at the SEC are doing what our Founders had faith in us to do: clearing and pruning the overgrowth—not to weaken the framework, but to let it bear fruit again. The path to doing so rests on what I am calling the SEC’s “ACT strategy,” which is comprised of three interlocking aims: to Advance our frameworks into the modern era; to Clarify our jurisdictional lines; and to Transform our rulebook by returning it to first principles. A-C-T. The first—Advance—begins where the cost of complacency is clearest. Under the previous administration, digital asset innovators operated under regulatory ambiguity—and those who sought regulatory certainty from the SEC often found themselves under investigation instead. The market rendered its verdict, and an entire generation of digital asset innovation developed overseas. So, over the past year, we have moved purposefully to answer President Trump’s call to make America the Crypto Capital of the World. Through what we’re calling Project Crypto, we are taking historic steps to modernize our rules and regulations to facilitate markets' moving on-chain. And after years of obscurity, we have delivered long-called-for certainty to digital asset issuers—so that investors and entrepreneurs today can know, before they act, whether a digital asset is considered a security and therefore subject to SEC oversight. To be clear: this is not a favor to industry—it is what markets require to function: clear rules of the road, applied without preference.  But a modernized framework is only as valuable as the clarity with which it is applied. Thus, the ‘C’ for clarity. So, after years of fragmented oversight and overlapping authorities, the SEC and CFTC signed an historic Memorandum of Understanding between our two agencies—a framework for aligning key definitions, coordinating oversight, and replacing a regulatory no man’s land between the two agencies with new fertile ground for innovation to grow. The third foundational aim of our strategy—to Transform—in many ways strikes closest to the root of the issue. Between the 1990s and when I returned to the SEC as Chairman last year, the number of companies listed on the U.S. exchanges had cratered by about 40 percent. Every IPO, I believe, is an invitation for individuals to participate in the prosperity of the next generation of American enterprise. When fewer companies extend that invitation, fewer Americans receive it. To that end, under my leadership, we are Making IPOs Great Again—most recently by proposing to modify how and when public companies access capital, and what they must disclose when they do. Our recent registered offering reform and filer status reform proposals would, if adopted, broaden the opportunity to capitalize on favorable market conditions and recalibrate disclosure requirements based on a company’s size and maturity. In turn, more companies would receive relief from some of the most onerous SEC requirements while retaining those that are essential to informed investment. Building on this effort, last month we proposed to rescind the prior administration's ill-advised climate disclosure rule—re-tethering our rulebook to the simple principle that the SEC exists to serve all investors, not to advance an agenda of the politicized few or the business models of those who pander to them. Over the past year—through these steps and others—we have begun clearing the path to going public with materiality as our metric, so that becoming a public company is once again a growing company’s goal—not its last resort. Now, I do not pretend to have the panacea to make IPOs great again. The decline did not occur overnight, and it will likewise not be remedied in an instant. Yet, by creating a new environment and shifting the agency’s overall posture towards public companies, we are turning the tide: for example, initial submissions for firm-commitment IPOs surged 70 percent from January through early June as compared with the same period back in 2024. And just this month, one company alone raised $85.7 billion[8] —a single offering that eclipsed the total capital raised by the entire U.S. IPO market in each of the years 2024 and 2025.[9] However, the benefits of revitalizing our capital markets are certainly not reserved for businesses and those who lead them. Another recent transformational market endeavor holds the promise to change the trajectory of every child’s life in America. Thanks to the leadership of President Trump and Treasury Secretary Scott Bessent, Trump Accounts will launch this week. Beginning on July 4, every U.S. child under 18 is eligible to open a Trump Account: a type of traditional IRA, held in the child’s name, with the parent or guardian serving as custodian until the child turns 18. Family, friends, and employers can contribute up to $5,000 per year, per child. And thanks to private philanthropy already flowing into this initiative, millions of low- and middle-income  children will start ahead of where they otherwise would have. In addition, for citizens born between the 1st of January 2025, and December 31, 2028, the federal government will make a one-time, one-thousand-dollar contribution to each child’s Trump Account. So the Trump Account initiative is a practical example of applying the lessons of saving and investment of our nation’s 250 years to the benefit of the next generation. And looking to the future, with our investor education mandate, the SEC has assisted the Treasury and the rest of the administration in every way that we can to roll out this initiative. Of course, our return to first principles extends beyond the rules that we excise or implement to how they are enforced. Under this SEC, we have ended the “regulation by enforcement” approach of the past and recentered our enforcement program on the Commission’s core mission by prioritizing cases that provide meaningful investor protection and strengthen market integrity. Rather than focusing on the number of enforcement cases and record-setting penalties as opposed to true investor protection, we are redirecting resources toward the types of misconduct that inflict the greatest harm—particularly fraud, market manipulation, and abuses of trust. And, finally, we intend to conduct a broader, thorough review of enforcement processes—something that has only occurred once before in the SEC’s history. Now, as consequential as they are, these reforms are neither comprehensive nor complete. We are forging ahead across every dimension of our mandate to continue modernizing our rulebook; clarifying oversight to unlock innovation; and pruning what is duplicative or frivolous, while preserving what is fit-for-purpose. Every step toward that end rests on the conviction that has colored this speech from the start: that the SEC’s role is not to control our capital markets nor to engineer their outcomes, but to foster the environment in which they can prosper. That was the instinct of the 1933 Securities Act drafters. It was the grand idea of our Founders, who trusted the individual over the institution. And it remains, on this 250th anniversary of the Republic that they built, our surest path forward. Indeed, past Commissions have shown us, with equal clarity, the cost of refusing it. Conclusion So, let me close where I began: that is, with the past and with a promise. With memory of our own beginnings, and with the mandate before us. Two hundred and fifty years ago, our Founding Fathers built the trellis. Less than a hundred years later, de Tocqueville observed its robustness. And by the twentieth century, von Mises asked us to behold the garden of free enterprise that grew along it. The charge before us today is—unlike what some elected officials in this City insist—not to uproot what our predecessors built. Rather, it is to tend the framework that the Founders designed—one along which prosperity can climb—lest we let the foundation of the trellis, meticulously crafted over the years, be destroyed. Indeed, to conserve the promise of our unrivaled Republic for the next quarter millennium and beyond, may we together resolve to steward that trellis and safeguard the invisible hand—not only as government regulators, but as builders, as risk-takers, and above all, as Americans. Thank you very much for your time and attention today. And Larry [Kudlow], I look forward to our conversation ahead. [1] https://www.monticello.org/encyclopedia/wealth-of-nations [2] https://cdn.mises.org/files/2025-05/The%20Quotable%20Mises_Thornton_2019_1.pdf , Page 26 [3] https://www.gutenberg.org/files/816/816-h/816-h.htm, Alexis de Tocqueville, Democracy in America, Volume II, Chapter XVIII [4] https://teachingamericanhistory.org/document/letter-to-benjamin-harrison-3/ [5] Hernando de Soto, The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else. [6] https://www.sec.gov/news/speech/spch121205cc.htm [7] President Trump Truth Social Post [8] https://www.cnbc.com/2026/06/15/spacex-ipo-spcx-greenshoe-overallotment.html [9] https://www.sec.gov/data-research/statistics-data-visualizations/initial-public-offerings-ipos/ipos-number-proceeds

The Office of the Comptroller of the Currency (OCC) reported cumulative trading revenue of U.S. commercial banks and savings associations of $16.3 billion in the first quarter of 2026. The first quarter trading revenue was $1.7 billion, or 11.4 percent, more than in the previous quarter and $862 million, or 5.6 percent, more than a year earlier. In the report, Quarterly Report on Bank Trading and Derivatives Activities, the OCC also reported that as of the first quarter of 2026: a total of 1,192 insured U.S. national and state commercial banks and savings associations held derivatives. four large banks held 79.1 percent of the total banking industry notional amount of derivatives. initial credit exposure from derivatives before netting increased in the first quarter of 2026 compared with the fourth quarter of 2025. Net current credit exposure increased $84.1 billion, or 34.8 percent, to $325 billion. derivative notional amounts increased in the first quarter of 2026 by $88.4 trillion, or 42.5 percent, to $296.5 trillion. derivative contracts remained concentrated in interest rate products, which totaled $203.2 trillion or 68.5 percent of total derivative notional amounts. Related Link Quarterly Report on Bank Trading and Derivatives Activities: First Quarter 2026 (PDF)

The Office of the Comptroller of the Currency (OCC) reported on the performance of first-lien mortgages in the federal banking system during the first quarter of 2026. The OCC Mortgage Metrics Report, First Quarter 2026 showed that 97.7 percent of mortgages included in the report were current and performing at the end of the quarter, a slight increase from 97.6 percent in 2025. The percentage of seriously delinquent mortgages – mortgages that are 60 or more days past due and all mortgages held by bankrupt borrowers whose payments are 30 or more days past due – remained unchanged from the first quarter of 2025. Servicers initiated 7,818 new foreclosures in the first quarter of 2026 showing an increase from the previous quarter and a decrease from a year earlier. Servicers completed 6,308 modifications during the first quarter of 2026, a 7.1 percent increase from the previous quarter’s 5,888 modifications. Of these 6,308 modifications, 6,002, or 95.1 percent, were “combination modifications” — modifications that included multiple actions affecting the affordability and sustainability of the loan, such as an interest rate reduction and a term extension. The first-lien mortgages included in the OCC’s quarterly report comprise approximately 19.1 percent of all residential mortgage debt outstanding in the United States or approximately 10.2 million loans totaling $2.6 trillion in principal balances. This report provides information on mortgage performance through March 31, 2026. Related Link OCC Mortgage Metrics Report, First Quarter 2026

The Ontario Securities Commission (OSC) is warning Ontario investors that the following companies are not registered to deal or advise in securities in Ontario: Carson Capital Management Easy Edge Wealth Wave Splunkagentic-ai Kortex Invest Dominion Bitspire Senvix Betroen Vixmar Instant AI BlueQ Dexlink Maplewallet Coinhubx Zinzenova OneFXclub Cenexpro (aka Cenex-pro) Digital Asset Solutions (aka Digital Assets Solutions) At the OSC, we issue investor warnings and alerts about possible harmful or illegal activity in progress, and maintain a warning list of companies or individuals performing activities that may pose a risk to investors. A full list of OSC investor warnings and alerts is available on the OSC’s website. Investors can sign up for email notifications when new warnings and alerts are issued and can follow the OSC’s X feed at @OSC_News . Ontarians who have been approached by any of the individuals or firms listed above, or any other unregistered company or individual, are advised to contact the OSC Contact Centre at 1-877-785-1555 or via email at inquiries@osc.gov.on.ca . Always check the registration of any person or business trying to sell you an investment or give you investment advice. This can be done by visiting the Check Before You Invest or the Crypto businesses pages on the OSC website. The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at https://www.osc.ca.

The first Swiss Anti-Fraud Summit was held today. This new collaborative platform was created to coordinate the fight against fraud in the payments system. Initiated by SIX and the Swiss Bankers Association (SBA), the event brought together key players from the financial, telecommunications and technology sectors as well as representatives of authorities, social media companies and online retailers. The main takeaway was that coordinated collaboration across the entire digital fraud chain is essential for effective fraud prevention. Everyone attending today’s Swiss Anti-Fraud Summit agreed that fraud is increasingly happening via interconnected structures, many of which are professionally organised and operate internationally, which makes it hard for individual actors to combat it effectively on their own. Close coordination between all those involved along the whole fraud chain – from social media platforms to online marketplaces, tele­communications providers, internet retailers, banks and law enforcement – is vital. New collaborative platform for dialogue between industries With this in mind, the SBA and SIX created the Swiss Anti-Fraud Summit as a collaborative platform to help the various industries to engage in dialogue and work together in the fight against payment fraud. The aim is to share knowledge between institutions and industries and to pool resources for additional measures and joint initiatives. Representatives of several industries in the fraud chain took part in a roundtable discussion on current and future challenges as regards combating fraud and possible approaches to solving them. These were then examined in depth from the specific perspective of the Swiss financial sector during the conference. Focus on systemic challenges and prevention The Summit centred on current fraud patterns, perpetrator and victim perspectives and concrete approaches to preventing payment fraud. Future threat scenarios were also considered, especially those that might arise as the digital transformation progresses and fraudsters make increasing use of artificial intelligence. The discussions confirmed that fraud represents a systemic risk affecting not just one but multiple payment channels, institutions and sectors at once, whereas many existing measures are organised by individual actors working on their own. It was also stressed that prevention must be addressed earlier in the digital ecosystem, particularly in the case of platforms and communication channels. Stepping up collaboration throughout the value chain was identified as a central lever for increasing the effectiveness of measures over the long term. Specific action areas include early identi­fication of fraudulent activity on platforms, faster interception of misuse of telecommunication channels and improved real-time data sharing – both between private actors and between the private sector and the authorities. These require clearly defined, practicable frameworks for data protection and information exchange. Financial sector driving collaboration The SBA and SIX work with the Swiss banks on effective payment fraud prevention and contribute to collaboration across industries with insights from the financial sector. Those involved play a key role in ensuring that digital payment systems are secure and trustworthy, which in turn bolsters the Swiss financial centre’s stability. The Swiss Anti-Fraud Summit serves as a launch pad for stepping up collaboration throughout the fraud chain going forward, and its findings will flow into concrete initiatives. August Benz, Deputy CEO of the SBA: “The banking industry takes its responsibility in the fight against fraud seriously and is working hard to develop effective prevention solutions. Collaboration across industries is vital. This is the only way to stamp out fraud over the long term.” Christoph Müller, Head Banking Services and Member of the Executive Board, SIX: “Fraud is a network problem and must be solved as such. This is what the Swiss Anti-Fraud Summit 2026 is all about. We are bringing key players in fraud prevention together in terms of communication, technology and operations.”

Digital Prime Technologies, a provider of digital asset technology solutions and developer of Tokenet, today announced the completion of Tokenet's integration with BitGo Bank & Trust, National Association ("BitGo Bank & Trust"), an OCC-regulated digital asset trust bank and subsidiary of BitGo Holdings, Inc. (NYSE: BTGO) ("BitGo"), the digital asset infrastructure company. The integration enables clients to execute institutional-grade bilateral digital asset lending workflows while BitGo Bank & Trust provides regulated custody and off-chain, real-time settlement through its Go Network offering. This builds on Tokenet's existing support for various custody solutions. Tokenet's integration with BitGo reflects the preferences of Tokenet's launch clients, who rely on BitGo's infrastructure for its broad support of the Canton Network. BitGo Bank & Trust has established itself as a key institutional gateway to the ecosystem through its support for Canton Coin, Canton-native assets, and other services. This includes EquiLend choosing BitGo Bank & Trust as their digital asset partner for qualified custody and trading capabilities. With the addition of BitGo Bank & Trust, Tokenet's multi-custodian model now allows firms to manage collateral, execute loans, and access full lifecycle management - including recalls, returns, rerates, and mark-to-market - through their preferred custody provider. Client assets held in qualified custody with BitGo Bank & Trust benefit from offline cold storage, insured up to $250M, in addition to the company's advanced security controls and layered operational safeguards. BitGo Bank & Trust's Go Network settlement infrastructure also enables assets to be moved efficiently within a secure, regulated framework. Together, these capabilities help firms manage digital assets with the security and compliance controls expected in traditional financial markets worldwide. Digital Prime Technologies is also in the advanced stages of integrating with BitGo Bank & Trust's tri-party solution, which will extend the platform's collateral management capabilities further and address requirements from clients seeking additional flexibility in their lending arrangements. EquiLend, whose partnership with Digital Prime Technologies provides the distribution foundation for Tokenet to scale within the institutional lending community. "We're excited to partner with Digital Prime Technologies and EquiLend to provide the custody and settlement foundation that enables institutions to access lending workflows. Continued institutional adoption depends on trusted infrastructure designed for security and scale while supporting the networks and assets, like Canton, that are increasingly important to institutional markets," said Adam Sporn, Head of Prime Brokerage and Institutional Sales, BitGo Bank & Trust. "Custody is foundational to digital assets, and we are pleased to announce another significant milestone in expanding client choice with the completion of Tokenet's integration with BitGo. BitGo's reputation as a trusted custody provider makes this a meaningful addition to our growing custody ecosystem. We remain committed to offering clients flexibility in how they custody their digital assets and look forward to continued partnership with BitGo and future functional integration like tri-party," said James Runnels, Co-Founder and CEO of Digital Prime Technologies. "Building out a genuine multi-custodian model is central to what makes Tokenet a credible institutional solution. As EquiLend's partner in bringing this platform to the securities finance community, we're pleased to see Tokenet expanding to meet clients on their preferred infrastructure," said Nick Delikaris, Chief Product Officer, EquiLend.

The Securities and Exchange Commission today issued a request for public comment on exchange-traded funds (ETFs) seeking to invest in innovative asset classes or engage in novel investment strategies. The request focuses on ways to facilitate innovation in the ETF space while protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation.  “Innovation in exchange-traded funds depends on a consistent, transparent, and efficient regulatory framework,” said SEC Chairman Paul S. Atkins.  “The Commission’s request for comment seeks input from the public on how the U.S. ETF market can continue to grow and innovate while serving investors effectively, and I look forward to reviewing feedback from market participants as we evaluate how to best respond to recent market changes.” “Exchange-traded funds are a tremendous success story, growing from $4 trillion in 2019 to over $12 trillion at the end of 2025. As ETFs continue to grow and novel strategies emerge, public engagement is essential to answering key questions to make the next years of development a success,” said Brian Daly, Director of the SEC’s Division of Investment Management. The Commission encourages feedback on the important questions raised in today’s release. The Commission requests comment with respect to the status of certain novel ETFs as investment companies, the regulation of novel ETFs, and how the registration process for novel ETFs can continue to operate effectively. The public comment period will remain open for 60 days following publication of the request for comment in the Federal Register. Resources Request for Comment Submit Comments

Federal bank regulatory agencies today released the 2026 list of certain geographies where certain bank activities are eligible for Community Reinvestment Act (CRA) credit. Under the CRA, the agencies assess a bank's record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with safe and sound operations. The list released by the agencies includes distressed or underserved nonmetropolitan middle-income geographies where revitalization or stabilization activities are eligible to receive CRA consideration. The designations reflect local economic conditions, including unemployment, poverty, and population changes. Previous years' lists and criteria for designating these areas are available here. Revitalization or stabilization activities in these geographies are eligible to receive CRA consideration under the community development definition for 12 months after publication of the current list. As with past lists, the agencies apply a one-year lag period for geographies that were included in 2025 but are no longer designated as distressed or underserved in the current list. 2026 List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies (PDF) Source Information and Methodology (PDF)

The Depository Trust & Clearing Corporation (DTCC) recently announced its plan to extend US equities clearing hours, a move that Tokenovate CEO and Founder Richard Baker believes signals a larger shift in post-trade infrastructure. While many have focused on the implications for trading hours, Baker argues that the transition to continuous markets highlights the inherent limitations of legacy post-trade systems. "DTCC's move confirms that capital markets are becoming continuous, but much of the post-trade infrastructure was designed for batch processing and defined market hours," commented Baker. He suggests that simply extending operating hours is not enough. According to Baker, the industry's push towards an "always-on" trading environment exposes the inefficiencies of current post-trade operations, which often rely on manual processes, fragmented data, and overnight batches. He warns that without significant modernization, longer trading hours could merely shift operational bottlenecks rather than eliminate them. "The industry has spent years making execution faster. The next competitive advantage will come from modernising what happens after the trade," Baker explained. He argues that as market hours extend, the firms that will succeed are those that can automate post-trade workflows, including lifecycle events, collateral movements, and settlement, on a continuous basis."

Board lot units in the Hong Kong securities market will be standardised to eight options Board lot value will be subject to floor and ceiling guidance of HK$1,000 and HK$50,000 respectively The new board lot framework will be implemented in phases, starting 2 July 2026 Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to publish today (Tuesday) the conclusions of its consultation on proposed enhancements to the board lot framework for the Hong Kong securities market. The consultation received 85 responses from a broad range of market participants across the primary and secondary markets. All proposed enhancements received strong market support, with respondents recognising the potential for enhanced operational efficiencies and improved accessibility to the Hong Kong securities market. Taking into account the feedback received, HKEX will proceed with the following enhancements to the board lot framework for Applicable Securities, which include equities1 and REITs: Reduction of the board lot value floor guidance from HK$2,000 to HK$1,0002; Introduction of board lot value ceiling guidance at HK$50,000 for issuers that adopt board lot units larger than 100 shares; and Standardisation of board lot units to a defined set of eight options: 1, 50, 100, 500, 1,000, 2,000, 5,000 and 10,000 share(s). HKEX Head of Markets, Gregory Yu, said: “We are delighted to introduce a more streamlined board lot framework, marking a significant step forward in making our market more accessible and inclusive. The feedback received highlights broad market support for simplifying market arrangements and enhancing trading efficiency. Moving to a more standardised set of board lot units lays a strong foundation for the continued evolution of Hong Kong’s market microstructure, paving the way towards the potential for a unified board lot unit in the longer term. Together with other market infrastructure initiatives and product innovations at HKEX, these enhancements reinforce Hong Kong’s role as a leading international financial centre.” To facilitate a smooth transition and minimise operational impact on the market, HKEX will adopt a two‑phased implementation approach: Phase 1 (effective 2 July 2026) Prospective issuers with IPO application filings made before 2 July 2026 will be required to comply with the updated board lot value floor guidance and the new board lot value ceiling guidance; with IPO application filings (including the refiling of IPO applications lapsed before 2 July 2026) made on or after 2 July 2026 will be required to comply with all components of the new board lot framework. Existing issuers Existing issuers will be required to comply with the updated board lot value floor guidance and the new board lot value ceiling guidance3. Existing issuers undertaking corporate actions involving a change of board lot unit, share consolidation or share sub-division, will be required to comply with all components of the new board lot framework. Board lot value ceiling guidance The ceiling guidance applies only to Applicable Securities with a board lot unit exceeding 100 shares. HKEX will regularly review board lot values and notify issuers whose average daily closing board lot value during the six-month assessment period4 exceeds HK$50,000. Issuers will be asked to reduce the board lot value within six months of the end of the relevant assessment period. Phase 2 (effective upon the launch of USM on 16 November 2026) All issuers will be required to adopt one of the standardised board lot units within six months of completing the Uncertificated Securities Market (USM) transition process. The requirement to conduct parallel trading for a change of board lot unit will be removed for issuers that have completed the USM transition process. In conjunction with the enhanced board lot framework, HKEX also plans to enhance the odd lot trading mechanism, with the exploration of a new automatic matching mechanism considered to be launched earliest by the third quarter of 2027, subject to regulatory approval and market readiness. Further details of this enhancement will be announced in due course. The consultation conclusions and copies of the respondents’ submissions are available on the HKEX website. The Guide on Trading Arrangements for Selected Types of Corporate Actions has also been updated to reflect the new board lot framework and associated changes.   Notes: The following instruments are excluded from the scope of the proposal: Exchange Traded Products, Structured Products, debt securities, equity warrants, investment companies (listed under Chapter 21 of the Listing Rules), Special Purpose Acquisition Company shares and warrants. Only applicable upon initial listing, when the board lot unit is being changed, and when conducting share consolidation or sub-division. Issuers that are not Specified Prescribed Securities under the USM regime, which in general are issuers incorporated outside Hong Kong, the Chinese Mainland, Bermuda, or Cayman Islands, would not be expected to observe the board lot value ceiling guidance until such time as they are able to elect to undertake an earlier USM transition. The first assessment period will commence in July 2026 and will run from January to June and from July to December each year.

KEY POINTS TSD hosted “The 26th ACG Cross Training Seminar” under the theme “Adaptation of CCP & CSD Services for the New Era” from June 23–26, 2026, bringing together over 100 representatives from 27 ACG member organizations. Members exchanged knowledge and expertise across four key areas: collaboration, service standards, market connectivity and technology adoption for the digital era. TSD Managing Director Pichaya Chomchaiya said that Thailand Securities Depository Co., Ltd. (TSD) hosted “The 26th ACG Cross Training Seminar” under the theme “Adaptation of CCP & CSD Services for the New Era” from June 23–26, 2026. Over 100 delegates from central securities depositories and central counterparty clearing houses, representing 27 organizations within the Asia-Pacific Central Securities Depository Group (ACG), gathered to exchange knowledge and define collective working guidelines. The seminar aimed to elevate post-trade service standards, a critical infrastructure for capital markets, ensuring resilience against rapid technological change and enabling sustainable long-term growth. Discussions focused on four key pillars: Collaboration: Fostering synergy between regulators and capital market organizations to align practices, regulations, and post-trade infrastructure to support future investment growth. Core Services: Elevating service standards to bolster investor confidence and preserve capital market stability. Connectivity: Enhancing inter-market connectivity to expand investment opportunities for regional investors. Technology Adoption: Applying cutting-edge technologies, including AI, to increase operational efficiency and transparency. TSD also showcased its digital transformation milestones, including TSD e-Service on the “wiset” application, which enhances shareholder access to investment information and portfolio management. The “Pan Hoon Aom Boon” (Share Donation for Merit) and “Pan Pol Aom Suk” (Dividend Donation for Happiness) initiatives further enable shareholders to donate securities and dividends to charitable causes, reflecting TSD’s commitment to meaningful ESG impact. “This seminar is a vital mechanism to advance post-trade services for Thai and regional capital markets, while reinforcing our commitment to creating opportunities for all stakeholders within The Stock Exchange of Thailand group, in line with our vision: ‘The Trusted Gateway to Inclusive Opportunities’,” added Pichaya.