The findings from the annual survey of U.S. portfolio holdings of foreign securities at year-end 2023 were released today and posted on the Treasury web site at https://home.treasury.gov/data/treasury-international-capital-tic-system/tic-forms-instructions/us-claims-on-foreigners-from-holdings-of-foreign-securities The survey was undertaken jointly by the U.S. Department of the Treasury, the Federal Reserve Bank of New York, and the Board of Governors of the Federal Reserve System.  A complementary survey measuring foreign portfolio holdings of U.S. securities also occurs annually. Data from the most recent such survey, which reports on securities held at end-June 2024, are being processed. Preliminary results are expected to be reported on February 28, 2025. Overall Results This survey measured the value of U.S. portfolio holdings of foreign securities at year-end 2023 as approximately $15.3 trillion, with $11.5 trillion held in foreign equity, $3.4 trillion held in foreign long-term debt securities (original term-to-maturity in excess of one year), and $0.4 trillion held in foreign short-term debt securities. The previous such survey, conducted as of year-end 2022, measured U.S. holdings of approximately $14.0 trillion, with $10.3 trillion held in foreign equity, $3.3 trillion held in foreign long-term debt securities, and $0.4 trillion held in foreign short-term debt securities.  The increase in U.S. holdings in 2023 was mainly in equity (see Table 1). U.S. portfolio holdings of foreign securities by country at the end of 2023 were the largest for the Cayman Islands ($2.7 trillion), followed by the United Kingdom ($1.5 trillion), Canada ($1.4 trillion), and Japan ($1.2 trillion) (see Table 2).  These four countries attracted 44 percent of total U.S. portfolio investment, the same as the previous year.This survey is part of the International Monetary Fund’s Coordinated Portfolio Investment Survey, an effort to improve the measurement of portfolio asset holdings. Table 1. U.S. holdings of foreign securities, by type of security, as of survey dates [1] (Billions of dollars) Type of Security December 31, 2022 December 31, 2023       Long-term Securities 13,563 14,921             Equity 10,280 11,492             Long-term debt 3,283 3,429 Short-term debt securities 447 422 Total 14,009 15,343 Table 2. Market value of U.S. portfolio holdings of foreign securities, by country and type of security, for countries attracting the most U.S. investment, as of December 31, 2023 [2] (Billions of dollars) Country or category Total Equity Debt Total Long-term Short-term Cayman Islands 2,663 1,935 729 719 9 United Kingdom 1,490 1,061 429 382 47 Canada 1,390 839 550 451 100 Japan 1,218 991 227 184 43 Ireland 924 823 101 79 23 France 816 597 219 173 46 Netherlands 668 508 159 151 8 Switzerland 655 607 47 46 1 Germany 514 418 97 79 17 Australia 442 269 172 132 41 India 352 342 10 10 0 Taiwan 316 316 0 0 0 Bermuda 267 215 52 52 0 Korea, South 253 227 25 25 0 Luxembourg 238 172 65 61 4 Denmark 219 206 13 12 0 China, mainland [2] 217 202 15 15 0 Sweden 197 156 40 19 21 Jersey 192 145 47 47 0 Brazil 181 157 24 23 1 Rest of the world 2,133 1,304 829 768 61 Total 15,343 11,492 3,851 3,429 422 * Greater than zero but less than $500 million. Items may not sum to totals due to rounding. [1] The stock of foreign securities for December 31, 2023, reported in this survey may not, for a number of reasons, correspond to the stock of foreign securities on December 31, 2022, plus cumulative flows reported in Treasury’s transactions reporting system.  An analysis of the relationship between the stock and flow data is available in “U.S. Portfolio Holdings of Foreign Securities as of End-December 2023,” Table 2. [2] China, Hong Kong, and Macau are all reported separately.

The Commodity Futures Trading Commission’s Office of Customer Education and Outreach today released a customer advisory alerting messaging app users to beware of schemes to defraud them of assets, specifically crypto assets. Fraudsters are exploiting the default settings of commonly used messaging apps, telephone networks, and mobile devices to lure users into crypto pump-and-dump schemes and other scams. The customer advisory, Use Caution Responding to Messaging Apps, informs users of the default settings of WhatsApp, Telegram, and other popular messaging apps that allow scammers to add random or targeted phone numbers to group chats that are used for fraudulent activity. Similarly, default SMS text settings on smart phones allow for a greater number of spam texts that can result in fraud. “People who use these apps may not be familiar with the risks and frauds commonly associated with crypto assets,” said Melanie Devoe, director of the CFTC’s Office of Customer Education and Outreach. “Receiving a group message promising 300% or 1,000% returns with zero risk or getting in on a supposed crypto opportunity, can be enticing, but it is best to not engage.” The customer advisory, provides easy actions app users should take if they receive a message from an unfamiliar person or number saying “you’ve been added to a messaging app’s group chat”: Do not reply. Delete the messages or group discussions, block the senders and send text messages to junk or forward it to 7726 (SPAM). Change your privacy settings to protect your information and reduce future spam. Most apps, mobile carriers and devices provide ways to restrict who may contact you or block specific numbers. Check each messaging apps’ settings. Next, check your carrier’s account app settings, and your device settings. Many major carriers also offer free SMS spam-blocking or call filtering apps that can be added to your phone. About the Office of Customer Education and Outreach OCEO is dedicated to helping customers protect themselves from fraud or violations of the Commodity Exchange Act through the research and development of effective financial education materials and initiatives. OCEO engages in outreach and education to retail investors. The office also frequently partners with federal and state regulators as well as consumer protection groups. The CFTC’s full repository of customer education materials can be found at: cftc.gov/LearnAndProtect. Customer Advisory: Use Caution Responding to Messaging Apps is available in full below and HERE  ### Customer Advisory: Use Caution Responding to Messaging Apps Fraudsters are contacting potential victims on their phones to try to lure them into cryptocurrency scams with promises of guaranteed returns. Spot the fraud by remembering all trades involve a risk of loss. Be suspicious of any messages you receive via WhatsApp, Telegram, SnapChat, WeChat, SMS texts, or other apps that promise guaranteed oversized returns. If you receive a suspicious message: Do not reply. Delete the messages or group discussions and block the senders. Send text messages to junk. Review your privacy settings to protect your information and reduce future spam. Deception in the Palm of Your Hand By default, messaging apps allow anyone with your phone number to call or add you to a discussion group. Scammers use this vulnerability to add random or targeted phone numbers to WhatsApp groups or Telegram chats. You might see a message that you’ve been added to a group, then other messages follow. They might talk about trading crypto futures with leverage, “cooperative trading projects” (also called pump-and-dump schemes), 100, 500, 1,000 percent profits, advanced artificial intelligence, can’t-miss investment programs, or other supposed opportunities. You might also see testimonials from other group members. It’s all fake, lies designed to steal your money. Don’t Talk to Strangers Stranger danger applies to your mobile device too. Responding or complaining confirms to scammers that your number is active and will only lead to more fraud attempts. The same is true for answering unknown callers. Scammers sometimes use robocalls to identify working numbers. Caller ID can be easily faked. If you don’t recognize the phone number, or message sender, do not respond. If you receive an urgent message about a financial account, or from law enforcement, the CFTC, or other government agencies, visit the entity’s official website and confirm the message with customer service staff. Do not use phone numbers or links provided in the message. You should only trade futures with regulated individuals and firms that follow strict qualification, supervision, and customer protection requirements. Learn more about registration at cftc.gov/check. Taking financial advice from unregistered, random people online or trading with unregistered companies that don’t have a physical presence in the United States substantially increase your fraud risk. Tighten your Security Most apps let you adjust your privacy settings to only allow your contacts or specific numbers to message you or see your personal information, including your picture, location, and activity status. Check and adjust your settings in each app you use. Delete unwanted groups, block the admins, and report the groups and admins to the platform. For SMS and phone messages, check your carrier’s apps and account settings. Most major carriers offer free SMS spam and call blockers. Next, adjust phone and message settings on your device, including blocking unwanted callers or silencing spam calls. Activate options to filter unknown senders and junk. If you have the option to “delete and report junk,” use it. If not, forward unwanted messages to 7726 (SPAM). Both options help filter and block bad actors systemwide. RELATED LINKS Customer Advisory: Use Caution Responding to Messaging Apps

CME Group, the world's leading derivatives marketplace, today announced that open interest in its global benchmark Henry Hub futures contract reached a record 1.73 million contracts on October 30, 2024 as international participation is at all-time highs. "As the U.S. exports record levels of LNG to supply Europe and Asia, Henry Hub remains the most important price reference in global gas markets," said Peter Keavey, Global Head of Energy and Environmental Products at CME Group. "Henry Hub is the largest and most liquid global gas benchmark, with a record 25% of total trading originating outside of the U.S. this year."  In addition to record open interest, volume in Henry Hub futures has also grown this year. Year-to-date, average daily volume (ADV) is at 500,000, up 26% from last year. Henry Hub futures ADV in EMEA year-to-date is at 111,000, up 57% from last year, while ADV in APAC is at 12,800, up 15%. CME Group is also the most liquid and effective marketplace for trading Henry Hub options on screen today. Total Henry Hub options ADV year-to-date is currently at a record of 235,000 contracts, up 62% from last year, with average daily open interest at the highest levels since 2013. On-screen volume in and outside of the U.S. has also reached record levels, with ADV up 88% and 120% respectively. Henry Hub futures and options are listed by and subject to the rules of NYMEX. For more information, please visit here.

The Canadian Securities Administrators (CSA) today published Coordinated Blanket Order 96-932 Re Temporary Exemptions from Certain Derivatives Data Reporting Requirements (the Blanket Order). Every member of the CSA is implementing the relief through a local blanket order.On July 25, 2024, the CSA published amendments to trade reporting rules for over-the-counter derivatives that will take effect on July 25, 2025. Among other changes, the amendments will reduce regulatory burden for certain market participants, referred to as end-users. The Blanket Order takes effect today to provide immediate exemptions for end-users to benefit from these regulatory burden reductions prior to the effective date of the amendments.The Blanket Order provides end-users with an exemption from reporting valuation data and an extension to reporting deadlines and will result in substantively CSA-harmonized exemptions for commodity derivatives and inter-affiliate derivatives between end-users.Ten years of derivatives trade reportingToday marks the 10th year of derivatives trade reporting in Canada. This reporting improves transparency in the derivatives market and is essential for effective regulatory oversight, including the ability to identify and address systemic risk and potential market abuse. The CSA’s recent amendments to the trade reporting rules will streamline and internationally harmonize derivatives data reporting and improve its effectiveness and efficiency.The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

The Bank's Court of Directors acts as a unitary board, setting the organisation's strategy and budget and taking key decisions on resourcing and appointments. Required to meet a minimum seven times per year, it has five executive members from the Bank and up to nine non-executive members. Minutes of the Meeting of the Court of Directors held on 19 September 2024 Present: David Roberts, Chair Andrew Bailey, Governor Sarah Breeden, Deputy Governor – Financial Stability Clare Lombardelli, Deputy Governor - Monetary Policy Sir Dave Ramsden, Deputy Governor – Markets & Banking Sam Woods, Deputy Governor – Prudential Regulation Jonathan Bewes Sabine Chalmers Lord Jitesh Gadhia Anne Glover Sir Ron Kalifa Diana Noble Frances O’Grady In attendance: Ben Stimson, Chief Operating Officer Apologies: Tom Shropshire Secretary: Sebastian Walsh 1. Conflicts, Minutes and Matters Arising There were no conflicts declared in relation to the present agenda. The minutes of the meeting held on 5 July 2024 were approved. The Chair informed Court that the Bank’s Cyber Security team would hold a session for Court at its next meeting in October. He added that the Bank’s review of its strategic priorities would also come to the next meeting of Court. The Chair also welcomed the appointment of Sebastian Walsh who had been appointed as Executive Director, Head of Leeds and Secretary to the Bank. Under Matters Arising, the Secretary noted that progress against the Bank’s 2023 Viewpoint commitments would be addressed as part of the COO update. He also updated Court on the secretariat’s planning for a future meeting of Court at the Bank’s Leeds office. 2. RemCo Update Diana Noble updated Court on recent meetings of RemCo, including the Pensions Review and the Annual Salary Review. 3. Governor’s Update The Governor updated Court on developments since its last meeting. The Governor noted the launch of the formal consultation with staff on the pensions review. The Governor also updated Court on early engagement between the Bank and the new Government areas. Court members noted the progress on Basel 3.1, and that industry reaction had been largely positive. 4. COO Update (Ben Stimson, Natasha Oakley, Mark Menary and Natasha Wilson) Ben Stimson informed Court that good momentum had been maintained across a number of change initiatives. These included the Bank’s progress towards using Cloud services for its technology systems and recruitment of critical roles. He added the Bank was also on track to deliver its strategy for expanding its office in Leeds. Court reflected on staff sentiment as measured in the recent Viewpoint survey. Non-executive members of Court noted the experience of other industries at present and how to balance the positive benefits of flexibility for staff morale with the risks of detachment. Frances O’Grady noted that the development of the Leeds office gave the opportunity to test different approaches to culture building. Jonathan Bewes informed Court that ARCo wished to assess how the Bank’s portfolio of investment projects was being managed and how decisions might be best sequenced. Colleague Insight Survey Results, Summer 2024 Mark Menary advised Court on the results of the latest Viewpoint survey. Court members discussed the results. Court members noted the challenges posed to career progression by the current low level of attrition. Court members also reflected on the findings around equal opportunity. The Governor said the Bank’s response would focus on a few key issues, and that it would be open with staff on this. The Chair said that any response should be rooted in the Bank’s strategy development, which was currently ongoing. Pensions Review Natasha Wilson introduced the item, noting that engagement with the Union had been intensive, including around communication planning. Natasha Wilson noted feedback had focussed on the personal financial impact of proposals – both the scale and timing – and particularly the transition arrangements. The Bank had considered this feedback in the renewed proposals. The Bank was now in formal consultation with staff. The Chair concluded the item by observing the importance of improving understanding of pensions, both among Bank staff and more broadly, noting it was a complex subject. He added that the Bank was part way through a major change agenda and was clearly working hard in learning how to execute this at pace and with intensity. 5. RTGS Renewal Update (Victoria Cleland, Nathan Monk and John Stocker) Victoria Cleland updated Court on the RTGS Renewal Programme. Victoria Cleland noted that testing had progressed well. However, the Bank’s partners had identified a number of issues that meant that the TS3 go live would need to be delayed to ensure the Bank had sufficient confidence in its stability before launch. Court noted their support of delaying launch. Members of Court reflected that the stability of the system should be the key determinant and driver in choosing a new date for launch. Court registered its thanks to staff working on RTGS Renewal Programme. 6. Location Strategy Project Update (Vivienne Grafton and Ivar van Hasselt) Vivienne Grafton updated Court on progress made with regards to the Bank’s Location Strategy, since it was discussed at its May meeting. The Bank’s expansion in Leeds was noted, and is to be achieved through relocations from London and new hires in the local area. There was broad enthusiasm for the expansion and a good level of interest had been registered in relocating by staff currently working from London. Ivar van Hasselt set out that in time around 10% of each individual area overseen by a Deputy Governor – or the Governor - would be based in Leeds. Within that strategy, it was open to Executive Directors to decide whether to build centres of excellence in Leeds for particular functions or take a broader cross-section of roles. Not all roles would be equally suited to being done from Leeds. Court observed the importance of collective leadership and Governors’ championing the operation in Leeds to ensure its success. Turning to the Bank’s London locations, Vivienne Grafton set out that the focus was on modernising the Threadneedle Street premises in line with modern working practices while respecting the heritage of the building. Court expressed its support for the Location Strategy and the expansion of the Leeds office. 7. Union Presentation (Faisel Choudhry) Faisel Choudhry was welcomed to the meeting. Faisel Choudhry updated Court on the work of the Union and the views of its members, whose numbers had grown. Court commended Faisel Choudhry for his advocacy for Bank staff and his constructive engagement with the Bank’s executive. 8. Gender Action Plan (Nathanael Benjamin, Natasha Oakley, Lisa Leaman and Baljinder Virk) Lisa Leaman set out the action plan. Court members noted the importance of a careful review of the Bank’s gender targets at all levels, to ensure it developed and retained a strong pipeline of female talent. Several members of Court noted a common theme with other aspects of diversity and inclusion, in that progress would depend on developing strong people managers who could execute policy effectively in this space. The Chair thanked members of the Bank’s Women in the Bank Network and the Bank’s People Directorate for their work on the action plan. 9. Disability Programme Deep Dive Update 2024 (Victoria Cleland, Natasha Oakley, Frances Hill and Rohan Tambyraja) The Chair welcomed the presenters to the meeting. Rohan Tambyraja introduced the item. He emphasised the importance of improving transparency and committing to delivering best practice. Victoria Cleland said there had been good progress in delivering workplace adjustments and noted the work of the People Directorate in this area. Members of Court observed the need for strong line management support of colleagues with disabilities, the importance of champions and allies. The Chair thanked the presenters and affirmed Court’s support for their ambitions in this area. 10. Annual update on the Resolution Directorate (RD) including the Financial Stability Banking Operations (FSBO) update on the Bank’s readiness to provide emergency liquidity support (Ruth Smith and Andrew Hewitt) Ruth Smith updated Court on the Resolution Directorate’s work over the past year. Dave Ramsden noted some organisational changes made to the Directorate, to enhance its resilience. 11. Our Code (Sebastian Walsh, Michael Salib and Alison Kavanagh) Sebastian Walsh introduced the item, noting changes made following Court members’ comments. Court approved Our Code, subject to some final amendments to be approved by the Chair. 12. Committee Appointments and Conflicts Update (Sebastian Walsh) Court noted the paper. 13. Papers for Information Court noted: Monetary Policy Committee Report Scottish & Northern Ireland Banknotes Annual Report 2024 Approved minutes from committee meetings since the last meeting of Court on 5 July 2024 The meeting of Court was closed. These minutes are published as the record of meeting as required by the Bank of England Act 1998 as amended. Court may decide to omit information from the record in the public interest. The record of matters reported to Court may also omit information which is legally sensitive or commercially confidential.

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, published today the annual assessment of the derogation criteria for data reporting services providers (DRSPs). Two entities currently supervised at national level will come under ESMA’s direct supervision, as they do not fulfil the derogation criteria for the second consecutive year. Based on 2023 data these two entities are Wiener Börse AG (operating an Approved Publication Arrangement (APA), domiciled in Austria) and KELER Központi Értéktár Zrt (operating an Approved Reporting Mechanism (ARM) and an APA, domiciled in Hungary).  Both entities will be subject to ESMA supervision from 1 June 2025. DRSPs (APAs and ARMs) are exempt from ESMA supervision when their activities are of limited relevance for the internal market. This is measured by the number of Member States where clients of the DRSP are established and the market share of the DRSP in terms of number and volume of trades (APAs) and transactions (ARMs) in the EU. This assessment is conducted yearly and determines whether there is a change in supervisory responsibility.  Next Steps Following the notification about the outcome of the assessment of the derogation criteria, ESMA will engage closely with the two entities subject to a change of supervisor and with their current supervisors, to initiate the handover of responsibilities.  Background The ESAs’ Review Regulation has transferred the authorisation and supervision of DRSPs from national competent authorities to ESMA, except for those DRSPs subject to a derogation. The criteria to identify those DRSPs that are supervised by NCAs by way of derogation are specified in a Delegated Act (DA). According to the DA, ESMA is mandated to reassess the relevance for the internal market of the activities of an APA or an ARM every year. In the case that, based on the assessment, the thresholds for derogation or application of ESMA supervision are no longer met in two consecutive years, the change into application or derogation of ESMA supervision takes effect on 1 June in the following year.

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published the new quarterly liquidity assessment of bonds and the data for the quarterly systematic internaliser calculations for equity, equity-like instruments, bonds and for other non-equity instruments under MiFID II and MiFIR. As indicated in the public statement of 27 March 2024, the quarterly liquidity assessment of bonds as well as the data for the quarterly systematic internalisers will continue to be published by ESMA. Further details are provided in the relevant webpages of the calculations. Bonds quarterly liquidity assessment  ESMA has published the latest quarterly liquidity assessment for bonds available for trading on EU trading venues. For this period, there are currently 1,233 liquid bonds subject to MiFID II transparency requirements.  ESMA’s liquidity assessment for bonds is based on a quarterly assessment of quantitative liquidity criteria, which includes the daily average trading activity (trades and notional amount) and the percentage of days traded per quarter. ESMA updates the bond market liquidity assessments quarterly. However, additional data and corrections submitted to ESMA may result in further updates within each quarter, published in ESMA’s Financial Instruments Transparency System (FITRS), which shall be applicable the day following publication.    The full list of assessed bonds is now available through FITRS in the XML files with publication date from 31 October 2024 (see here) and through the Register web interface (see here).   ESMA also publishes two completeness indicators related to bond liquidity data.  The transparency requirements for bonds deemed liquid today will apply from 18 November 2024 to 16 February 2025. The application dates reflect the provisions of the RTS 2 (see the news item for more details).  Data for the systematic internaliser quarterly calculations The data covers the total number of trades and total volume over the period 1 April 2024 to 30 September 2024 and includes: 25,819 equity and equity-like instruments; 146,127 bonds; and 6,214 sub-classes of derivatives (including equity derivatives, interest rate derivatives, commodity derivatives, emission allowance). Investment firms are required to perform the SI test by 15 November 2024. The data is now available through FITRS in the XML files with publication date 31 October 2024.  The results for equity and equity-like instruments are published only for instruments for which trading venues submitted data for at least 95% of all trading days over the 6-month observation period. The data publications also incorporate OTC trading to the extent it has been reported to ESMA. The publication includes data for instruments traded or available for trading during the reference period considered.

The TRS 2 system will be closed for maintenance Thursday, 7 November 2024. It will be possible to submit TR files, but feedback will not be sent until after the maintenance is completed.

Click here to download the 'Index Dashboard' for the month ended October 2024.

This monthly report provides key statistics relating to the various stages in discharging our regulatory oversight duties during the reporting period. The information for the reporting period covers, among others, the number of applications processed and their current status, the number of comment letters and guidance issued to new/ potential new listing applicants and their advisers with the corresponding processing time, the number of rejection and return of listing applications, as well as the number of delisted and suspended companies. Overview of listed companies  Main Board GEM Total Number of listed companies 1. As at 1 January 2024 2,283 326 2,609 2. Newly listed companies  51 3 54  3. Delisted companies 34 6 40  4. As at 31 October 2024 2,300 323 2,623   Initial Public Offering Applications (As at 31 October 2024)   Main Board GEM Others (1)  Total A. Applications Processed (2024 Year-to-date)(2) (3) 184 _____ 3 _____ 34 _____ 221 _____ 1. Applications brought forward from 29 December 2023 and renewal applications 71 3 5 79 2. New applications accepted in 2024 (4) 113 _____ 0 _____ 29 _____ 142 _____   Total 184 3 34 221 The application status of which as at 31 October 2024 (2)   1. Listed (5)  51 3 31 85 2. Approved by the Listing Committee pending listing   18 0 3 21 3. Under processing  68 0 0 68 4. Others (i.e. lapsed (6), rejected (7) , returned (7) (8) or withdrawn)  47 _____  0 _____  0 _____  47 _____   Total  184 3 34 221   Below are the respective processing time taken by the Exchange in respect of different types of submissions. In this table, the data covers the letters/ responses made by the Exchange within the relevant reporting month, and the processing time taken by the Exchange refers to business days taken between the acceptance date of the relevant application/ submission and the date of issue of the letter/ response by the Exchange. The Exchange treats all applicants fairly and equally in accordance with relevant Listing Rules, and the length of the processing time depends on various factors including quality and timeliness of the applicants’ responses and time required for obtaining clearance by the applicant from other relevant regulators. The Exchange generally does not impose any deadline for response to its comment letters/ guidance. B. Processing Time First Comment Letters Issued in October 2024 on New Applications 6 Median of business days taken by the Exchange for issuing first comment letter 13  All Comment Letters Issued in October 2024 on Applications 27  Median of business days taken by the Exchange for issuing comment letter  13  Guidance issued in October 2024 on Potential New Applications on Matters Relating to the Listing Rules 9  Median of business days taken by the Exchange for issuing written response  10  Applications presented to the Listing Committee hearing for the 12 months ended 31 October 2024 84  1. Median of total business days taken by the Exchange to issue comments from the listing application date to Listing Committee hearing 38  2. Median of total business days taken by parties other than the Exchange (e.g. sponsors) from the listing application date to Listing Committee hearing 95  3. Median of total business days taken from the listing application date to Listing Committee hearing 139  New Listings for the 12 months ended 31 October 2024 (9) 69  Median of total business days from the Listing Committee hearing to listing 34   (1) Including application by investment vehicle pursuant to Chapters 20 and 21 of the Main Board Listing Rules. (2)  The number of applications processed also includes application by investment vehicle pursuant to Chapters 20 and 21 of the Main Board Listing Rules, application for transfer of listing from GEM to the Main Board, and deemed new applicant pursuant to Main Board Listing Rules 8.21C or 14.84/ GEM Listing Rule 19.84, and very substantial acquisition treated as reverse takeover pursuant to Main Board Listing Rule 14.06(6)/ GEM Listing Rule 19.06(6). Renewal applications refer to applications accepted within three months following a lapsed application by the same applicant. In this context, the Exchange considers such renewal application as a continuance of its original application. New applications include (i) applications filed with the Exchange for the first time; and (ii) applications filed after a returned, rejected or withdrawn application, or more than three months after a lapsed application by the same applicant. (3)  For the applications processed in a relevant reporting year, they include applications that were approved by the Listing Committee prior to, or during, the relevant reporting year. As at the date of this report, 62 Main Board applications and 3 GEM applications were approved by the Listing Committee during 2024. (4)  New Applications accepted in October 2024 include 5 Main Board applications, 0 GEM applications, and 3 applications pursuant to Chapter 20 of the Main Board Listing Rules. (5)  Including nil company transferred their listing from GEM to Main Board. (6)  An application shall lapse when six months have elapsed since the submission of an application form pursuant to Main Board Listing Rule 9.03/ GEM Listing Rule 12.07. (7)  Nil rejection and nil return of listing application for the year to date. If an application is rejected or returned, the same applicant may resubmit a new listing application once it has subsequently satisfied all applicable Listing Rules. (8)  Applications returned on the ground that the information in the listing application proof or related documents is not substantially complete. (9)  Not including listings by investment vehicle(s) (including Exchange Traded Funds (ETFs) and Real Estate Investment Trust (REITs)) and investment companies pursuant to Chapters 20 and 21 of the Main Board Listing Rules.   Delisting and Suspension Information (As at 31 October 2024)   Main Board GEM Total A. Number of delisted companies (since 1 January 2024) 1. Cancellation of listing pursuant to delisting procedures under the Listing Rules 18 6 24 2. Voluntary withdrawal of listing (10) 15 0 15             3. Transfer of listing from GEM to Main Board  N/A  0  0 4. De-SPAC transaction (11) 1 _____ N/A _____ 1 _____  Total 34 6 40  B. Number of companies in suspension for three months or more (as at 31 October 2024)        1. Delisting approval by the Listing Committee 9 0 9 (12)  2. Other suspended companies (12)   56(14)  _____ 8(15) _____ 64 _____  Total 65 8 73     (10)  Either under (a) a compulsory acquisition under Main Board Rule 6.15(1) or GEM Rule 9.23(1) or (b) a privatisation by way of a scheme of arrangement or capital reorganisation under Main Board Rule 6.15(2) or GEM Rule 9.23(2). (11) An acquisition of, or a business combination with, a De-SPAC target by a SPAC that results in the listing of a successor company which satisfies the new listing requirements under Main Board Chapter 8. (12) 4 Main Board company has applied to the Exchange to review the delisting decisions of the Listing Committee. 1 Main Board company has applied to the High Court of Hong Kong for judicial review of the delisting decisions of the Listing Review Committee. The review procedures and relevant legal proceedings are in progress.  (13) The Exchange may cancel the listing of companies if trading in their securities has remained suspended for 18 continuous months under Main Board Rule 6.01A or 12 continuous months under GEM Rule 9.14A.  Depending on the specific facts and circumstances of a suspended company, the Exchange may at any time publish a delisting notice stating its right to delist the company if it fails to resume trading within a shorter period specified in the notice. (14) Please refer to the Monthly Prolonged Suspension Status Report (Main Board) for the status of companies suspended for three months or more. (15) Please refer to the Monthly Prolonged Suspension Status Report (GEM) for the status of companies suspended for three months or more.

The FCA has banned Steven Hodgson and Paul Adams of Vintage Investment Services (Vintage) from advising any customers on pension transfers and opt outs.   Mr Hodgson and Mr Adams poorly advised people to transfer out of defined benefit pension schemes, including the British Steel Pension Scheme (BSPS). They are also banned from holding any senior management function in a regulated firm. In addition, Mr Hodgson and Mr Adams will pay £32,700 and £53,200 respectively to the Financial Services Compensation Scheme (FSCS) to contribute towards redress owed to Vintage customers.   Between January 2016 and December 2017, Vintage advised 97% of its defined benefit pension clients to transfer out of their pension, and 98.8% of those customers followed the firm’s advice. 165 people transferred out, including 93 members of the BSPS. The average completed transfer value was over £420,000 (£375,000 for BSPS members). Mr Adams and Mr Hodgson were responsible for this poor advice – two thirds of which did not meet the required standards. 132 customers continued to pay Vintage for ongoing advice after being wrongly advised to transfer.   Therese Chambers, joint executive director of enforcement and market oversight said:   ‘People rely on good-quality pensions advice to secure a comfortable retirement. Mr Adams and Mr Hodgson fell far short of this basic expectation, earning significant fees for themselves in the process. Their fines will go to the FSCS to offset the cost of their failings.’  Background Read the Final Notices for Paul Adams and Steven Hodgson. British Steel Pension Scheme – our approach to enforcement. The FSCS has paid £1.07m in claims against Vintage. There are no current outstanding claims being processed by the FSCS.   Payments to the FSCS will be prioritised and the FCA is making sure the proceeds from any fines are paid to the FSCS, and therefore back to customers who were wrongly advised.  Impacted customers who have not yet made a claim can go to the FSCS dedicated pageLink is external  for information about defined benefit pension transfer claims.

Broadridge Financial Solutions, Inc. (NYSE: BR), today announced the launch of Broadridge® ClearFi (“ClearFi”), a new suite of products to help financial intermediaries operating within the Digital Asset space to get out ahead of current and emerging disclosure regulations. ClearFi helps broker-dealers, exchanges, and wallet providers provide their clients and participants with useful on-chain and off-chain information about digital assets, including cryptocurrencies, stable coins, and DeFi innovations made available through their platforms. “Exchanges, broker-dealers, wallet providers, regulators, and elected officials are all eager to ensure that everyday investors have information to know what their investment products are,” said Rob Krugman, Broadridge’s Chief Digital Officer. “By working with industry partners throughout the process, we’ve created a platform that helps investors and advisers quickly access better understand and monitor their digital asset investing.” ClearFi was built with the needs of investors in mind, stemming from discussions with partners and research on the information investors say is important to them. Results from Broadridge’s Digital Asset Disclosure Survey found that many investors want basic information that is otherwise difficult for them to access because it is both on- and off-chain, and that others want to better understand how to evaluate digital assets. Additionally, client conversations highlighted a clear need for a broad agreement to provide investors with standardized and tailored information to address needs that evolving regulatory frameworks are looking to address. Comprehensive Overview for Informed Decisions ClearFi consolidates and aggregates both on-and off-chain information and content to provide an overview of the digital asset, including information on the underlying technology, tokenomics, governance, and purpose. The information provided is updated in near real-time. Because there isn’t an “issuer” in the traditional sense of the work with many digital assets, ClearFi combines on-chain data with information collected from hundreds of trusted off chain data sources. The information is mapped to a standardized taxonomy enabling intermediaries including exchanges, brokers and asset managers to provide insight into the assets available on their platforms. This first of its kind standardized taxonomy for digital assets was built to help foster greater literacy while enabling individuals to evaluate, compare and educate themselves on assets. ClearFi data can also be used by intermediaries to address emerging global regulations, including Canadian and UK know-your-product (“KYP”) rules and MiCA Whitepaper reporting requirements. “The introduction of ClearFi demonstrates Broadridge’s continued leadership and innovation in improving disclosure as investing democratizes across economies,” said German Soto Sanchez, Broadridge Chief Product and Strategy Officer.  Developed within Broadridge’s innovation lab, 605 Studios, the ClearFi solution is available globally today through a web interface and API. 605 Studios focuses on identifying and developing cutting-edge technologies, products, and businesses that drive financial services forward in support of capital markets and clients. Its approach towards innovation is based upon solving industry challenges. For more information, please visit https://www.broadridge.com/clear-fi.

The FCA and PSR Boards have appointed Alison Potter as chair of the FCA’s Regulatory Decisions Committee (RDC) and the PSR’s Enforcement Decisions Committee (EDC). These 2 committees are responsible for taking certain regulatory decisions on behalf of the FCA and the PSR. Committee members are selected based on their ability to make independent decisions grounded in evidence and experience. The new appointment has been made ahead of the existing chair, Tim Parkes, standing down later this year. Alison Potter will begin on 1 November 2024, with a short transitional period alongside Tim Parkes. Bernadette Conroy, FCA non-executive director and chair of the FCA’s Risk Committee, said: 'I am delighted to welcome our new RDC and EDC chair. Alison brings with her a wealth of knowledge and experience, including her experience of financial services and decision-making, which will enhance the capability and effectiveness of the RDC and EDC. 'Tim Parkes has provided almost 9 years of outstanding leadership and service as RDC and EDC chair, and I would like to thank him for his commitment and dedication to the important work of the committees.' Background Alison Potter has over 30 years of experience as a barrister working in commercial law. She specialises in the field of financial services and financial regulatory law. Her practice included a range of commercial law disputes, providing advisory services and conducting litigation for and against a large number of commercial institutions, regulators and individuals. Alison was appointed as a senior decision maker for the Guernsey Financial Services Commission in 2018. She is a bencher in the Middle Temple Inn of Court and acted as a mediator in a range of commercial disputes for over 10 years. Alison has also held a number of other positions including chair of Clifton College, trustee and director of the National Executive of the CPRE, trustee of the Bath Preservation Trust, councillor for Bath and North East Somerset and chair of the West of England Combined Authority Oversight and Scrutiny Committee. You can read more about the work of the FCA’s RDC and the PSR’s EDCLink is external  on our websites, including the biographies of all current committee members. Find out more information about the FCA.

Temenos today announced that it has been named a Leader in the 2024 IDC MarketScapes for Digital Core Banking Platforms in North America, EMEA and Asia Pacific.[1] Temenos attributes this recognition to the rich functionality of its core banking platform, helping banks enhance their customer experiences and increase business agility.  In North America, the IDC MarketScape evaluated 10 technology vendors, while the IDC MarketScapes for APAC and EMEA assessed 15 vendors each. In this competitive global landscape, Temenos is one of just two vendors to be named a Leader in all three evaluations. Jerry Silva, Vice President, IDC Financial Insights, said: “The Temenos Core Banking solution portfolio is a cloud-native and cloud-agnostic composable microservices-based offering. It uses a modern technology stack that can evolve to cater for new needs as they arise. This enables banks to compose, extend, and deploy banking capabilities at scale via cloud and SaaS, or to deploy on premise. The solution is used by clients all over the world and Temenos has earned a reputation for being customer-centric and collaborative.” Barb Morgan, Chief Product and Technology Officer, Temenos, commented: "We’re proud to be recognized by the IDC MarketScape as a market leader across multiple regions in digital core banking platforms. We believe this demonstrates the proven value of our comprehensive core banking solutions, providing banks globally with the agility they need to innovate faster and elevate the digital banking experience for their customers. We are committed to keep investing on Temenos’ core banking platform and delivering solutions that create long-term value and success for our customers.” The IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. The Capabilities score measures vendor go-to-market and business execution in the short-term. The Strategy score measures alignment of vendor strategies with customer requirements in a 3-5-year timeframe. Vendor market share is represented by the size of the icons.     [1] Source: IDC MarketScape: North American Digital Core Banking Platforms 2024 Vendor Assessment (doc #US50463523, September 2024); IDC MarketScape: EMEA Digital Core Banking Platforms 2204 Vendor Assessment (doc #EUR150463623, September 2024); and IDC MarketScape: Asia Pacific Digital Core Banking Platforms 2024 Vendor Assessment (doc #AP50463723, September 2024).

The World Federation of Exchanges, the global industry body for exchanges and clearing houses (The WFE), has today published a paper on the opportunities and challenges surrounding Artificial Intelligence (AI).  AI does not necessarily mean more regulation is needed because principles-based rules should ensure firms are held accountable regardless of the technology applied. Regulation must first use existing tools to achieve a balance between ensuring robust oversight and fostering innovation to not only protect public interest and safety, but also encourage the growth and beneficial application of AI technologies.With policymakers around the world opening consultations and discussions on the use of AI this year, The WFE suggests 3 foundational principles:Principles-based regulation: that is inherently flexible and adaptable to evolving technologies. AI-driven systems should be held to the same regulatory standards as existing tools, with a focus on outcomes and accountability rather than the specific technology. This would ensure that AI applications enhance efficiency and innovation without compromising the foundational goals of financial regulation.A risk-based framework: where requirements are proportional to the level of risk associated with AI applications. Alignment of regulatory standards: there must be alignment at both local and international levels. This helps to facilitate a safe system that is easier to comply with. While the technological innovations and associated concerns about managing generative AI are significant, exchanges are carefully scrutinising tools and establishing controls to govern AI use as trusted third parties providing secure and regulated platforms for trading securities. WFE exchange and clearing house members, which together see over $124tr in trading pass through them annually (at end-2023), are uniquely positioned to leverage AI’s potential due to the critical role they play in ensuring transparency, enabling efficient trading and facilitating investment to the real economy. Exchanges are leaders in deploying technology to improve market integrity and efficiency and AI already has a role in their operations: detecting fraud, undertaking market surveillance, facilitating trade execution and optimising settlement, for example.Nandini Sukumar, Chief Executive Officer of the WFE, said, “As an industry, we are committed to shaping an AI regulatory framework that fosters innovation while safeguarding market integrity and investor protection. Regulators need to curb their natural reaction to regulate here. A principles-based, risk-sensitive regulatory approach that encourages innovation, without stifling progress, should be the goal of all regulators and governments. Modernisation must be encouraged to enhance market dynamics and provide better services and protections to consumers.” Richard Metcalfe, Head of Regulatory Affairs at the WFE, commented, “A failure to strike the right balance in the regulation puts more than growth at risk. Exchanges and CCPs are at the heart of the financial ecosystem and are trusted to uphold market integrity. More advanced machine learning models and generative AI has opened new avenues for enhancing operational efficiency, improving market surveillance, and managing risk. Policymakers must take care that regulatory changes don’t leave investors more exposed to risk, with overly broad regulation stifling the use of AI in safeguarding markets.”The full paper can be read here.

ACER’s REMIT Quarterly provides updates on the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) and related activities, offering insights into this year’s revision of the REMIT Regulation to keep stakeholders informed on changes that enhance transparency and integrity in the European energy market. What is in the latest REMIT Quarterly? The latest edition covers the third quarter of 2024 and includes: Key takeaways from two joint roundtable meetings (17 and 18 September 2024) with Registered Reporting Mechanisms (RRMs), Inside Information Platforms (IIPs), and Associations of Energy Market Participants (AEMPs) on delegated acts for RRMs and IIPs. The announcement of the next roundtable meeting with AEMPs, Organised Market Places (OMPs), RRMs, and IIPs on data reporting, which will be held on 26 and 28 November 2024. This meeting will focus on the upcoming revision of the REMIT Implementing Regulation and data reporting guidance, including the new Annex to the Transaction Reporting User Manual (TRUM). The latest: List of OMPs and of Standard Contracts. List of accepted Energy Identification Codes (EICs) which identifies delivery points, zones for electricity or gas supply, and derivative contracts. Overview of REMIT breach cases in 2024, with 371 cases under review at the end of the third quarter. Overview of trading on OMPs, showing a notable increase compared to the same period last year. Statistics for RRMs’ contingency reports. Other REMIT updates. Access the 38th issue of the REMIT Quarterly. Access all REMIT Quarterlies.  

Results for the first nine months of 2024. Highlights Euroclear’s business income and interest earnings reached record levels Underlying operating income increased by 6% to reach €2.18 billion. Net profit increased by 8% to €890 million. Underlying business income is up by 5% to €1,302 million, driven by record levels in settlement and safekeeping activities, with assets under custody crossing the €40 trillion mark for the first time ever. In Q3 2024, business income increased by 8% compared to Q3 2023, driven by strong performance especially in the Eurobonds & European assets and funds business. Underlying interest income continues to increase, up 9% to €882 million in the context of sustained high interest rates environment and gradual policy rate cuts. Pace of cost growth continues to slow After a step-up in investment in digital capabilities, workforce and IT infrastructure in 2023, the growth of underlying operating expenses slowed to 3% for the first nine months of 2024. In Q3 2024, underlying costs decreased by 1.5% compared to Q3 2023, reflecting Euroclear’s continued focus on cost mitigation and non-recurrence of specific items. As a result, the business income operating margin improved to 24.7% for the first nine months of 2024. Strong shareholder return and capital position Underlying earnings per share increased by 8% to €283 in line with continued increase in net profit. Euroclear group retains a very strong capital position, comfortably above regulatory requirements with an underlying Common Equity Tier 1 capital ratio slightly below 60%*. Russian sanctioned assets Following the implementation of the EU windfall contribution regulation, Euroclear provisioned €2.9 billion as windfall contribution for the first nine months of 2024, of which a first tranche of €1.55 billion for H1 2024 was paid to the European Fund for Ukraine in July 2024. Gradual rate cuts have led to a decline in interest income related to the Central Bank of Russia’s assets in Q3 2024 with the outlook for future interest earnings dependent on policymaking decisions. The impacts of the Russian sanctions are detailed in the last section of this press release. *Post deduction of dividend relating to 2023 earnings, including Sept. 2024 YTD profit and based on estimated underlying RWA of around EUR 7.4bn. Assuming a 60% dividend pay-out on the Sept. 2024 YTD profit, the CET1 ratio would be 52%.   Valerie Urbain, Chief Executive Officer of Euroclear, commented: "We are maintaining our trajectory of strong financial results and excellent performance, with our settlement and safekeeping activities reaching once again record levels. We remain focused on the execution of our strategy and delivering outstanding service to our customers, while continuing to invest to support our long-term growth. We believe digital assets offer significant benefits and our teams have continued to innovate to advance their adoption across geographies and asset classes. After two successful issuances, Euroclear now welcomed the first issuance in USD by an Asia-based issuer on its Digital Securities Issuance (D-SI) platform. Euroclear took part in a groundbreaking pilot project to tokenise gold, Gilts and Eurobonds for collateral management and completed the dress rehearsal of its trial for Eurosystem wholesale Central Bank Digital Currency (CBDC) exploratory work. Finally, Euroclear joined forces with Singapore-based Marketnode to help establish a key market infrastructure in Asia-Pacific designed to simplify the management of fund flows and reduce settlement times by using Distributed Ledger Technology (DLT). As a group with European roots, Euroclear reiterated its commitment to supporting the European Capital Markets Union. With Europe entering a new political cycle, Euroclear presented a detailed memorandum on the competitiveness in Europe’s markets and engaged with key stakeholders to chart the course for enhanced market development and integration in Europe. I firmly believe that by attracting more issuers and investors, by removing barriers to efficiency, competition and integration and by supporting innovation, European capital markets can become more liquid, resilient and competitive." Business performance The key operating metrics (end of period unless stated otherwise) demonstrate an excellent business performance during the period. Euroclear’s assets under custody reached a record €40 trillion, growing for the eighth quarter in a row, thanks to solid stock exchange performances coupled with robust results in fixed income. Despite the usual summer slowdown, settlement volumes hit a new high due to sustained activity since the beginning of the year. Funds depot is boosted by the success of ETFs, combined with the positive evolution of the stock valuations and breaks its all-time record level close to €3.4 trillion. The Collateral Highway®’s outstanding continues to increase and is now very close to the early 2022 peak. Business milestones Reshaping traditional financial services Euroclear made significant progress in its journey to become a digital, data-enabled Financial Market Infrastructure by welcoming the first Digital Native Note (DNN) issued by the Asian Infrastructure Investment Bank on its Digital Securities Issuance (D-SI) platform. This marks the first digital issuance in USD for Euroclear and the first such issuance by an Asia-based issuer on its platform. Euroclear’s DSI service enables the issuance, distribution and settlement of fully digital international securities on Distributed Ledger Technology (DLT). In the related digital securities space, Euroclear, alongside Digital Asset and The World Gold Council, has successfully completed a groundbreaking pilot to tokenise gold, Gilts and Eurobonds for collateral management. This initiative showcases how DLT can revolutionise collateral mobility, enhance liquidity and boost transactional efficiency. Furthermore, with the support of Paris Europlace, Euroclear has brought together a group of French banks around its D-SI platform and Banque de France’s DL3S platform for Central Bank Digital Currency (CBDC). As a result, these financial institutions will issue the first Digital Native Note (DNN) under French Law and settle it in CBDC. Advancing the funds business In October 2024, Euroclear acquired a strategic stake in Marketnode, a Singapore-based digital market infrastructure operator (Read the press release). By joining forces with Marketnode and its existing shareholders – the Singapore Exchange (SGX Group), Temasek and HSBC – Euroclear will contribute to establish a key market infrastructure in Asia-Pacific designed to simplify the management of fund flows and reduce settlement times by using new technology. This first strategic investment in Asia reinforces the region’s importance to Euroclear’s positioning and business growth.  In line with its commitment to make private markets more accessible to a wider range, Euroclear announced a pioneer collaboration with BlackRock. Both companies join forces to expand the distribution of BlackRock’s private market funds via Euroclear’s FundsPlace. With a global reach serving over 2,500 clients across the globe, FundsPlace is well-equipped to extend BlackRock’s diverse range of private market funds to an even broader array of investors. Simplification of Euroclear’s group structure On 1 October 2024, Euroclear completed the previously announced simplification of its group structure. Two out of the four financial holding companies of the Euroclear group, Euroclear AG and Euroclear Investments SA/NV, were successively merged into Euroclear Holding SA/NV, the ultimate parent entity of the Euroclear group. This simplification of the corporate structure results in a significant reduction of complexity both in terms of governance and financial administration, while keeping direct participations in regulated entities at the level of Euroclear SA/NV. This merger also streamlines and accelerates the dividend upstreaming process. A call for unlocking scale and competitiveness in Europe’s markets As a trusted market infrastructure having contributed to the integration of European and global markets over decades, Euroclear is committed to advance the European Capital Markets Union. To instigate a meaningful dialogue with all involved stakeholders, Euroclear published a thought leadership paper on the European capital markets highlighting, key challenges, real opportunities and the critical need to improve integration and competitiveness, specifically in the post-trade sector. Related Information  Unlocking scale and competitiveness in Europe’s markets (pdf-9.6MB) Supporting academic research on sustainable finance In line with its ambition to advancing the understanding of sustainable finance, Euroclear announced its sponsorship of a new Chair in Sustainable Finance at the Solvay Brussels School of Economics and Management of the Université Libre de Bruxelles (ULB). Professor Dr Guntram Wolff will be the first holder of this newly created Chair, which will contribute to the creation of knowledge on sustainable finance, executive training as well as teaching. Russian sanctions impacts Financial impacts of the Russian assets The Russian sanctions continue to have a significant impact on Euroclear’s earnings. Interest earnings related to Russian assets, which are subject to Belgian corporate tax, generated €1.27 billion tax revenue. Following the implementation of the EU windfall contribution regulation applicable to the Central Bank of Russia’s (CBR) assets dating from 15 February 2024 onwards, Euroclear provisioned €2.9 billion as windfall contribution for the first nine months of 2024. Euroclear made a first payment for H1 2024 of approx. €1.55 billion to the European Fund for Ukraine in July 2024. The sanctions and Russian countermeasures resulted in direct costs of €68 million and a loss of business income of €20 million. Gradual rate cuts have led to a decline in interest income related to the Central Bank of Russia’s assets in Q3 2024 (see quarterly evolution in the table below) with the outlook for future interest earnings dependent on policymaking decisions. As a reference, an interest rate cut of 0.25% in Euro would have a potential impact of €51 million on the windfall contribution on quarterly basis.  Update on Russian sanctions and countermeasures Russia’s invasion of Ukraine in February 2022 resulted in market-wide application of international sanctions. Euroclear considers the application of international sanctions as a key obligation. Therefore, well established processes are in place which have allowed the group to implement the sanctions while maintaining our normal course of business.As a result of the sanctions, blocked coupon payments and redemptions owed to sanctioned entities continue to accumulate on Euroclear Bank’s balance sheet. At the end of September 2024, Euroclear Bank’s balance sheet totalled €216 billion, of which €176 billion relate to sanctioned Russian assets.In line with Euroclear’s risk appetite and policies and as expected by the EU Capital Requirements Regulation, Euroclear’s cash balances are re-invested to minimise risk and capital requirements. In the first nine months of 2024, interest arising on cash balances from Russian-sanctioned assets was approximately €5.15 billion. Such interest earnings are driven by the prevailing interest rates and the amount of cash balances that Euroclear is required to invest. Subject to Belgian corporate tax, these earnings generated €1.27 billion tax revenue for the Belgian State. As such, future earnings will be influenced by the evolving interest rate environment. Effective 15 February 2024, the EU Council adopted a Regulation requiring Central Securities Depositories (CSDs) holding reserves and assets of the Central Bank of Russia with a total value of more than €1 million to apply specific rules in relation to the cash balances accumulating due to restrictive measures. These CSDs, such as Euroclear Bank, should account for and manage such extraordinary cash balances separately from their other activities, should keep separate the net profit generated and should not dispose of these ensuing net profits (e.g. in the form of dividends to shareholders).In May 2024, the European Commission has adopted a new regulation about a windfall contribution applicable to CSDs holding Russian Central Bank assets with a total value of more than €1 million. The profits generated by the reinvestment of these sanctioned amounts dating from 15 February 2024 onwards are required to be contributed to the European Fund for Ukraine. Consequently, Euroclear made a first payment of approx. €1.55 billion to the European Fund for Ukraine in July 2024. Euroclear continues to act prudently and to strengthen its capital by retaining the remainder of the Russian sanction related profits as a buffer against current and future risks. Euroclear is focused on minimising potential legal, financial and operational risks that may arise for itself and its clients, while complying with its obligations. As a direct consequence of the sanctions and countermeasures, Euroclear faces multiple proceedings in Russian courts. Since Russia considers international sanctions against public order, Russian claimants initiated legal proceedings aiming mainly to access assets blocked in Euroclear Bank’s books, by claiming an equivalent amount in Russian Ruble and enforcing their claim in Russia. Despite all legal actions taken by Euroclear and the considerable resources mobilised, the probability of unfavourable rulings in Russian courts is high since Russia does not recognise the international sanctions. Annexes Euroclear Bank and Euroclear Investments are the two group issuing entities. The summary income statements and financial positions at Q3 2024 for both entities are shown below. The drop in Q3 2024 figures compared to Q3 2023 reflects the booking of the windfall contribution related to the Central Bank of Russia’s (CBR) assets dating from 15 February 2024. The evolution of Q3 2024 figures compared to Q3 2023 reflects the increase in intragroup dividend.

The Securities and Futures Commission’s (SFC) Chief Executive Officer (CEO), Ms Julia Leung, its Executive Director of Investment Products, Ms Christina Choi, and other senior SFC delegates met with the top executives of the Capital Market Authority (CMA) and Saudi Tadawul Group (parent company of the Saudi Exchange) in Riyadh, Saudi Arabia, yesterday to strengthen regulatory collaboration on their second business trip to Riyadh in less than six months (Note 1).  The SFC delegates witnessed the successful cross-listing on the Saudi Exchange of the first Hong Kong exchange-traded fund (ETF) which tracks an index comprising major Stock Connect eligible Hong Kong-listed stocks. They are also on hand to witness the cross-listing of another ETF tracking the city’s flagship equity benchmark today. “The two Hong Kong ETFs are the first ETFs listed on the local bourse to provide Saudi investors with investment exposure to the Hong Kong market. The cross-listing marks a new milestone in the burgeoning ties between the capital markets of Hong Kong and Saudi Arabia, underscoring Hong Kong’s unique role in facilitating two-way capital flow via the China-Middle East Corridor,” said Ms Leung. They were part of the Hong Kong delegation to Saudi Arabia led by The Honourable Paul Chan, Financial Secretary of the HKSAR. They were joined by a delegation of Hong Kong industry leaders, including the chairpersons of the Hong Kong Investment Funds Association and the Chinese Asset Management Association of Hong Kong, in the meeting with the CMA’s Chairman His Excellency Mr Mohammed bin Abdullah Elkuwaiz and the Saudi Exchange’s CEO Mr Mohammed Al Rumaih, as well as other senior executives. They discussed the role of Hong Kong as a connector for Saudi corporates, investors and market participants to tap into the broader Asian markets, among other topics. To raise awareness of the opportunities in the realm of asset and wealth management, the SFC also co-hosted with the CMA an industry roundtable in Riyadh yesterday to connect Saudi Arabian and Hong Kong asset managers. During the roundtable discussion, participants explored how to deepen their partnership in knowledge sharing, capacity building and widening product choices for the investors in both markets. During the visit, Ms Leung spoke of the importance of digital finance at the Future Investment Initiative (FII) Conference in Riyadh. She also highlighted the use of stablecoins to facilitate cross-border payments by reducing costs, speeding up settlement, and broadening access for both individuals and businesses. To provide quick reference for Hong Kong asset managers in navigating opportunities for regional market connectivity, the SFC has published a guide on its website to introduce the Saudi Arabian market landscape and how Hong Kong funds can be offered there. Note: Please see the SFC’s press release dated 3 June 2024.

ASIC has released its third publication on information lodged under the reportable situations regime. The publication provides high-level insights into reporting trends from 1 July 2023 to 30 June 2024. The publication covers licensee population reporting, breach identification and investigation, root causes, consumer impact and remediation efforts. During the period, licensees submitted 12,298 reports. Of these, 79% had a financial and/or non-financial impact on customers. As at 30 June 2024, licensees reported paying around $92.1 million in compensation to approximately 494,000 customers for breaches during the reporting period. Download Report 800 Insights from the reportable situations regime: July 2023 to June 2024 Background The reportable situations regime, often referred to as breach reporting, is a cornerstone of the financial services and credit regulatory regimes, and the reports lodged by licensees are a critical source of regulatory intelligence for ASIC. For more information, see Reportable situations for AFS and credit licensees. The regime requires ASIC to report annually on the information lodged by licensees. Amongst other things, this publication is intended to assist industry and customers identify where significant breaches are occurring. ASIC is Australia’s corporate, markets and financial services regulator.

The Board of Directors of TMX Group Limited today declared a dividend of $0.19 on each common share outstanding. This dividend is payable on November 29, 2024 to shareholders of record at the close of business on November 15, 2024. TMX Group hereby advises that this dividend is designated as an "eligible dividend" for Canadian income tax purposes. TMX Group Limited Declares Dividend of $0.19 per Common Share