The former deputy chief executive officer of asset manager H2O AM LLP (H2O), Jean-Noel Alba, has been fined £1,049,500 by the FCA and banned from the financial services industry. An FCA investigation found that Mr Alba lacked integrity because he misled the FCA. Between April 2015 and November 2019, H2O failed to carry out proper due diligence on investments relating to the Tennor Group of companies owned by Lars Windhorst, or companies he introduced. The investments were high risk and hard to sell, leaving investor money trapped. In 2024, the FCA agreed that H2O would pay those investors €250 million. During the FCA’s investigation into H2O, Mr Alba provided false and misleading statements and documentation to the regulator. Mr Alba was the principal point of contact with the FCA during its investigation. Mr Alba asked junior colleagues to create minutes, including records and minutes of committees, where no formal meetings had taken place. Mr Alba also provided due diligence materials, such as investment research, to the FCA that had been created years after the investments had been made, when he had claimed they were produced at the time. Steve Smart, joint executive director of enforcement and market oversight, said: 'Senior leaders in financial services need to act with integrity. Mr Alba fell well short of those basic standards. 'He has no place in the industry. This ban and substantial fine should serve as a warning to others that if you mislead the FCA, you will face the consequences.' Background Read the final notice (PDF) The FCA investigation found that Mr Alba breached APER Statement of Principle 1 (failed to act with integrity) and Statement of Principle 4 (failed to deal with the FCA in an open and cooperative way); and Individual Conduct Rule 1 (failed to act with integrity) and Individual Conduct Rule 3 (failed to deal with the FCA in an open and cooperative way). The FCA previously announced H2O would pay €250 million to affected investors following its investigation. The firm is no longer authorised in the UK. Mr Alba was previously identified in the final notice as 'Senior Manager A'. The French financial services regulator, the Autorité des marchés financiers (AMF), is the designated regulator in respect of the collective investments, which H2O had managed on a cross-border basis pursuant to the UCITS Directive. The AMF is the designated regulator of H2O.

At the end of the settlement date of July 15, 2025, short interest in 3,260 Nasdaq Global MarketSM securities totaled 13,792,841,090 shares compared with 14,138,758,851 shares in 3,257 Global Market issues reported for the prior settlement date of June 30, 2025. The mid-July short interest represents 2.37 days compared with 2.59 days for the prior reporting period. Short interest in 1,647 securities on The Nasdaq Capital MarketSM totaled 2,853,251,720 shares at the end of the settlement date of July 15, 2025, compared with 2,790,159,938 shares in 1,636 securities for the previous reporting period. This represents a 1.00 day average daily volume; the previous reporting period’s figure was 1.00. In summary, short interest in all 4,907 Nasdaq® securities totaled 16,646,092,810 shares at the July 15, 2025 settlement date, compared with 4,893 issues and 16,928,918,789 shares at the end of the previous reporting period. This is 1.84 days average daily volume, compared with an average of 1.72 days for the prior reporting period. The open short interest positions reported for each Nasdaq security reflect the total number of shares sold short by all broker/dealers regardless of their exchange affiliations. A short sale is generally understood to mean the sale of a security that the seller does not own or any sale that is consummated by the delivery of a security borrowed by or for the account of the seller. For more information on Nasdaq Short interest positions, including publication dates, visithttp://www.nasdaq.com/quotes/short-interest.aspxor http://www.nasdaqtrader.com/asp/short_interest.asp.        

FIA president and CEO Walt Lukken today announced Darin Guries will join FIA as Vice President of US Government Relations starting 2 September.  “We are excited to have Darin joining our team and leading US government affairs. His background of working in the US Senate and for JPMorganChase prepares him well to support our members and advocate for our policy priorities,” said Lukken. “I am confident he will hit the ground running, as we anticipate Congressional action on regulating digital commodities and await Brian Quintenz’ confirmation to lead the Commodity Futures Trading Commission.”  Guries started his career working for former US Senators Sam Brownback and Pat Roberts. He then moved to the Senate Committee on Agriculture, where he served as a senior professional staff member focused on cryptocurrencies, derivatives, the CFTC and other issues.  Following 15 years in the Senate, Guries joined JPMorganChase as vice president of federal government relations. During his time there, he drove the formulation of legislative positions and strategy on behalf of JPMorganChase related to artificial intelligence, cybersecurity, derivatives, digital assets among other issues.  Guries holds a Bachelor of Science in Business Administration from Kansas State University and a Juris Doctor from Regent University School of Law. 

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HKEX Issuer Access Platform, a secure web-based communication channel, to be launched to improve communication between listed issuers and HKEX Re-designed HKEX website portal to centralise issuer information, offer investors real-time access to issuer updates and boost transparency Trial version of the new platform to be available in 2H 2025, with official rollout commencing in phases from the second quarter of 2026 Hong Kong Exchanges and Clearing Limited (HKEX) is today (Friday) pleased to announce the introduction of the HKEX Issuer Access Platform (HKEX IAP), a new web-based service designed to refine interaction and communication between listed issuers and HKEX, supporting the ongoing modernisation of Hong Kong’s market infrastructure.   Upon its official launch in 2026, HKEX IAP will become the primary communication channel between listed issuers and HKEX. Issuers and their advisers will submit and publish regulatory announcements through HKEX IAP, as well as interact with HKEX’s Listing Division on regulatory matters in a secure manner. Using a modern and intuitive interface, HKEX IAP will have smart compliance tools such as dashboards, workflow trackers, guides, and automated reminders to support listed issuers’ fulfilment of their day-to-day compliance and reporting requirements. HKEX Head of Listing, Katherine Ng, said: “At HKEX, we are committed to elevating Hong Kong’s market competitiveness through ongoing modernisation initiatives, ensuring that our infrastructure remains fit for purpose. I’m therefore pleased to announce the launch of the HKEX Issuer Access Platform. This underscores our efforts to improve market efficiency and transparency through the use of digitalisation tools, progressing the sustainable development of Hong Kong’s financial ecosystem.”   Following the introduction of HKEX IAP, a re-designed, dedicated portal will be available on HKEX’s website. This portal will consolidate issuer information, such as executives’ details, corporate events and other important dates. Investors will be able to access this information, in real-time, upon the update, by issuers, of their details in HKEX IAP, further enhancing market transparency and accessibility. HKEX will release a trial version of HKEX IAP in the second half of 2025, allowing users to familiarise themselves with its functionalities. Onboarding and user registration guidelines will be published in late 2025, at the earliest. Listed issuers will be able to start using the platform for document submission and communication with HKEX in phases, beginning in the second quarter of 2026. Relevant Listing Rule amendments on the launch of HKEX IAP were published in an Information Paper in May. For more information and other ongoing updates, please refer to the HKEX website.

Bursa Malaysia Berhad (“Bursa Malaysia” or the “Exchange”) is pleased to announce its recognition as one of the Top 50 ASEAN Public Listed Companies (“PLCs”) and among the Top 5 PLCs in Malaysia at the ASEAN Corporate Governance Awards held last night1.  Hosted by the Minority Shareholders Watch Group (“MSWG”), the domestic ranking body for Malaysia, and officiated by YB Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Minister of Investment, Trade & Industry, the ASEAN Corporate Governance Awards recognises ASEAN PLCs that demonstrate excellence in governance, based on the rigorous 2024 ASEAN Corporate Governance Scorecard (“ACGS”) Regional Assessment2. The ACGS is a regional initiative under the ASEAN Capital Markets Forum (“ACMF”), developed in collaboration with the Asian Development Bank (“ADB”), to assess, enhance, and promote corporate governance among PLCs across six participating ASEAN countries. Bursa Malaysia Chairman, Tan Sri Abdul Farid Alias, and Chief Executive Officer, Dato’ Fad’l Mohamed, were present at the ceremony. Dato’ Fad’l Mohamed said: “We are honoured to be recognised once again3 at the ASEAN Corporate Governance Awards, which reflects our enduring leadership and commitment in upholding the highest standards of governance, transparency, and accountability. Strong corporate governance is the bedrock of a resilient and trusted capital market. Hence, Bursa Malaysia invariably actively champions governance excellence – both within the Exchange, and across our ecosystem – as a key foundation for investor confidence and sustainable economic growth.” The ACGS is conducted biennially, recognising top-performing PLCs that demonstrate strong governance frameworks and practices in line with international standards, with a focus on transparency, accountability, and board effectiveness. The ACGS will further contribute to the ASEAN region’s growth and attractiveness to investors. For more information about the Awards, please visit https://bit.ly/m/mswg.   Dato’ Fad’l Mohamed, CEO of Bursa Malaysia (centre), receiving the award for the Top 50 ASEAN PLCs from Atty. Francisco Edralin Lim, Chair of ACMF Working Group on Corporate Governance and Chairperson of Philippines Securities and Exchange Commission (left), accompanied by Dr Ismet Yusoff, CEO of MSWG (right). Note: Winners are announced in alphabetical order and not distinguished by rank placement within the award category.    The 2024 cycle was particularly significant as it was conducted using a revised ACGS framework aligned with the 2023 G20/OECD Principles of Corporate Governance. This updated methodology introduced more stringent criteria, particularly in areas such as sustainability, board effectiveness, stakeholder engagement, and data-driven disclosure practices. Bursa Malaysia was also previously recognised at the most recent instance of the award, which was last announced in year 2022.

NYSE today reported short interest as of the close of business on the settlement date of July 15, 2025. SETTLEMENT DATE EXCHANGE TOTAL CURRENTSHORT INTEREST TOTAL PREVIOUSSHORT INTEREST(Revised) NUMBER ofSECURITIES with aSHORT POSITION NUMBER of SECURITIESwith a POSITION >=5,000 SHARES 07/15/2025 NYSE 15,416,606,599 15,796,645,079 2,864 2,576 07/15/2025 NYSE ARCA 2,099,958,477 2,126,962,413 2,354 1,561 07/15/2025 NYSE AMERICAN 776,044,973 768,192,650 306 251 07/15/2025 NYSE GROUP 18,292,610,049 18,691,800,142 5,524 4,388 *NYSE Group includes NYSE, NYSE American and NYSE Arca           Reports will be archived here.

smartTrade Technologies, a leading global provider of multi-asset electronic trading and payments platforms, today announced the strategic appointment of Christophe Montane as Chief Commercial Officer. The appointment, effective since July 1st, follows the recent strategic growth investment from TA Associates announced in April 2025 and is aimed at accelerating the company’s global expansion and enhancing its customer-focused commercial strategy. Based in New York, Christophe will lead smartTrade's global sales and marketing efforts. He will be responsible for driving the company's next phase of growth by expanding its footprint in key international markets across financial services. "Christophe's appointment is a pivotal step in executing our long-term vision," said David Vincent, CEO and Co-Founder of smartTrade Technologies. "Our partnership with TA Associates provides the resources to accelerate our growth, both organically and through strategic acquisitions. Christophe's extensive experience in leading global commercial teams is precisely what we need to execute on that vision and deliver a fully integrated front-office experience for our clients worldwide". Christophe brings over 20 years of global sales leadership experience from senior roles at SS&C Intralinks, Fujifilm Business Innovation, and Xerox Corporation. He has a proven track record of scaling sales organizations and delivering sustained revenue growth across the US, Europe, and APAC. His expertise in go-to-market strategy will be instrumental as smartTrade continues to innovate and enhance its offerings. "I am thrilled to join smartTrade at such a transformational time for both the company and the industry," said Christophe Montane. "Financial institutions are increasingly seeking partners who can simplify complexity and provide seamless, end-to-end solutions. smartTrade is uniquely positioned to meet this need by delivering a unified, best-in-class platform that helps clients streamline operations and achieve their business goals. I look forward to working with the team to build on this powerful foundation." This appointment supports smartTrade's vision of providing a cohesive, unified platform for front-office services. The unified approach will enhance trading performance and reduce operational risk, empowering clients to drive profitable growth, secure high-value relationships, and unlock new strategic advantages. "This is an exciting time for smartTrade and our clients," concluded Vincent. "With Christophe leading our commercial strategy, we are better positioned than ever to anticipate the market's needs and deliver the innovative solutions our clients depend on to succeed in a dynamic global market."

ETFGI, a leading independent research and consultancy firm renowned for its expertise in subscription research, consulting services, events, and ETF TV on global ETF industry trends, reported today that in June 2025, 26 of the top 50 overseas securities purchased by Korean retail investors were U.S.-listed ETFs. This marks a slight decline from 28 ETFs in May, 32 in April, and 30 in March. In terms of volume, Korean retail investors purchased US$9.66 billion in overseas ETFs in June. The peak month so far in 2025 was April, with a record USD 12.08 billion in ETF purchases. (All dollar values in USD unless otherwise noted) Highlights Korean retail investors purchased $9.66 billion in overseas ETFs in June 26 of the top 50 overseas purchase were ETFs listed in the United States 17of the top 26 ETFs on the list provide leverage or inverse exposure. The largest purchase was $2.58 Bn of DIREXION DAILY TSLA BULL 2X SHARES listed in the U.S. Total Amount of overseas ETFs purchased by Korean retail investors by month in 2025                           Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 # ETFs purchased 26 22 25 30 32 28 26 Total amount of ETF purchases (US$ Mn) 11,773 9,992 9,366 9,942 12,076 9,904 9,664 Source, Korea Securities Depository.                                     Top 10 overseas ETFs purchased in June ETF Name Purchase Amount in USD DIREXION DAILY TSLA BULL 2X SHARES  2,575,274,762 SPDR SP 500 ETF TRUST  1,496,276,095 DIREXION DAILY SEMICONDUCTORS BULL 3X SHS ETF  1,384,294,310 DIREXION SEMICONDUCTOR BEAR 3X ETF  669,344,845 PROSHARES ULTRAPRO QQQ ETF  307,390,839 VS TRUST 2X LONG VIX FUTURES ETF NEW SPLR 969626124 US92891H5072  307,313,667 VOLATILITY SHARES TRUST 2X ETHER ETF NEW SPLR 974476707 US92864M4006  276,134,549 PROSHARES TRUST ULTRAPRO SHORT QQQ NEW 2022  255,744,299 ISHARES 0-3 MONTH TREASURY BOND ETF  234,753,243 GRANITESHARES 2.0X LONG NVDA DAILY ETF  233,981,299                                Source, Korea Securities Depository.   The ETF industry in Korea has 1,370 ETFs, with assets of $167.38 Bn, from 38 providers listed on the Korea Exchange at the end of June 2025. 23.07% of the ETFs provide leverage or inverse exposure which account for 7.74% of the assets in the ETF industry in Korea. Asset Growth in Korea ETF industry as of the end of June  

MIAX Options has published updated Interface Specifications to allow increased Leg Ratios for Complex orders. FIX Order Interface ( FOI ) v2. 6d Increased maximum LegRatioQty in MsgType AB (New Order – Multileg), MsgType As (New Order Cross – Multileg), and MsgType AC (Order Cancel/Replace – Multileg) to 32767. Additional Details: An activation schedule for this release will be announced in a future alert. These changes will be available in the MIAX Options Firm Test Bed (FTB2) environment in early September. Additional details on updated interface specifications can be found on the miaxglobal.com website at MIAX Options Interface Specifications.

Nasdaq (Nasdaq: NDAQ) announced today the results of the semi-annual review of the OMX Helsinki 25® Index, (Nasdaq Helsinki: OMXH25™), which will become effective at market open on Friday, August 1, 2025. The OMX Helsinki 25® Index measures the performance of a selection of the most traded securities listed on Nasdaq Helsinki Ltd. The index is reviewed semi-annually in February and August. The following security will be added to the Index: SSAB AB ser. B (SSABBH) As a result of the semi-annual review, the following security will be removed from the Index: Kalmar Oyj ser. B (KALMAR) For a list of current Index Securities please refer to Nasdaq's Global Index Watch. For more information, please refer to the OMX Helsinki 25® Index Methodology.

Deutsche Börse Group has just published its half-yearly financial report 2025 including the figures for the second quarter. Please scroll down for the link to the entire report. Overview of the results: Our net revenue rose by 4 percent to €1,505 million in the second quarter of 2025, mainly due to secular growth factors and despite lower treasury result. Net revenue without the treasury result, which is relevant for the management of the Group, increased by 10 percent to €1,298 million and was again slightly above our own expectations. Operating costs saw an expected increase of 3 percent to €620 million. Our earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to €891 million, an increase of 5 percent. EBITDA without the treasury result even grew by 19 percent to €684 million. Net income attributable to our shareholders was €509 million, 2 percent higher than in the same quarter of the previous year, which benefited from a positive tax effect. Earnings per share before purchase price allocation effects (Cash EPS) amounted to €2.96.  Despite the normalization of equity market volatility and a weaker US dollar exchange rate, we confirm our forecast of net revenue without the treasury result of around €5.2 billion and EBITDA without the treasury result of around €2.7 billion for 2025. Gregor Pottmeyer, CFO of Deutsche Börse AG, commented on the results as follows: “Our Group achieved further secular growth in the second quarter. This is the result of our long-term growth strategy, which focuses in particular on product innovation, new client acquisition as well as market share gains. In addition, increased capital inflows into Europe are driving growth in many areas of the Group. Combined with notably underproportional cost growth, we also achieved strong operational economies of scale in the second quarter. We are therefore very confident about the second half of the year and confirm our forecast for the full year despite declining equity market volatility." The analyst and investor conference call will take place on Friday, July 25, 2025 at 14:00 CEST. You can register for the audio stream here.

The Commodity Futures Trading Commission announced today the U.S. District Court for the Western District of Washington has resolved all claims the CFTC filed in its September 2024 complaint against Qian Bai and Chao Li, both residents of the People’s Republic of China, their co-conspirator Lan Bai, a resident of Oklahoma, as well as Aipu Limited and Fidefx Investments Ltd., which were both United Kingdom private limited companies. [See CFTC Press Release No. 8987-24]. The court found that the defendants, while acting as a common enterprise, operated fraudulent websites that purported to allow customers to trade for over 18 months and fraudulently solicited and misappropriated at least $3,630,849 from at least 34 customers in connection with the sale of agreements, contracts or transactions in leveraged or margined retail commodity transactions, off-exchange retail foreign currency contracts, and commodity futures contracts. On July 14, the court entered an order against Lan Bai requiring her to pay, jointly and severally, a $699,534 civil monetary penalty and restitution of $233,178 to defrauded victims for her role in the fraudulent scheme.  On May 22, the court entered a default judgment against Qian Bai, Li, Aipu Limited, and Fidefx, which requires them to pay, jointly and severally, a $13,863,170 civil monetary penalty and restitution of $4,621,056. The default judgment also imposes permanent injunctions against them and bans them from trading in any CFTC-regulated markets, entering into any transactions involving commodity interests, and registering with the CFTC.  Previously, the CFTC and Lan Bai entered into a consent order which imposes a permanent injunction against her and bans her from trading in any CFTC-regulated markets, entering into any transactions involving commodity interests, and registering with the CFTC. The CFTC cautions that orders requiring repayment of funds to victims may not result in the recovery of any money lost because the wrongdoers may not have sufficient funds or assets. The CFTC will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable. Division of Enforcement staff responsible for this case are Karen Kenmotsu, George H. Malas, Michael Amakor, Chrystal Gonnella, Timothy J. Mulreany, and Paul G. Hayeck.  * * * * * * CFTC’s Fraud Advisory The CFTC has issued several customer protection fraud advisories, including Avoid Forex, Precious Metals, and Digital Asset Romance Scams, which warns users of online dating and social media platforms about an increase in scams that lure victims into sending their money to fraudulent websites that claim to trade foreign currency exchange (forex) contracts, precious metals contracts, and/or digital assets.  The CFTC also strongly urges the public to verify a company’s registration with the CFTC at NFA BASIC before committing funds. If unregistered, a customer should be wary of providing funds to that entity. Report suspicious activities or information, such as possible violations of commodity trading laws, to the Division of Enforcement via a toll-free hotline 866-FON-CFTC (866-366-2382) or file a tip or complaint online or contact the Whistleblower Office. Whistleblowers are eligible to receive between 10 and 30 percent of the monetary sanctions collected, paid from the Customer Protection Fund financed through monetary sanctions paid to the CFTC by violators of the CEA. RELATED LINKS Order for Restitution and CMP: Lan Bai Order for Default Judgment: Aipu Ltd., et al. Consent Order: Lan Bai

The Ontario Securities Commission (OSC) has published its Registration, Inspections and Examinations (RIE) Division annual report for 2025. While this report focuses primarily on registered firms and individuals directly overseen by the OSC, firms directly overseen by CIRO and other market participants are encouraged to review the report for information and guidance that may also be relevant to them. The report discusses important matters impacting registration, outcomes from compliance reviews and ongoing initiatives impacting market participants. In addition to key achievements on core operational activities, the division accomplished the following: surveying the sales environment at certain bank-owned mutual fund dealers in collaboration with the OSC’s Behavioral Insights team, the second phase of Client Focused Reforms sweeps, focusing on KYC, KYP and suitability determinations, digital engagement practices review of online dealers, advisers and crypto asset trading platforms, and reaching several significant settlement agreements through our Registrant Conduct Team. “This was the year of change for RIE, as we orient ourselves towards the future as a modern, agile regulator committed to upholding compliance in the marketplace. One element that hasn’t changed is our focus on assisting firms in meeting their regulatory requirements.” said Matthew Onyeaju, Senior Vice President, RIE, at the OSC. “The publication of our annual report provides staff the opportunity to share guidance in an effort to assist firms in establishing a strong compliance framework.” The RIE Division is responsible for the registration and ongoing supervision of firms and individuals who are in the business of trading in, or advising on, securities or commodity futures and firms that manage investment funds in Ontario. The release of the RIE Division 2025 annual report comes after RIE’s examination priorities were announced earlier this fiscal year. 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 companies offering an investment opportunity and to review the OSC investor materials available at https://www.osc.ca.

The Canadian Securities Administrators (CSA) today issued coordinated blanket orders granting exemptive relief to facilitate access to the Bank of Canada’s (the Bank) Contingent Term Repo Facility (CTRF) for eligible investment funds.The Bank’s CTRF is designed to support the stability of the Canadian financial system and to counter future, severe market-wide liquidity stresses. The CTRF is activated and deactivated at the Bank’s discretion and offers Canadian-dollar funding for a term of up to 30 days to eligible participants against securities issued or guaranteed by the Government of Canada or a provincial government.Investment funds with exposure to Canadian dollar money market and/or fixed income securities may need to access the CTRF to better manage their liquidity if there is a severe market-wide liquidity stress event.The blanket orders remove restrictions that would have impeded eligible investment funds from being able to participate in the CTRF. The orders facilitate access to a potential liquidity risk management tool for eligible investment funds to proactively manage their liquidity during times of severe market conditions.The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

34th listing on Euronext in 2025 The company raised €10 million Market capitalisation at IPO is €38.5 million Euronext today congratulates Dedem on its listing on Euronext Growth Milan. Dedem is a leader in automated personal identification systems and a key player in the leisure segment, with games rooms, photo booths and kiddie rides. Dedem’s listing represents Euronext’s 34th listing of this year. In the placement phase, Dedem raised €10 million. The free float at the time of admission is 25.98% and the market capitalisation at IPO is €38.5 million. Alberto Rizzi, CEO of Dedem, said: “Listing on Euronext Growth Milan marks both a major milestone and an exciting new beginning. Access to the capital markets offers us a tangible opportunity to build on our legacy of expertise, innovation, and identity to project it into the future. Dedem is deeply rooted in Italy’s industrial tradition, where craftsmanship meets technology and vision blends with history. We bring to the market a business model founded on quality, creativity, and social responsibility, a true expression of Made in Italy. We have also chosen to involve those who contribute to our success every day: a portion of the newly issued shares has been reserved for employees with at least two years of service within the Group, giving them the opportunity to become shareholders.Dedem has always been a family story, and we want to continue writing it together”. Paolo Monte, CFO of Dedem, said: “We are extremely proud of this achievement, the result of a journey that began a year and a half ago with the issuance of our first-ever corporate bond, followed by the planning of the listing and a rigorous, in-depth due diligence process. It was a demanding challenge successfully met thanks to the expertise and strong cohesion of our team. But for us, this is just the beginning. Listing on Euronext Growth Milan represents a true growth accelerator, enabling us to confidently embark on a new phase of corporate development.Our next goal is clear: to further strengthen our presence in international markets and make internationalization a pillar of our long-term strategy”.

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, announced today the update of the volume cap system, that will pass from the previous double volume cap mechanism (DVCM) to a “single” volume cap mechanism (VCM) in October, according to the changes introduced by the Markets in Financial Instruments Regulation Review (MiFIR Review). The new VCM limits at 7% the trading volume under the reference price waiver in the EU, compared to the total aggregated trading volume in the EU over the last 12 months for each equity and equity-like financial instrument. If the limit is exceeded, trading venues will need to suspend the use of the waiver for the concerned instrument for a period of three months. Trading venues must base their decision to suspend the waiver use on the data published by ESMA under the dedicated VCM webpage. Technical reporting changes To reduce reporting burden of entities, the future VCM calculations will be based on transaction reporting data collected by National Competent Authorities (NCAs). Therefore, the DVCM reporting system will be decommissioned in January 2026. To reflect these changes, ESMA has submitted for adoption the amendment to the Regulatory Technical Standard 3 (RTS 3). Even in case the RTS 3 revision is not yet in place at that moment, the VCM switch will occur at the announced date. ESMA is currently preparing the new VCM data system. For more details about the formats and templates, please consult the dedicated VCM webpage. Next steps ESMA encourages all interested parties to prepare for the change in requirements in line with the new VCM becoming active in Q4 2025. The first publication of the calculation results is expected for 9 October 2025.  

The New York Stock Exchange, part of Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, today announced that NYSE Texas has listed its first exchange traded funds (ETFs) with Strive Asset Management dual-listing 13 ETFs: Strive International Developed Markets ETF (NYSE: STXI) Strive Mid-Cap ETF (NYSE: STXM) Strive U.S. Energy ETF (NYSE: DRLL) Strive Natural Resources and Security ETF (NYSE: FTWO) Strive U.S. Semiconductor ETF (NYSE: SHOC) Strive 500 ETF (NYSE: STRV) Strive 1000 Dividend Growth ETF (NYSE: STXD) Strive Emerging Markets Ex-China ETF (NYSE: STXE) Strive 1000 Growth ETF (NYSE: STXG) Strive Small-Cap ETF (NYSE: STXK) Strive 1000 Value ETF (NYSE: STXV) Strive Enhanced Income Short Maturity ETF (NYSE: BUXX) Strive Total Return Bond ETF (NYSE: STXT) “At Strive, we believe capital markets thrive when they prioritize innovation, meritocracy, and maximizing shareholder value,” said Matt Cole, CEO at Strive. “That’s what’s happening with NYSE Texas, and we’re proud to be the first ETF issuer listed on the exchange.” “We are delighted to welcome Strive as the first ETF issuer to dual-list on NYSE Texas,” said Timothy Reilly, Head of Exchange Traded Solutions at the NYSE Group. “ETF listings on NYSE Texas will further support the capital market community emanating from the state of Texas.” Building on the NYSE’s more than 230 years of experience as the world’s leading exchange operator and NYSE Arca’s position as the top U.S. exchange for the listing and trading of ETFs, NYSE Texas offers a new listing and trading venue for companies attracted to the state’s pro-business landscape. The 13 Strive ETFs will continue their existing primary listing on NYSE. For further information on NYSE Texas, please visit https://www.nyse.com/markets/nyse-texas.  

DataBP, the industry leader in exchange market data administration, has partnered with the Investors’ Exchange ("IEX") to enable more streamlined management of its commercial market data operations.IEX has implemented DataBP’s cutting-edge market data management platform, which automates and simplifies licensing, reporting, and compliance workflows. This allows IEX to focus more on innovation while promoting seamless and efficient interactions with its data subscribers and partners."We are thrilled to partner with IEX to support their market data operations," said Mark Schaedel, CEO of DataBP. "IEX is an innovator in the market, and by leveraging DataBP’s platform, they are reinforcing their commitment to efficiency, transparency, and customer-centric service." Through its use of DataBP’s solution, IEX is further streamlining the administration of market data licensing, compliance, and reporting. This collaboration is expected to improve efficiency, reduce friction in the licensing process, and provide an improved experience for market participants accessing IEX data.“Our collaboration with DataBP allows us to streamline key operational processes, so we can focus on delivering innovative solutions and value to the trading community,” said Bryan Harkins, President of IEX Group. “We are excited to work with a company that shares our commitment to efficiency, transparency, and service.” As exchanges face increased demands from a diverse community of vendors and consumers, the administrative processes used to manage market data relationships are becoming increasingly critical. DataBP has partnered with the world’s largest and smallest exchange groups to address these challenges and modernize the business processes that exchanges, index providers, and vendors use to manage these commercial relationships.DataBP’s solutions are trusted by leading exchanges, trading venues, and data providers worldwide. The company’s platform is designed to meet the evolving needs of the industry by automating critical workflows and facilitating compliance with regulatory requirements. For more information about DataBP and its services, visit www.databp.com. To learn more about IEX’s market data offerings, visit IEX Market Data & Connectivity or email marketdataops@iextrading.com

The European Exchange Report (EER) is a unique source that consolidates trading and financial data from European exchanges, providing essential insights for a deeper understanding of Europe’s dynamic securities trading landscape.   EER Report 2024   The European Exchange Report is based on information gathered by the FESE Economics and Statistics Committee in cooperation with the finance and data team of each exchange. The report includes a one-page summary combining headline 2024 data from FESE's monthly statistics with the audited annual accounts of each FESE member: Trading data: comparable securities trading statistics Financial data: detailed information on revenues, costs and net income Company information: company details, services and employees