MIAX Options will upgrade the 10G ULL extranet switches and related network analytics infrastructure beginning in March of 2025.The 10G ULL Extranet upgrade is intended to improve the network’s latency performance and precision of the analytics infrastructure’s timestamp measurements.The upgraded MIAX Options Extranet will be available in parallel with the existing MIAX Options Extranet from March 17, 2025 through April 30, 2025. All firms must establish new Cross Connects (CCs) and migrate their CC usage to the upgraded MIAX Options Extranet by April 30, 2025.The transition plan for migration to the upgraded MIAX Options Extranet includes the following: MIAX Options will coordinate with firms to establish new CCs on the upgraded MIAX Options Extranet. LOAs for new CCs will be available beginning January 6, 2025. Firms are required to request LOAs at least 4 weeks prior to their planned cutover date, which falls within the March 17, 2025 to April 30, 2025 parallel period. Firms are required to request LOAs no later than April 11, 2025 to ensure new CCs are established prior to April 30, 2025. Requests for new CCs on the upgraded MIAX Options Extranet will be limited to one-for-one replacements of existing CCs. Firms may migrate existing transit and source IP subnets to the new CCs or can request new subnets. New CCs will meet the MIAX Options optical length specifications. New 10G ULL Extranet mandatory testing Firms targeting utilization of the upgraded MIAX Options Extranet March 17, 2025, its first day of availability, must participate in mandatory testing on Saturday March 15, 2025 from 9:00 am to 1:00 pm ET. Firms targeting utilization of he upgraded MIAX Options Extranet after March 17, 2025 are required to contact TradingOperations@MiaxGlobal.com to coordinate the transition to the upgraded MIAX Options Extranet. Firms are required to perform the following when transitioning to the upgraded MIAX Options Extranet: Verify all 10G ULL CC by logging into each subscribed application for each CC (i.e. establish application level socket connections to MEO, MEI, FOI, CTD, etc., for all ports, across all intended CCs) and verify the login. Confirm heartbeat receipt for both the A & B market data feeds for all subscribed multicast feeds across each intended firm CC. After verifying connectivity, firms must send an email to TradingOperations@miaxglobal.com and receive confirmation that testing was completed. Please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302 to arrange testing or to receive additional information on the planned network refresh.

Good afternoon. Thank you to Bruce Carton for the invitation to speak today and for the kind introduction. I appreciate the opportunity to be able to talk to you about the work of the SEC’s Division of Enforcement. As is customary, my remarks today are in my official capacity as Acting Director of the Division of Enforcement, and do not necessarily reflect the views of the Commission, the Commissioners, or other members of the staff. As you may know, I became Acting Director of Enforcement roughly four weeks ago. But I have been with the SEC for over 21 years, including serving as Deputy Director of Enforcement since Aug. of 2021, and in that and all my prior roles, it’s been a privilege to help advance the Division’s investor protection mission over the past two decades. I’d like to take the opportunity today to discuss some of our work over the past fiscal year, which ended September 30th. We won’t be releasing Enforcement’s numbers until later this month, so I can’t discuss those today, but I think you’ll see that the numbers reflect another productive year for the Division. Numbers, of course, only tell one part of the story. They don’t capture the full impact of the enforcement actions filed or the remedies obtained, either individually or cumulatively, in terms of investor protection or changing industry behavior. So, today I’d like to discuss the impact that some of our actions have had throughout the industry, focusing on three areas where we were very active this past fiscal year: (i) our proactive off-channel communications initiative; (ii) whistleblower protection cases; and (iii) cases in which the Commission recognized and credited parties’ cooperation with the Division’s investigations. Perhaps no recent Enforcement initiative has gotten more attention than our ongoing off-channel communications initiative, colloquially known as the WhatsApp initiative, to ensure that regulated entities, including broker-dealers, investment advisers, and credit ratings agencies, comply with the recordkeeping requirements of the federal securities laws.[1] Compliance with those requirements is essential to investor protection and well-functioning markets; conversely noncompliance thwarts effective oversight of the industry, harming investors.[2] In fiscal year 2024, the Commission brought recordkeeping cases resulting in over $600 million in civil penalties against more than 70 firms, including the Commission’s first cases charging recordkeeping violations against municipal advisors.[3] Since December 2021, that initiative has resulted in charges against more than 100 firms and over $2 billion in penalties.[4] The firms all admitted that their conduct violated the recordkeeping requirements. In April of this year, I discussed some of the factors we consider when assessing what penalty to recommend in a particular action.[5] We consider the size of the firm and the regulated parts of its business to ensure that the penalty is adequate to serve as a deterrent against future violations. We look at the scope and scale of the violations. How many off-channel communications were there and by how many individuals? We consider precedent. The SEC has now issued dozens of settled orders in these matters since December 2021. These precedents are part of an individualized determination; but they are not a substitute for it. We consider a firm’s efforts to comply with its recordkeeping obligations and to prevent off-channel communications, focusing, for example, on timely adoption of meaningful technological or other solutions. We also consider whether a firm self-policed, self-reported, remediated, or took other steps to meaningfully cooperate with our investigation. As I noted, consideration of those factors has resulted in combined civil penalties of more than $2 billion since 2021. The robust penalties have gotten a lot of attention. But I think the better take-away from the scale of the initiative, both in terms of the dollar amount of penalties and number of firms charged, is that it has shone a light on how widespread noncompliance was when it came to this practice. And, given how far back in time this practice went, it was not the result of folks working remotely during the pandemic. And I think the best measure of the success of the initiative is how it has changed industry behavior and spurred proactive compliance by market participants. We’re seeing that in the number of firms that are improving their policies and procedures and implementing remedial measures. And we’re seeing it in the number of firms that are self-reporting violations.[6] Recognizing those proactive efforts, the Commission has recently resolved charges against several firms with reduced penalties or even no penalties at all.[7] Thanks to those improved efforts at compliance, countless investors will be protected from strengthened oversight of registered entities. Another area where we know that our message is being heard is when it comes to ensuring that market participants do not impede would-be whistleblowers from contacting the SEC, in violation of the Dodd-Frank whistleblower protection rule. The SEC’s whistleblower program plays a critical role in our ability to effectively detect wrongdoing, protect investors and the marketplace, and hold violators accountable. But that program only works if whistleblowers have unfettered ability to share with the SEC information about possible securities law violations. However, all too often we have seen, for example, confidentiality agreements and employment agreements by various advisory firms and public companies that impede that ability, including by limiting customers’ ability to voluntarily contact the SEC[8] or by requiring employees to waive the right to a monetary award for participating in a government investigation.[9] So this past fiscal year, and the year prior, the Commission brought a series of enforcement actions to address widespread violations.[10] There was a similar series of actions addressing this issue some years back. And I think for a while there was better compliance, but then things slipped and we’re back here. So, this time around the Commission authorized what I view to be fittingly robust remedies, including the largest penalty on record for a standalone violation of the whistleblower protection rule.[11] It is my hope that these enforcement actions will have a significant deterrent effect and will lead to greater and sustained proactive compliance. The outlook is promising, judging by the many client alerts about this topic and the frequency with which the issue is discussed on panels at conferences like this. A few minutes ago, I mentioned the number of firms that are self-reporting violations and taking remedial action in the off-channel communications cases. Of course, those are not the only cases where we’ve seen market participants self-reporting and otherwise cooperating with our investigations. We have been talking very deliberately about the benefits of cooperation for several years now. At the West Coast iteration of this event, about six months ago, former Director Grewal discussed at length what parties can do to best position themselves when advocating for cooperation credit from the SEC.[12] I encourage you all to review the speech if you haven’t seen it. The speech distilled the message we have been very clearly conveying for some time: “work with us and we’ll work with you.” In fiscal year 2024, we saw those efforts bear a lot of fruit, with market participants really stepping up their self-policing, self-reporting, remediation, and other cooperation. We saw this throughout the securities industry, in cases involving public companies,[13] investment advisers,[14] broker-dealers,[15] and individuals,[16] and in matters involving a range of violations, such as material misstatements,[17] fraud[18], recordkeeping violations,[19] and controls failures related to cybersecurity.[20] That has continued in the new fiscal year. Just last week the Commission resolved several actions with JPMorgan and acknowledged that firm’s self-reports, remedial measures, and voluntary payments of over $100 million to harmed investors.[21] It benefits everyone when market participants step up like this. It benefits the firms who will likely resolve an SEC investigation more quickly and with reduced sanctions; it benefits the Division to resolve cases more quickly and efficiently so we can focus resources elsewhere; but most importantly, it benefits investors who are no longer at risk from the conduct at issue and who are protected from improved proactive compliance efforts going forward. It has therefore been encouraging to see market participants respond to our emphasis on cooperation over the past several years. There has been a bit of a common refrain from the defense bar, likely including at this conference, that folks don’t know what to do to get cooperation credit or what the benefit is. Now, I recognize that we don’t have a formal policy that guarantees certain outcomes based on certain conduct. But based on what we’re seeing at the Division, our message is clearly being heard, and market participants and their counsel – at least those who are paying attention – are responding. *** And that, of course, is a major purpose behind our enforcement actions and remedies. To be sure, an important part of it is to hold bad actors accountable. But a crucial purpose is to deter future violations and promote compliance throughout the industry. And I believe our enforcement actions are doing that, as I have discussed. Our recordkeeping initiative, whistleblower protections cases, and the cases where we message the benefits of cooperation are just some examples of where we are seeing this, but every enforcement action the Commission brings sends ripples, some bigger than others, of deterrence and compliance across the industry. So, while I know that those top-line numbers will get a lot of attention when we release our fiscal year 2024 report later this month, I will also be thinking about the individual and cumulative impact of those enforcement actions across the securities industry and what it all means for investors. And with that, I am happy to discuss some additional topics in a more informal fireside format. Thank you. [1] See, e.g., Securities Exchange Act of 1934, Section 17(a)(1), Rule 17a-4(b)(4), and Rule 17g-2(b)(7); Investment Advisers Act of 1940, Section 204 and Rule 204-2(a)(7). [2] See, e.g., In the Matter of Atom Investors LP, Admin. Proc. File No. 3-22155 (Sept. 23, 2024) (settled order), ¶ 7 (“failure to preserve the required documents limited the Commission staff’s ability to fully investigate the unrelated matter”); available at https://www.sec.gov/files/litigation/admin/2024/ia-6719.pdf; In the Matter of Senvest Management, LLC, Admin. Proc. File No. 3-21900 (April 3, 2024) (settled order), ¶ 18 (“Between January 2019 and December 2021, Senvest received and responded to Commission record requests and document subpoenas. By failing to maintain and preserve required records relating to its business, Senvest likely deprived the Commission of these off-channel communications in response to the Commission’s requests and subpoenas.”), available at https://www.sec.gov/files/litigation/admin/2024/ia-6581.pdf; In the Matter of J.P. Morgan Securities LLC, Admin. File Proc. No. 3-20681 (Dec. 17, 2021) (settled order), ¶ 7 (“JPMorgan’s recordkeeping failures impacted the Commission’s ability to carry out its regulatory functions and investigate potential violations of the federal securities laws across these investigations; the Commission was often deprived of timely access to evidence and potential sources of information for extended periods of time and, in some instances, permanently.”), available at https://www.sec.gov/files/litigation/admin/2021/34-93807.pdf. [3] Press Release, SEC, “SEC Charges 12 Municipal Advisors With Recordkeeping Violations” (Sept. 17, 2024) (collecting settled orders), available at https://www.sec.gov/newsroom/press-releases/2024-132. [4] See Press Release, SEC, “Eleven Firms to Pay More Than $88 Million Combined to Settle SEC’s Charges for Widespread Recordkeeping Failures” Sept. 24, 2024 (collecting settled orders), available at https://www.sec.gov/newsroom/press-releases/2024-144; Press Release, SEC, “Advisory Firm Atom Investors, Charged with Recordkeeping Violations, Avoids Civil Penalty Because of Self-Reporting, Substantial Cooperation, and Prompt Remediation” (Sept. 23, 2024) (collecting settled order), available at https://www.sec.gov/newsroom/press-releases/2024-143; Press Release, SEC, “SEC Charges 12 Municipal Advisors With Recordkeeping Violations” (Sept. 17, 2024) (collecting settled orders), available at https://www.sec.gov/newsroom/press-releases/2024-132; Press Release, SEC, “SEC Charges Six Credit Rating Agencies with Significant Recordkeeping Failures” (Sept. 3, 2024) (collecting settled orders), available at https://www.sec.gov/newsroom/press-releases/2024-114; Press Release, SEC, “Twenty-Six Firms to Pay More Than $390 Million Combined to Settle SEC’s Charges for Widespread Recordkeeping Failures” (Aug. 14, 2024) (collecting settled orders), available at https://www.sec.gov/newsroom/press-releases/2024-98; Press Release, SEC, “SEC Charges Advisory Firm Senvest Management with Recordkeeping and Other Failures” (Apr. 3, 2024) (collecting settled order), available at https://www.sec.gov/news/press-release/2024-44; Press Release, SEC, “Sixteen Firms to Pay More Than $81 Million Combined to Settle Charges for Widespread Recordkeeping Failures” (Feb. 9, 2024) (collecting settled orders), available atwww.sec.gov/news/press-release/2024-18; Press Release, SEC, “SEC Charges Two Credit Rating Agencies, DBRS and KBRA, with Longstanding Recordkeeping Failures” (Sept. 29, 2023) (collecting settled orders), available athttps://www.sec.gov/news/press-release/2023-211; Press Release, SEC,“SEC Charges 10 Firms with Widespread Recordkeeping Failures” (Sept. 29, 2023) (collecting settled orders),available atwww.sec.gov/news/press-release/2023-212; Press Release, SEC, “SEC Charges 11 Wall Street Firms with Widespread Recordkeeping Failures”(Aug. 8, 2023) (collecting settled orders),available atwww.sec.gov/news/press-release/2023-149; Press Release, SEC, “SEC Charges HSBC and Scotia Capital with Widespread Recordkeeping Failures” (May 11, 2023) (collecting settled orders),available atwww.sec.gov/news/press-release/2023-91; Press Release, SEC, “SEC Charges 16 Wall Street Firms with Widespread Recordkeeping Failures” (Sept. 27, 2022) (collecting settled orders), available athttps://www.sec.gov/news/press-release/2022-174; Press Release, SEC, “JPMorgan Admits to Widespread Recordkeeping Failures and Agrees to Pay $125 Million Penalty to Resolve SEC Charges” (Dec. 17, 2021) (collecting settled order), available athttps://www.sec.gov/news/press-release/2021-262. [5] See, e.g.,  Sanjay Wadhwa, Dep. Dir., Div. of Enforcement, SEC, “Remarks at SEC Speaks 2024” (April 3, 2024),available at https://www.sec.gov/newsroom/speeches-statements/sanjay-wadhwa-sec-speaks-2024-04032024. [6] See, e.g., In the Matter of Qatalyst Partners LP, Admin. Proc. File No. 3-22167 (Sept. 24, 2024) (settled order), available at https://www.sec.gov/files/litigation/admin/2024/34-101143.pdf; In the Matter of Canaccord Genuity LLC, Admin. Proc. File No. 3-22166 (Sept. 24, 2024) (settled order), available at https://www.sec.gov/files/litigation/admin/2024/34-101142.pdf; In the Matter of Regions Securities LLC, Admin. Proc. File No. 3-22163 (Sept. 24, 2024) (settled order), available at https://www.sec.gov/files/litigation/admin/2024/34-101140.pdf; In the Matter of Atom Investors LP, Admin. Proc. File No. 3-22155 (Sept. 23, 2024) (settled order), available at https://www.sec.gov/files/litigation/admin/2024/ia-6719.pdf; In the Matter of Truist Securities, Inc.; Truist Investment Services, Inc.; and Truist Advisory Services, Inc., Admin. Proc. File No. 3-22000 (Aug. 14, 2024) (settled order), available at https://www.sec.gov/files/litigation/admin/2024/34-100703.pdf; In the Matter of Cetera Advisor Networks LLC and Cetera Investment Services LLC, Admin. Proc. File No. 3-21995 (Aug. 14, 2024) (settled order), available at https://www.sec.gov/files/litigation/admin/2024/34-100699.pdf. [7] See id. [8] See, e.g., In the Matter of J.P. Morgan Securities LLC, Admin. Proc. File No. 3-21829 (Jan. 16, 2024) (settled order), available at https://www.sec.gov/files/litigation/admin/2024/34-99344.pdf. [9] See, e.g., Press Release, SEC, “SEC Charges Seven Public Companies with Violations of Whistleblower Protection Rule” (Sept. 9, 2024) (collecting settled orders), available at https://www.sec.gov/newsroom/press-releases/2024-118. [10] See, e.g., In the Matter of GQG Partners LLC, Admin. Proc. File No. 3-22208 (Sept. 26, 2024) (settled order), available at https://www.sec.gov/files/litigation/admin/2024/34-101200.pdf; Press Release, SEC, “SEC Charges Seven Public Companies with Violations of Whistleblower Protection Rule” (Sept. 9, 2024) (colleting settled orders), available at https://www.sec.gov/newsroom/press-releases/2024-118; In the Matter of Nationwide Planning Associates, Inc., NPA Asset Management, LLC, and Blue Point Strategic Wealth Management, LLC, Admin. Proc. File No. 3-22056 (Sept. 4, 2024) (settled order), available at https://www.sec.gov/files/litigation/admin/2024/34-100908.pdf; In the Matter of J.P. Morgan Securities LLC, Admin. Proc. File No. 3-21829 (Jan. 16, 2024) (settled order), available at https://www.sec.gov/files/litigation/admin/2024/34-99344.pdf. [11] In the Matter of J.P. Morgan Securities LLC, Admin. Proc. File No. 3-21829 (Jan. 16, 2024) (settled order), available at https://www.sec.gov/files/litigation/admin/2024/34-99344.pdf. [12] Gurbir S. Grewal, Dir., Div. of Enforcement, U.S. Sec. & Exch. Comm’n, “The Five Principles of Effective Cooperation in SEC Investigations,” Remarks at Securities Enforcement Forum West 2024 (May 23, 2024), available at https://www.sec.gov/newsroom/speeches-statements/grewal-remarks-securities-enforcement-forum-west-052324; [13] See, e.g., In the Matter of CIRCOR International, Inc., Admin. Proc. File No. 3-22074 (Sept. 5, 2024) (settled order), available at https://www.sec.gov/files/litigation/admin/2024/34-100934.pdf. [14] See, e.g., In the Matter of Atom Investors LP, Admin. Proc. File No. 3-22155 (Sept. 23, 2024) (settled order), available at https://www.sec.gov/files/litigation/admin/2024/ia-6719.pdf [15] See, e.g., In the Matter of Qatalyst Partners LP, Admin. Proc. File No. 3-22167 (Sept. 24, 2024) (settled order), available at https://www.sec.gov/files/litigation/admin/2024/34-101143.pdf. [16] See, e.g., In the Matter of David L. Kanen, Admin. Proc. File No. 3-22178 (Sept. 25, 2024) (settled order) ¶ 28 (“In determining to accept Respondent’s Offer, the Commission considered certain remedial acts undertaken by Respondent and cooperation afforded to Commission staff”), available at https://www.sec.gov/files/litigation/admin/2024/34-101162.pdf; In the Matter of Mitchell P. Rales. Admin. Proc. File No. 3-22196 (Sept. 25, 2024) (settled order) available at https://www.sec.gov/files/litigation/admin/2024/34-101180.pdf; In the Matter of Howard S. Jonas, Admin. Proc. File No. 3-22182 (Sept. 25, 2024) (settled order), available at https://www.sec.gov/files/litigation/admin/2024/34-101166.pdf. [17] See, e.g., In the Matter of CIRCOR International, Inc., Admin. Proc. File No. 3-22074 (Sept. 5, 2024) (settled order), available at https://www.sec.gov/files/litigation/admin/2024/34-100934.pdf. [18] In the Matter of Cloopen Group Holding Limited, Admin. Proc. File No. 3-21844 (Feb. 6, 2024) (settled order), available at https://www.sec.gov/files/litigation/admin/2024/34-99483.pdf. [19] See FN 6 above. [20] In the Matter of R.R. Donnelley & Sons CO., Admin. Proc. File No. 3-21969 (June 18, 2024) (settled order), available at https://www.sec.gov/files/litigation/admin/2024/34-100365.pdf. [21] Press Release, SEC, “JP Morgan Affiliates to Pay $151 Million to Resolve SEC Enforcement Actions” (Oct. 31, 2024) (collecting settled orders), available at https://www.sec.gov/newsroom/press-releases/2024-178.

The Securities and Exchange Commission has approved the following FINRA rule changes: FINRA Rule 12800(g)(1) permitting customers in paper cases and special proceedings to have Document Production Lists apply to all parties FINRA Rule 12800(g)(1)(A) to provide that Document Production Lists apply to arbitrations in which the customer requests an Option One hearing FINRA Rule 12800(g)(1)(B) to provide that such would not apply to arbitrations in which the customer requests no hearing or an Option Two special proceeding, unless the customer requests that the Document Production Lists apply to all parties. Please refer to the following Regulatory Circulars for more information on the FINRA rule changes: MIAX Options RC 2024-63 MIAX Pearl Options RC 2024-60 MIAX Emerald Options RC 2024-62 MIAX Pearl Equities RC 2024-14 MIAX Sapphire Options RC 2024-70 Direct Regulatory inquiries to Regulatory@miaxglobal.com or (609) 897-7309.

The Canadian Securities Administrators (CSA) today published its biennial report on its Continuous Disclosure Review Program (CD Review Program). This report provides an overview of the CSA’s CD Review Program results and highlights key findings and outcomes over the past two fiscal years.The report is an important resource intended to help public companies and their advisors understand and comply with their continuous disclosure obligations. The goal of the CSA CD Review Program is to assess reporting issuers’ compliance with securities laws and help them improve the completeness and quality of their disclosures. Report highlights include: Financial reporting and disclosure during economic uncertainty and technological advancements. Given the evolving and uncertain economic environment, issuers need to carefully evaluate the impact of increased estimation uncertainty on the financial statements, management’s discussion and analysis (MD&A) and other disclosure requirements. Issuers adopting new technology will also need to consider whether disclosures regarding the use of and variety of evolving risks associated with new technology is necessary. Disclosure considerations related to the use of artificial intelligence (AI) systems are highlighted for issuers. The outcomes of the reviews.  In fiscal 2024, 66 per cent of review outcomes resulted in substantive comments requiring improved and/or amended disclosure, refiling of documents, filing of missing documents, and some of the issuers were referred to enforcement, cease-traded or placed on the default list. Areas where disclosure could be improved. The report details common deficiencies that were identified over the past two fiscal years and offers guidance and disclosure examples of how to improve disclosure on select topics. Topics include business combinations, expected credit losses, overly promotional disclosure such as AI washing and greenwashing, and mineral project disclosure. To read about CSA Staff Notice 51-365 Continuous Disclosure Review Program Activities for the fiscal years ended March 31, 2024 and March 31, 2023, please visit CSA member websites. The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

The Canadian Securities Administrators (CSA) is providing an update to interested parties on the status of its work to introduce binding authority for an independent dispute resolution service. On November 30, 2023, the CSA issued for comment a proposed regulatory framework for an independent dispute resolution service – anticipated to be the Ombudsman for Banking Services and Investments (OBSI) – whose decisions would be binding. The comment period closed on February 28, 2024, and the CSA has been reviewing the responses it has received. As work continues on introducing binding authority, the CSA plans to issue a further publication for comment in the second half of 2025 that includes the CSA’s proposed approach to oversight. The CSA, the council of the securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets. The British Columbia Securities Commission did not participate in this media advisory due to publication restrictions related to the B.C. provincial election.

Nodal Exchange today announced new trading records in its power, environmental and natural gas markets. In power, Nodal achieved a year-to-date record with January to October 2024 traded power futures volume of 2.600 billion MWh, up 10% from 2.357 billion MWh during the same period in 2023.  In October, Nodal Exchange traded volume was 299 million MWh, up 23% from October 2023. Nodal continues to be the market leader in North American power futures having the majority share of the open interest with 1.416 billion MWh at the end of October. The open interest represents over $124 billion of notional value (both sides). October volume in environmental products totaled 154,119 lots, up 621% from 21,368 lots a year earlier, setting a new monthly record on the exchange. Total open interest ended October at 458,985 lots, up 67% from 274,849 lots a year earlier. Carbon futures and options volume across CCAs, RGGI and WCA products totaled 55,518 lots in October while open interest ended the month at 101,307 lots. Renewable energy certificate (REC) October volume totaled 71,763 lots, with open interest ending the month at 281,452 lots. Renewable fuels futures and options volume was 26,838 lots while end of month open interest totaled 76,226 lots, marking another OI record for the product group. Natural Gas trading volume has surged as well contributing to a record year to date as the exchange has posted 768,447,500 MMBtus in traded natural gas futures, up 261% from the same period in 2023.  October traded volume alone was 133,880,000 MMBtus which is the second-best month on the exchange.  Open interest reached 142,067,500 MMBtus as of the end of October, a 49% increase from a year ago. “Nodal is pleased to have achieved these new records across all of its markets and values the significant ongoing support of its community,” said Paul Cusenza, Chairman and CEO of Nodal Exchange and Nodal Clear. “We are very delighted to see the continued growth and are proud to be contributing the to the evolution and expansion of the North American power, environmental and natural gas markets.”

Chief Financial Officer Lynne Fitzpatrick Appointed to President and CFO Chief Operating Officer  Julie Holzrichter to Step Down and Assume Advisory Role Suzanne Sprague to Succeed Holzrichter CME Group, the world's leading derivatives marketplace, today announced that its Board will extend Chairman and Chief Executive Officer  Terry Duffy's contract through December 31, 2026. The company also announced  Lynne Fitzpatrick will take on the expanded role of President and Chief Financial Officer. Additionally, its Chief Operating Officer  Julie Holzrichter has decided to step down from her role to begin serving as an advisor to the company.  Suzanne Sprague will succeed Holzrichter as Chief Operating Officer and Global Head of Clearing. "On behalf of CME Group, I want to congratulate and thank Julie for her many contributions," said CME Group Chairman and Chief Executive Officer  Terry Duffy. "I have worked closely with Julie for more than three decades and, during that time, she has been a valued colleague, instrumental and effective leader and, most importantly, a good friend to me and so many others within our company and industry. Throughout her career, Julie has made significant contributions to our organization that have helped us grow our business globally." "I am also very pleased to promote both Lynne and Suzanne into expanded roles. We are very fortunate to have built such a strong, capable management team that will ensure a seamless transition as our company continues to move forward."  With more than 30 years of service, Holzrichter has held roles of increasing responsibility, rising through the company's ranks from market reporter to a senior member of the management team. She was instrumental in helping the company transition from open outcry to electronic trading as well as leading operational integrations resulting from mergers with the Chicago Board of Trade, NYMEX and NEX. "It has been my greatest honor to work with so many talented and knowledgeable colleagues and clients during my career at CME Group," said Holzrichter. "I grew up at this great company and am proud to have participated in its dynamic growth as well as the evolution of the broader industry." Fitzpatrick, who has been CFO since 2023, joined the company in 2006. She previously served as Senior Managing Director & Deputy Chief Financial Officer, Managing Director of Corporate Development and Treasurer, and in a number of positions across the company's finance organization. She earned a bachelor's degree in economics from Brown University and an MBA from the University of Chicago Booth School of Business. Sprague, who has served as Senior Managing Director and Global Head of Clearing and Post-Trade Services since 2022, joined CME Group in 2002. She has served in a range of leadership positions in financial and risk management since that time, including Managing Director, Credit & Liquidity Risk, Risk Policy & Banking. She earned a bachelor's degree with concentrations in finance and international business from Indiana University and a master's degree in financial markets from the Illinois Institute of Technology.  

The start of trading on the Securities market postponed. The new start time will be announced later.

Euronext, the leading pan-European market infrastructure, today publishes its results for the third quarter 2024. Q3 2024 revenue and income was up +10.0% at €396.3 million: Strong performance of non-volume related revenue representing 58% of total revenueand income (compared to 60% in Q3 2023) and covering 153% of underlying operating expenses, excluding D&A[1] (vs. 148% in Q3 2023): Custody and Settlement revenue grew to €63.1 million (+7.1%), driven by higher assets under custody, dynamic settlement activity and continued double digit growth of value-added services; Advanced Data Services revenue grew to €61.2 million (+10.4%), driven by continued demand for fixed-income and power trading data, dynamic non-professional usage and audit fees. It also represents a full quarter contribution of GRSS;  Listing revenue grew to €56.4 million (+3.2%), reflecting continued strong performance of corporate services and debt listing. Euronext recorded 13 new equity listings and remained the leading venue for equity listings in Europe;  Technology Solutions reported €25.7 million of revenue (-6.5%), due to the termination of Borsa Italiana legacy services in March 2024 following the migration to Optiq; Trading revenue grew to €136.9 million (+15.7%), driven by record results in fixed income and FX trading and solid growth in cash and power trading; Clearing revenue grew to €35.2 million (+19.3%), powered by the expansion of Euronext Clearing to Euronext’s cash markets, and dynamic fixed income and commodities clearing. Net treasury income for Euronext Clearing was at €13.5 million (-1.7%). Increase in collateral following the financial derivatives clearing migration on 9 September and higher return on cash held was offset by client portfolio rebalancing on repo clearing and by the introduction of the VaR-based margin methodology in Q4 2023; Underlying operating expenses excluding D&A1 were €150.5 million (+2.7%). Continued cost discipline and the positive impact of seasonality on recurring expenses offset the cost of growth investments. Euronext upgrades its underlying operating cost guidance for full year 2024 to €620 million. Adjusted EBITDA1 was €245.8 million (+15.1%) and adjusted EBITDA margin was 62.0% (+2.7pts). Adjusted net income1 was €180.8 million (+23.4%) and adjusted EPS was €1.74 (+26.1%), positively impacted by high results from equity investments. Reported net income was €159.5 million (-4.2%), reflecting the negative comparison base related to the €41.6 million capital gain received in Q3 2023 for the disposal of Euronext’s 11.1% stake in LCH SA. Net debt to EBITDA[2] was at 1.5x at the end of September 2024. Key figures for the third quarter of 2024: In €m, unless stated otherwise  Q3 2024   Q3 2023  % var % var l-f-l[3] Revenue and income 396.3 360.2 +10.0% +9.7% Underlying operational expenses excluding D&A2  (150.5)  (146.5) +2.7% +2.1% Adjusted EBITDA 245.8  213.7  +15.1% +14.9% Adjusted EBITDA margin 62.0% 59.3% +2.7pts +2.8pts Net income, share of the parent company shareholders 159.5  166.5  -4.2%   Adjusted net income, share of the parent company shareholders 180.8 146.5  +23.4%   Adjusted EPS (basic, in€) (share count differs between the two periods) 1.74  1.38  +26.1%   Reported EPS (basic, in€) (share count differs between the two periods) 1.54   1.57  -1.8%   Adjusted EPS (diluted, in€) (share count differs between the two periods) 1.74   1.38  +26.1%   Reported EPS (diluted, in€) (share count differs between the two periods) 1.53   1.56  -2.0%   The figures in this document have not been audited or reviewed by our external auditor Completion of the Borsa Italiana Group integration and more delivered synergies than planned €121 million of cumulated run-rate annual EBITDA synergies were achieved at end of September 2024, above the €115 million guidance, and twice the amount targeted at the moment of the Borsa Italiana Group acquisition in April 2021. €37 million run-rate annual EBITDA synergies were delivered in Q3 2024, mainly related to the termination of the LCH SA clearing contract and the successful migration of its derivatives markets to Euronext Clearing in September 2024.      €110.8 million cumulated implementation costs have been incurred since the acquisition of the Borsa Italiana Group, of which €1.7 million were incurred during Q3 2024. This is €48.2 million lower than the €160 million guidance announced in November 2021. “Growth for Impact 2024” financial targets achieved  Euronext achieved its “Growth for Impact 2024” financial guidance one full quarter in advance. Euronext revenue reached +4.1% CAGR2020PF-2024LTM, compared to +3% to +4% CAGR2020PF-2024e targeted. Despite inflation, Euronext continued its trademark cost discipline. Euronext reached adjusted EBITDA growth of +5.3% CAGR2020PF-2024LTM, compared to +5% to +6% CAGR2020PF-2024e targeted.  Continued bolt-on acquisitions to diversify Euronext’s business model In September 2024, Euronext acquired Substantive Research, an industry-leading pioneer providing in-depth transparency on product and pricing comparison for investment research spend, market data and investment research content.   In October 2024, Euronext acquired substantially all the business of the Acupay Group, a global leader in financial reporting, corporate actions, cross-border tax relief, and securities processing. The acquisition further expands Euronext Securities services offering to investors and issuers and also strengthens Euronext’s non-volume related revenue streams. Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said: “Our Q3 2024 results demonstrate our ability to generate strong organic growth. We delivered double-digit topline growth thanks to the excellent performance of our diversified trading business, our successful clearing expansion in Europe and solid performance of non-volume related activities. We maintained strong cost discipline on recurring expenses and we continued to invest in growth. Consequently, we grew our adjusted EBITDA by +15.1% compared to last year, to €245.8 million. Supported by strong results from equity investments, we grew our adjusted net income to a  record level of €180.8 million. Our adjusted EPS grew by +26.1% to €1.74.Once again, we have demonstrated exceptional execution capabilities. We have finalized the migration of our derivatives markets to Euronext Clearing, the final step of the Borsa Italiana Group integration. We have over performed the €115 million guidance for the total run-rate EBITDA synergies related to the Borsa Italiana Group acquisition to reach €121 million. This is twice the amount targeted at the closing of the transaction in April 2021. We achieved more synergies than targeted, and spent less costs for the integration than anticipated.Thanks to our strong performance, we reached our “Growth for Impact 2024” financial targets a full quarter in advance. Euronext is now present on the entire trading value chain, from pre-listing to post trade and solutions. We are perfectly positioned to accelerate growth, through innovation and efficiency. Our integrated clearing capabilities enable us to bring a set of innovative products to the market, some of which are already live. Alongside these organic initiatives, we continued to strengthen our non-volume related business with strategic bolt-on acquisitions.I am looking forward to share how we will innovate for growth over the next three years at our investor day on 8 November 2024.”  Q3 2024 financial performance In €m, unless stated otherwise Q3 2024 Q3 2023 % var % var (like-for-like, constant currencies) Revenue and income  396.3   360.2  +10.0% +9.7% Listing  56.4   54.6  +3.2% +3.5% Trading revenue, of which 136.9  118.3  +15.7% +16.1% Cash trading  68.3   64.4  +6.1% +6.1% Derivatives trading  13.0   13.4  -3.5% -3.4% Fixed income trading  37.0   25.4  +45.5% +45.5% FX trading  8.2   6.4  +27.6% +28.8% Power trading  10.4   8.6  +21.0% +24.7% Investor Services  3.6   3.0  +20.6% +15.8% Advanced Data Services  61.2   55.5  +10.4% +6.7% Post-Trade, of which  98.3     88.4  +11.2% +11.7% Clearing  35.2   29.5  +19.3% +19.3% Custody and Settlement  63.1   58.9  +7.1% +7.8% Euronext Technology Solutions & Other  25.7   27.4  -6.5% -6.3% NTI through CCP business  13.5   13.7  -1.7% -1.7% Other income  0.7   -     Transitional revenues -   (0.8)     Underlying operational expenses exc. D&A  (150.5)  (146.5) +2.7% +2.1% Adjusted EBITDA  245.8   213.7  +15.1% +14.9% Adjusted EBITDA margin 62.0% 59.3% +2.7pts +2.8pts Operating expenses exc. D&A  (154.6)  (153.6) +0.6% +0.1% EBITDA  241.7   206.6  +17.0% +15.3% Depreciation & Amortisation  (47.2)  (41.9) +12.8% +13.1% Total Expenses (inc. D&A)  (201.8)  (195.5) +3.2% +2.8% Adjusted operating profit  224.7   195.4  +15.0% +14.9% Operating Profit  194.5   164.7  +18.1%   Net financing income / (expense)  2.9   1.5  +96.9%   Results from equity investments  23.4   54.4  -57.1%   Profit before income tax  220.7   220.6  +0.1%   Income tax expense  (52.5)  (48.4) +8.4%   Share of non-controlling interests  (8.8)  (5.6) +56.2%   Net income, share of the parent company shareholders  159.5   166.5  -4.2%   Adjusted Net income, share of the parent company shareholders[4]  180.8    146.5  +23.4%   Adjusted EPS (basic, in€)  1.74   1.38  +26.1%   Reported EPS (basic, in€)  1.54   1.57  -1.8%   Adjusted EPS (diluted, in€)  1.74   1.38  +26.1%   Reported EPS (diluted, in€)  1.53   1.56  -2.0%   Share count differs between the two periods. The figures in this document have not been audited or reviewed by our external auditor. Q3 2024 revenue and income In Q3 2024, Euronext’s revenue and income amounted to €396.3 million, up +10.0% compared to Q3 2023, driven by the strong performance of trading and post-trade activities, resulting from a dynamic trading environment for most asset classes and the positive contribution of the Euronext Clearing European expansion for cash instruments at the end of November 2023, as well as solid organic growth in non-volume related businesses.  On a like-for-like basis and at constant currencies, Euronext revenue and income was up +9.7% in Q3 2024 compared to Q3 2023.  Non-volume related revenue accounted for 58% of Group revenue in Q3 2024, slightly down compared to Q3 2023 due to the record performance in fixed-income trading and strong performance across most of the other volume-related activities. The underlying operating expenses excluding D&A coverage by non-volume related revenue ratio was at 153% in Q3 2024, compared to 148% in Q3 2023. Q3 2024 adjusted EBITDA Underlying operational expenses excluding depreciation and amortisation increased by +2.7% to €150.5 million, reflecting continued cost control and the positive impact of seasonality which offset accelerated growth investments. On a like-for-like basis, underlying operational expenses excluding depreciation and amortisation increased by +2.1% compared to Q3 2023. Consequently, adjusted EBITDA for the quarter totalled €245.8 million, up +15.1% compared to Q3 2023. This represents an adjusted EBITDA margin of 62.0%, up +2.7 points compared to Q3 2023. On a like-for-like basis, adjusted EBITDA for Q3 2024 was up +14.9%, and adjusted EBITDA margin was up +2.8 points compared to the same perimeter in Q3 2023. Q3 2024 net income, share of the parent company shareholders Depreciation and amortisation accounted for €47.2 million in Q3 2024, +12.8% more than in Q3 2023 due to ongoing migration projects. PPA related to acquired businesses accounted for €20.2 million and is included in depreciation and amortisation. Adjusted operating profit was €224.7 million, up +15.0% compared to Q3 2023. On a like-for-like basis, adjusted operating profit was up +14.9% compared to Q3 2023.  €30.2 million of non-underlying expenses, including depreciation and amortisation, were reported in Q3 2024, related to the implementation of the “Growth for Impact 2024” strategic plan and the PPA of acquired businesses.  Net financing income for Q3 2024 was €2.9 million, compared to a net financing income of €1.5 million in Q3 2023. This results from higher interest income due to higher interest rates, offsetting the cost of debt. Results from equity investments accounted for €23.4 million in Q3 2024, reflecting the dividend from Euroclear received in Q3 2024. As a reminder, in Q3 2023, Euronext reported €54.4 million in results from equity investments, reflecting the €41.6 million gain on the sale of Euronext’s stake in LCH SA and the dividend received from Euroclear.  Income tax for Q3 2024 was €52.5 million. This translated into an effective tax rate of 23.8% for the quarter, compared to 22.0% in Q3 2023. The tax rate in Q3 2024 and Q3 2023 was positively impacted by non-taxable income. Share of non-controlling interests mainly relating to the Borsa Italiana Group and Nord Pool amounted to €8.8 million in Q3 2024. As a result, the reported net income, share of the parent company shareholders, decreased by -4.2% for Q3 2024 compared to Q3 2023, to €159.5 million. This represents a reported EPS of €1.54 basic and €1.53 diluted in Q3 2024, compared to €1.57 basic and €1.56 diluted in Q3 2023. Adjusted net income, share of the parent company shareholders was up +23.4% to €180.8 million. Adjusted EPS (basic) was up +26.1% in Q3 2024, at €1.74 per share, compared to an adjusted EPS (basic) of €1.38 per share in Q3 2023. This increase reflects higher profit and a lower number of outstanding shares over the first nine months of 2024 compared to the first half of 2023. The weighted number of shares used over the first nine months of 2024 was 103,649,167 for the basic calculation and 104,036,188 for the diluted calculation, compared to 106,563,821 and 106,844,622 respectively over the first nine months of 2023. The difference reflects the share repurchase programme carried out in H2 2023. In Q3 2024, Euronext reported a net cash flow from operating activities of €237.4 million, compared to €174.5 million in Q3 2023, reflecting higher positive changes in working capital from CCP activities at Euronext Clearing and the sale of the 11.1% share in LCH SA in Q3 2023. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 95.5% of EBITDA in Q3 2024. Q3 2024 business highlights Listing In €m, unless stated otherwise  Q3 2024  Q3 2023 % change  Revenue                56.4                    54.6   +3.2% Equity 27.0 26.8 +0.9% o/w Annual fees 18.0 17.2 +4.9% o/w Follow-ons 5.1 5.8 -12.4% o/w IPOs 3.9 3.8 +3.2% Debts  9.5 8.5 +11.4% ETFs, Funds & Warrants 5.9 5.8 +2.5% Corporate Services 11.5 10.6 +8.4% ELITE and Other 2.5 3.0 -16.2%   Money raised (€m)  Q3 2024  Q3 2023 % change   Equity listings 116 417 -72.2%   Follow-ons 3,072 5,629 -45.4%   Bonds 260,926 261,162 -0.1%           Listed securities  Q3 2024  Q3 2023 % change   New equity listings over the period 13 23 -43.5%   # ETFs listed, end of period 3,945 3,814 +3.4%   # Bonds listed, end of period 56,230 54,378 +3.4%                   Money raised from follow-ons has been restated for previous periods. Listing revenue was €56.4 million in Q3 2024, an increase of +3.2% compared to Q3 2023, driven by continued strong performance of Corporate Services and dynamic debt listing activity. Euronext sustained its leading position for equity listing, recording 30% of listings in Europe with 13 new listings. Soft equity listing and follow-on activity reflect summer seasonality.  Euronext Corporate Services revenue grew by +8.4% compared to Q3 2023 to €11.5 million, resulting from the strong performance of its SaaS products. Debt listing revenue grew by +11.4% compared to Q3 2023 to €9.5 million, resulting from dynamic corporate bonds and structures finance issuances, driven by favourable market conditions. On a like-for-like basis at constant currencies, listing revenue increased by +3.5% compared to Q3 2023. Trading Cash trading   Q3 2024 Q3 2023 % change Cash trading revenue (€m) 68.3 64.4 +6.1% ADV Cash market (€m) 9,610 9,175 +4.7% Cash trading revenue increased by +6.1% to €68.3 million in Q3 2024, supported by efficient yield management and higher volumes. Over the third quarter of 2024, Euronext cash trading yield was 0.54 bps, stable year on year despite record high order size in Q3 2024. Euronext market share on cash trading averaged 64.0% in Q3 2024. On a like-for-like basis at constant currencies, cash trading revenue was up +6.1%.   Derivatives trading   Q3 2024 Q3 2023 % change Derivatives trading revenue (€m) 13.0 13.4 -3.5% ADV Derivatives market (in lots)  580,255 600,408 -3.4% ADV Equity & Index derivatives (in lots) 470,812 503,540 -6.5% ADV Commodity derivatives (in lots) 109,443 96,868 +13.0% Derivatives trading revenue decreased by -3.5% to €13.0 million in Q3 2024, reflecting lower volatility for equity and index derivatives, and continued strong performance of commodity derivatives. Euronext revenue capture on derivatives trading was €0.34 per lot for the third quarter of 2024.  On a like-for-like basis at constant currencies, derivatives trading revenue was down -3.4% in Q3 2024 compared to Q3 2023.  Fixed income trading   Q3 2024 Q3 2023 % change Fixed income trading revenue (€m)  37.0 25.4 +45.5% o/w MTS Cash 27.1 15.9 +70.3% o/w MTS Repo 6.6 6.3 +6.1% ADV MTS Cash (€m) 37,690 21,302 +76.9% TAADV MTS Repo (€m) 476,221 410,173 +16.1% ADV other fixed income (€m) 1,384 943 +46.9% Fixed income revenue reached another record at €37.0 million in Q3 2024, up +45.5% compared to Q3 2023, reflecting record volumes fuelled by favourable market conditions and good volatility, higher outstanding amounts of debt across Europe and supportive debt management policies.  On a like-for-like basis at constant currencies, fixed income trading revenue was up +45.5% compared to Q3 2023. FX trading   Q3 2024 Q3 2023 % change Spot FX trading revenue (€m) 8.2 6.4 +27.6% ADV spot FX Market (in $m) 27,275 23,274 +17.2% FX trading revenue was up +27.6% to record revenues of €8.2 million in Q3 2024, reflecting growing volumes supported by a favourable volatility environment and increased market share. On a like-for-like basis at constant currencies, FX trading revenue was up +28.8% compared to Q3 2023. Power trading   Q3 2024 Q3 2023 % change   Power trading revenue (€m) 10.4 8.6 +21.0% ADV Day-ahead power market (in TWH) 2.28 2.31 -1.1% ADV Intraday power market (in TWH) 0.31 0.21 +50.2% Power trading revenue reported a strong quarter with revenue reaching €10.4 million in Q3 2024, up +21.0% compared to Q3 2023, reflecting continued strong growth of intraday volumes. On a like-for-like basis at constant currencies, power trading revenue was up +24.7% compared to Q3 2023.  Investor Services Investor Services reported €3.6 million revenue in Q3 2024, representing a +20.6% increase compared to Q3 2023, supported by continued commercial expansion and the contribution of the acquisition of Substantive Research on  17 September 2024. On a like-for-like basis at constant currencies, Investor Services revenue was up +15.8% compared to Q3 2023.  Advanced Data Services Advanced Data Services revenue reached €61.2 million in Q3 2024, up +10.4% from Q3 2023, driven by continued demand for fixed-income and power trading data, dynamic non-professional usage and one-off positive contribution from audit fees. It was also supported by a full quarter contribution of GRSS. On a like-for-like basis at constant currencies, Advanced Data Services revenue was up +6.7%  compared to Q3 2023. Post Trade  in €m, unless stated otherwise Q3 2024 Q3 2023 % change Post-trade revenue (exc. NTI)                 98.3                      88.4  +11.2% Clearing 35.2 29.5 +19.3% o/w Revenue from LCH SA 19.3 18.7 +3.4% o/w Revenue from Euronext Clearing 15.9 11.3 +40.9% o/w Derivatives 1.2 1.3 -5.9% o/w Equities 5.7 3.6 +68.4% o/w Bonds 3.7 3.2 +15.1% o/w Other 5.3 3.1 +30.4% Custody, Settlement and other Post-Trade activities  63.1 58.9 +7.1% Clearing Number of transactions and lots cleared Q3 2024 Q3 2023 % change Shares (number of contracts – single counted) 56,805,530 16,469,972 +244.9% Bonds – Wholesale (nominal value in €bln – double counted) 7,827 6,665 +17.4% Bonds – Retail (number of contracts – double counted) 3,334,496 3,158,794 +5.6% Derivatives[5] 17,623,017 5,604,879 +214.4% Clearing revenue was up +19.3% to €35.2 million in Q3 2024, reflecting the increase in equity clearing volumes following the expansion of Euronext Clearing in Q4 2023 and higher clearing revenues from the dynamic fixed income and commodities activities. Non-volume related clearing revenue (including membership fees, treasury income received from LCH SA prior to the migration) accounted for €10.5 million of the total clearing revenue in Q3 2024. On a like-for-like basis at constant currencies, clearing revenue was up +19.3% compared to Q3 2023.  Net treasury income  Net treasury income for Euronext Clearing was at €13.5 million (-1.7%). Increase in collateral following the financial derivatives clearing migration on 9 September and higher return on cash held was offset by client portfolio rebalancing on repo clearing and by the introduction of the VaR-based margin methodology in Q4 2023. Custody, Settlement and other Post-Trade activities Euronext Securities activity Q3 2024 Q3 2023 % change Number of settlement instructions over the period 32,085,978 28,875,807 +11.2% Assets under Custody (in €bn), end of period 6,954 6,382 +9.0% Revenue from Custody, Settlement and other Post-Trade activities was €63.1 million in Q3 2024, posting a strong organic growth of +7.1% compared to Q3 2023. This reflects growing assets under custody, dynamic issuance activities and higher settlement activity. Euronext Securities value-added services business continued to post strong growth. On a like-for-like basis at constant currencies, Custody, Settlement and other Post-Trade revenue was up +7.8% compared to Q3 2023. Technology Solutions and Other revenue Euronext Technologies and Other revenue decreased to €25.7 million in Q3 2024, down -6.5% from Q3 2023, mainly driven by termination of Borsa Italiana legacy services in March following the migration to Optiq. On a like-for-like basis at constant currencies, Euronext Technologies and Other revenue was down -6.3% compared to Q3 2023. Q3 2024 corporate highlights since publication of the second quarter 2024 results on 25 July 2024 Euronext announces the cancellation of repurchased shares On 30 July 2024, Euronext announced the cancellation of 2,870,787 ordinary shares following completion of its €200 million share repurchase programme on 3 January 2024. Appointment of the new CEO of Euronext Amsterdam On 1 September 2024, René van Vlerken was appointed CEO of Euronext Amsterdam and member of the Managing Board of Euronext N.V., subject to shareholder approval. The appointment follows Simone Huis in ‘t Veld’s decision to resign from her position as CEO of Euronext Amsterdam and Member of the Managing Board of Euronext N.V. after five years, to pursue new projects. Successful expansion of Euronext Clearing to all Euronext financial derivatives markets On 17 September 2024, Euronext announced the successful completion of the expansion of Euronext Clearing activities to all Euronext financial derivatives markets. This milestone marks the conclusion of the migration from LCH SA to Euronext Clearing and the end of the contractual relationship with LCH SA. This was the final phase in the European expansion of Euronext Clearing, to create Euronext’s multi-asset class clearing house. This achievement, realised on schedule in September 2024, marks the last critical achievement in completing Euronext's ‘Growth for Impact 2024’ strategic plan and the integration of the Borsa Italiana Group, three years after it was acquired by Euronext. Acquisition of Substantive Research  On 17 September 2024, Euronext announced the acquisition of 100% of Substantive Research, an industry-leading pioneer providing in-depth transparency on product and pricing comparison for investment research spend, market data and investment research content. Substantive Research will be integrated in Euronext’s investor services business Commcise.  Corporate highlights since 1 October 2024 Acquisition of Acupay On 2 October 2024, Euronext announced the acquisition of substantially all the business of Acupay Group, global leader in financial reporting, corporate actions, cross-border tax relief, and securities processing. The acquisition of Acupay further expands Euronext Securities’ services offering to investors and issuers, leveraging Acupay’s strong presence in Italy and opportunities to scale Acupay’s services through Euronext Securities’ network across Europe. The acquisition will also strengthen Euronext’s non-volume related revenue streams. Euronext 2025 financial calendar  Full-year 2024 results:   Release on Thursday 13 February 2025, after market closing  Analysts conference on Friday 14 February 2025, at 09:00 CET  Quiet period from 24 January to 13 February 2025 Q1 2025 results:   Release on Wednesday 14 May 2025, after market closing  Analysts conference on Thursday 15 May 2025, at 09:00 CEST  Quiet period from 23 April to 14 May 2025 Annual General Meeting: Thursday 15 May 2025, at 10:30 CEST  Q2 2025 results:   Release on Thursday 31 July 2025, after market closing  Analysts conference on Friday 1 August 2025, at 09:00 CEST  Quiet period from 11 July to 31 July 2025 Q3 2025 results:   Release on Thursday 6 November 2025, after market closing  Analysts conference on Friday 7 November 2025, at 09:00 CET  Quiet period from 17 October to 6 November 2025   Agenda A webcast will be held as part of the investor day on 8 November 2024, at 08:30 CET (Paris time) / 07:30 GMT (London time): Live webcast:  For the live webcast of the investor day go to: Euronext Investor Day The webcast will be available for replay after the call at the webcast link and on the Euronext Investor Relations webpage. [1] Definition in Appendix – adjusted for non-underlying operating expenses excluding D&A and non-underlying revenue and income. [2] Last twelve months reported and adjusted EBITDA [3] Like-for-like basis at constant currency [4] For the total adjustments performed please refer to the Appendix of this press release. [5] Commodity derivatives of Euronext legacy markets have been integrated following the Euronext Clearing expansion that occurred on 15 July 2024, and financial derivatives of Euronext legacy markets have been integrated following the Euronext Clearing expansion that occurred on 9 September 2024. Volumes for Q3 2024 have been restated accordingly.

IPC, the leading provider of secure, compliant communications and multi-cloud connectivity solutions for financial markets, has partnered with LeapXpert, the responsible business communication pioneer, to provide enhanced messaging communications capture, governance and compliance capabilities to regulated financial businesses. In an increasingly digital workplace with growing use of messaging channels alongside traditional telephony communication, LeapXpert solutions address the key financial industry challenge of managing effective surveillance and associated regulatory compliance obligations such as data recordkeeping. Specifically, LeapXpert focuses on creating a federated messaging environment for frictionless, cross-platform messaging between multiple users and apps. A centralized, highly interoperable communication platform, accessed through a Single Professional Identity (one contact number) streamlines messaging functionality, providing an enhanced communication experience, robust communications governance and compliance with recordkeeping requirements from the SEC, CFTC, ESMA, FCA and other regulators. IPC has been at the forefront of technology innovation in trading communications systems for more than 50 years. Its market-leading communications technologies, product innovation and strategic partnerships with specialist service providers like LeapXpert reflects a focus and commitment to improving the trading experience for all stakeholders. LeapXpert solutions can be integrated within IPC’s Unigy, Trader Voice, Unified Comms & Mobile capture solutions, creating a unique and highly differentiated industry solution. James Tonks, SVP Partner Development, IPC commented: “This collaboration represents the future of compliant communication. The use of messaging channels is accelerating. Telephone networks are already federated; federated messaging is the next major leap in the digital enterprise communication revolution. We are excited to be able to harness the proven technology of an experienced service provider to offer a robust, frictionless and enterprise-grade messaging solution with associated governance best practice and regulatory compliance.” Avi Pardo, Co-founder & CBO of LeapXpert, said: “In the fast-paced world of financial markets, seamless communication is essential. Our partnership with IPC ensures that financial institutions can effortlessly navigate the complexities of off-channel communication, staying compliant while optimizing their operations. We are excited to bring our expertise in communications to IPC's extensive client base, providing a comprehensive Digital Communications Governance & Archiving (DCGA) solution.” The LeapXpert Communications Platform supports different chat features, such as one-on-one and group chats across various messaging channels, including WhatsApp, iMessage, WeChat, SMS, Telegram, Signal, and LINE. Clients stay on their preferred (or authorized) channels, while traders and employees use one platform and number across multiple channels making them much more readily accessible to clients. API integration and client/employee identification and validation functionality ensures that both parties know they are speaking to a particular individual rather than a member of a team. Advanced governance with sophisticated data leakage prevention, information barriers, anti-virus and malware services means firms can more easily monitor client conversations, safeguard sensitive information and protect assets from loss and security threats and prevent data leaks.

WHAT: Chairman Rostin Behnam will participant on the panel, International Panel: The role of regulator in a global securities market, at the CNMV's 35th Anniversary. WHEN: Friday, November 8, 202412:10 p.m. – 13:10 p.m. (CET)6:10 a.m. – 7:10 a.m. (EDT) WHERE: CSIC. Events Hall Calle Serrano, 11728006 – Madrid

NZX will today host its investor day where it will present an update on business activities and execution against its five year strategy. The presentation is attached to this market release and available in the investor centre of NZX's website: https://www.nzx.com/about-nzx/investor-centre/reports-and-disclosure Downloads NZX Investor Day 2024 - Presentation

JPX group companies undertake various initiatives and disseminate information with the aim of providing the most attractive markets to all users. Every month, we showcase the highlights of these efforts in short and concise summaries just for you.   JPX Monthly Headlines October　2024 Oct. 7: Provision of Content for Expanding English Disclosure Oct. 11: Celebrating the First Anniversary of the Carbon Credit Market Oct. 16: Outline of JSCC-DTCC Proof of Concept in Digital Asset Field Announced Oct. 29: Announcement of Earnings for Q2 FY2024  

Manisha Tank: Here we go. This is your first FinTech Festival as MD. How's that feeling?Chia Der Jiun: Very exciting. It's great to be part of this group. It's really good to be invigorated by the energy of the space, the energy of the people, the energy of the community here. They're all creators, innovators, founders, people doing new things, exciting things, so it's really good to be part of this.Manisha Tank: The new prime minister – well, not so new anymore – had come to the FinTech Festival some years ago, and had described it as feeling like a rock concert. It rather does, so thank you to Vanessa, who's our resident DJ. It does feel really pumped and energised. Thinking of pumped and energised, there were lots of people who were flicking through phones, I noticed, in the audience yesterday, and one of the reasons was, of course, they were following results coming from the US presidential election. Obviously, I'd like to get some of your reflections as we wake up this morning to President Trump in the US for the next four years.Chia Der Jiun: It was quite spectacular. The results were quite unambiguous, and I saw that the shift towards Trump was quite unambiguous across all the states practically, and across most demographic groups. It's quite a clear result. It does reflect that certain issues are very important to the American voters. Certainly, I think the economy is top of mind – cost of living, state of the economy, immigration – these are very important issues to the American economy. I think what matters to all of us now is the direction of policies going from here. This has been well discussed. I think the markets have already pretty much summed it up, what's been happening. We know that equity markets have been up at record highs or near record highs, and this reflects optimism around tax cuts, making them permanent, optimism around deregulation. We also see that the dollar is high, and the yield curve has steepened a little bit, so expectation about inflation remaining sticky because policy is having an inflationary bend. The dollar is high, the yield curve is steepened, and Bitcoin is up. We know why that is so, it is part of a deregulatory sentiment. All this is hugely important, whether, and how big an impact some of these policies will have on growth and inflation. For the global economy, potentially, some of these policies can be restrictive on growth, particularly trade policies, and inflationary, but there are other policies that are pro-growth and potentially pro-supply side. So, tax cuts, if they invigorate more investment, if technology also invigorates more investment, these can be potentially helpful to productivity. We'll have to see.The sequencing of the policies matter. Some policies will have very near term and quick impact, while other policies like deregulation and tax cuts may take time for investments to potentially help with the supply side. We are watching very closely, because this matters greatly not just for us, but everyone else.Manisha Tank: It definitely seems very clear cut, the House and the Senate as well, also going the Republican direction, so there is that consistency.Queen Maxima has just joined us here in front row. Thank you so much. If we could just give her a rousing welcome.Chia Der Jiun: And Ravi (Menon) as well, who was occupying this seat just last year.Manisha Tank: We were having certain conversations backstage, and that is a lot of what all of this is about. It's about partnerships, collaborations and important conversations. Speaking of which, let's get back to it.One of the things I want to talk to you about is MAS’ overall vision for the FinTech sector and the impact that all of the great change is going to have on the delivery of financial services.Let's first of all get your thoughts on the overall vision.Chia Der Jiun: Maybe I will just speak around three words – firstly, community; secondly, collaboration; and third, on our capabilities.On community, I think this week’s Festival speaks for itself – 900 speakers, tens of thousands of participants. There is a very thriving community of FinTech startups and firms in Singapore and now all around the region coming together for this event, so this is one clear manifestation of this network and this community.Ravi announced the launch of the GFTN yesterday, and that signals a new level of ambition to widen, broaden, deepen this network globally, and therefore to pull these networks together. So, I think that would be hugely beneficial for the ecosystem that we have here, and, of course, the community here at the FinTech Festival. I think that signals a new level of ambition and achievement for the community, so I think that is important.Two is collaboration. Now, we started the journey with encouraging experimentation and innovation through setting up sandboxes, and that was hugely beneficial. But really, you get to benefit with innovation, one project at a time, right? So, the impact is a little bit, shall we say, bespoke. Now we are thinking about how to multiply that and have that benefit at scale. With now a different mode of collaboration, we are actively forming consortia with industry, with federal regulators, policy makers, coming together to solve problems. So that has been most evident in several areas. And certainly, we have had this in the sustainability area, we have had this in the digital assets area, which is currently where we are focusing a lot of our time. So, industry consortia, over 20 financial institutions, industry associations, standard setters and international organisations, policy makers, all coming together trying to solve problems for digital assets. We can talk more about that later. Also, for AI, it has been a collaborative approach through the industry to try to understand the risks better and start to identify the issues. So that has been our approach, and I think that has been helpful in scaling the impact.Third, I will just say capabilities. There are a couple of areas where we think is going to be hugely impactful, and we have focused our attention on those. We are taking steps to put in place the building blocks to help the industry grow, and overcome some of these challenges and pain points. Payments is one area, and it has been a long-standing area over many years. We have been putting in place the building blocks to get this to work. The vision, of course, is low cost, accessible, fast domestic payments, but also cross-border payments. So that has been a multi-year mission and objective, and we are continuing to build on that. The space of asset tokens is also something we are investing heavily on, trying to make progress together with industry. AI as well, and we can talk about that later, and of course, sustainability.Manisha Tank: Well, let's dig deeper into some of those. And before we do, interestingly, you talked about the community and how important that was. If anyone sees Ravi Menon or anyone who is involved with GFTN, you will see them wearing a big round badge. And you educated me this morning that it's flags of the world, many of them, we joked about, possibly more than the World Bank. But I think that underpins how important community is, it’s a global community, right? Chia Der Jiun: Yes, it’s a badge of ambition on Ravi’s chest, as well as Sopnendu’s. Manisha Tank: Okay, so let's dig a little bit deeper. I want to talk about global payments. So particularly digital currencies, cross-border. Just when you think payments are fast, they get faster. There's always another platform offering some form of added value, but I think it's important for us to understand how Singapore is going to remain competitive in a landscape that's so dynamic.Chia Der Jiun: So, you know, we've taken this quite a lot, right? It started with putting in place some of the things such as a national digital identity, layering on that fast payment rails, and then schemes that allow very easy look up and also acceptance of QR codes, PayNow link ups and so on. So, it works very well.I’ve got a slide to show you where we are with this. And so, this is domestic payments. It looks like penetration is fantastic. Sign-ups are above 90%, merchants’ adoption of QR codes is near 100% so it looks to be near ubiquitous? It is ubiquitous, but it's not seamless. And the problem that now we need to solve is interoperability. So, although a lot of people have onboarded these and can use a single QR code, but a merchant may not have onboarded multiple, different  payment schemes, and so if I'm only on one payment scheme, then I can only accept customers of that one payment scheme. And what we want to do is make them interoperable. Because across schemes, we know that penetration is an asset. So, if you can make that interoperable, then you can walk in with one payment scheme or two payment schemes, and you can pay any merchant. So that's the vision, and we're trying to take steps towards that. And so, what is happening now is that NETS Group and Liquid Group will be launching an interoperable QR payment solution, they will operate and offer separate solutions. With this, merchants don't have to onboard very many different schemes for them to accept a wide base of customers. So that's the vision, to make it much more seamless. So that's on the domestic front.Cross border has been a different challenge. We have started this journey doing cross border linkages, one at a time. The first one was with Thailand. You know, my esteemed colleague, Governor Sethaput will be speaking next, and Thailand was our very first bilateral linkage between the FAST payment systems between the two countries. And I think it took two years to get that done. And of course, now, we've got several bilateral linkages with Malaysia, India and so on, but it takes time to put this out, and resources. What we've embarked on, the ASEAN countries together with the BIS Innovation Hub, is to work on scaling this in a multilateral way. This is called Project Nexus, and we think it's a game changer, because it is a central switch, and it's a central framework of standards, single framework standards, so that you don't have to form bilateral linkages. Everyone just connects to the central switch and the single framework, and then you can access the whole network. So, I think that's a massive game changer. It will connect up our region quickly, and it can also be the node connecting to other networks in other regions. So this, I think, has the potential to transform cross border payments and make it much more accessible in a low cost, fast way.So, that's the vision. I have a slide on this as well that shows where some of the bilateral linkages are currently. But with Nexus, you know, we can widen the network extensively and reach other regions as well. So that's on payments, and that's where we are.It was just announced yesterday by the BIS, that the Nexus Scheme Organisation will be set up in Singapore. There is a lot of work to be done. We’re happy to host the Nexus Scheme Organisation and hope to drive that network.Manisha Tank: Excellent. I suppose it helps that you already have that existing infrastructure, and that's a multilateral infrastructure to build on. Let's move on to a report that was produced by McKinsey. This is about the tokenised market. In this report, we learned that the total tokenised market capitalisation is expected to reach USD 2 trillion by 2030. The question is, what is MAS’ vision for tokenisation and what strategic developments can the market expect by that time? Chia Der Jiun: The potential is there [for asset tokenisation]. I think everyone sees the potential. And in Project Guardian, we work with a variety of global financial institutions, and also those in Singapore. They've experimented and piloted across different kinds of assets. They've tokenised them, they've settled them, exchanged them across fixed income, FX, funds and so on. They know that it works, and the economic benefits are also clear to all the participants. It's going to cut duplication, cut cost, increase speed, but cut time, The use cases are also very clear across multi currencies, payment settlement, treasury management, collateral management, and, of course, security settlement. The use cases are also quite clear.The challenge is how to get to that potential. This is a collaborative approach for the industry, and there’s an industry consortium, there’s Project Gurdian and also Global Layer One. The idea is – tell us what are the problems that need to be solved in order to scale this, to get this to commercial scale. We have been taking these real pain points, real issues that industry tells us that needs to be solved, and that is where we focused our attention – on how to solve them.I’ve got a slide to illustrate this. We have to think about problem at three layers. First is at the token layer, where you can represent any asset. You can represent fixed income, you can represent FX, you can represent the fund, you can represent a security, any asset, as a token. But in order to have this exchange, what I call fixed income token, what is the data and attributes it should embody? It should be recognisable to you when exchange it with you, so that we both agree that this is a fixed income token, and we agree that it has attributes that I wish to sell to you and that you wish to buy. That requires work, and industry frameworks and standards are needed, so that we achieve this degree of harmonisation and understanding of regulations for exchange. We have done some of that work already, and the first publications have come up – frameworks for fixed income, framework for funds. But more work remains ahead, and that is critical work.The second layer is at the settlement layer. When we exchange tokens, we won't exchange a fixed income token for a fund token directly. We will have to intermediate this to a form of digital money that is on chain, so a high-quality settlement asset. I think people will talk about, you know, this could be central bank digital currency, could be tokenised bank deposits backed by the balance sheet of a bank, or it could be a stablecoin. That is the next area that we have to work on, to ensure that we do put in high quality settlement assets into this ecosystem.We are making a contribution by having set up a stable coin regulatory framework describing the attributes of what a well-regulated, sound stablecoin looks like, and should have these attributes. We are inviting people to make use of this and issue stablecoins that comply with this regulation. There is a lot of interest in this. The regulatory attributes are finalised, and we are now working on legislation.  It is not quite ready, but we are having conversations with those issuers.Last, is at the infrastructure layer, the chain layer. Here, is a little bit of an unregulated space, and what the industry participants tell us is they need more out of this. Firstly, it needs to be interoperable, so the network set up around chains, and the public chains available today and that many may use, they need to be interoperable across networks, and potentially across different chains as well, so that the tokens and the liquidity around the tokens are not fragmented, it can be connected. Second, this infrastructure has to be compatible with compliance, enabling these tokens and the participants around them to comply with laws and regulations. That is hugely critical to make this programmable and compliance by design. That is where Global Layer One – another industry consortium that has been set up, with a core group of global banks, also market infrastructure providers coming in, working on these problems, and trying to solve them. These are the things that we are working on. We are very excited about the promise in asset tokenisation and these are steps that we are actively taking. Manisha Tank: It's interesting actually, that was a bit of a theme yesterday as well. You talked about harmonisation. Sometimes, on this stage, we can have very abstract conversations, and part of your mission is to make sure that we bring all of those abstract conversations into a real-world practicality, and we can understand the challenges around that.Speaking of which, let's talk about Generative AI. This is a huge talking point, and this is a technology that can significantly impact businesses and therefore the world. So, the obvious question really, is around how MAS is going to be able to navigate that and also, what are your thoughts actually? How are you managing this? You can't really, but what are your thoughts on the expectations of financial institutions when it comes to how they're expected to use GenAI?Chia Der Jiun: We're walking in step with each other. I think the issue is you don't want them to get too far ahead of the regulator, but you don't want the regulator to get too far ahead of the industry either. The sense of coming in too early with regulation that is not quite mature and not quite fully considered. So MAS has been taking these cautious steps. And again, it's been a collaborative approach that we're taking.The first thing that we did with GenAI or AI is not to come in with regulations, but to set up industry consortium again. The focus and the purpose is to build up capabilities, both in the industry and in the regulator, that's really important. The AI journey, of course, is not new, it's probably at least 10 years in the making. What is new is GenAI, but the financial industry is very familiar with AI, traditional machine learning-based ones, and we have developed new processes and governance around how to manage AI. So, the trick now, is with GenAI. What is the delta? What is new? What needs to be done about it? The first step was to set up a consortium – we called it Project MindForge. We get industry together, sit down with us, and then we work through, what are the risks here? We go through the whole life cycle of this, from data collection, data processing, governance, down to development, deployment, monitoring, performance, and so on. What are the risks around the whole life cycle of that? Can we come together and agree on the common taxonomy and inventory of these risks so that we have a common language to engage each other on? So, that was the very first step, and that resulted in a publication, so we've done that. We did identify some of the additional risks in GenAI. We all know about the greater difficulty in terms of explainability and verification for GenAI. We know the issues around the hallucination accuracy, we know some of the risks around prompt injection attacks, for instance, data leakage and so on. So, it's additional risks that have to be taken into account. Then, the next stage, we're working now with the consortium is – knowing the risks, what does it mean for governance? That's what we need to do now, and the next stage is to publish some good practices in the area of governance, around the use of GenAI.On the regulatory front, we started a step later, but now the process is in train, and we're working towards a set of guidance on model risk management, covering both the data as well as the model development, and subsequently the model deployment and monitoring work that has to be done to use this well, use this sustainably, and use this responsibly.Manisha Tank: Okay, still a lot of development and evolution, though, to go on there, so that feedback loop, I would guess, is very important, and the kind of feedback that you'll get at events like this as well will be, I think, feeding into that conversation a little bit further. I think we're going to speak about [and] I'm sure you will speak about it many times in many panels in the coming years.Let's move on to previous years because you have had experience in the Ministry of what was then the Ministry of Environment and Water, but now essentially a Ministry of Sustainability and the Environment, and sustainability is something that is very close to all of our hearts here in Asia. We only have to turn on the news every day to see the impact that climate change is having on our world, and it's very close by with our neighbouring countries, those in those multilateral groups that you talked about, and we've seen recent typhoons, this kind of thing, so it's very present in people's minds, but to get behind the kind of innovation and changes we need to see, we need sustainable finance.So, I wanted to get some of your reflections on really, where you sit in terms of what is required and MAS’ role. What is the transformative role, do you think, of sustainable finance? And again, how is Singapore putting itself at the centre of that conversation? Chia Der Jiun: That's a critical question for all of us. It's an area where I think we have to remain hopeful, and we have to remain committed. There will be ups and downs with this and we have to see the trajectory of global policy on this.But clearly, I think the momentum on the side of corporates and financial institutions remains on track. I think the momentum on the side of investors also remains broadly on track. So, we've seen, for instance, sustainable funds inflows continuing to grow, certainly so in the last year, growing quite healthily, around 10%. We're still seeing demand for sustainable loans and bonds growing, so I think that's also positive. We're seeing also policy directions still trending in the right direction. So, some of these, for instance, Singapore has announced its intention to raise the carbon tax over seven years, and other countries in this region have also mentioned the intention to introduce carbon taxes. So, these are all trending in the right direction. I think we'll have to keep the momentum there.In terms of how the private sector and the financial community needs to work at this, I think we'll have to think about it in a few levels.One, is that the capabilities need to be continually developed. We don't want capabilities to be a bottleneck. So, one of the first things that we have done, is to study the skills that are required in this area, so that when you do your loans and your bonds and are providing financial services across the board, you are able to have that layer of expertise that allows you to do so and to advise clients, whether they're corporates or investors on how to do so sustainably.So, we've identified the skills that are needed, and there's now the initiative with the whole industry to really roll out the training that's needed to upskill the financial sector professionals, so that they're able to do all the structuring. So that's the first thing, and it will take, you know, the next couple of years to get this fully done, but there's already a great new structure of expertise here, and they're providing a lot of this into the region. The second thing is that we've got to keep momentum going through some regulatory actions. So, certainly, mandated climate disclosures will be part of it. They won't reach all corners of the economy quickly enough, I think that's the main issue. You always start with largest companies, the listed companies, and it will take time to filter through the supply chain and down to the smallest companies. And so, it will be some years away, but necessary to start this journey and keep the momentum.Then, on the financial institutions side, it is also important for them to start the journey in terms of building the capability, in terms of how to engage their financing chain – not just the supply chain, but across all customers. And the way we prompt their thinking is to ask them to undertake transition planning, that they should all get started on this journey. We are not telling them the ambition level they should set, that is for them to consider, but really start the journey, build up the capabilities. Have these conversations with your supply chain, with your facilities, how are you decarbonising and what other pathways there are? So that is an important step to take.Coming back to this point about disclosures, and that it is not going permeate every corner of the economy very quickly, there is a residual data gap that is a huge issue. So, banks would have difficulty engaging their customers, and customers have difficulty engaging the supply chains in terms of gathering all of that data. And so, it is an issue, and I think it is something that we all have to apply our minds to. I think the community here would be very helpful if they could apply their minds to this and find models to do this. So, MAS and GFTN have made a small contribution in this area. We’ve talked about this before, we launched Gprnt – this is an attempt to simplify, automate this data collection, enable even small companies to be able to start this journey of gathering data on their kind of exposures, and reporting them in a simple and automated way. But we need more help with this.Manisha Tank: Yes, they need more help with this. So, feedback loop, it would be great if everybody contributes. We don’t have much time left, so I just wanted to finish on one quick little question. So, I had a question about quantum, but we won’t have time to cover it. I want to just put a question to the audience. Raise your hand if you think you know what quantum is all about? Like, literally, two or three hands up. Thank you, to those of you. I think what it underlines is either you're too shy to raise your hand, or it is an acknowledgement that we still have so much to learn.So, while you are here, MD, what would you most like to learn at this year's SFF?Chia Der Jiun: I've arranged to do a walk around after our session today. I’ll stay of course, for Governor Sethaput and Queen Maxima’s sessions, but I want to get a good feel about what the latest ideas are and what people are seeing and pushing and, you know, dreaming of. So, I think that's important. I don't have a particular area that I'm going to look at. I’m going to be very open minded, and I’m here to learn and absorb. Manisha Tank: That's great.Chia Der Jiun: I might just leave one word about quantum. I think it's not too early. I think that's the thing that most people have in their minds. Because quantum computers are still in the lab, let’s be very clear about this, still in the lab and not at commercial grade and scale. But is it too early? No, it's not too early, especially on the security front. So, we have been warned about hackers already doing harvesting of data so that they can break it later when quantum technology is fully available. So, it's not too early, we have to look into security, post quantum encryption, as well as quantum key distribution. MAS is experimenting with those. In terms of use cases, quantum is going to give you that compute power that is just exponentially greater than classical computers, and so, it's not too early to think about how potential use cases could be there. It's not there yet, but useful to start the journey.Manisha Tank: Well, if you want the resources to learn about quantum, this is the place to do it. We’ve got various stages where you can deal with it. But in the meantime, MD, I just want to say thank you so much. I know you’ve got a full slate and that you’ll be meeting lots of people today, so it was great to have this conversation with you. 

ASIC has today released a draft regulatory guide on the sustainability reporting regime for consultation with stakeholders. From 1 January 2025, many large Australian businesses and financial institutions will need to prepare annual statutory sustainability reports containing climate-related financial disclosures. The draft Regulatory Guide 000 Sustainability reporting (Draft RG 000) includes guidance on who must prepare a sustainability report, how the regime will interact with existing legal obligations and how ASIC will administer the sustainability reporting requirements. This includes specific guidance on ASIC’s approach to granting relief from the regime and use of its new directions power. Draft RG 000 also addresses specific issues in relation to the contents of the sustainability report and sustainability-related financial disclosures outside the sustainability report. ASIC Commissioner Kate O’Rourke said: ‘Our focus for this regulatory guide is to assist preparers of sustainability reports to comply with their obligations so that users are provided with high-quality, decision-useful, climate-related financial disclosures that comply with the law and the sustainability standards.’ ASIC’s Consultation Paper 380 Sustainability reporting (CP 380) seeks stakeholder feedback on the draft guide, whether any ASIC legislative instruments that grant relief in relation to financial reporting or audit requirements should be extended to sustainability reporting and any other areas where ASIC should support the introduction of the sustainability reporting regime. ‘We want industry to engage with our draft guidance and what we are proposing. Their feedback will help us to ensure that we can effectively support the implementation of the sustainability reporting regime,’ Ms O’Rourke said. ‘We recognise that there will be a period of transition whilst entities build their capability, as reflected in the phasing in of requirements and modified liability provisions. ‘During this transition period, we will take a proportionate and pragmatic approach to supervision and enforcement.’ ASIC is urging all reporting entities to prepare for the new climate disclosure regime. Feedback on CP 380 is due by 19 December 2024. Background The Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Act 2024 (Cth) requires mandatory climate reporting for large businesses and financial institutions in Australia through amendments to the Corporations Act 2001 (Cth) and the Australian Securities and Investments Commission Act 2001 (Cth). The mandatory climate reporting requirements will be phased in over the next three years across three groups of reporting entities, with the first reporting cohort required to prepare annual sustainability reports for financial years commencing on or after 1 January 2025. The second and third reporting cohorts are required to prepare annual sustainability reports for the financial years commencing on or after 1 July 2026 and 1 July 2027 respectively. Industry stakeholders can refer to sustainability reporting on the ASIC website for more information. Downloads Consultation Paper 380 Sustainability reporting (CP 380)

(Excerpt) (Wednesday, October 23, 2024, 10:08 pm to 10:17 pm) Q. An employee of the Tokyo Stock Exchange (TSE) is now subject to a criminal investigation for suspected insider trading. Could you explain what measures you are considering for this case and provide some personal comments? A. There was an insider trading case involving a TSE employee, and there was also a case involving a Financial Services Agency (FSA) employee. Employees of the FSA and the TSE, who hold a supervisory position of markets, are facing investigations by the Securities and Exchange Surveillance Commission (SESC). Those in a position to secure trust in the Japanese financial market ended up facing criminal investigations. These facts are truly regrettable.The FSA will fully cooperate with the SESC's investigation of the employee and will take strict measures based on the investigation results. We know that the TSE will also cooperate with the SESC's investigation of the relevant employee and will take strict measures based on the investigation results.Then, we need to take recurrence prevention measures thoroughly in consideration of the results of the SESC's investigations and other factors, and will make further efforts to secure trust in the Japanese financial market through such measures.Any future measures will be based on the results of the current investigations.

I am pleased to appear before the Committee once more. I am joined today by Deputy Chair Sarah Court, and fellow Commissioners Kate O’Rourke, Alan Kirkland and Simone Constant, as well as CEO Greg Yanco, Executive Director Enforcement and Compliance Chris Savundra and Chief Financial Officer Peter Dunlop. ASIC’s transformation journey As this is our last Estimates hearing for this year, it would be timely to provide a brief update for the Committee on ASIC’s transformation since I commenced as Chair in 2021. Over the past three years we have been deliberate in our approach to transform ASIC into a modern, confident and ambitious regulator. Our progress can be measured by the way we have systematically implemented the recommendations of the Financial Regulator Assessment Authority’s 2022 report on the review into ASIC’s effectiveness and capability. Our transformation has included the most significant organisational redesign of the agency in 15 years – resulting in better collaboration across teams and quicker times for matters to progress to enforcement and compliance action. As a result of this work, we are better placed to respond to the rapidly changing domestic and global market including increased market volatility, advances in AI, data and cyber risks and the flow of capital from public to private markets. We must continually review, transform, and improve how we focus our efforts for greatest impact. Recent inquiries The FRAA’s four broad recommendations related to a substantial uplift in ASIC’s use of data and technology, better stakeholder engagement, measuring effectiveness and capability and broadening our mix of skill sets. This work is closely aligned with our vision and our priorities. Many of these recommendations are consistent with what we have heard from our stakeholders over this time and the work of a number of parliamentary inquiries which have appropriately sought to ensure the role we are performing is having an impact. These inquiries include ASIC’s powers in relation to insurers and claims handling, the ASX CHESS replacement program and the professional services industry. We always welcome parliamentary scrutiny as a key mechanism for driving continuous improvement and transformation. I want to take this opportunity to acknowledge stakeholder contributions to each of these inquiries – they reflect a deep interest in ensuring ASIC is equipped to be the best it can be. We have listened carefully at what has been said and acknowledge there are further areas we need to address. FRAA recommendations I’m pleased to report we have implemented 19 of the FRAA’s 22 areas for improvement. Some key initiatives now embedded in our operations and contributing to ASIC being a more effective regulator include: innovative new surveillance systems enhanced data capabilities for strategic planning a program of more quality engagement with our stakeholders – being led by the Commission; and a revamp of our strategic planning process to include longer-term priorities. There are three initiatives that remain our highest priority relating to people, data and technology, and impact assessment. In our transformation we have made significant progress in these three areas. These are critical, long-term initiatives that require ongoing effort to fully embed. The future I am optimistic about ASIC’s future. A transformation of this scale has had some short-term impacts, but as a result of the efforts of our people and the renewal that has occurred at Commission and executive level, we are well placed for the next phase. ASIC’s mission to be a modern, confident and ambitious regulator is being borne out in a number of regulatory firsts and the enforcement action we have taken in recent months against some of Australia’s largest corporations and institutions. In addition, we have protected vulnerable Australians from harm through our scams work, and our Better Banking report which resulted in $28 million being refunded to consumers including First Nations consumers, and more than 200,000 customers being moved into low-fee accounts. These are matters we’d be happy to discuss in greater detail today. Sustainability reporting regime Before I conclude, Chair, I wanted to mention that ASIC will today release the draft regulatory guide on the sustainability reporting regime for consultation with stakeholders. I’ve been saying for some time - environmental, social and governance issues are driving the biggest changes to financial reporting and disclosure standards in a generation. The draft Regulatory Guide is therefore an important document for entities who will need to prepare an annual statutory sustainability report as it sets out their obligations and how ASIC will administer the new requirements. We encourage stakeholder feedback on the draft guide. We look forward to answering the Committee’s questions.

TMX Group Limited today announced October 2024 trading statistics for its marketplaces – Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange, including Alpha-X & Alpha DRK, and Montréal Exchange. Related Document:TMX Group Consolidated Trading Statistics - October 2024  

FBN Holdings Plc’s N150 billion rights issue has gone live on the Nigerian Exchange Group's (NGX) digital platform, NGX Invest (invest.ngxgroup.com). This rights issue, offered on a one-for-six basis to existing shareholders, is accessible through NGX Invest, providing a seamless digital channel for eligible investors to participate.At the “Facts Behind the Rights Issue” event held at the Exchange, FBN Holdings Group Managing Director, Mr. Nnamdi Okonkwo, emphasized the strategic importance of the rights issue, stating, “We will be leveraging our diversified portfolio of businesses and shared resources to ‘do more with less’, optimizing costs, improving efficiency, and boosting revenues. We aim to strategically expand into new geographies via both physical and digital approaches while continuing to explore attractive business adjacencies.” He also noted FBN Holdings’ enthusiasm in utilizing NGX Invest’s capabilities, highlighting that “this digital platform allows us to reach a wider investor base and facilitate seamless participation in our capital raise.”By utilizing NGX Invest,  FBN Holdings joins six other Nigerian banks that have recently tapped into this innovative platform to distribute a total of eight public offers and rights issues. This move aligns with the Central Bank of Nigeria’s (CBN) new capital adequacy requirements, which mandate banks to strengthen their capital bases by 2026. To date, NGX Invest has facilitated approximately ₦1.26 trillion (about $770 million) in capital raises within the banking sector.NGX Invest’s track record in facilitating capital raises has attracted praise from stakeholders. Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC), noted that banks using NGX Invest have consistently achieved full subscription levels, often reaching oversubscription. Similarly, Ladi Balogun, Group Chief Executive Officer of FCMB Group Plc, commended NGX Group for its pivotal role in enabling over 40,000 investors to seamlessly participate in their recent public offering through the NGX Invest platform.Temi Popoola, Group Managing Director/Chief Executive Officer of NGX Group, highlighted the platform’s significance, saying, “NGX Invest’s secure and well-regulated infrastructure has rapidly emerged as the top choice for issuers seeking to distribute their offerings digitally. We are proud to support financial institutions and other issuers in their capital-raising efforts, empowering them to reach a wider investor base and drive economic growth.

The Financial Stability Board (FSB) Regional Consultative Group for the Middle East and North Africa (RCG MENA) met today in Saudi Arabia. The meeting was hosted by the Saudi Central Bank (SAMA), at its headquarters in Riyadh. Technological innovation featured prominently on the agenda. Participants took stock of the advances relating to artificial intelligence (AI) in the financial sector and exchanged experiences on how AI is being applied by both supervisors and financial institutions. While the use of AI can generate efficiencies and create value, it also introduces new risks. In this regard, participants look forward to the FSB’s forthcoming report on the financial stability implications of AI. Eddie Yue, co-chair of the RCG for Asia and Chief Executive of the Hong Kong Monetary Authority, attended this meeting to bring in the perspectives of the Asia region, drawn from the RCG Asia workshop in October on the financial stability implications of AI, tokenisation and crypto-assets. The pervasive role of technology in the financial system has also contributed to the increased frequency and elevated severity of operational and cyber incidents. Recognising that these risks to operational resilience can also arise from reliance on external providers, members discussed their approaches to third-party risk management and cyber incident reporting. They welcomed the FSB’s public consultation on a Format for Incident Reporting Exchange (FIRE) and its potential to address challenges arising from the need for financial institutions to report operational incidents to multiple authorities. Together, FIRE and the FSB’s toolkit for enhancing third-party risk management and oversight can reduce fragmentation, facilitate communications and coordination within and across jurisdictions, and ultimately enhance operational resilience and incident response. Members exchanged views on global and regional market developments, including perspectives on the financial stability outlook. Topics addressed included the management of the gradual easing in inflation expectations and the role of technology and social media in influencing depositor behaviour. Finally, members received an update on the FSB’s work programme and expressed their views on the proposed areas of focus for 2025, bringing their regional perspective to the discussion. Background The FSB RCG for the Middle East and North Africa is co-chaired by Governor Ayman Al-Sayari, Saudi Central Bank, and Governor Hassan Abdalla, Central Bank of Egypt. Membership includes financial authorities from Algeria, Bahrain, Egypt, Jordan, Kuwait, Lebanon, Morocco, Oman, Qatar, Saudi Arabia, Tunisia, Türkiye and the United Arab Emirates. The FSB has six Regional Consultative Groups, established under the FSB Charter, to bring together financial authorities from FSB member and non-member countries to exchange views on vulnerabilities affecting financial systems and on initiatives to promote financial stability.1 Typically, each Regional Consultative Group meets twice each year. The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with approximately 70 other jurisdictions through its six Regional Consultative Groups. The FSB is chaired by Klaas Knot, President of De Nederlandsche Bank. The FSB Secretariat is located in Basel, Switzerland and hosted by the Bank for International Settlements. The FSB Regional Consultative Groups cover the following regions: Americas, Asia, Commonwealth of Independent States, Europe, Middle East and North Africa, and sub-Saharan Africa. ↩︎ Related Information 6 February 2024 FSB MENA group discusses implementation of the global framework for crypto-asset activities and lessons from 2023 banking turmoil FSB holds meeting of Regional Consultative Group for the Middle East and North Africa in Riyadh. Members of the FSB Regional Consultative Group for Middle East and North Africa