Nasdaq (Nasdaq:NDAQ) today publishes monthly trade statistics for the Nordic1 and Baltic2 markets. Below follows a summary of the statistics for June 2025: The share trading increased by 3.9% to a daily average of 3.247bn EUR, compared to 3.127bn EUR in June 2024. Compared to the previous month, May 2025, the daily average decreased by 7.0%. Cleared derivatives volume decreased by 1.0% to a daily average of 310,384 contracts, compared with 313,523 contracts in June 2024. ETF trading3 (Exchange Traded Funds) increased by 24.2% to a daily average of 55.7m EUR compared to 44.9m EUR in June 2024. Novo Nordisk A/S was the most traded stock per day during the past month, followed by SAAB AB. Goldman Sachs Bank Europe SE was the most active member during the past month, followed by Morgan Stanley Europe SE. Nasdaq Nordic’s share of order-book trading in our listed stocks increased to 73.3%, compared to 72.6% in the previous month4. The average order book depth at the best price level was larger at Nasdaq Nordic than the second most liquid trading venue, see detailed figures per exchange:For OMXC25 companies 2.0 larger For OMXH25 companies 3.1 larger For OMXS30 companies 2.7 largerNasdaq Nordic’s average time at EBBO5 (European Best Bid and Offer) was:For OMXC25 companies 78.6% (-0.5% from May) For OMXH25 companies 85.9% (-0.4% from May) For OMXS30 companies 86.0% (+0.5% from May)1) Nasdaq Copenhagen, Helsinki, Iceland and Stockholm2) Nasdaq Riga, Tallinn and Vilnius.3) ETF trading figure includes Nasdaq Copenhagen, Helsinki, Iceland and Stockholm.4) Included are the main European marketplaces that offer trading in Nasdaq Nordic listed shares. Source: BMLL5) EBBO (European Best Bid and Offer) refers to the current best price available for selling or buying a trading instrument such as a stock. Source: BMLL

SIX publishes the monthly key figures of SIX Swiss Exchange and BME Exchange on trading and listing activities in Switzerland and Spain. Access the Full Tables for the SIX Exchanges Figures Download tables of current month Translations and glossary for tables SIX Reports Strong H1 Growth in Trading Volume Across Multiple Asset Classes SIX Swiss Exchange and BME Exchange witnessed significant growth in trading activity for H1 2025 in several asset classes. Combined trading turnover for the first half of 2025 rose 19.3% compared to 2024, surpassing EUR 892bn.  ETFs saw the highest growth on SIX Swiss Exchange in the past six months. ETF trading turnover for the first half of the year doubled, growing 100.8%. In total, CHF 68.8bn have been traded in the segment in 2025, with a 56.1% growth in the number of transactions.  This contributed to a strong 21.1% increase for H1 in total turnover on SIX Swiss Exchange, surpassing CHF 608.5bn at the half year mark. Activity in ETFs was complemented by a 16.1% increase in equities turnover, alongside a 11.0% rise in fixed income turnover. On BME Exchange, options trading grew at a fast pace, with contracts traded up 72% this year so far. Equities turnover increased by 8.7%, while fixed income trading rose by 11.6% over the last six months. Volume of fixed income listings also saw a strong performance on BME Exchange, up 31.0% in June in comparison to the previous month and 19.1% for the year so far. New structured products listings rose by a notable 59.9% year-to-date (YTD) on SIX Swiss Exchange, with 88,419 in total. BME Exchange also saw an uptick in new structured product listings (18.5%), coinciding with considerable growth in the first half of this year in both trading turnover and transactions for structured products, up 33.5% and 42.5% respectively. Overall, trading turnover for the Spanish exchange rose 9.4% in the first half of the year, reaching EUR 246.5bn.  The Spanish market continues to attract strong investor demand, with the IBEX 35 closing June at 13,992. The index has been one of the best performing European indices over the past six and 12 months, up 20.7% and 27.9% respectively. The Swiss blue chip index SMI ended the month at 11,921.5 points, up 2.8% since the start of the year. Gregor Braun, Co-Head Cash Markets, Exchanges, SIX, commented: “In a half-year characterized by high levels of market uncertainty, the resilient growth witnessed on SIX Swiss Exchange and BME Exchange stands out. Our expertise at the forefront of the Swiss ETF sector has allowed us to build an extensive product range and obsserve sustained high volumes. On BME Exchange, growing investor optimism has been reflected in increased turnover across all trading segments for 2025 so far.”   More Detailed Information Detailed statistics on turnover and transaction volumes per segment compared with the previous month and previous year, on newly listed products and on the development of the most important indices can be found in the tables below. The website of SIX Swiss Exchange provides you with full access to our complete information offering. We provide you with the latest market data and comprehensive statistics for our entire securities universe. This includes order book information, prices, volumes and turnover figures as well as historical data and statistics. We also provide official notices of listed companies, management transactions and other relevant information to ensure safe and transparent trading. Discover more.   Statistical Monthly Report Statistical Monthly Report   Intraday Activity Intraday Activity

CFTC's Weekly Swaps Report has been updated, and is now available: http://www.cftc.gov/MarketReports/SwapsReports/index.htm.Additional information on the Weekly Swaps Report. Archive Explanatory Notes Swaps Report Data Dictionary Release Schedule Released: Weekly on Mondays at 3:30 p.m.

The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system in its Semiannual Risk Perspective for Spring 2025. The OCC reported that the strength of the federal banking system remains sound. Consumer sentiment, geopolitical risk, sustained higher interest rates, and downward movement in some macroeconomic indicators have increased economic uncertainty. The OCC also affirmed that the adoption of new technologies, products, and services and/or engagement with financial technology companies to deliver banking products and services can offer benefits to banks and customers. The OCC highlighted credit, market, operational, and compliance risks, as the key risk themes in the report. Highlights from the report include: Commercial credit risk is increasing, driven by growing geopolitical risk, sustained higher interest rates, growing caution among businesses and their customers, and other macroeconomic uncertainty. Pockets of risk remain for some commercial real estate property types and vary by geographic market and product type. Refinance risk remains high for loans underwritten during a period of lower interest rates. Retail credit risk remains stable despite economic uncertainty. Most consumer borrower segments continue to withstand elevated prices, interest rates, and growing debt levels, supported in part by growth in wages exceeding aggregate inflation since 2019. However, wage growth is decelerating, and economic uncertainty is driving adverse changes in consumer sentiment. Regarding market risk, net interest margins in OCC-supervised institutions improved in the latter half of 2024 as effective federal funds rate (EFFR) cuts enabled banks to lower funding costs. Robust interest rate risk scenario analysis and sensitivity testing are critical due to uncertainty surrounding inflation and future EFFR movement. Asset-based liquidity was stable in 2024, but unrealized investment portfolio losses remain a focus. Deposits were also stable, but deposit competition warrants continued monitoring. Operational risk is elevated. Banks continue to seek opportunities to gain efficiencies and respond to an evolving and increasingly complex operating environment. Failure to upgrade systems and digitize may result in loss of market share to competitors offering faster and cheaper payment alternatives. Criminals continue to exploit traditional payment methods. Fraud schemes commonly target checks, wire transfers, peer-to-peer payment platforms, and insiders. Evolving cyber threats by sophisticated malicious actors continue to target banks and their key service providers, emphasizing the importance of operational resilience. Recent disruptions across many sectors, including the financial sector, highlight the importance of sound third-party risk management. Compliance risk remains elevated due in part to Bank Secrecy Act/anti-money laundering and consumer compliance risks associated with elevated fraud levels; account access concerns, and evolving business models. The report covers risks facing national banks, federal savings associations, and federal branches and agencies based on data as of December 31, 2024, unless otherwise indicated. The report presents information in three main areas: trends in key risks, operating environment, and bank performance. The report focuses on issues that pose threats to those financial institutions regulated by the OCC and is intended as a resource to the industry, examiners, and the public. Related Link OCC Semiannual Risk Perspective for Spring 2025 (PDF)

ISDA has published new legal opinions that recognize the enforceability of close-out netting under regulations published by the Saudi Central Bank (SAMA) earlier this year. SAMA’s netting regulations were published in February, meaning all Group-of-20 jurisdictions now recognize the enforceability of close-out netting. The regulations, which are closely based on ISDA’s 2018 Model Netting Act, apply if at least one party is supervised by SAMA, which includes banks and non-banking financial institutions supervised by SAMA. Riyadh-based law firm STAT was commissioned by ISDA to draft the netting opinions – one under the ISDA Master Agreement and one for Islamic derivatives under the ISDA/International Islamic Financial Market Tahawwut Master Agreement. “The SAMA regulations mark a significant milestone in the development of a robust and efficient derivatives market in Saudi Arabia. The ISDA netting opinions will give firms enhanced certainty and confidence to trade derivatives with Saudi counterparties regulated by SAMA, encouraging more participation and increasing the depth and liquidity of Saudi capital markets. We would like to thank SAMA for its close coordination with ISDA and the industry during the development of the regulations,” said Scott O’Malia, ISDA’s Chief Executive. ISDA has consistently advocated for enforceable close-out netting as a critical foundation of safe and efficient derivatives markets and has published netting opinions for 90 jurisdictions around the world. By allowing counterparties to reduce their obligations to a single net payment due from one party to another, netting significantly reduces credit risk. As of the end of 2024, the global gross market value of derivatives contracts stood at $17.6 trillion, whereas the gross credit exposure, which adjusts gross market values for legally enforceable bilateral netting agreements, amounted to $3.0 trillion, according to data from the Bank for International Settlements. In addition to SAMA’s regulations, the Saudi Capital Market Authority (CMA) has published draft netting regulations that are closely aligned with SAMA’s rules, which will cover other financial market participants, including asset managers and infrastructure providers. The ISDA netting opinions will be extended to cover the CMA rules when they are finalized. The ISDA Master Agreement netting opinion is available here. The ISDA/IIFM Tahawwut Master Agreement netting opinion is available here. Documents (1)for ISDA Publishes Saudi Arabia Netting Opinions ISDA Publishes Saudi Arabia Netting Opinions(pdf)

The Regulation respecting complaint processing and dispute resolution in the financial sector, published on February 15, 2024, will come into force on July 1, 2025. This Regulation of the Autorité des marchés financiers (AMF) is intended to harmonize the way complaints are processed, to the benefit of Québec financial consumers. The Regulation establishes standards to enhance transparency and the fair processing of consumer complaints in Québec. It applies to financial institutions, financial intermediaries and credit assessment agents with activities in Québec. The Regulation draws from domestic and international best practices and also reflects stakeholder input from two important consultations that helped improve the content. The Regulation establishes a common set of rules, obligations and practices for the financial sector, particularly with respect to the timeframes to be observed when handling consumer complaints.  The coming into force of the Regulation coincides with the deployment of the AMF's 2025-2029 Strategic Plan (pdf - 6 MB)This link will open in a new window (in French only), whose orientations include enhancing the consumer experience. The Regulation introduces significant changes for the financial sector. A number of tools are available to assist firms in understanding its scope and achieving compliance.

Interest rate derivative trading will cease at 1:30 p.m. today, June 30, 2025. Furthermore, the Exchange's markets will be closed on July 1, 2025.

The European Banking Authority (EBA), in collaboration with the European Central Bank (ECB), welcomes the advice of the Joint Bank Reporting Committee (JBRC) to implement the revised statistical classification of economic activities, NACE Rev. 2.1, in a harmonised manner across their reporting frameworks. This harmonisation is essential to reduce costs for banks and to enhance the analytical quality of reported data. Following an in-depth assessment of the implications for European statistical, supervisory, and resolution reporting frameworks, the JBRC concluded that a harmonised implementation of NACE Rev. 2.1 is essential to reduce costs for banks and enhance the analytical quality of reported data. The JBRC, therefore, recommends that institutions begin using the updated classification for all reporting with reference dates from 1 January 2026 onwards. This coordinated approach reflects the commitment of EU authorities to ensure maximum harmonisation across Member States and minimise the reporting costs on institutions. In light of the JBRC advice, the Q&A 2024_7158 will be archived as no longer applicable. The JBRC advice has also been consulted on and shared with the Reporting Contact Group (RCG). Notes to editors NACE, the official statistical classification of economic activities in the EU, was updated to version NACE Rev. 2.1 by the European Commission in October 2022, applicable to the data transmissions to the Commission (Eurostat) relating to reference period from 1 January 2025. The Joint Bank Reporting Committee (JBRC), jointly set up by the EBA and the ECB, has been created with the aim to help in the development of common definitions and standards for the data that banks are required to report for statistical, supervisory and resolution purposes. For more information, please refer to the JBRC on the ECB website and the EBA website. Documents JBRC - Advice on the implementation of the NACE rev. 2.1 (540.87 KB - PDF)

The Commodity Futures Trading Commission’s Market Participants Division (MPD) today published responses to frequently asked questions (FAQs) regarding registering an entity as a futures commission merchant (FCM) and the ongoing regulatory obligations of operating an FCM. The FAQs address, among other issues, the FCM registration process, customer protections, and governance obligations and other requirements.  MPD has received an increased number of inquiries concerning the registration and operation of FCMs by entities that have not been registered with the CFTC or subject to oversight as a financial institution by a federal financial regulator. The responses to the FAQs are to assist entities in considering the significant responsibility of an FCM and the substantial resources needed to operate one. RELATED LINKS FCM FAQs

This monthly report provides key statistics relating to the various stages in discharging our regulatory oversight duties during the reporting period. The information for the reporting period covers, among others, the number of applications processed and their current status, the number of comment letters and guidance issued to new/ potential new listing applicants and their advisers with the corresponding processing time, the number of rejection and return of listing applications, as well as the number of delisted and suspended companies. Overview of listed companies  Main Board GEM Total Number of listed companies 1. As at 1 January 2025 2,308 323 2,631 2. Newly listed companies  44 0 44 3. Delisted companies 23 7 30 4. As at 30 June 2025 2,329 316 2,645   Initial Public Offering Applications (As at 30 June 2025)   Main Board GEM Others (1)  Total A. Applications Processed (2025 Year-to-date)(2) (3) (4) 262 _____ 8 _____ 31 _____ 301 _____ 1. Applications brought forward from 31 December 2024 and renewal applications 94 0 2 96 2. New applications acknowledged in 2025 (5) 168 _____ 8 _____ 29 _____ 205 _____   Total 262 8 31 301 The application status of which as at 30 June 2025(2)   1. Listed (6)  44 0 24 68 2. Approved by the Listing Committee pending listing   16 0 6 22 3. Under processing  176 8 1 185 4. Others (i.e. lapsed (7), rejected (8) , returned (8) (9) or withdrawn)  26 _____  0 _____  0 _____  26 _____   Total  262 8 31 301   Below are the respective processing time taken by the Exchange in respect of different types of submissions.  In this table, the data covers the letters/ responses made by the Exchange within the relevant reporting month, and the processing time taken by the Exchange refers to business days taken between the acknowledgement date of the relevant application/ submission and the date of issue of the letter/ response by the Exchange. The Exchange treats all applicants fairly and equally in accordance with relevant Listing Rules, and the length of the processing time depends on various factors including quality and timeliness of the applicants’ responses and time required for obtaining clearance by the applicant from other relevant authorities and regulators.  The Exchange generally does not impose any deadline for response to its comment letters/ guidance. B. Processing Time Guidance Issued in June 2025 on Potential New Applications on Matters Relating to the Listing Rules 12 Median of business days taken by the Exchange for issuing written response 8 First Comment Letters Issued in June 2025 on New Applications 34 Median of business days taken by the Exchange for issuing first comment letter 13 Second Comment Letters Issued in June 2025 on Applications 10 Median of business days taken by the Exchange for issuing second comment letter 14 Hearing Bundle Letters Issued in June 2025 on Applications (10)(11) 17 Median of business days taken by the Exchange for issuing hearing bundle letter 9 Applications with Incomplete Response/ Major Concerns Letters/ Comment Letters on New Material Developments Issued in June 2025 (12) 5 Applications presented to the Listing Committee hearing for the 12 months ended 30 June 2025 (13) 86 1. Median of total business days taken by the Exchange to issue comments from the listing application acknowledgement date to the date of hearing bundle letter (13) (14) 28 2. Median of total business days taken by parties other than the Exchange (e.g. sponsors) from the listing application acknowledgement date to the date of hearing bundle letter (14) 50 3. Median of total business days taken from the listing application acknowledgement date to the date of hearing bundle letter (14) 77 New Listings for the 12 months ended 30 June 2025 (15) 85 Median of total business days from the Listing Committee hearing to listing 28   (1) Including application by investment vehicle pursuant to Chapters 20 and 21 of the Main Board Listing Rules. (2)  The number of applications processed also includes application by investment vehicle pursuant to Chapters 20 and 21 of the Main Board Listing Rules, application for transfer of listing from GEM to the Main Board, application for listing of a successor company which satisfies the new listing requirements under Chapter 8 of Main Board Listing Rule as a result of an acquisition of, or a business combination with, a De-SPAC target by a SPAC, and deemed new applicant pursuant to Main Board Listing Rules 8.21C or 14.84/ GEM Listing Rule 19.84, and very substantial acquisition treated as reverse takeover pursuant to Main Board Listing Rule 14.06(6)/ GEM Listing Rule 19.06(6). Renewal applications refer to applications acknowledged within three months following a lapsed application by the same applicant. In this context, the Exchange considers such renewal application as a continuance of its original application. New applications include (i) applications filed with the Exchange for the first time; and (ii) applications filed after a returned, rejected or withdrawn application, or more than three months after a lapsed application by the same applicant. (3)  For the applications processed in a relevant reporting year, they include applications that were approved by the Listing Committee prior to, or during, the relevant reporting year. As at the date of this report, 44 Main Board applications and 0 GEM applications were approved by the Listing Committee during 2025. (4) The applications processed in 2025 include 202 applications under the Enhanced Application Timeframe (as defined in the Joint Statement on Enhanced Timeframe for New Listing Application Process issued by the Exchange and Securities and Futures Commission on 18 October 2024 (the Joint Statement)), of which there were 38 eligible A-share listed companies for Accelerated Timeframe (as defined in the Joint Statement). (5)  New Applications acknowledged in June 2025 include 51 Main Board applications, 3 GEM applications, and 2 applications pursuant to Chapter 20 of the Main Board Listing Rules. (6)  Including 1 transfer of listing from GEM to the Main Board, 1 listing of a successor company which satisfies the new listing requirements under Main Board Chapter 8 as a result of an acquisition of, or a business combination with, a De-SPAC target by a SPAC, and nil listing of a deemed new applicant pursuant to Main Board Listing Rules 8.21C or 14.84/ GEM Listing Rule 19.84, and very substantial acquisition treated as reverse takeover pursuant to Main Board Listing Rule 14.06(6)/ GEM Listing Rule 19.06(6). (7)  An application shall lapse when six months have elapsed since the submission of an application form pursuant to Main Board Listing Rule 9.03/ GEM Listing Rule 12.07. (8)  There have been Nil rejection and nil return of listing application for the year to date. If an application is rejected or returned, the same applicant may resubmit a new listing application once it has subsequently satisfied all applicable Listing Rules. (9)  Applications returned on the ground that the information in the listing application proof or related documents is not substantially complete. (10)  Subsequent to the issuance of the hearing bundle letter, when the applicants and their sponsors have a listing document that is ready for hearing, and having obtained all requisite approvals from other authorities or regulators, the application will proceed to the hearing.   (11) Including 3 hearing bundle letter issued for applications under the Accelerated Timeframe for eligible A-share listed company.   (12) Including 5 incomplete response/ nil major concerns letters/ nil comment letters on new material developments were issued. Generally, the reasons for issuing the above letters are related to material legal/ regulatory development/ material complaint/ material changes in financial information / pending update of financial information (including, for example, applications relying on early filing). (13)  The applications presented to the Listing Committee hearing for the 12 months ended 30 June 2025 include 21 applications under the Enhanced Application Timeframe since 18 October 2024 of which 8 applications were under the Accelerated Timeframe for eligible A-share listed company. Pursuant to the Joint Statement, the business days taken for each round of comments may be subject to slight adjustments, but overall it is expected that the time taken by the Exchange will be no more than 40 business days. (14)  For applications acknowledged prior to the adoption of the Enhanced Application Timeframe, the latest round of comment letter issued by the Exchange immediately prior to the hearing is treated as the hearing bundle letter for computation purpose. (15) Not including listings by investment vehicle(s) (including Exchange Traded Funds (ETFs) and Real Estate Investment Trust (REITs)) and investment companies pursuant to Chapters 20 and 21 of the Main Board Listing Rules.   Delisting and Suspension Information (As at 30 June 2025)   Main Board GEM Total A. Number of delisted companies (since 1 January 2025) 1. Cancellation of listing pursuant to delisting procedures under the Listing Rules 10 3 13 2. Voluntary withdrawal of listing (16) 12 3 15             3. Transfer of listing from GEM to Main Board  N/A 1 1 4. De-SPAC transaction (17) 1 _____ N/A _____ 1 _____  Total 23 7 30 B. Number of companies in suspension for three months or more (as at 30 June 2025)        1. Delisting approval by the Listing Committee 2 1 3(18)  2. Other suspended companies (19)   60(20)  _____ 8(21) _____ 68 _____  Total 62 9 71     (16)  Either under (a) a compulsory acquisition under Main Board Rule 6.15(1) or GEM Rule 9.23(1) or (b) a privatisation by way of a scheme of arrangement or capital reorganisation under Main Board Rule 6.15(2) or GEM Rule 9.23(2). (17) An acquisition of, or a business combination with, a De-SPAC target by a SPAC that results in the listing of a successor company which satisfies the new listing requirements under Chapter 8 of Main Board Listing Rule. (18) 1 Main Board and 1 GEM companies have applied to the Exchange to review the delisting decisions of the Listing Committee. 1 Main Board company has applied to the High Court of Hong Kong for judicial review of the delisting decision of the Listing Review Committee. The review procedures and relevant legal proceedings are in progress.  (19) The Exchange may cancel the listing of companies if trading in their securities has remained suspended for 18 continuous months under Main Board Rule 6.01A or 12 continuous months under GEM Rule 9.14A.  Depending on the specific facts and circumstances of a suspended company, the Exchange may at any time publish a delisting notice stating its right to delist the company if it fails to resume trading within a shorter period specified in the notice. (20) Please refer to the Monthly Prolonged Suspension Status Report (Main Board) for the status of companies suspended for three months or more. (21) Please refer to the Monthly Prolonged Suspension Status Report (GEM) for the status of companies suspended for three months or more.

Orbit and Investment Solutions Consultants (ISC) Limited have partnered to launch RegAware: a new Al-powered Regulatory Horizon Scanning solution, specifically designed for investment managers navigating the increasingly complex global regulatory landscape. By combining Orbit's artificial intelligence platform with ISC's regulatory expertise, RegAware tracks, analyses and visualises regulatory changes faster and more accurately than traditional compliance methods. Unlike other solutions, it provides proactive insights tailored to each firm's specific business needs, ensuring investment managers can act on relevant updates without delays. It processes over 5,000 regulatory documents monthly, identifying relevant updates without requiring manual work. The system provides tailored insights based on a firm's specific products, locations, and legal structures, helping businesses confidently navigate complex regulations. "In today's rapidly evolving regulatory environment, investment managers need more than just data—they need actionable intelligence delivered with precision," said Da Wei, Founder & Chief Executive Officer at Orbit. "Our partnership with ISC enables us to harness the power of our Al models and extensive data coverage to transform unstructured regulatory information into structured, relevant insights tailored to each client's needs." RegAware provides three key benefits: Comprehensive Dashboard – A clear visualisation of relevant regulatory updates, their severity and impact. Regulatory Timeline – A visual schedule displaying upcoming regulatory changes and their corresponding impact levels. Regulatory Change Alerts – Notifications regarding newly identified regulatory updates. "Our solution simplifies compliance, giving firms the tools to manage regulatory changes efficiently," said Jonathan Boswell, Associate Director - Head of Regulatory Change at ISC. "As new rules continue to emerge, investment managers need a smarter way to stay ahead. This partnership provides a streamlined approach to handling regulations and reducing risk." Designed to integrate seamlessly into existing compliance processes, RegAware ensures that firms receive only the regulatory updates that matter to them. For example, an investment manager operating in both the U.S. and Europe can configure the tool to track SEC and ESMA regulations while filtering out irrelevant updates from other regions, ensuring a focused and efficient compliance workflow. The tool can be customised to focus on specific countries, regulatory bodies, business areas, products, and legal structures, so users get only the most relevant information. Orbit's Al technology processes millions of documents annually, significantly more than traditional regulatory tracking solutions, utilising advanced machine learning to transform unstructured regulatory data into clear, actionable insights. This ensures investment managers receive the most comprehensive and timely updates available. This powerful approach helps investment managers stay compliant and prepared for regulatory changes.

June 2025 Report The Chicago Business Barometer™, produced with MNI, fell 0.1 points to 40.4 in June. The index is now 7.2 points below March’s year-to-date high of 47.6 and has now been below 50 for nineteen consecutive months.  The slight decrease was driven by a fall in Supplier Deliveries, Production, Employment and Order Backlogs. This was almost fully offset by a rise in New Orders.  New orders rebounded 4.1 points, but remain below the year-to-date average. The increase was driven by a lower proportion of respondents reporting fewer new orders compared to May.  Supplier deliveries eased 6.8 points.  Production pared 2.7 points. This was the third consecutive decline, with the index now at its lowest since January.  Employment retraced 3.9 points, but sees the second highest reading of 2025. Order backlogs softened 1.5 points to the lowest level since May 2020. Only 4% of respondents reported larger backlogs in June, the second smallest percentage on record and the lowest since 1980. Inventories moderated 8.0 points. • Prices paid climbed 8.3 points to the highest level since May 2022. 70% of respondents reported higher prices paid in June, up from 57% in May. The survey ran from June 1 to June 16.

Click here to download the 'Index Dashboard' for the month ended June 2025.

ACER publishes today its Consolidated Annual Activity Report for 2024, which details the Agency’s regulatory activities in relation to: the ongoing integration of Europe’s electricity and gas markets; market surveillance under the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) and its revision (May 2024). The report assesses the extent to which ACER met the objectives of its 2024 work programme and addresses internal management and governance matters. It was adopted by ACER's Administrative Board on 6 June 2025, following approval by ACER's Board of Regulators. What are 2024’s key highlights? The process to develop a recommendation for the EU network-code on demand response was initiated (concluded in March 2025). Publication of a joint ACER-CEER paper (June 2024), identifying five key challenges for the electricity system. The European Resource Adequacy Assessment (ERAA) 2023 was adopted for the first time. A new LNG outlook and monitoring report on EU hydrogen markets were released for the first time. Around 12 billion REMIT transaction records were processed. A new REMIT Investigations department was established to handle cross-border abuse cases. See the full report.

CME Group, the world's leading derivatives marketplace, today announced that it will launch CME FX Tape+ to provide centralized reference prices and a comprehensive view of FX market liquidity from its transparent central limit order book (CLOB) marketplaces, including FX futures, EBS Market, FX Spot+‌ and FX Link. FX Tape+ is set to launch later this year. "By bringing together price information from our network of 1,400 institutions and over 100,000 active FX market participants, CME Group is uniquely positioned to enhance transparency in the fragmented FX market," said Paul Houston, Global Head of FX Products, CME Group. "CME FX Tape+ will give users a unique view of centralized spot and forward liquidity, enabling them to better manage their trading costs and benchmark their strategies." Unlike other industry reference pricing sources, which leverage indicative or curated pricing from less transparent sources, CME FX Tape+ will provide an accessible, unbiased and transparent view of the FX market, based solely on actionable, firm liquidity from CME Group's FX spot and futures markets. The offering will initially cover 10 major currencies and will include a composite 'true' spot mid-price, combining liquidity, trades and mid-rates from across these venues. CME FX Tape+ will disseminate reference data at 250 millisecond intervals via websocket API and historic market data files, improving the ability of market participants to confidently analyze the total cost and execution of their trades.

Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data and home of the most liquid energy markets in the world, today announced that its global natural gas and oil markets are at record open interest (OI). ICE’s natural gas futures markets hit record OI of 24.17 million on June 25, 2025, while ICE’s global oil futures and options markets hit record OI of 17.57 million on June 24, 2025, including record oil options OI of 7.3 million. The two complexes include the global benchmarks for natural gas and oil relied on by participants around the world as trusted price reference points, as well as markets to source physical natural gas and oil. ICE benchmark records in June include: ICE Brent, the largest crude oil futures and options market in the world and the global benchmark price for internationally traded crude, record OI of 7.3 million across futures and options on June 23, 2025, with record Brent options OI of 4.5 million on June 24. ICE Low Sulphur Gasoil, which sits at the center of middle distillates trading as the global benchmark for refined oil products, record OI of 1.4 million on June 3. Over 160,000 tons of Gasoil entered the delivery process in June 2025, the highest delivery month this year. ICE TTF futures record OI of 2.36 million on June 25. Record volume day on June 13 with a record 9.69 million energy futures trading. This included a record 9.1 million oil futures and options trading, including a record 5.65 million Brent futures and options, and a record 1 million Gasoil futures and options. “In these market conditions, customers favor liquidity. The open interest records, driven by the volume activity across our markets this month, demonstrate the critical role of benchmarks like ICE Brent in helping the market manage risk,” said Trabue Bland, SVP, Exchanges at ICE. “As our customers look for price transparency at every point of their exposure down the curve, they are fully utilizing the extensive matrix of derivative contracts we offer across the energy mix and we thank all of our customers for their continued trust in our markets.” Volumes across ICE’s natural gas futures and options markets are up 29% year-over-year (y/y), with OI up 9% y/y. Across ICE’s oil futures and options markets, volumes are up 26% year-over-year, with OI up 11%. Volumes in Brent futures and options are up 27% y/y, with OI up 11% y/y.

Liquidnet, a leading technology-driven agency execution specialist, today announced a series of key hires to accelerate the growth of its Equities franchise in the Americas. These appointments align with the firm’s strategy to expand regional capabilities, diversify execution channels and deepen client engagement. They include Mark Turner as Co-Head of Equities Sales and Trading for the Americas, Hillary Budds as Head of US Crossing, and David Ramirez as a senior member of the High-Touch/Program Trading team. Collectively, the new hires bring decades of experience across agency, platform innovation and institutional sales. Chris Jackson, Global Head of Equities at Liquidnet, said: “This is an inflection point for our Equities business in the US. As client expectations evolve, we’re investing in talent and capabilities that allow us to meet those demands, whether that’s driving more value in block trading, strengthening our inter-regional offering or expanding high-touch and program trading. These appointments reflect the confidence we have in our strategy and our ambition to lead in the agency execution space.” Turner, a 30-year industry veteran formerly with Instinet, will spearhead growth initiatives in high-touch and inter-regional trading. Budds brings deep expertise in block trading and venue strategy, having played a central role in growing BlockCross and later integrating it into Instinet. Ramirez, one of the top revenue generators on Instinet’s High Touch desk, rounds out the team with a track record of performance in both sales and trading. Mark Turner, Co-Head of Equities Sales and Trading, Americas at Liquidnet, commented: “Clients today are navigating increasingly complex markets and they’re looking for execution partners who can combine scale, insight, and flexibility. I believe Liquidnet is uniquely positioned to deliver on that and I’m looking forward to helping accelerate that journey.”

BBCE, the Brazilian OTC Energy, launches a solution that will transform how energy contracts are settle. The company is launching an easy and digital service named BBCE Liquidação Financeira. Until now, in the energy physicals market, the first business days of the month required extensive mapping, long hours of work and several electronic transfers. Now, companies that use BBCE platform will have their operations settled in a single electronic transfer. Based on what a company must pay and receive from the other, BBCE provides a true match of payments using Banco Bradesco, which will function as a Settlement Agent for the parties involved. If the company needs to pay (is in debt), it will deposit the net difference in Bradesco on the 5th business day, in a single transfer. However, if the company has amounts to receive (it is a creditor), it will receive the net difference in its account at that bank on the sixth day, also in a single transfer. According to Camila Batich, CEO at BBCE, the new feature will contribute to a new dynamic in the energy market. “As a result, the market gains transparency, operational security and efficiency,” she explains. The initiative is part of a broader project by the Company with the objective of providing solutions that contribute to the safety of energy contracts. “Last year, we launched a supervision for our physical’s platform, which allows us to monitor 100% of the operations and gradually apply sanctions in atypical situations. With the settlement, we take another step towards contributing to the transparency of the sector,” says Camila. “BBCE is committed to being a source of liquidity, transparency, and safety for energy businesses. We are working on standards for calculating risk in our environments, tools for managing guarantees, among other innovations,” she adds.

Released at the BIS Annual General Meeting:Annual Economic Report 2025Our Annual Economic Report tackles trade tensions, global economic challenges, the rise of non-banks and the future monetary system. Editorial: At a crossroads: policy challenges in a shifting worldChapter I: Sustaining stability amid uncertainty and fragmentationTrade disruptions and policy uncertainty cloud the global economic outlook, making sound public finances and price stability critical for sustainable growth.Chapter II: Financial conditions in a changing global financial systemFundamental shifts in the global financial system since the Great Financial Crisis have made financial markets more interconnected.Chapter III: The next-generation monetary and financial systemTokenised platforms with central bank reserves, commercial bank money and government bonds can underpin the next-generation monetary and financial system.Press release: Trade tensions and uncertainty cloud global economy: BIS (French, German, Italian, Spanish)   Annual Report 2024/25Our Annual Report highlights the achievements of the BIS's most recent medium-term strategy, Innovation BIS 2025, and shows how the BIS has supported stakeholders during the year.     Annual General Meeting 2025   Speech by Agustín Carstens, General Manager: Sustaining trust and stability Speech by Hyun Song Shin, Economic Adviser and Head of the Monetary and Economic Department: Securing the foundations for tomorrow in a changing global financial system

Earlier this year the U.S. Secretary of the Treasury outlined the United States’ concerns regarding the Pillar 2 rules agreed by the OECD/G20 Inclusive Framework on BEPS and set out a proposed ‘side-by-side’ solution under which U.S. parented groups would be exempt from the Income Inclusion Rule (IIR) and Undertaxed Profits Rule (UTPR) in recognition of the existing U.S. minimum tax rules to which they are subject. Following discussions on this issue – which were informed by analysis of the respective minimum tax regimes, including consideration of recently proposed changes to the U.S. international tax system based on the Senate amendment of H.R. 1 (introduced June 16, 2025), the One Big Beautiful Bill Act (OBBBA), the removal of section 899 in the Senate version of the OBBBA, and consideration of the success of Qualified Domestic Minimum Top-up Tax (QDMTT) implementation and its impact – there is a shared understanding that a side-by-side system could preserve important gains made by jurisdictions in the Inclusive Framework in tackling base erosion and profit shifting and provide greater stability and certainty in the international tax system moving forward. This understanding, which builds on our continued commitment to collaborate jointly through the Inclusive Framework to address the potential risks of base erosion and profit shifting, is based on the following accepted principles: A side-by-side system would fully exclude U.S. parented groups from the UTPR and the IIR in respect of both their domestic and foreign profits. A side-by-side system would include a commitment to ensure any substantial risks that may be identified with respect to the level playing field, or risks of base erosion and profit shifting, are addressed to preserve the common policy objectives of the side-by-side system. Work to deliver a side-by-side system would be undertaken alongside material simplifications being delivered to the overall Pillar 2 administration and compliance framework. Work to deliver a side-by-side system would be undertaken alongside considering changes to the Pillar 2 treatment of substance-based non-refundable tax credits that would ensure greater alignment with the treatment of refundable tax credits.  Delivery of a side-by-side system will facilitate further progress to stabilize the international tax system, including a constructive dialogue on the taxation of the digital economy and on preserving the tax sovereignty of all countries. We recognize that these issues have relevance to a wider group of jurisdictions and look forward to discussing and developing this understanding, and the principles upon which it is based, within the Inclusive Framework with a view to expeditiously reaching a solution that is acceptable and implementable to all. We also recognize that the removal of section 899 is crucial to this overall understanding and to providing a more stable environment for discussions to take place in the Inclusive Framework.