Scila AB, the Swedish fintech company delivering innovative solutions for market surveillance and risk management, today announces the appointment of Björn Westberg as its new Chief Financial Officer (CFO). This recruitment is considered a crucial step in Scila’s continued organizational development and strengthens the company’s executive management team ahead of its next expansion phase. The appointment is the result of a thorough and comprehensive recruitment process. Björn Westberg brings to Scila a solid experience from several listed technology and growth companies. His competence includes establishing business-driven financial structures and expertise within the SaaS industry, positioning him as the ideal candidate for Scila’s future ambitions. Björn Westberg joins Scila from his most recent role as CFO at the listed biotech company SynAct Pharma. He has previously held responsibility for finance functions at companies such as Recipharm, Bonesupport, Enea, and Jeeves Information Systems. “Throughout the recruitment process, I have been impressed by Scila’s history, engineering excellence, and world-leading technology. However, what attracts me the most is the great potential that lies ahead of us,” says Björn Westberg. “With my experience in company building, organizational development, and driving financial structure in growth companies, I look forward to contributing to continued expansion and ensuring that we are equipped to capitalize on the major opportunities we see in both market surveillance and risk management.” The recruitment of Björn Westberg marks another key appointment this year, as Scila consciously strengthens its organization in strategic areas. Beyond reinforcement and succession planning within technology and product management, the company has completed several recruitments in sales and marketing. These investments clearly signal the engineering company's ambition to build a robust, deeper organization ready for further expansion and growth. “Scila is a fantastic and successful Swedish engineering story, with world-leading technology and renowned international clients in major financial hubs globally,” comments Mikko Andersson, CEO of Scila. “Welcoming a CFO of Björn Westberg’s caliber demonstrates that we are serious about building upon this solid foundation. His business-driven experience is exactly what we need to position the organization for the next step in our development.” Björn Westberg will assume the role of CFO in January 2026 and will be based at Scila’s headquarters in Stockholm.

Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Thursday) the appointment of Graeme Farrell as Group Chief Risk Officer. Mr Farrell will join the Group on 12 January 2026 and succeeds Richard Wise, who is leaving HKEX after five years of service to spend more time with his family. In his role, Mr Farrell will have responsibility for the Group's risk management functions, including Group Financial Risk Management, Group Quantitative Risk Management, Group Technology Risk Management and Group Enterprise Risk Management. He will report to HKEX Chief Executive Officer, Bonnie Y Chan, and become a member of HKEX’s Management Committee. HKEX Chief Executive Officer, Bonnie Y Chan, said: “I am delighted to welcome Graeme to the HKEX family. His deep global experience across a wide range of risk management disciplines will be immensely valuable as we further enhance our risk-related functions and continue to bolster the vibrancy and liquidity of our markets.” She added: “As the Group seeks to build on its successes and capture more opportunities, we are mindful of our responsibility for acting in the interest of the investing public, maintaining stakeholder trust and supporting the integrity of the financial system. Graeme will be instrumental in driving our risk-aware culture and fostering its continued adoption at all levels, ensuring our ongoing resilience and integrity.” Ms Chan expressed her appreciation to Mr Wise for elevating the Group’s risk management framework: “During his tenure at HKEX, Richard led the implementation of several market infrastructure enhancements that support the robustness of the Group’s risk framework - including the default fund recapitalisation across our three clearing houses. I want to thank Richard for his contributions and fully respect his decision to spend more time with his family.” Mr Farrell has more than 25 years of risk management experience, including senior roles in London, Hong Kong and New York. Prior to joining HKEX, Mr Farrell was Group Chief Risk Officer at Interactive Brokers, leading the international brokerage firm’s Group Risk Department and teams in all aspects of risk identification, assessment, management, monitoring and reporting. Before that, Mr Farrell was Head of Operational Risk & Resiliency at AQR Capital, and held a number of senior roles at JPMorgan Chase, most recently as Global Head of Operational Risk Management Framework. He was previously based in Hong Kong with Nomura, as Chief Operating Officer, Asia ex-Japan Equities Trading, among other risk-related positions.   Mr Farrell is a graduate of Newcastle University in the UK, holding a Bachelor of Arts degree in accounting and law and a Master of Arts degree in international financial analysis.   He and his family will relocate to Hong Kong from London.    Graeme Farrell

Combined report reviewing issuers’ annual reports, as well as corporate governance and environmental, social and governance practices to facilitate issuers in discharging their reporting obligations and enhancing governance Findings show high compliance rate and continuous improvement in reporting and governance practices   Newly launched AI-based platform, the Annual Report Explorer, to assist issuers in preparing annual reports The Stock Exchange of Hong Kong Limited (Exchange), a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited (HKEX), is pleased to present today (Thursday) a report (Report) on the findings and recommendations of its annual review of issuers’ annual reports, as well as issuers’ corporate governance (CG), and environmental, social and governance (ESG) practices1 for the 2024 financial year. The reviews are published in a combined report with the aim of providing issuers with a single point of reference to facilitate them in discharging their reporting obligations and enhancing governance. In reviewing the annual reports, the Exchange assessed issuers’ compliance with the specific disclosure requirements under the Listing Rules (Rules) with the assistance of artificial intelligence (AI) technology. A thematic approach was used to review specific areas, including financial statements with auditors’ modified opinions, management discussion and analysis, and financial disclosure under prevailing requirements (including accounting standards). The review of issuers’ CG practices focused on board gender diversity, tenure of independent non-executive directors (INEDs) and overboarding of INEDs. The ESG report review analysed issuers’ readiness to adopt the new climate requirements that have come into effect in January 2025. The Exchange is pleased to note that issuers continued to achieve a high rate of compliance with the disclosure Rules and accounting standards. From its thematic review, the Exchange identified room for improvement in the quality of disclosure in certain areas, including management discussion and analysis and material securities investment activities, for which recommendations have been provided and updated on the Guide on Preparation of Annual Report (Annual Report Guide). Along with the publication of the Report and the updated Annual Report Guide, the Exchange today is also pleased to announce the launch of the Annual Report Explorer, which assists issuers in preparing annual reports and investors in accessing disclosure of their interests. Featuring an AI-powered search engine, the platform transforms the Annual Report Guide into a web-based guide with interactive features to enable issuers and advisers to easily access and navigate the Exchange’s guidance. It is also built in with a disclosure repository to allow users to view disclosure made by different issuers (by industry and market capitalisation). Findings and recommendations from the Exchange’s latest review are also accessible on the platform. The Exchange also observed continuous improvement on issuers’ CG and ESG practices and has provided recommended actions to help issuers prepare for new requirements under the CG Code and ESG Reporting Code. HKEX Head of Listing, Katherine Ng, said: “This year, we are presenting results of our reviews together to facilitate issuers in identifying areas requiring attention and preparing for the next reporting season. As part of the ongoing journey toward better reporting practices and governance, we encourage issuers to take note of the latest guidance and go beyond minimum requirements. Particularly, issuers should strive for well-integrated and consistent disclosure across all reporting areas. We are also excited to introduce our new AI-powered Annual Report Explorer, supporting issuers on their compliance journey, raising the reporting standards, and fostering better market transparency.” Report is available under the “Listing Regulations – News & Publications – Reports – Regular Review Reports – Annual Review of Issuers’ Reports” section of the HKEX’s website. Annual Report Guide is available under the “Listing Regulations – Rules & Resources – Guidance – Guidance Materials for Listed Issuers – 10. Continuing obligations” section of the HKEX’s website. Annual Report Explorer is available under the “Listing Regulations – Rules & Resources – Guidance – Others” section of the HKEX’s website. Note: Excluding reports issued by collective investment schemes listed under Chapter 20 of the Listing Rules for the Main Board and secondary listed issuers.

SGX Securities today welcomed the listing of Leong Guan Holdings Limited to Catalist under the stock code “LGH”.  Leong Guan Holdings Limited (Leong Guan) is a leading food manufacturing and distribution company with over 22 years of expertise in the industry. The company specialises in producing fresh noodle and soy-based beancurd products, complemented by a wide range of food-related items. Serving more than 2,000 customers locally and internationally, their clientele includes Horeca establishments, retailers, schools, hospitals, and e-commerce platforms, as well as distributors and brand owners across Asia, Australia, North America, the Middle East and Europe.  Lim Tze Chiang, Executive Director and Chairman, Leong Guan Holdings Limited, said, “This listing milestone strengthens our ability to grow with passion, purpose and resilience. It reflects our confidence in the Group’s long-term growth. The funds raised will allow us to expand into new export markets, diversify our product offerings, upgrade our manufacturing facilities with sustainable and green initiatives, and pursue strategic acquisitions and joint venture partnerships to further scale our business.” Koh Jin Hoe, Head of Capital Markets, Global Sales and Origination, SGX Group, said, “Leong Guan’s journey as a homegrown company to a listed enterprise exemplifies the bold vision and determination driving Singapore’s food manufacturing sector. At SGX, we champion businesses with the ambition and capability to lead in their industries, providing them access to capital and opportunities to scale. We look forward to partnering with Leong Guan as it grows its footprint and accelerates its expansion in the region.” Leong Guan Holdings Limited opened at S$0.245 today.

Commodity Futures Trading Commission Acting Chairman Caroline D. Pham today announced the first round of CEO Innovation Council participants, representing exchanges. The CEO Innovation Council will engage in public discussion of market structure developments in derivatives markets. Further information on the CEO Innovation Council will be released once details are finalized. “The CFTC continues to lead on groundbreaking initiatives that exemplify responsible innovation with public engagement and expert input,” said Acting Chairman Pham. “We are building on the success of the CFTC Crypto CEO Forum and the SEC-CFTC Joint Roundtable with our CFTC CEO Innovation Council, specifically focused on market structure developments in derivatives markets such as tokenization, crypto assets, 24/7 trading, perpetual contracts, prediction markets and blockchain market infrastructure. I am grateful to the CEOs who have agreed to share their vision and experience with the Commission as we hit the ground running to prepare for the future and beyond.”  CFTC CEO Innovation Council exchange participants:  Shayne Coplan, CEO, Polymarket Craig Donohue, CEO, Cboe Global Markets Terry Duffy, Chairman and CEO, CME Group Tom Farley, CEO, Bullish Adena Friedman, Chair and CEO, Nasdaq Luke Hoersten, CEO, Bitnomial Tarek Mansour, CEO, Kalshi Kris Marszalek, CEO, Crypto.com David Schwimmer, CEO, LSEG Arjun Sethi, Co-CEO, Kraken Jeff Sprecher, CEO, Intercontinental Exchange Tyler Winklevoss, CEO, Gemini Under Acting Chairman Pham’s leadership, the CFTC has led rapid advancements on innovation and market structure, including the Crypto CEO Forum, prediction markets, perpetual contracts, and 24/7 trading. The CFTC’s Crypto Sprint to implement the President’s Working Group on Digital Asset Markets report recommendations is targeted to continue through August 2026 and includes listed spot crypto trading, tokenized collateral and stablecoins, and rulemaking to enable the use of blockchain technology and market infrastructure. 

Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, will announce its financial results for the fourth quarter of 2025 before the market opens on Friday, February 6, 2026. A conference call with remarks by the company's senior management will begin at 7:30 a.m. CT (8:30 a.m. ET).  A live audio webcast for the conference call and the presentation that will be referenced during the call will be available on the Investor Relations section of Cboe's website at ir.cboe.com under Events. The presentation will be archived on the company's website for replay. A replay of the recording is expected to be available two hours after the conference call ends.  

Special Announcement: The processing and publication of Commitments of Traders data were interrupted from October 1 – November 12 due to a lapse in federal appropriations. Following a return to normal operations, the CFTC has resumed publication of the Commitments of Traders reports in chronological order. A revised release schedule depicts the intended COT Report publication dates for the data associated with the original publication date. The reports for the week of November 11, 2025 are now available. Report data is also available in the CFTC Public Reporting Environment (PRE), which allows users to search, filter, customize and download report data. Additional information on Commitments of Traders (COT) | CFTC.gov Historical Viewable Historical Compressed Revised 2025 Release Schedule CFTC Public Reporting Environment (PRE) PRE User Guide PRE Frequently Asked Questions (FAQs)

The Office of the Comptroller of the Currency (OCC) today released preliminary findings from its supervisory review of debanking activities at the nine largest national banks it supervises: JPMorgan Chase Bank, Bank of America, Citibank, Wells Fargo Bank, U.S. Bank, Capital One, PNC Bank, TD Bank, and BMO Bank. The OCC conducted its supervisory review in accordance with the President’s Executive Order “Guaranteeing Fair Banking for All Americans” to determine whether these institutions debanked or discriminated against any customers or potential customers on the basis of their political or religious beliefs or lawful business activities. “The OCC is committed to ending efforts – whether instigated by regulators or banks – that would weaponize finance,” said Comptroller of the Currency Jonathan V. Gould. “Although our work continues, the OCC is today providing visibility into the debanking actions against customers and lawful businesses taken by the nation’s largest banks to ensure public awareness, and to halt these harmful and unfair practices.” The OCC’s preliminary findings show that, between 2020 and 2023, these nine banks made inappropriate distinctions among customers in the provision of financial services on the basis of their lawful business activities by maintaining policies restricting access to banking services or requiring escalated reviews and approvals before providing certain customers access to financial services. For example, the OCC identified instances where at least one bank imposed restrictions on certain industry sectors because they engaged in “activities that, while not illegal, are contrary to [the bank’s] values.” Sectors subjected to restricted access included oil and gas exploration, coal mining, firearms, private prisons, tobacco and e-cigarette manufacturers, adult entertainment, and digital assets. The OCC’s findings confirm that these or similar policies and practices were in place at each of the banks reviewed. In a reaction to the observations Comptroller Gould stated, “It is unfortunate that the nation’s largest banks thought these harmful debanking policies were an appropriate use of their government-granted charter and market power. While many of these policies were undertaken in plain sight and even announced publicly, certain banks have continued to insist that they did not engage in debanking. Going forward, the OCC will hold banks accountable for these actions and ensure unlawful debanking does not continue.” This review was first announced by the OCC in September 2025. While the OCC is releasing preliminary findings, its work continues to better understand the full extent and effect of these actions and their impact on affected industries and the American economy. The OCC is also still reviewing thousands of complaints to identify instances of political and religious debanking, which it will report on in due course and as appropriate. Related Links Preliminary Findings from the OCC's Review of Large Banks' Debanking Activities (PDF) News Release 2025-84: OCC Announces Actions to Depoliticize the Federal Banking System

The Securities and Exchange Commission today charged Canadian citizen Nathan Gauvin and three entities he controls—Blackridge, LLC, Gray Digital Capital Management USA, LLC, and Gray Digital Technologies, LLC—with orchestrating two fraudulent securities offerings that raised more than $18 million from investors across the United States and abroad. Gauvin allegedly misappropriated approximately $6.3 million of investor funds and used fabricated credentials, false performance metrics, and fictitious account statements to lure investors into his schemes. According to the SEC’s complaint, filed in the U.S. District Court for the Eastern District of New York, Gauvin gained a following on Discord by falsely presenting himself as a successful investment professional managing over a billion dollars in assets through Blackridge, which in reality was a mere shell entity. From September 2022 to November 2024, Gauvin and his entities allegedly raised approximately $18.1 million from investors through an unregistered offering of interests in the “Gray Fund,” a purported diversified investment fund advised by Gray Digital and Gauvin. The complaint alleges that Gauvin and Gray Digital falsely claimed that the Gray Fund generated double-digit monthly returns and held over $78 million in assets, when, in fact, the fund actually had a monthly compounded return of approximately 1.4% and its assets were far lower than claimed. The complaint further alleges that Gauvin misappropriated investor funds to finance a lavish lifestyle, including using hundreds of thousands of dollars for purchases of custom jewelry, luxury concierge services, real estate, and art. In a second scheme which began in May 2024, Gauvin allegedly offered “seed stock” in Gray Digital Technologies at $30,000 per share, falsely claiming the company had a $60 million valuation and more than $12 million in annual revenue. In reality, the complaint alleges that Gray Digital Technologies had no operations, assets, or revenue. According to the complaint, Gauvin raised at least $60,000 from two retail investors and then ceased communicating with them about this offering. “Gauvin exploited the trust of his online followers to perpetrate a brazen fraud,” said Jaime Marinaro, Associate Director of the SEC’s Fort Worth Regional Office. “Investors should always verify the credentials of anyone offering investment opportunities, especially when those opportunities are promoted through social media or online communities.” The SEC’s complaint charges Gauvin and his three entities with violating the antifraud provisions of the federal securities laws and Gauvin, Gray Digital, and Gray Digital Technologies with registration violations. The complaint seeks permanent injunctive relief, disgorgement of ill-gotten gains with prejudgment interest, civil penalties, and conduct-based injunctions against all defendants, along with a bar against Gauvin acting as an investment adviser. In a parallel action, the U.S. Attorney’s Office for the Eastern District of New York today announced criminal charges against Gauvin. The SEC’s Investor Bulletin: How to Check Out Your Investment Professional provides instructions for verifying an investment professional’s registration status and background. The SEC appreciates the assistance of the Commodity Futures Trading Commission and the U.S. Attorney’s Office for the Eastern District of New York. Resources SEC Complaint

The Ontario Securities Commission (OSC) is today announcing that Seyed Mohammad Ali Nojoumi (Nojoumi), Behnaz Samavat (Samavat), and Amir Mostoufi (Mostoufi) have been charged with fraud over $5,000 and possession of proceeds of crime, contrary to sections 380(1)(a) and 354(1) of the Criminal Code, respectively. The group is believed to be the operating minds behind Smart Prime Group Inc. (Smart Prime), an Ontario sole proprietorship claiming to be in the asset management business. Neither Smart Prime nor its operators are registered to sell securities in Ontario. The OSC alleges the group promised that the funds of 28 investors would be placed in individual trading accounts, but the funds were instead routed to personal and unrelated third-party accounts. The OSC further alleges the investor funds were used for personal expenditures and to pay other investors. Mostoufi and Samavat were previously arrested and released. They are respectively scheduled to appear at the Ontario Court of Justice at 50 Eagle St. W. in Newmarket on January 8 and 22, 2026, at 10:30 a.m. in 201 ct. Nojoumi was arrested and charged today. He is being held for bail and will be remanded to a date determined by the court. This matter began as an OSC investigation into an affinity-related securities investment scheme in York Region. The matter was completed in cooperation with the York Regional Police. The OSC gratefully acknowledges the partnership of the York Regional Police in completing this investigation. This investigation was also assisted by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). These charges arise from an investigation by the OSC’s Criminal Investigations & Prosecutions team, which is part of the Enforcement Division of the OSC. They investigate securities-related frauds, market manipulation, and related misconduct, including the investigation of repeat offenders and those who breach Capital Markets Tribunal or court orders and bans. Their primary objective is to protect investors and further enhance confidence in the Canadian capital markets through effective enforcement. Charges laid under the Securities Act are prosecuted by the OSC. Charges laid under the Criminal Code are prosecuted by the Ministry of the Attorney General. The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at https://www.osc.ca.

The Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) have published their findings from a second phase of reviews of registrants’ compliance with the Client Focused Reforms (the CFRs Phase 2 Sweep). In the Phase 2 Sweep, the CSA and CIRO reviewed 105 firms' compliance with the know your client (KYC), know your product (KYP) and suitability determination requirements implemented under the CFRs (the CFRs Phase 2 Sweep). The CFRs Phase 2 Sweep followed a previous set of reviews completed and guidance published on registrants’ compliance with the conflicts of interest requirements implemented under the CFRs. Joint CSA/CIRO Staff Notice 31-368 Client Focused Reforms: Review of Registrants’ Know Your Client, Know Your Product and Suitability Determination Practices and Additional Guidance outlines notable observations from the CFRs Phase 2 Sweep. The Notice also sets out guidance to help registrants implement efficient and customized processes, while further aligning their practices with the requirements under the CFRs. “The CFRs are an integral part of the CSA’s effort to protect retail investors across Canada,” said Stan Magidson, CSA Chair and Chair and CEO of the Alberta Securities Commission. “These findings and additional guidance are intended to help registrants implement more efficient processes that are tailored to their business, further enabling them to be compliant with regulations.” “The results of this latest review show that some registrants have made meaningful progress on implementing the CFRs.” said Andrew J. Kriegler, President and CEO of CIRO. “To help registrants apply the regulatory requirements across different business models, the CSA and CIRO have included comprehensive insights and actionable guidance to enhance regulatory compliance and investor protection where possible. These examples demonstrate some practical approaches to meeting expectations efficiently.” The CSA and CIRO found through the CFRs Phase 2 Sweep that many firms made efforts, and some invested significant resources, to update their processes to address the enhanced KYC, KYP and suitability determination requirements under the CFRs. However, some firms did not update their processes to fully reflect these new requirements. Firms were required to take action to resolve compliance issues that were identified. Background: Today’s announcement builds on previous guidance that we have provided to registrants in August 2023 through Joint CSA/CIRO Staff Notice 31-363 Client Focused Reforms: Review of Registrants’ Conflicts of Interest Practices and Additional Guidance (CFRs Phase 1 Notice). The CSA and CIRO conducted compliance reviews of 105 different firms. These included firms registered as investment fund managers, portfolio managers, restricted portfolio managers, exempt market dealers, investment dealers and mutual fund dealers with different business models. The Notice includes examples of compliance issues that we identified through our review and guidance for firms to consider to improve their compliance with the CFRs.

The Financial Markets Authority (FMA) – Te Mana Tatai Hokohoko – has censured Christchurch-based financial services firm Opes Group Holding Company Limited (Opes) for failing to comply with a number of obligations under its Financial Advice Provider (FAP) licence. FMA Executive Director for Response and Enforcement Louise Unger said: “We made the decision to censure Opes because there were shortcomings in its record keeping, how it ensures client understanding of the advice, its management of conflicts of interest and oversight of its advisers. “The way Opes’ client documents are completed, how they are stored, and the level of detail recorded is not consistent, and records weren’t efficiently accessible, to the extent that Opes was in breach of the requirements of Standard Condition 1 of its FAP licence. In addition, this breach made it difficult for FMA to verify whether other regulatory obligations were being met. “There were additional reasonable steps that Opes could have taken to ensure its clients who did not progress to purchase a property with Opes understood the risks and limitations of the advice provided. Clients who did not proceed through the full advice process with Opes, where they would have received further risk disclosures, may not have been made fully aware of the potential downsides or the implications of acting on limited advice. “The firm is vertically integrated — combining property sales, investment planning, mortgage advice, and accounting and property management. While this offers integrated services, the business model creates a risk of conflict of interest between the financial advice provider and the client, making adequate policies and procedures in this area, and the implementation of them, critical to appropriately managing this risk. The FMA found that Opes did not have adequate policies or processes in place and could not be confident that all conflicts had been identified, disclosed, and managed. “Opes acknowledged that its regulatory compliance, policies, procedures and staff adherence to policies had not kept pace with its rapid growth and were not fit-for-purpose for the business. It has acknowledged the FMA’s view that there has been a gap between Opes’ compliance with its FAP obligations and where it actually needs to be. “While no actual client harm was identified by the FMA’s review, we consider that these contraventions have the potential to increase the risk of detriment to customer outcomes. Censuring and naming Opes is important to ensure the transparency of FMA decision making; it informs the public and previous clients, prevents and reduces the opportunity for consumer detriment, and helps to maximise the deterrent effect on the industry. “Opes has cooperated fully with the FMA, has already taken significant steps to address concerns raised by the FMA and has provided a voluntary remediation plan for further improvements it intends to make. If fully implemented, FMA considers these proposed actions will go towards ensuring Opes complies with its obligations going forward.” The FMA noted Opes’ cooperation, significant efforts to remedy the contraventions, and ongoing commitment to improving policies and practices.

The attached tables and charts released on Wednesday summarize the economic projections made by Federal Open Market Committee participants in conjunction with the December 9-10 meeting. Projections (PDF) | Accessible Materials

Available indicators suggest that economic activity has been expanding at a moderate pace. Job gains have slowed this year, and the unemployment rate has edged up through September. More recent indicators are consistent with these developments. Inflation has moved up since earlier in the year and remains somewhat elevated. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. Uncertainty about the economic outlook remains elevated. The Committee is attentive to the risks to both sides of its dual mandate and judges that downside risks to employment rose in recent months. In support of its goals and in light of the shift in the balance of risks, the Committee decided to lower the target range for the federal funds rate by 1/4 percentage point to 3-1/2 to 3‑3/4 percent. In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee is strongly committed to supporting maximum employment and returning inflation to its 2 percent objective. In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals. The Committee's assessments will take into account a wide range of information, including readings on labor market conditions, inflation pressures and inflation expectations, and financial and international developments. The Committee judges that reserve balances have declined to ample levels and will initiate purchases of shorter-term Treasury securities as needed to maintain an ample supply of reserves on an ongoing basis. Voting for the monetary policy action were Jerome H. Powell, Chair; John C. Williams, Vice Chair; Michael S. Barr; Michelle W. Bowman; Susan M. Collins; Lisa D. Cook; Philip N. Jefferson; Alberto G. Musalem; and Christopher J. Waller. Voting against this action were Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 1/2 percentage point at this meeting; and Austan D. Goolsbee and Jeffrey R. Schmid, who preferred no change to the target range for the federal funds rate at this meeting. Implementation Note issued December 10, 2025

Respondents to DTCC’s annual Systemic Risk Barometer also highlighted concerns about the industry’s growing reliance on AI The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today announced the results of its annual survey on the top risks facing financial markets. Conducted every year since 2013, DTCC’s Systemic Risk Barometer offers important insights into the evolving risks that are top of mind for financial services professionals around the globe. Key highlights on the top risks entering 2026 include: Geopolitical Risks and Trade Tensions ranked as the top overall risk to global finance for the fourth straight year (78% of respondents called it a top five risk). Cyber Risk was the second overall top risk, with 63% of respondents ranking it as a top five risk. U.S. Economic Slowdown (41%), Market Volatility / Sudden Dislocation in Financial Markets (38%), and U.S. Monetary / Fiscal Policy Uncertainty (38%) rounded out the remainder of the top 5 overall risks. Amid the financial services industry’s growing reliance on AI solutions, FinTech was ranked a top 5 risk by 33% of respondents, following Excessive Global Public/Corporate Debt (34%) and Inflation (34%). Respondents named cybersecurity and data protection vulnerabilities the top risk associated with adoption of artificial intelligence (41% of respondents). AI-generated misinformation, such as false outputs or hallucinations, was cited next by 38% of respondents. Respondents also said that insufficient governance, controls and oversight was a concern (37% of respondents), followed by overreliance on AI solutions (34%). “A common theme across the survey responses was concern over uncertainty—whether economic, geopolitical, or tied to emerging technologies like AI,” said Tim Cuddihy, DTCC Group Chief Risk Officer. “Respondents also flagged concentration risks, such as heavy reliance on a few technology providers or platforms, warning that new technologies like AI and quantum computing could introduce fresh pathways for contagion and systemic events.” Cuddihy continued, “The most effective tool to navigate uncertainty is industry-wide communication and collaboration. DTCC remains committed to fostering open dialogue and engagement to strengthen resilience and mitigate systemic risks.”  New to the survey this year was a question on quantum computing. Only 29% of respondents confirmed that their firm was currently actively planning for the cybersecurity risks associated with the technology. 25% said their firm acknowledges quantum computing as a risk but did not have any current plans to address it.  

SGX Group (Singapore Exchange) reported robust trading in the Singapore stock market in November with the key Straits Times Index achieving a new high. Most stock markets in the region experienced consolidation in November which in turn moderated equity derivatives volumes. Commodities activity increased year-on-year with iron ore, freight and petrochemical contracts in focus.  Key highlights: Singapore stock market activity buoyant: Turnover surged 18% year-on-year (y-o-y) to S$35.5 billion, the best traded value since April. Securities daily average value (SDAV) soared 24% y-o-y to S$1.8 billion.The bellwether Straits Times Index (STI) gained 2.2% month-on-month (m-o-m), taking calendar year-to-date (YTD) gains to 19% and total returns to 25% re better than most ASEAN markets. The STI achieved a new high of 4,575.91 during the month. REITs and index stocks lift turnover: Cash SDAV rose 19% m-o-m to $1.7 billion on interest in index stocks and REITs with retail investors particularly keen on the latter. Two Mainboard listings occurred during the month, Yangzijiang Maritime Development Ltd. and Coliwoo Holdings Limited. Deepening regional capital market connectivity: SGX Group on 12 November welcomed three new Singapore Depository Receipts (SDRs) with Hong Kong-listed counters underlying, taking the suite of SDRs to 29. Adoption of SDRs stayed strong with turnover growing 8 times y-o-y driven by inflows from retail investors. China equity access draws attention: Open interest in the SGX FTSE China A50 Index Futures rose 3.5% m-o-m in November to 1.07 million contracts (US$16.2 billion notional). DAV of SGX FTSE China H50 Index Futures climbed 8% m-o-m to yet another record, this time of 10,810 contracts (US$388 million notional), on the growing appeal of the contract as a liquid instrument to manage H-shares exposure. India equities still draw institutions: Driven by the Nifty 50 Index retesting a record high in November, OI in the GIFT Nifty 50 Futures and Options surged 39% y-o-y to a record high $16.5 billion notional (315,405 contracts). The interest in India equities helped boost SGX INR/USD futures traded volume 43% y-o-y to 2.4 million contracts. Taiwan trading powered by AI optimism: Taiwan’s equity markets continued to benefit from the increase in AI demand. Volume of the SGX FTSE Taiwan Index Futures rose 4% m-o-m and leapt 15% y-o-y in November to 1.63 million contracts. Risk management, geopolitics drive commodities trading: Commodity derivatives traded volume climbed 6% y-o-y in November to 5.3 million contracts as institutional players kept up risk management activities amid geopolitical developments. Benchmark iron ore derivatives volume gained 9% y-o-y. Petrochemical derivatives volume doubled y-o-y to 16,469 lots due to upstream price movements and a steady growth in market participation. Forward freight derivatives volume rose 9% y-o-y to 197,091 lots, as the commodities suite remained on a growth path. Warm reception for new crypto perpetuals: Bitcoin and Ethereum perpetual futures for institutional-only trading chalked up credible volume in their first week of trading following their 24 November launch. Activity was on an upward trend each day with an average US$ 100 million notional traded weekly, reflecting round-the-clock tradability. Both TradFi and Crypto Native players participated in the market. More bond listings: A total 48 bonds raising $16.6 billion were listed; 30% more listings y-o-y though the total amount raised declined 29% y-o-y. The biggest three issuers were Bangkok Bank Public Company Limited, Korea Electric Power Corporation and the Republic of Indonesia. The full market statistics report can be found here.

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published its Final Report on the Supervisory Expectations for the Management Body, outlining ESMA’s expectations for the management bodies of the entities under its supervision. 12 high-level principles to guide supervised entities The 12 high-level principles are directed at entities supervised by ESMA and those looking to obtain an ESMA license. They are designed to set out ESMA’s core expectations in the form of outcomes. This is in line with ESMA’s goal to be a principle-based and outcome-focused supervisor.   The principles aim to foster the ongoing supervisory dialogue between ESMA and supervised entities in the context of the effectiveness of their governance and oversight. Each serving as an overarching framework, the principles allow entities to design individual approaches tailored to their circumstances driven by their nature, scale and complexity.  A management body plays a key role in the oversight of a financial services firm as it monitors its business strategy and the management of corresponding risks. ESMA’s supervisory expectations are intended to support firms and their directors by setting out the outcomes we are looking to achieve whilst allowing for flexibility in the ways they are reached. Next steps While primarily directed at entities currently supervised by ESMA, the report is also relevant to entities considering applying for ESMA registration and authorisation. As the next step, ESMA’s supervisory teams will be integrating the 12 high-level principles into supervisory priorities over the course of 2026. We will look to engage with supervised entities on implementing the principles in a practical way. This should contribute to a strengthened oversight by the management bodies.

The Federal Financial Supervisory Authority BaFin warns against WhatsApp groups, which are allegedly operated by justTRADE and led by Tobias Albrecht and his assistant Lieselotte Thalheim. BaFin is not aware of the existence of these persons. According to information available to BaFin, recommendations for the purchase of financial instruments and cryptocurrencies, which can allegedly be traded via h5.ecoinf(.)vip and fake justTRADE apps, are offered in various WhatsApp groups. The offers do not originate from justTRADE, JT Technologies GmbH or Sutor Bank. This is a case of identity fraud. The unknown operators are providing financial, investment and crypto-asset services without the required authorisation. In these WhatsApp groups (e.g. VIP justTRADE) the operators offer participation in a supposed special investment programme and promote the project „GreenTech Invest“. Anyone conducting banking business or providing financial, investment or crypto asset services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the required authorisation. Information on whether companies have been authorised by BaFin can be found in BaFin’s database of companies. The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG), section 10 (7) of the German Cryptomarkets Supervision Act (Kryptomaerkteaufsichtsgesetz). Please be aware: BaFin warns consumers about investment fraud being committed via WhatsApp and Telegram. You can view BaFin’s current warnings about companies operating without the required authorisation and find out how to protect yourself from fraudsters on the financial market in the “Recognising financial fraud” section of our website.

The FCA has set out ambitious new growth measures for 2026 including supporting UK-issued stablecoins to provide faster and more convenient payments. To enable firms to experiment with the issuance of stablecoins, the FCA will open its regulatory sandbox for safe testing and to support innovative policy development. In a letter to the Prime Minister, the FCA also said that, following nearly 50 growth commitments laid out at the start of the year, the vast majority have been met, and more initiatives to support growth have also been delivered. The package of growth reforms enables firms to scale, supports home ownership, bolsters capital markets, and gives consumers more options to invest. Next year, the FCA will deliver a new wave of growth initiatives to focus on more efficient supervision, the digitalisation of financial services, increasing SME lending, and boosting trade and international competitiveness. Plans include deepening US-UK market integration through the Transatlantic Taskforce for Markets of the Future; and preparing to enable some early-stage firms to conduct regulated business before full authorisation, for when legislation is passed. Nikhil Rathi, chief executive of the FCA, said: 'Supporting growth helps consumers, improving their financial resilience and providing more choice. Our reforms help the UK maintain its global competitive edge in our world-leading wholesale markets, attract international investment, and lead on innovation in financial services. We will continue to embrace a bolder risk appetite to support growth, while maintaining our commitment to protect consumers and ensure market integrity.' Flagship growth reforms that have been delivered this year include: Unlocking capital investment and liquidity: To support wholesale markets, a groundbreaking new private stock market, PISCES, makes it easier and swifter to trade in private shares; and final rules for a new prospectus regime make it easier to raise capital and encourage investment. Accelerating digital innovation: The world’s first Supercharged Sandbox in partnership with Nvidia helps firms safely test AI; and the introduction of a Scale-up Unit with the PRA will support fast-growing, innovative firms navigate the regulatory landscape. Reducing regulatory burden: Saving time for 36,000 firms by reducing the number of data requests, only asking for the data needed; and proposed measures to simplify the Senior Managers and Certification Regime will drive UK competitiveness. Making it easier for firms to start up and grow: Extended pre-application support with 158 wholesale, payments and crypto firms applying since April; more support offered to early and high growth firms with 50% more dedicated supervisors; and authorisations have continued to improve, with 99.5% of cases processed on time and faster targets set to be introduced next year. Improving exports and inward investment: A presence has been established in the US and Asia-Pacific as part of plans to have a network of financial services attachés around the world; and the FCA is partnering with Government to support international firms to expand into the UK through the Office for Investment: Financial Services. As part of the FCA’s work to rebalance how it approaches risk, its mortgage market reforms have been taken up by 85% of the market, with lenders being able to offer home buyers around £30,000 more, on average. Proposals to introduce targeted support will also encourage a greater culture of retail investment to help people make informed financial decisions. In this year’s Global Financial Centres Index, London maintained its position as the second highest ranked financial hub, closing the gap on New York. Edinburgh and Glasgow also performed strongly, placed in 32nd and 34th position respectively. Background Read the FCA’s letter to the Prime Minister and Chancellor. Read the FCA’s previous letter to the Prime Minister and Chancellor sent on 16 January 2025. The FCA is inviting firms that plan to issue a stablecoin in the UK and wish to test their products in its regulatory sandbox to apply by 18 January 2026. The FCA is working closely with the Bank of England to develop the regulatory regime for stablecoins. Read the FCA’s Secondary International Competitiveness and Growth Objective report 2024/2025. Read the FCA’s 5-year strategy.

The Programme will support New Development Bank’s (NDB) mandate to finance infrastructure and sustainable development projects across BRICS nations and emerging economies. The UAE, a member of the NDB since 2021, strengthens its partnership with the Bank through the establishment of this programme on Nasdaq Dubai. Nasdaq Dubai welcomed New Development Bank’s (NDB) USD 50 billion Euro Medium Term Note (EMTN) Programme to its exchange. This marks a significant milestone in strengthening NDB’s access to global capital markets and reinforces Dubai’s role as a leading international hub for sustainable finance and cross-border capital flows. The EMTN Programme provides NDB with a flexible and efficient framework to issue debt instruments to finance infrastructure and sustainable development projects across its member countries as well as other emerging markets and developing economies. The NDB currently has a USD 50 billion EMTN Programme listed on the official register of the Financial Conduct Authority (FCA) and on the London Stock Exchange. The Programme is rated “AA” by Fitch and “AA+” by S&P. The multi-listing of the EMTN Programme, including Nasdaq Dubai, is a strategic initiative aimed at strengthening NDB’s presence in its member countries and supporting their financial platforms. Established by the BRICS nations in 2015, NDB is a multilateral institution dedicated to mobilizing resources for projects that support economic growth, social inclusion, and environmental sustainability. Its mandate spans clean energy, transport networks, water and sanitation, digital infrastructure, and other long-term development priorities. The UAE became a member of NDB in October 2021, subscribing capital of USD 556 million and enhancing the Bank’s financial strength, global reach, and commitment to innovation in sustainable development. Mr. Monale Ratsoma, Vice-President and Chief Financial Officer of the NDB commented that “Listing in Nasdaq Dubai is a milestone for the New Development Bank. Listing on the Nasdaq Dubai Exchange provides NDB with access to a deep and diverse investor base, enabling the Bank to mobilize long-term capital for infrastructure and sustainable development projects in our member countries. Furthermore, it aligns with the Bank's strategy to diversify funding sources across different markets and investor bases”. Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), said: “We are pleased to welcome the NDB’s USD 50 billion EMTN Programme to Nasdaq Dubai, an institution that plays a central role in advancing sustainable infrastructure across BRICS and emerging economies. This milestone reinforces Dubai’s position as a leading platform for global development finance and highlights our commitment to enabling capital flows that drive economic progress, environmental resilience, and long-term value creation.” The UAE’s membership in NDB reflects its strategic commitment to expanding cooperation with emerging economies and deepening partnerships that support global sustainable development. For NDB, the UAE’s fiscal strength, robust credit profile, and leadership in world-class infrastructure and green projects have further enhanced the Bank’s capital base and operational capabilities. The establishment of NDB’s Programme on Nasdaq Dubai builds on this partnership, providing the Bank with access to a sophisticated ecosystem of regional and international institutional investors, including sovereign wealth funds, central banks, official institutions, and global asset managers. It further reinforces Dubai’s role in multilateral finance by showcasing Nasdaq Dubai’s ability to host complex, large-scale programmes through a transparent, well-regulated, and globally recognised platform.