Nasdaq (Nasdaq: NDAQ) announces that trading in the shares of Savox Communications Ltd  (ticker: SAVOX) will commence on the prelist of Nasdaq Helsinki. The company’s shares are expected to start trading on the Main Market on 25 June 2026. Savox is a Mid Cap company within Industrials sector. The company is the 23rd company to list on Nasdaq’s Nordic markets1 in 2026, and it represents the sixth listing on Nasdaq Helsinki this year. Savox Communications Oyj is a Finnish technology company specializing in mission-critical communication solutions and hearing protection for professionals working in demanding environments. The company’s solutions are used globally by defence, safety and security as well as by industrial customers, where reliable communication, situational awareness and user protection are essential.Savox combines advanced audio technology, digital platforms and system integration capabilities to support its customers’ operational performance in critical situations. “The strong interest shown by both institutional and retail investors in our IPO is a clear indication of confidence in Savox’s strategy, technology and long-term growth potential. The offering was oversubscribed across all segments, and we are pleased to have established a broad and high-quality ownership base to support our next phase of development. The listing strengthens our financial position, increases our visibility and supports the execution of our strategy. I would like to thank our customers, partners, employees and new shareholders for their trust and commitment,” comments  Jerry Kettunen , Chief Executive Officer of Savox Communications. “I warmly congratulate Savox Communications on its successful IPO and am pleased to welcome the company to Nasdaq Helsinki’s Main Market,” said Henrik Husman, President of Nasdaq Helsinki. “Savox operates in a sector that is highly relevant today, providing critical communications solutions for defence, law enforcement, fire and rescue, and industrial use. We look forward to supporting the company as it enters this new phase as a listed company.” 1Main markets and Nasdaq First North Growth Market at Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland, Nasdaq Stockholm and Nasdaq Baltic.

Key points ASIC is contributing to the economy-wide effort to increase Australia’s productivity. We are simplifying regulation, making it easier to transact with ASIC, promoting innovation, supporting law reform and contributing to the Productivity Commission’s work on business dynamism. ASIC’s work on productivity is designed to improve regulation and reduce regulatory burden without undermining consumer protections. Thank you, Mel, for the introduction and thank you to AFIA for the invitation to speak to you today. I acknowledge the Traditional Owners of the land on which we meet today, the Wurundjeri People of the Kulin Nation. I pay my respects to their Elders past and present, and I extend that respect to Aboriginal and Torres Strait Islander peoples here today. In my remarks today I’d like to focus on how ASIC is contributing to national efforts to lift Australia’s productivity — recognising that this is a collective endeavour, and one in which we all have a role to play. Each of you will be seeking to make productivity enhancements in your own businesses. You are also at the frontline of financing productivity enhancements in many other Australian businesses. Today, I’ll outline four streams of ASIC work that are contributing to enhanced productivity and explain what we are doing to improve the quality of regulation while maintaining important consumer protections. In the spirit of the World Cup, I’ve structured my comments around a football (soccer) analogy. We’re all on Team Productivity – with ASIC in goals. This is fitting, because productivity is very much a team sport, but I confess it is a bit of a tortured analogy. So I apologise in advance. Team productivity: where do regulators play? The Government has recognised that Australia has a productivity challenge[1] and has asked all sectors of our economy to contribute to addressing it. I don’t need to explain to you the critical role the finance sector plays in supporting productivity and economic growth. By providing the finance businesses need to invest in technology, business processes and skills, you are enabling them to innovate, be more productive and compete. Regulators play an important role too. We do this by implementing regulatory provisions and practices that achieve a strong financial system, fair and efficient markets and confident and informed investors and consumers - all with as little cost as possible. I frame ASIC’s contribution as being akin to the goalkeeper because we err on the side of being protective and we often take a back seat to the spectacular breakthroughs. We are also instrumental in ensuring our on-field business teammates are well placed to score ‘productivity goals’. The national challenge to enhance productivity comes at a time when businesses are facing many other risks, including cyber and geopolitical ones, all of which are rapidly evolving, and at times compounding. Artificial intelligence for example has introduced heightened uncertainty with some embracing the opportunities it offers for both consumers and businesses, while other are far more cautious and even fearful. In circumstances like this, it’s important that regulatory reforms to enhance productivity do not come at the expense of consumers and investors’ trust in our financial system. This is why ASIC has worked to identify productivity-enhancing initiatives that support rather than undermine consumer and investor confidence to participate in the economy. Playing out from the back: ASIC’s work on simplification The first productivity initiative I’d like to touch on is our work simplifying the regulatory documents and administrative practices that are within our control. Like a goalkeeper playing out from the box, these choices are within our gift. We can choose how we play the ball. We’ve used the phrase ‘regulatory simplification’ for this work because our objective is to reduce unnecessary complexity. This makes it easier for businesses to comply with the laws that ASIC administers, and for investors and consumers to know what those laws are. It is not designed to reduce regulatory protections. ASIC’s regulatory simplification work is very practical and focused on making life easier for businesses - easier to find and understand our regulatory documents and easier to interact with us. For example: We’ve improved our website by restructuring content, removing thousands of obsolete webpages and experimenting with how AI can improve the user experience. We’ve facilitated the use of electronic signatures over wet signatures on our forms and we have reduced paper-based processes - 90% of our paper-only forms can now be submitted electronically. This is equivalent of 57,000 paper forms every year. We have an ongoing program to simplify our legislative instruments and regulatory guidance. Our long-term goal is to move away from paper-based, fragmented processes towards a more consistent, secure and user-centric digital services. This includes our RegistryConnect program which is uplifting and modernising our business registers. Work to improve the search functionality and streamline the online experience for registrations and lodgements is well underway. And work to link director IDs will commence by 1 July 2027, subject to the passage of the relevant Bill which has been passed by the House of Representatives and is before the Senate this week. Linking with the wing backs: ASIC’s innovation agenda The second means by which ASIC is contributing to the productivity agenda is through our work supporting innovation in financial products and services. As we have stated publicly before, ASIC wants to be ‘backers, not blockers’ of innovation’.[2] We recognise that financial innovation is crucial for productivity, unlocking opportunities not only for start-ups but for existing finance companies. If we apply my football analogy, our innovation work is a well-timed throw to a wing-back charging up the field. ASIC’s Innovation Hub which was established over a decade ago has helped around 1,000 fintech and regtech businesses navigate Australia's regulatory system. This includes the creation of a regulatory sandbox in 2015, which was replaced by a statutory sandbox – the Enhanced Regulatory Sandbox - in 2020. While the sandbox is a valuable tool to test innovative financial services or credit activities without first obtaining an Australian financial services or credit licence, we are aware of some limitations in the way we do this work and are changing it. We have been actively participating in the Government's independent review of the sandbox. We were pleased this review took an expansive approach to examining how sandboxes and other regulatory actions can support financial innovation, with learnings from our international peers such as Singapore and the UK. Our aim is to improve the pathways from regulatory sandbox to licensing. Also in the sandbox space, we’ve been a key player in the Reserve Bank’s Project Acacia – which examined how innovations in digital money and settlement infrastructure could support the development of wholesale tokenised asset markets in Australia. Beyond sandboxes, ASIC recently commissioned research by the Digital Finance Cooperative Research Centre on specific ideas to cultivate and capitalise on financial innovation in Australia. Later in June, we are hosting a Financial Markets Innovation roundtable which will bring together senior leaders from across the financial market ecosystem to discuss innovation in our public, listed and traded markets. This will build on the work that ASIC has been doing to improve the health of Australia’s public and private markets. This work has been directed at ensuring that Australia has capital markets that are attractive, competitive and trusted — so businesses have viable pathways to access funding. You’ll see from these efforts that ASIC is listening to ideas from industry, consumers and academics and identifying practical changes to our licensing and other practices and the regulations within our gift that make things easier for entities without undermining the trust in the system for investors and consumers. Here come the mid-fielders: ASIC’s contribution to the Council of Financial Regulators’ regulatory reform The third stream of work aimed at improving productivity relates to our contribution to the Council of Financial Regulators. ASIC is an active member of the Council of Financial Regulators alongside the Reserve Bank, APRA and Treasury. In my analogy, which I admit is being stretched at this point, the Council of Financial Regulators are the mid-fielders tasked with maintaining a strong defence, while setting up the forwards to score. The Treasurer commissioned us as a group to develop a roadmap on better regulation, which was released at the last month’s Budget. The CFR Plus Better Regulation Roadmap includes over 50 commitments made as part of the Economic Reform Roundtable process, including 15 by ASIC. By streamlining data collection and improving coordination, planning and engagement with industry, it’s estimated that the roadmap commitments could reduce the regulatory burden across the sector by $181 million[3]. ASIC and APRA jointly led the workstream on improving data sharing and collaboration. The actions resulting from this work respond directly to known industry pain points and has been well received by industry. The actions will free up resources by reducing overlapping requests and uncertainty and allowing licensees to better plan through greater transparency. A key outcome of the CFR Better Regulation work is strengthened coordination and transparency across regulators. The Regulatory Initiatives Grid, published twice annually by Treasury, supports this by demonstrating how regulators are coordinating and collaborating, including capturing examples of reduced duplication and shared work. Perfecting the set piece: Law reform and productivity The fourth and final set of actions I’ll talk about is ASIC’s contribution to the broader work being done in the sphere of law reform and economic analysis. I think of these as the ‘set pieces’ in my soccer analogy and we’ll be hoping that Tony Popovic has been carefully planning one or two of these for Friday’s game. Soccer, like business, is typically fluid, fast, and reactive. A set piece, on the other hand, provides an opportunity for a structured moment where the game stops, positions are reset, and teams can execute pre-planned strategies to create a decisive advantage. You can think of law reform in the same way. The Government has announced tranches of new legislation that are estimated to improve regulation and reduce compliance costs by $780 million a year[4]. The reforms most directly relevant to ASIC’s work include the change to financial reporting thresholds, streamlining the mandatory climate reporting framework and reducing the frequency of IDR reporting for small to mid-sized banks. The other forum where ASIC sees welcome opportunity to improve regulation without undermining protections is the Productivity Commission’s current inquiry into business dynamism. ASIC recognises that we are well placed to contribute to business dynamism. We have touchpoints across the whole business lifecycle - from company registration and licensing to insolvencies, and we are pleased the Productivity Commission’s work will look across this whole spectrum. In relation to business exits, ASIC has identified a number of areas of the corporate insolvency system that should be examined in more detail to better promote business dynamism and system integrity. These include settings relating to simplified liquidation processes, the interaction between insolvency and various legal and business structures, the role of pre-insolvency advice and advisers, and creditor defeating dispositions. Closing I’ve spoken today about a wide range of ASIC’s work today that we’ve tried to improve, from those that might affect you on a day-to-day basis – such as accessing our website for regulatory materials or doing your annual business review - to activities that might only affect your business occasionally, such as applying for a licence. In closing I also wanted to alert you to some upcoming ASIC reports that are specifically in the finance space. These are in relation to car finance, debt management and credit repair and debt collection. We will be publishing a report on the findings from our recent car finance review very soon. This report contains some important takeaways for lenders – particularly in relation to costs and ensuring compliance and good practice with distribution oversight. If you’re involved in car finance, I encourage you to use the insights from the report to evaluate your own practices and processes. In terms of our reviews into debt management and credit repair, and debt collection, you can expect to hear more on those in the coming months. In conclusion, ASIC has a wide range of initiatives that directly or indirectly contribute to improving productivity. We see our efforts as part of a much bigger team effort to score productivity goals. The common thread across ASIC’s initiatives is that they seek to improve the quality and efficiency of regulation, without compromising protections to consumers and investors, because these are essential for maintaining confidence and trust in our financial system. ASIC looks forward to continuing to work with AFIA and all of you to achieve our common goals. Thank you.   [1] Economic Reform Roundtable agenda [2] Open for opportunity: Taking charge of the future of our financial markets [3] Budget 2026–27 Fact Sheet [4] Ibid

The Commodity Futures Trading Commission today issued a request for comment seeking public input on two related developments in the energy derivatives markets: the extension of standard futures contracts to 24/7 trading, and the potential listing of perpetual contracts that reference physically delivered or storable energy commodities, such as crude oil. “As registered entities extend trading hours and introduce new contract designs, a clear, data-driven record will help the Commission better understand these developments’ implications and impact in the market,” said Chairman Michael S. Selig. “This request reflects the Commission’s commitment to supporting responsible innovation, while preserving the protections against manipulation and market disruption that participants and the public rely on.” The request for comment is organized around two sets of questions. The first concerns the extension of standard futures contracts — including energy futures — to a 24/7 schedule without any change to their fixed expiration, with material economic changes to delivery or settlement terms. The second concerns perpetual contracts when they reference physically delivered or storable energy commodities. The Commission intends to use the information and comments received to inform its understanding of these developments. Comments must be in writing and received within 30 days of the request for comment’s publication in the Federal Register. RELATED LINKS Request for Comment on the Extension of Standard Futures Contracts to 24/7 Trading and on Perpetual Contracts Referencing Physically Delivered or Storable Energy Commodities

The current reports for the week of June 16, 2026 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 COT Release Schedule CFTC Public Reporting Environment (PRE) PRE User Guide PRE Frequently Asked Questions (FAQs)

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.

Please be advised that the MIAX Options, MIAX Pearl Options, MIAX Emerald Options, MIAX Sapphire Options and MIAX Pearl Equities Exchanges will be closed on Friday, July 3, 2026, in observance of Independence Day.

The Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) today announced they will be delaying the implementation of final amendments to access fee and tick-size rules, which were to come into force on November 2, 2026.  The CSA will be delaying the implementation of the final amendments to National Instrument 23-101 Trading Rules and changes to Companion Policy 23-101 Trading Rules related to trading fee caps for securities listed on both a Canadian recognized exchange and a U.S. registered national securities exchange (U.S. Inter-listed Securities). In parallel, CIRO will also be pausing the adoption of its final amendments to the Universal Market Integrity Rules related to trading increments for U.S. Inter-listed Securities.  The final amendments were intended to harmonize trading increments and trading fee caps on U.S. Inter-listed Securities with corresponding rules adopted by the United States Securities and Exchange Commission (SEC). The CSA and CIRO final amendments, which were to come into force on November 2, 2026, are being paused for one-year until November 1, 2027, which is the new effective date for the corresponding to the SEC rules. The pause in the CSA final amendments will be enacted by each jurisdiction. For example, in Alberta and Ontario, this pause will be implemented by blanket order. The CSA will, in consultation with CIRO, be considering any necessary action as a result of the SEC’s proposal to rescind Rules 611 (commonly known as the order protection rule) and 610(e) of Regulation National Market System. Any changes we consider will follow normal CSA processes and be published for comment. The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets. CIRO is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments.

The Bank of England has today published its policy statement and draft Code of Practice (rules) for systemic stablecoin issuers, marking a key milestone in establishing the UK’s stablecoin regime. The framework supports safe innovation, enabling UK issued stablecoins to develop as trusted forms of digital money. Alongside other innovations in money and payments, stablecoins could enable faster, cheaper and more flexible services for users, including cross‑border use cases, while supporting new programmable functionality. Today’s policy statement and draft rules reflect feedback from last year’s consultation. It provides coin issuers with clarity to innovate and scale within a framework that maintains resilience, confidence and trust in money. The Bank and the Financial Conduct Authority (FCA) are working closely to deliver an end-to-end regime, including a managed transition as firms grow from non-systemic to systemic. Further detail will be published alongside the FCA’s final rules shortly. Key policy decisions Following extensive engagement with industry and stakeholders, the Bank has made targeted revisions to the proposals consulted on last year. These include: Backing assets: The maximum share held in interest‑bearing assets (short-term UK government debt) has been increased from 60% to 70%, with the remainder in central bank deposits. These deposits enable issuers to meet redemptions promptly. The change supports more viable business models while still allowing issuers to deal with outflows. Temporary issuance guardrails: The Bank will safeguard the economy’s access to credit without introducing the temporary holding limits it consulted on last year. Instead, a temporary issuance guardrail will apply to each systemic stablecoin, initially set at £40 billion. This delivers the same policy outcome, while being cheaper and easier to implement, and allowing unrestricted use by household and businesses. This guardrail will be reviewed regularly and removed once risks to credit provision have been addressed. Sarah Breeden, Deputy Governor for Financial Stability, said: “This is a major milestone in delivering greater choice and innovation in UK payments. Innovation thrives on trust. And today we’ve set out the foundations of that trust for a new form of money - with prompt redemption, strong protections and central bank support. This is truly a world leading regime.” Next steps Subject to feedback by 22 September 2026, the Bank intends to finalise the Code of Practice by the end of 2026. Further supporting materials will follow alongside continued joint work with the FCA. This allow regulated stablecoins to operate in the UK from 2027. Background Policy statement “Sterling-denominated systemic stablecoins” 22 June 2026 Proposed regulatory regime for sterling-denominated systemic stablecoins | Bank of England November 2025 The announcement today is aligned with the Government’s National Payments Vision set out in 2024.  HM Treasury decides whether to recognise a payment system as systemic, based on criteria set out in the Banking Act 2009, including whether weaknesses in its design, or disruptions to its operation, could threaten the stability, undermine confidence in, the UK financial system, or have serious consequences for businesses or other interests across the UK. The Bank’s regime will not cover stablecoins used for non-systemic purposes, such as the buying and selling of cryptoassets, which is the predominant use of stablecoins today. Those will be supervised solely by the FCA. Financial Stability Paper on “The role of holding limits for sterling-denominated systemic stablecoins and a potential digital pound“ 10 November 2025. Modernising money and markets − speech by Sarah Breeden 19 May 2026. Talking ’bout next generation − speech by Sarah Breeden 2 February 2026. What are stablecoins and how do they work?

The European Banking Authority (EBA) has published today its final draft Implementing Technical Standards (ITS) amending the Pillar 3 disclosure framework on environmental, social and governance (ESG) risks, and introducing disclosure requirements on equity and shadow banking exposures. The package finalises the implementation of the disclosure requirements introduced by the Capital Requirements Regulation (CRR 3). Developed in line with the EU’s simplification agenda and the Omnibus package, the ITS streamline existing requirements, and enhance usability and consistency. The ITS are aligned with the European Sustainability Reporting Standards (ESRS) and with the EBA draft ITS on ESG reporting requirements, which are currently under consultation. They should, therefore, be read in conjunction with this Consultation paper to ensure a comprehensive understanding of the overall ESG framework and to support informed feedback. Link between ESG supervisory reporting and Pillar 3 disclosure framework The final draft ITS on Pillar 3 disclosures on ESG risks are closely linked to the ESG supervisory reporting framework set out in the related consultation paper. To fully understand the proposed scope and requirements, stakeholders are encouraged to consider both documents together. Interoperability with other sustainability reporting frameworks The EBA has closely followed the simplification of the European Sustainability Reporting Standards (ESRS) under the Corporate Sustainability Reporting Directive (CSRD), and these ITS are aligned accordingly. Interoperability between the two frameworks enables institutions to use—and where appropriate cross-refer to—information disclosed under Pillar 3 in their ESRS public reporting, thereby reducing duplication. The EBA stands ready to cooperate closely with the European Commission to further strengthen alignment with ESRS, as needed, while ensuring a smooth adoption process. Proportionality and simplification of ESG disclosure requirements The amending ITS enhance the existing disclosure requirements on ESG-related risks applicable to large institutions and, for the first time, extend ESG disclosure requirements to all institutions in a proportionate manner, as required by CRR 3. For large institutions, the ITS build on and simplifies the requirements already in place. The ITS introduce a “core plus supplement” approach, calibrated to institutions’ size and complexity. As a result, large institutions will disclose 37% less datapoints than now and the taxonomy related disclosures are stopped. Other (medium) institutions will disclose 17% less, and Small and Non-Complex Institutions (SNCI) 84% less datapoints than large institutions, respectively. Furthermore, the EBA will centrally pre-fill and disclose ESG information in the Pillar 3 Data Hub on behalf of SNCIs based on supervisory reporting. The ITS also incorporate the recommendations of the Joint Bank Reporting Committee (JBRC) on semantic integration, ensuring integrated reporting. Next steps The EBA will submit the final draft ITS to the European Commission for adoption. It will also develop a Data Point Model (DPM) and XBRL taxonomy required for the submission of the information to the Pillar 3 Data Hub. In addition, the EBA will publish an updated mapping tool in 2026, linking Pillar 3 disclosures with supervisory reporting. The ITS are expected to apply with a reference date of 31 December 2026, and 31 December 2027 for SNCIs – this notwithstanding any further adjustment needed as a result of the finalisation of Commission’s work. Legal basis and background Today’s publication contributes to the EBA’s communication campaign “Simplifying to strengthen: building a more efficient EU prudential and supervisory framework”. This initiative is part of the EBA’s broader priority to simplify and enhance the efficiency of the regulatory and supervisory framework, in line with the work of its Task Force on Efficiency (TFE) and the EBA’s Report on the efficiency of the regulatory and supervisory framework, published on 1 October 2025. It delivers, in particular, on Recommendations 4 (Integrated reporting), and 5 (Review and reduce existing reporting requirements) aimed at reducing costs and improving proportionality. Regulation (EU) 2024/1623 (CRR3) amending Regulation (EU) No 575/2013 implements the Basel III post-crisis reforms in the EU, taking into account the specific features of the EU banking sector. The deliverable forms part of the 'EBA Roadmap on strengthening the prudential framework', published in December 2023. Following the adoption of Commission Implementing Regulation (EU) 2024/3172 as step 1 of the roadmap, these ITS represent step 2, amending the Pillar 3 disclosure framework to reflect additional CRR3 changes, including: disclosures on equity exposures (Article 438(e) CRR3); disclosures on aggregate exposures to shadow banking entities (Article 449b CRR3); and the extension of ESG risk disclosure requirements to all institutions (Article 449a CRR3). The final report repeals the Guidelines on non-performing and forborne exposures, reflecting the incorporation of these disclosures into the CRR framework, notably through Articles 433b and 433c of CRR3. Documents Final report on Draft ITS on amended disclosure requirements for ESG risks, equity exposures and aggregate exposure to shadow banking entities (1.31 MB - PDF) Templates - clean version (349.94 KB - ZIP Archive) Templates - track changes (391.69 KB - ZIP Archive) IT solutions - clean version (859.58 KB - ZIP Archive) IT solutions - track changes (1.02 MB - ZIP Archive) Overview templates and IT solutions)_clean version (28.78 KB - Excel Spreadsheet) Overview templates and IT solutions_track changes (30.18 KB - Excel Spreadsheet) Related content Draft Implementing Technical StandardsFinal draft RTS/ITS adopted by the EBA and submitted to the European Commission Implementing Technical Standards on amended disclosure requirements for ESG risks, equity exposures and aggregate exposure to shadow banking entities Publication Consultation module - ESG Topic Transparency and Pillar 3

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published the register of firms authorised to act as external reviewers of European Green Bonds.   External reviewers play a key role in ensuring that the use of proceeds of European Green Bonds is allocated in line with the EU Taxonomy requirements. They are also vital in boosting investor confidence by ensuring that their capital genuinely supports the green transition.  As of 22 June 2026, registered external reviewers are subject to ESMA supervision and must fully comply with the requirements of the EuGB Regulation. These include clear senior management accountability, strong analytical capabilities, robust and transparent methodologies, effective internal controls and a comprehensive framework for managing conflicts of interest.  The transitional regime provided for under Articles 69 and 70 of the EuGB Regulation has ended. From 22 June 2026, external reviewers listed in ESMA’s transitional regime register must cease their external review activities.   To ensure transparency about disclosure requirements for previously issued European Green Bonds, ESMA has created a separate register. This register lists firms that notified ESMA under Articles 69 and 70 and were allowed to provide external reviews during the transitional period and includes the periods during which they were active.   Next steps  Issuers planning to issue a European Green Bond should consult ESMA’s register to select a registered external reviewer to perform their pre-issuance, post-issuance and, where applicable, impact report review.   ESMA will update the register regularly to reflect any changes to the registration status of entities and to include newly approved applications.  

The Federal Reserve notes with deep sadness the passing of Alan Greenspan. Chairman Greenspan served as the 13th Chairman of the Board of Governors from 1987 to 2006, and his contributions to monetary policy and economic thought left a lasting mark on this institution, on the broader field of economics, and on the country. During his 18 years as Chairman, he guided the Federal Reserve through periods of significant economic expansion as well as periods of considerable stress. Under his leadership, the Federal Reserve achieved a sustained era of price stability that supported economic growth and helped anchor the public's confidence in the institution. He brought rigorous analytical discipline to monetary policymaking and helped establish the credibility that remains one of the Federal Reserve's most important assets. Chairman Greenspan's legacy endures at the Federal Reserve—in those he mentored directly, in the economists and public servants he inspired, and in the frameworks and practices he helped shape. The Federal Reserve extends its deepest condolences to his wife, Andrea Mitchell, and to his family.

Thank you, Beth Anne, and I would like to welcome everyone to the fifth installment of this Conference on the International Roles of the U.S. Dollar.1 Over the years, this gathering has aimed to bring together different perspectives to better understand the forces shaping the dollar's central role in the global financial system. Last year's conference, for instance, focused on global investor allocation to U.S. safe assets and their liquidity in a time of geopolitical and technological change. This year, we are here to discuss the implications of financial innovations, especially digital assets such as stablecoins, for the international roles of the U.S. dollar. One striking feature of these discussions has been how rapidly the underlying questions have evolved since the first conference in the series. While the traditional drivers of the central role of the U.S. dollar in the global monetary system—from the size, strength, and depth of the U.S. economy and financial markets to trust in U.S. institutions and rule of law—remain critically important today, the environment around these drivers is changing rapidly. Technological innovation is increasingly altering how households and businesses interact with dollars, whether it is through holding new types of assets or through changes to the payment rails by which dollar-denominated assets are transferred, intermediated, and settled. Distributed ledger technologies and tokenized assets, such as stablecoins, are creating new channels for global dollar intermediation that operate alongside, or sometimes in conjunction with, traditional banking and payment systems. As a result, the dollar's international role is also evolving. The private sector is moving rapidly to expand access to dollar-denominated assets, innovate in new financial services, and explore potential business opportunities that perhaps did not make sense with legacy technologies. In doing so, there will be complements to the traditional financial sector, but there will also be areas of competition. As an economist, I believe that is a good thing—more competition generally leads to better outcomes for both consumers and society as a whole. The papers presented at this year's conference collectively highlight how broad and multidimensional the integration of new technologies into the global financial architecture has become. Let me briefly outline the key research themes you will encounter over the next two days. A set of papers examines the transformation of payment systems and foreign exchange markets through stablecoins and blockchain-based financial infrastructure, documenting the rapid growth of stablecoin-based transactions, decentralized foreign exchange trading, and alternative cross-border payment rails. Other papers study spillovers from stablecoin adoption into broader financial markets. These papers test whether stablecoin flows can affect exchange rates, dollar funding conditions, covered interest parity deviations, and cross-border capital movements. A major theme of the conference concerns the relationship between stablecoins and U.S. safe assets. Some papers explore how dollar-backed stablecoins may create a new channel linking global liquidity demand directly to U.S. Treasury markets. Finally, a couple of papers revisit classic international finance questions through the lens of digital innovation, asking whether stablecoins may reinforce the dollar's global role by extending access to dollar-denominated instruments worldwide or whether they may introduce new tensions into the international monetary system by changing the nature of financial intermediation, safe asset demand, and cross-border capital flows. We are very fortunate to have an outstanding set of papers and participants helping us think through these issues over the next two days. I would like to thank all the participants for contributing to this conference and to this broader research agenda. Thank you all again for joining us, and I hope you enjoy the conference. 1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. 

The number of own shares on listed companies’ balance sheets falls 5.6% in 2025, although their value jumps 32.7% due to the stock market rally Share amortizations drop 22.3% compared to the previous year’s record but remain at historically high levels, totaling 11.937 billion euros The treasury stock of IBEX 35® companies declined in 2025 for the second consecutive year, reaching five-year lows. This is reflected in the latest report prepared by BME’s Research Department, which confirms the continuation of the dynamic seen in previous years of substantial share buybacks followed by amortizations. It is a formula companies use as a way to reward shareholders, although the capital reduction carried out was less pronounced than in other years. At the end of last year, IBEX 35® companies held 545 million own shares on their balance sheets, a 5.6% decrease compared to 2024. However, the gains recorded by the Spanish stock market last year, which made it a leader among the main Western exchanges, led the value of treasury stock to soar 32.7% to 9.4 billion euros. The aggregate treasury stock of the 35 companies in the index remained stable at around 0.9% of their market capitalization. Of the 34 IBEX 35® companies with treasury stock at the end of 2025 (Aena had no own shares on its balance sheet), thirteen increased their level, eight reduced it, and another thirteen did not change it or did so marginally. Naturgy was the company with the highest treasury stock as a percentage of its total market cap, at 4.46%. It was followed by ACS (4.39%), Amadeus (4.35%), IAG (3.43%), and Puig (3.03%). The main reason for the second consecutive year of decline in treasury stock levels among companies in the Spanish blue-chip index is share buybacks and subsequent amortizations. After the 2024 record, the market value of shares canceled by IBEX 35® companies stood at 11.9 billion euros at the end of last year, a decrease of 22.3%. Even so, it remains at historically high levels. In 2025 the financial sector maintained its prominence, as listed financial institutions spent nearly 6.1 billion euros on buybacks under programs announced and executed throughout the year (18.2% more than in 2024) and accounted for around 46% of the market capitalization of shares canceled within the IBEX 35®. The oil and energy sector followed, with 3.9 billion euros canceled, 32.9% of the total. These figures confirm that share amortizations have gained importance in recent years as a way to reward shareholders. Between January 2022 and December 2025, shares worth 54.3 billion euros were canceled on the Spanish stock exchange, far exceeding the volume accumulated in the previous ten years (32 billion). Buybacks and subsequent amortizations generate shareholder returns in two ways. While the shares are held in treasury, they do not receive dividends, so the amount distributed is spread over a smaller number of shares, thereby increasing the per-share payout for remaining shareholders. If the shares are also canceled, the reduction in the number of shares outstanding can help improve metrics such as earnings per share, provided operating performance supports it. Even so, cash dividends remain the preferred method for listed companies to remunerate their shareholders. In 2025 they distributed 41.5 billion euros, 10.7% more than in 2024 and the second-highest figure on record. You can consult the report at this link.

30th transfer from Euronext Growth Milan to Euronext Milan  The company listed on Euronext Growth Milan in January 2024 Euronext today congratulates Kruso Kapital on its transfer from Euronext Growth Milan to the Euronext Milan segment. The company listed on Euronext Growth Milan in January 2024. Kruso Kapital adopted its current corporate name in November 2022 and is the first operator within a banking group that is active in both the pawn lending business and the auction market for jewellery, works of art, and other collectibles. Through its brands, products, and innovative services, the company is engaged in the valuation and financing of valuable assets and artworks. Kruso Kapital is the 30th company to transfer from Euronext Growth Milan to Euronext Milan. Giuseppe Gentile, General Manager of Kruso Kapital, said:“The transfer to the regulated market represents a significant milestone for us, marking a natural evolution of our growth journey. This decision reflects our commitment to further strengthening our transparency, visibility and credibility with the market, our investors and our clients.” Giuseppe Gentile, General Manager of Kruso Kapital, Carlo di Pierro, Chief Financial Officer of Kruso Kapital Gianluca Garbi, President of Kruso Kapital

Intercontinental Exchange, Inc. (NYSE:ICE), one of the world's leading providers of financial market technology and data powering global capital markets, and the world’s largest operator of environmental and energy derivatives markets, today announced the launch of ICE GreenTrace™, an environmental registry technology service to bring cutting edge financial market infrastructure and technology to carbon credit registries for the first time. ICE GreenTrace™ supports the life cycle of environmental instruments, including carbon credits, emission allowances and energy attribute certificates. Winrock International's Environmental Resources Trust (ERT) has migrated its registry operations onto ICE GreenTrace™. As launch partner, ERT now leverages the new platform to power its world-leading crediting programs, ACR (formerly American Carbon Registry), the Architecture for REDD+ Transactions (ART), and the Standard for the Transformation of the Electric Power Sector (STEPS). The migration of ACR and ART to ICE GreenTrace™ was one of the most complex transitions ever undertaken in the carbon credit market. The team transferred over two and a half decades of GHG emission reduction and removal credits and associated data and documentation. Approximately 437 million serialized credits and over 40,000 documents and files were migrated from 1,162 projects and programs to 857 Registry Account Holders from issuance to retirement. “ERT’s migration to ICE GreenTrace™ is a landmark moment for carbon markets,” said Gordon Bennett, Managing Director of Utility Markets at ICE. “ACR was founded in 1996 as the world’s first carbon crediting program, and ERT has now moved its three programs to ICE so that they are operated on the same technology stack that powers globally systemic financial infrastructure and operates under the strictest financial regulations in the world.” “ICE was founded on the vision that analogue markets could be transformed through digital infrastructure. For over two decades, ICE has built the network that prices and transfers risk for environmental markets. ICE GreenTrace™ extends ICE's digital network to carbon credits, from inception to retirement, creating the foundation for carbon credits to scale and become an institutional asset class,” continued Bennett. “ICE GreenTrace™ is a leap forward in leveraging ICE’s trusted financial market infrastructure to scale carbon markets,” said Mary Grady, CEO of Environmental Resources Trust. “Our globally recognized crediting programs – ACR and ART – are now positioned to meet the demands of institutional investors around the world. We are incredibly excited about what this will enable for the evolution of carbon markets globally.” For the first time, ICE GreenTrace™ provides carbon market participants with access to a registry technology service operated by ICE, where participants can benefit from ICE’s deep expertise in operating platforms with differing regulatory reporting across multiple jurisdictions, as well as differing data requirements, timelines and legal obligations. ICE’s environmental markets underpin price discovery across five cap-and-trade programs globally, as well as the world’s first exchange-traded CORSIA Phase 1 and Phase 2 Eligible Emissions Units futures contracts, which recognize ACR and ART among eligible crediting programs. In 2025, a record 20.9 million environmental contracts traded on ICE, equivalent to over $1 trillion in notional value for the fifth consecutive year, with $117 billion physically delivered to multiple registries. To find out more about ICE GreenTrace™, please visit www.ice.com/energy/environmental/ice-greentrace or contact GreenTrace@ICE.com. Visit the ACR and ART registries on ICE GreenTrace™: https://greentrace.ice.com/acr and https://greentrace.ice.com/art.

Hong Kong Exchanges and Clearing Limited (HKEX) is today (Monday) pleased to announce enhancements to the client margin framework at its derivatives clearing houses, aimed at improving capital efficiency, lowering funding costs for market participants and supporting the long-term development of Hong Kong’s derivatives market. Under the revised arrangements, the client margin multiplier and client maintenance margin will be adjusted in two phases to ensure market readiness and facilitate a smooth transition under prevailing market conditions. Phase 1 is planned for 21 September 2026, while Phase 2 is targeted for March 2027, subject to regulatory approval. HKEX Chief Operating Officer, Vanessa Lau, said: "We are delighted to present these adjustments to our client margin framework, the latest in our microstructure enhancements as part of HKEX’s ongoing commitment to elevate the vibrancy, resilience and competitiveness of Hong Kong’s markets. Building on earlier enhancements to margin collateral arrangements, the revised framework strengthens collateral efficiency whilst maintaining robust risk controls. It supports more efficient use of capital, lowers costs and enables market participants to better manage their hedging, trading and portfolio activities, further strengthening Hong Kong’s position as an international risk management centre." Currently, client initial margin requirements are set with reference to clearing house (CH) margin levels. The table below summarises the current arrangements and the phased adjustments under the revised framework. Client initial margin 1.33 x CH margin 1.2 x CH margin 1.1 x CH margin Client maintenance margin (derivatives except stock options) 80% x client initial margin 1.0 x CH margin 1.0 x CH margin Client maintenance margin (stock options) Equivalent to client initial margin Equivalent to client initial margin 1.0 x CH margin   The phased approach supports an orderly transition, enabling market participants to adjust their systems and risk management practices in a measured manner, while at the same time promoting market stability and continuity. Participants will continue to have the discretion to apply higher client margin requirements based on client risk profiles, product characteristics and prevailing market conditions. The revised client margin framework will also bring Hong Kong’s client margin multiplier more closely in line with those of other major international markets, supporting the continued development of its listed derivatives market. These enhancements also support HKEX’s ongoing efforts to deepen and broaden its derivatives ecosystem to meet the evolving needs of investors and risk managers. Looking ahead, HKEX remains fully committed to further enhancing its market infrastructure and clearing arrangements to support product innovation and the efficient deployment of capital across its listed derivatives market. Please refer to the circulars published by SEHK, SEOCH, HKFE and HKCC today for further information.   Note:  Client margin may apply to the context of, including but not limited to, margin being due from a Non-Clearing Participant to its General Clearing Participant and required from a client to an Exchange Participant.  

Iress today announced that it has signed a multi-year partnership with UAE-based multi-asset trading platform BitDelta Pro, further extending its trading and market data capabilities across high-growth international markets.The partnership will see BitDelta Pro adopt Iress’ full trading and market data suite, including ViewPoint, Iress Pro, IOS+, FIX connectivity and APIs, supporting its expansion into equities and CFDs. BitDelta Pro will also integrate Iress’ API and FIX infrastructure to connect front-end trading systems with back-office operations, enabling scalable multi-asset execution.Iress Managing Director - Asia, Jacq Jeremiah, said: “BitDelta Pro is an exciting and fast-growing business. We’re pleased to support their expansion into equities and CFDs with robust, scalable technology and deep trading and market data capabilities.“This partnership is part of Iress’ continued global trading and market data expansion strategy across high-growth markets and reflects strong alignment between our respective businesses.“Our collaboration combines Iress’ global trading platform, extensive market data coverage, and award winning trading technology with BitDelta Pro’s strong regional presence, client relationships and local market expertise.”BitDelta Group CEO, Dr. Demetrios Zamboglou, said Iress was selected for its reliability and support. “As we expand into equities and CFDs, we need a technology partner that can deliver institutional-grade infrastructure with flexibility at the front-end. Iress stands out for its reliability, market data depth and hands-on support.“Through this partnership, traders and institutions across the globe will benefit from access to institutional-grade trading technology and market data, delivered with local expertise and support. This combination strengthens our ability to scale a truly global multi-asset offering”

Puro.earth, the world’s leading market infrastructure provider for engineered carbon dioxide removal (CDR), today announced that Frontier, an advance market commitment to buy $1.8B of permanent carbon removal between 2022 and 2040, has approved Puro.earth's Enhanced Rock Weathering (ERW) 2025 methodology for use by Frontier suppliers. It is the second Puro.earth methodology to earn Frontier's approval, following Frontier's 2024 approval of Puro.earth's Geologically Stored Carbon methodology. This approval means that Frontier suppliers can use this methodology to certify ERW credits as part of Frontier commitments. It recognises the close collaboration between Puro.earth and the scientific community on Puro.earth’s updated 2025 ERW methodology to ensure rigorous, accountable delivery The ERW 2025 methodology brought a significant update to Puro.earth's approach to certifying ERW projects, and was developed in collaboration with experts from academia, industry, and the non-profit sector. Key updates included more detailed quantification approaches - requiring suppliers to combine two independent measurement methods for greater reliability - alongside clearer sampling requirements, refined accounting for carbon losses, and a new framework for managing measurement uncertainty. Puro.earth’s ERW methodology approval follows Frontier's approval of Puro.earth's Geologically Stored Carbon methodology in 2024, subject to two conditions: for direct air capture (DAC) projects, suppliers must also comply with Frontier's clean energy procurement principles; for BECCS projects, approval currently applies only to projects with minimal net new biomass use. Puro.earth was designated as a Leading Credit Issuer by Frontier in April 2025, reinforcing Puro.earth's position as the market infrastructure of choice for suppliers pursuing high-quality engineered carbon removal. Puro.earth received ICVCM Carbon Crediting Programme eligibility in 2025. "Our ERW 2025 methodology underwent rigorous review by the scientific community, and Frontier's approval is a strong signal that the bar we've set meets the most demanding procurement standards in the market for this pathway," said Jan-Willem Bode, President of Puro.earth. "Together with the approval of our Geologically Stored Carbon methodology, this reflects the breadth and quality of the infrastructure Puro.earth provides across the engineered CDR sector."

For the first time, investors and market participants can access a single, real-time source of prices and trading activity across the UK bond market, following the launch of its bond consolidated tape, operated by ETS Connect UK. Until now, data on bond trades was scattered across multiple sources, making it difficult to get a clear and complete picture of market activity. The new service brings it all together in one place. The launch builds on changes to the UK's bond market transparency rules that came into force in December 2025. Those changes have already made a real difference. The share of corporate bond trades reported in real time rose from under 5% to over 75%, and for government bonds from around 30% to approximately 80%. In some smaller parts of the market, real-time reporting increased more than 50-fold. The consolidated tape is the final step, giving users a single, comprehensive view of all that data. The UK is the first country outside North America to launch a consolidated tape for bonds. Simon Walls, executive director of markets at the FCA, said: 'Good markets run on good information. Today's launch of a consolidated tape gives investors a clear, reliable and comprehensive view of UK bond trading for the first time. The UK is a global leader in fixed income issuance and trading, and this is another important delivery in enhancing the competitiveness of the UK as a leading centre of finance.' The service launches with 98% market coverage of in-scope bond trading. The FCA will supervise ETS Connect UK throughout its 5-year contract to ensure data quality and reliability. Background The service covers post-trade transparency data for bonds admitted to trading on UK venues. Exchange-traded notes (ETNs) and exchange-traded commodities (ETCs) are excluded.  ETS Connect UKLink is external  was appointed following a competitive two-stage tender process launched in March 2025.  A legal challenge to the contract award was discontinued by Ediphy in May 2026. The service operates under a 5-year contract, supervised by the FCA against standards on data quality, completeness and timeliness. The FCA is also working at pace to deliver a consolidated tape for equities, choosing to start with bonds following consultations with market participants. The launch forms part of a wider programme to improve transparency, data quality and access across UK markets and builds upon the delivery of the near-50 measures set out in January 2025 to drive growth.  David Raw, Managing Director for Markets, UK Finance, said: 'UK Finance welcomes today’s milestone launch of the bond consolidated tape. As a leading global centre for bond markets, the UK stands to benefit significantly from this development. Our members have championed this consolidated tape which will strengthen bond markets by enhancing transparency, efficiency and liquidity. We stand ready to support the FCA with the future launch of an equity consolidated tape, an equally vital strand for UK capital markets.'  Bryan Pascoe, chief executive of the International Capital Market Association (ICMA), said: 'ICMA welcomes the launch of the UK’s first bond consolidated tape. We have long supported the introduction of a consolidated tape as an accessible and affordable source of post‑trade data. It will support improved execution assessment, richer analytics and broader participation across UK bond markets. ICMA is very pleased to have contributed actively throughout the consultation and implementation processes and we look forward to continuing to participate as an observer member of the ETS Connect UK Consultative Committee.' Victoria Webster, Managing Director – Fixed Income at Association for Financial Markets in Europe (AFME), said: 'We welcome the UK bond consolidated tape as a major step for market transparency and access. It can improve price discovery, support liquidity and strengthen efficiency. With high-quality, usable data, it could become a cornerstone of a more transparent, efficient and globally competitive bond market.' Hugo Gordon, Head of Capital Markets at the Investment Association, said: 'The Investment Association welcomes the launch of the bond consolidated tape, a significant moment in the development of UK capital markets. This tape will enhance transparency and liquidity, and increase the ability of a wide range of bond investors to access the data they need to inform their investment decisions. We look forward to continuing to work with the FCA ahead of the future launch of the equity and ETF tape.'

As the index enters its 22nd year, two further companies – BTV Vier Länder Bank AG and Mayr-Melnhof Karton AG – have qualified for inclusion in the VÖNIX VBV Austrian Sustainability Index. All existing VÖNIX members continue to meet the criteria for inclusion in the index. This is the result of the annual review of the index’s composition, based on the sustainability analysis carried out by rfu research in accordance with the set of rules. The changes take effect today. The index tracks Austrian-listed companies that are leading the way in corporate sustainability. The 24 VÖNIX members for 2026/2027: Agrana Beteiligungs-AG Oberbank AG AMAG Austria Metall AG Österreichische Post AG AT&S Austria Tech.&Systemtech. Palfinger AG BKS Bank AG Raiffeisen Bank International AG BTV Vier Länder Bank AG Rosenbauer International AG Burgenland Holding AG Telekom Austria AG CA Immobilien Anlagen AG UBM Development AG Erste Group Bank AG UNIQA Insurance Group AG EVN AG VERBUND AG Kapsch TrafficCom AG VIENNA INSURANCE GROUP AG Lenzing AG Wienerberger AG Mayr-Melnhof Karton AG Zumtobel Group AG “For over two decades, the VÖNIX has been raising the profile of sustainability on the Austrian capital market and has established itself as an important benchmark for responsible investments. The expansion of the index’s members shows that sustainable business practices are continuing to gain importance on the domestic capital market – and form an important foundation for long-term economic success,” says Andreas Zakostelsky, Chair of the VÖNIX Advisory Board and Director General of the VBV. “Mayr-Melnhof Karton, is a leading manufacturer of cartonboard packaging made from recycled materials and certified virgin fibre. BTV Vier Länder Bank is characterised by a growing proportion of environmental and social investment and lending products and also pursues a sustainability strategy in its tourism division,” explains Reinhard Friesenbichler, Managing Director at rfu research. About the VÖNIX The VBV Austrian Sustainability Index (VÖNIX) was launched in 2005 as a price index weighted by free-float capitalisation. The selection universe comprises all companies listed on the Vienna Stock Exchange in the upper market segments with sufficient free float and liquidity. Leading players in the Austrian capital market contribute their expertise to enable the ongoing management of the index and the sustainability analysis. These partners are the VBV-Vorsorgekasse, Raiffeisen Nachhaltigkeits-Initiative and Schoellerbank Invest AG. rfu research is responsible for the sustainability analysis, while Wiener Börse AG is responsible for index management, ongoing calculation and publication. Full details are available at voenix.at.