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  

TMX Group Limited [TSX:X] ("TMX Group") announced results for the quarter ended September 30, 2024. TMX Group Limited Reports Results for Third Quarter of 2024

Second highest Revenues on record, up 36% year-over-year to $637 million  GAAP Diluted EPS of $0.17, up $0.26 year-over-year  Year-to-date Net Deposits of $34 billion, Revenues of $1.94 billion, and GAAP Diluted EPS of $0.55 have all exceeded prior full year records Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) today announced financial results for the third quarter of 2024, which ended September 30, 2024. “I'm really proud of our Q3 results and how smoothly our product engine is humming,” said Vlad Tenev, CEO and Co-Founder of Robinhood. “In the past month, we introduced Robinhood Legend, our new desktop offering, and announced index options, futures, and a realized profit and loss tool are coming soon. And just this week, we launched our Presidential Election Market. We have a ton of momentum, and we’re just getting started.” “Q3 was another strong quarter, as we drove 36% year-over-year revenue growth, and dropped most of that to the bottom line,” said Jason Warnick, Chief Financial Officer of Robinhood. “We entered 2024 with the goal of delivering another year of profitable growth, so we're excited to have already broken prior full year records for both revenue and EPS.” Third Quarter Results: Total net revenues increased 36% year-over-year to $637 million. Transaction-based revenues increased 72% year-over-year to $319 million, primarily driven by options revenue of $202 million, up 63%, cryptocurrencies revenue of $61 million, up 165%, and equities revenue of $37 million, up 37%. Net interest revenues increased 9% year-over-year to $274 million, primarily driven by growth in interest-earning assets. Other revenues increased 42% year-over-year to $44 million, primarily due to increased Gold subscription revenues. Total net revenues were reduced by $27 million in Q3 2024 (and $13 million in Q2 2024) due to matches paid to customers on transfers and deposits. Net income increased year-over-year to $150 million, or diluted earnings per share (EPS) of $0.17, compared to a net loss of $85 million, or diluted EPS of -$0.09, in Q3 2023. Total operating expenses decreased 10% year-over-year to $486 million. This includes a $10 million regulatory accrual, which compares to a $104 million regulatory accrual in Q3 2023. Adjusted Operating Expenses (non-GAAP) increased 12% year-over-year to $397 million primarily due to increased marketing and growth investments. Share-Based Compensation (SBC) decreased 5% year-over-year to $79 million. Adjusted EBITDA (non-GAAP) increased 96% year-over-year to $268 million. Funded Customers increased by 1.0 million year-over-year to 24.3 million. Investment Accounts increased by 1.5 million year-over-year to 25.1 million. Assets Under Custody (AUC) increased 76% year-over-year to $152.2 billion, driven by continued Net Deposits and higher equity and cryptocurrency valuations. Net Deposits were $10.0 billion, an annualized growth rate of 29% relative to AUC at the end of Q2 2024. Over the past twelve months, Net Deposits were $39.0 billion, a growth rate of 45% relative to AUC at the end of Q3 2023. Average Revenue Per User (ARPU) increased by 31% year-over-year to $105. Gold Subscribers increased by 860 thousand, or 65%, year-over-year to 2.2 million. Cash and cash equivalents totaled $4.6 billion compared with $4.9 billion at the end of Q3 2023. Share repurchases were $97 million, representing 5.0 million shares of our Class A common stock at an average price per share of $19.42. In July 2024, we began executing on our authorized $1 billion share repurchase program, which we continue to expect to complete over a total of two to three years. Highlights Robinhood takes major steps toward delivering on product roadmap and winning the active trader market. Building for Active Traders - In October 2024, Robinhood began rolling out Robinhood Legend, a powerful, sleek browser-based desktop trading platform built from the ground up for active traders, and announced that it will launch futures and index options in the coming months with some of the lowest contract fees in the industry. Robinhood Hosts its First Ever Customer-Focused Conference - In October 2024, Robinhood held its inaugural HOOD Summit, bringing together over 400 customers with Robinhood executives and other industry leaders for a three-day event to discuss the latest in trading technology, investing, and culture. More than 9 percent of Robinhood Funded Customers benefit from Robinhood Gold - Gold Subscribers reached new highs of 2.2 million in Q3 2024. Additionally, Robinhood Gold Cards continue to roll out, now in the hands of nearly 100 thousand customers. Robinhood Retirement Reaches $11 billion in AUC - In October 2024, Robinhood Retirement reached $11 billion in AUC across nearly one million funded retirement accounts. Offering the first ever IRA with a match, customers have received over $200 million in matches on retirement account transfers and contributions since launching in January 2023. Expanding Our UK Product Offering - Robinhood introduced stock lending in the UK in September 2024 and launched margin investing for UK customers in October 2024. Robinhood has also received Financial Conduct Authority approval to offer options trading in the UK and plans to launch in 2025. Additional Q3 2024 Operating Data Retirement AUC increased 9X year-over-year to $9.9 billion. Cash Sweep increased 80% year-over-year to $24.5 billion. Margin Book increased 53% year-over-year to $5.5 billion. Equity Notional Trading Volumes increased 65% year-over-year to $286.2 billion. Options Contracts Traded increased 47% year-over-year to 443.4 million. Crypto Notional Trading Volumes increased 112% year-over-year to $14.4 billion. Monthly Active Users (MAU) increased 7% year-over-year to 11.0 million. Webcast and Conference Call Information Robinhood will host a conference call to discuss its results at 2 p.m. PT / 5 p.m. ET today, October 30, 2024. The live webcast of Robinhood's earnings conference call can be accessed at investors.robinhood.com, along with the earnings press release and accompanying slide presentation. Following the call, a replay and transcript will also be available at the same website. Financial Outlook Our 2024 expense plan includes growth investments in new products, features, and international expansion while also getting more efficient in our existing businesses. Our outlook for GAAP total operating expenses is $1.86 billion to $1.96 billion, including a $10 million regulatory accrual in Q3 2024. Our outlook for Non-GAAP combined Adjusted Operating Expenses and SBC for full-year 2024 is unchanged at $1.85 billion to $1.95 billion. Actual results might differ materially from our outlook due to several factors, including the rate of growth in Funded Customers and our effectiveness to cross-sell products which affects variable marketing costs, the degree to which we are successful in managing credit losses and preventing fraud, and our ability to manage web-hosting expenses efficiently, among other factors. The above expense outlook does not include potential significant regulatory matters or other significant expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses) that may arise or accruals we may determine in the future are required, as we are unable to accurately predict the size or timing of such matters, expenses or accruals at this time. See “Non-GAAP Financial Measures” for more information on Adjusted Operating Expenses and SBC, including significant items that we believe are not indicative of our ongoing expenses that would be adjusted out of total operating expenses (GAAP) to get to Adjusted Operating Expenses and SBC (non-GAAP) should they occur. About Robinhood Robinhood Markets, Inc. (NASDAQ: HOOD) transformed financial services by introducing commission-free stock trading and democratizing access to the markets for millions of investors. Today, Robinhood lets you trade stocks, options, commodity interests, and crypto, invest for retirement, and earn with Robinhood Gold. Headquartered in Menlo Park, California, Robinhood puts customers in the driver's seat, delivering unprecedented value and products intentionally designed for a new generation of investors. Additional information about Robinhood can be found at www.robinhood.com. Robinhood uses the “Overview” tab of its Investor Relations website (accessible at investors.robinhood.com/overview) and its Newsroom (accessible at newsroom.aboutrobinhood.com), as means of disclosing information to the public in a broad, non-exclusionary manner for purposes of the U.S. Securities and Exchange Commission's (“SEC”) Regulation Fair Disclosure (Reg. FD). Investors should routinely monitor those web pages, in addition to Robinhood’s press releases, SEC filings, and public conference calls and webcasts, as information posted on them could be deemed to be material information. “Robinhood” and the Robinhood feather logo are registered trademarks of Robinhood Markets, Inc. All other names are trademarks and/or registered trademarks of their respective owners. Contacts Investors:ir@robinhood.com Press:press@robinhood.com ROBINHOOD MARKETS, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited)     December 31,   September 30, (in millions, except share and per share data)   2023       2024   Assets       Current assets:       Cash and cash equivalents $ 4,835     $ 4,611   Cash and cash equivalents segregated under federal and other regulations   4,448       5,547   Receivables from brokers, dealers, and clearing organizations   89       139   Receivables from users, net   3,495       5,546   Securities borrowed   1,602       3,704   Deposits with clearing organizations   338       464   Asset related to user cryptocurrencies safeguarding obligation   14,708       19,456   User-held fractional shares   1,592       2,201   Held-to-maturity investments   413       527   Prepaid expenses   63       86   Deferred customer match incentives   11       73   Other current assets   196       251   Total current assets   31,790       42,605   Property, software, and equipment, net   120       133   Goodwill   175       179   Intangible assets, net   48       39   Non-current held-to-maturity investments   73       —   Non-current deferred customer match incentives   19       159   Other non-current assets, including non-current prepaid expenses of $4 as of December 31, 2023 and $22 as of September 30, 2024   107       130   Total assets $ 32,332     $ 43,245   Liabilities and stockholders’ equity       Current liabilities:       Accounts payable and accrued expenses $ 384     $ 443   Payables to users   5,097       6,264   Securities loaned   3,547       7,306   User cryptocurrencies safeguarding obligation   14,708       19,456   Fractional shares repurchase obligation   1,592       2,201   Other current liabilities   217       288   Total current liabilities   25,545       35,958   Other non-current liabilities   91       79   Total liabilities   25,636       36,037   Commitments and contingencies       Stockholders’ equity:       Preferred stock, $0.0001 par value 210,000,000 shares authorized, no shares issued and outstanding as of December 31, 2023 and September 30, 2024.   —       —   Class A common stock, $0.0001 par value. 21,000,000,000 shares authorized, 745,401,862 shares issued and outstanding as of December 31, 2023; 21,000,000,000 shares authorized, 761,992,964 shares issued and outstanding as of September 30, 2024.   —       —   Class B common stock, $0.0001 par value. 700,000,000 shares authorized, 126,760,802 shares issued and outstanding as of December 31, 2023; 700,000,000 shares authorized, 121,616,044 shares issued and outstanding as of September 30, 2024.   —       —   Class C common stock, $0.0001 par value. 7,000,000,000 shares authorized, no shares issued and outstanding as of December 31, 2023 and September 30, 2024.   —       —   Additional paid-in capital   12,145       12,158   Accumulated other comprehensive income (loss)   (3 )     1   Accumulated deficit   (5,446 )     (4,951 ) Total stockholders’ equity   6,696       7,208   Total liabilities and stockholders’ equity $ 32,332     $ 43,245                     ROBINHOOD MARKETS, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)     Three Months EndedSeptember 30,     YOY%     Three Months EndedJune 30,     QOQ%   (in millions, except share, per share, and percentage data)   2023       2024        Change       2024       Change   Revenues:                   Transaction-based revenues $ 185     $ 319       72 %   $ 327       (2 )% Net interest revenues   251       274       9 %     285       (4 )% Other revenues   31       44       42 %     70       (37 )% Total net revenues   467       637       36 %     682       (7 )%                         Operating expenses(1)(2):                       Brokerage and transaction   39       39       — %     40       (3 )% Technology and development   202       205       1 %     209       (2 )% Operations   41       50       22 %     46       9 % Marketing   28       59       111 %     64       (8 )% General and administrative   230       133       (42 )%     134       (1 )% Total operating expenses   540       486       (10 )%     493       (1 )%                             Other income (expense), net   (2 )     2       NM       2       — % Income (loss) before income taxes   (75 )     153       NM       191       (20 )% Provision for income taxes   10       3       (70 )%     3       — % Net income (loss) $ (85 )   $ 150       NM     $ 188       (20 )% Net income (loss) attributable to common stockholders:                   Basic $ (85 )   $ 150         $ 188       Diluted $ (85 )   $ 150         $ 188       Net income (loss) per share attributable to common stockholders:                   Basic $ (0.09 )   $ 0.17         $ 0.21       Diluted $ (0.09 )   $ 0.17         $ 0.21       Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:                   Basic   895,108,790       884,108,545           881,076,624       Diluted   895,108,790       905,544,750           904,490,572                                             Nine Months EndedSeptember 30,   YOY% Change (in millions, except share, per share, and percentage data)     2023       2024     Revenues:             Transaction-based revenues   $ 585     $ 975       67 % Net interest revenues     693       813       17 % Other revenues     116       149       28 % Total net revenues     1,394       1,937       39 %               Operating expenses(1)(2):             Brokerage and transaction     114       114       — % Technology and development     608       610       — % Operations     119       140       18 % Marketing     79       190       141 % General and administrative     1,036       385       (63 )% Total operating expenses     1,956       1,439       (26 )%                   Other income, net     —       8       NM   Income (loss) before income taxes     (562 )     506       NM   Provision for income taxes     9       11       22 % Net income (loss)   $ (571 )   $ 495       NM   Net income (loss) attributable to common stockholders:             Basic   $ (571 )   $ 495       Diluted   $ (571 )   $ 495       Net income (loss) per share attributable to common stockholders:             Basic   $ (0.64 )   $ 0.56       Diluted   $ (0.64 )   $ 0.55       Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:             Basic     898,999,464       880,182,573       Diluted     898,999,464       903,555,592                             ________________(1) The following table presents operating expenses as a percent of total net revenues:   Three Months EndedSeptember 30,   Three Months EndedJune 30,   Nine Months EndedSeptember 30,     2023       2024       2024       2023       2024   Brokerage and transaction   8 %     6 %     5 %     8 %     6 % Technology and development   43 %     32 %     31 %     44 %     31 % Operations   9 %     8 %     7 %     9 %     7 % Marketing   6 %     9 %     9 %     6 %     10 % General and administrative   49 %     21 %     20 %     74 %     20 % Total operating expenses   115 %     76 %     72 %     141 %     74 %                                         (2) The following table presents the SBC on our unaudited condensed consolidated statements of operations for the periods indicated:   Three Months EndedSeptember 30,   Three Months EndedJune 30,   Nine Months EndedSeptember 30, (in millions)   2023       2024       2024       2023       2024   Brokerage and transaction $ 2     $ 2     $ 3     $ 6     $ 7   Technology and development   51       48       52       161       144   Operations   3       1       2       6       5   Marketing   1       3       1       3       6   General and administrative   26       25       28       614       65   Total SBC $ 83     $ 79     $ 86     $ 790     $ 227                                             ROBINHOOD MARKETS, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)     Three Months EndedSeptember 30,   Nine Months EndedSeptember 30, (in millions)   2023       2024       2023       2024   Operating activities:               Net income (loss) $ (85 )   $ 150     $ (571 )   $ 495   Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:               Depreciation and amortization   19       20       54       55   Provision for credit losses   14       23       29       57   Share-based compensation   83       79       790       227   Other   (27 )     1       (27 )     —   Changes in operating assets and liabilities:               Securities segregated under federal and other regulations   —       547       —       —   Receivables from brokers, dealers, and clearing organizations   54       10       13       (50 ) Receivables from users, net   (391 )     (433 )     (502 )     (1,971 ) Securities borrowed   (244 )     (1,487 )     (687 )     (2,102 ) Deposits with clearing organizations   (52 )     87       (89 )     (126 ) Current and non-current prepaid expenses   17       (21 )     26       (41 ) Current and non-current deferred customer match incentives   (4 )     (6 )     (10 )     (202 ) Other current and non-current assets   62       117       10       (11 ) Accounts payable and accrued expenses   94       54       145       28   Payables to users   (786 )     475       (376 )     1,167   Securities loaned   263       2,215       1,411       3,759   Other current and non-current liabilities   6       (19 )     5       (42 ) Net cash provided by (used in) operating activities   (977 )     1,812       221       1,243   Investing activities:               Purchases of property, software, and equipment   (1 )     (7 )     (1 )     (9 ) Capitalization of internally developed software   (5 )     (12 )     (14 )     (26 ) Purchases of held-to-maturity investments   (76 )     (167 )     (651 )     (469 ) Proceeds from maturities of held-to-maturity investments   75       150       167       439   Purchases of credit card receivables by Credit Card Funding Trust   —       (169 )     —       (239 ) Collections of purchased credit card receivables   —       82       —       130   Business acquisition, net of cash and cash equivalents acquired   (90 )     —       (90 )     (6 ) Asset acquisition, net of cash acquired   —       —       —       (3 ) Other   —       —       10       1   Net cash used in investing activities   (97 )     (123 )     (579 )     (182 ) Financing activities:               Proceeds from issuance of common stock under the Employee Stock Purchase Plan   —       —       9       10   Taxes paid related to net share settlement of equity awards   (4 )     (56 )     (9 )     (155 ) Payments of debt issuance costs   —       —       (10 )     (14 ) Draws on credit facilities   10       1       20       12   Repayments on credit facilities   (10 )     (1 )     (20 )     (12 ) Borrowings on Credit Card Funding Trust   —       78       —       95   Repayments on Credit Card Funding Trust   —       —       —       (1 ) Change in principal collected from customers due to Coastal Bank   (3 )     (22 )     (3 )     (15 ) Repurchase of Class A common stock   (608 )     (97 )     (608 )     (97 ) Proceeds from exercise of stock options, net of repurchases   —       2       2       10   Net cash used in financing activities   (615 )     (95 )     (619 )     (167 ) Effect of foreign exchange rate changes on cash and cash equivalents   —       1       —       1   Net increase (decrease) in cash, cash equivalents, segregated cash, and restricted cash   (1,689 )     1,595       (977 )     895   Cash, cash equivalents, segregated cash, and restricted cash, beginning of the period   10,069       8,646       9,357       9,346   Cash, cash equivalents, segregated cash, and restricted cash, end of the period $ 8,380     $ 10,241     $ 8,380     $ 10,241   Reconciliation of cash, cash equivalents, segregated cash and restricted cash, end of the period:               Cash and cash equivalents, end of the period $ 4,889     $ 4,611     $ 4,889     $ 4,611   Segregated cash and cash equivalents, end of the period   3,448       5,547       3,448       5,547   Restricted cash in other current assets, end of the period   26       67       26       67   Restricted cash in other non-current assets, end of the period   17       16       17       16   Cash, cash equivalents, segregated cash and restricted cash, end of the period $ 8,380     $ 10,241     $ 8,380     $ 10,241   Supplemental disclosures:               Cash paid for interest $ 2     $ 4     $ 8     $ 12   Cash paid for income taxes, net of refund received $ 7     $ 8     $ 9     $ 14                                     Reconciliation of GAAP to Non-GAAP Results(Unaudited)     Three Months EndedSeptember 30,   Three Months EndedJune 30,   Nine Months EndedSeptember 30, (in millions)   2023       2024       2024       2023       2024   Net income (loss) $ (85 )   $ 150     $ 188     $ (571 )   $ 495   Net margin   (18 )%     24 %     28 %     (41 )%     26 % Add:                   Interest expenses related to credit facilities   6       6       6       17       18   Provision for income taxes   10       3       3       9       11   Depreciation and amortization   19       20       18       54       55   EBITDA (non-GAAP)   (50 )     179       215       (491 )     579   Add: SBC                   2021 Founders Award Cancellation   —       —       —       485       —   SBC Excluding 2021 Founders Award Cancellation   83       79       86       305       227   Significant legal and tax settlements and reserves   104       10       —       104       10   Adjusted EBITDA (non-GAAP) $ 137     $ 268     $ 301     $ 403     $ 816   Adjusted EBITDA margin (non-GAAP)   29 %     42 %     44 %     29 %     42 %                                             Three Months EndedSeptember 30,   Three Months EndedJune 30,   Nine Months EndedSeptember 30, (in millions)   2023       2024       2024       2023       2024   Total operating expenses (GAAP) $ 540     $ 486     $ 493     $ 1,956     $ 1,439   Add: SBC                   2021 Founders Award Cancellation   —       —       —       485       —   SBC Excluding 2021 Founders Award Cancellation   83       79       86       305       227   Significant legal and tax settlements and reserves   104       10       —       104       10   Adjusted Operating Expenses (Non-GAAP) $ 353     $ 397     $ 407     $ 1,062     $ 1,202                                             (in millions) Prior Financial Outlook1for the Year EndingDecember 31, 2024 Current Financial Outlookfor the Year EndingDecember 31, 2024 Change Total operating expenses (GAAP) $1,850 - $1,950 $1,860 - $1,960 increased by $10 Significant legal and tax settlements and reserves — $10 increased by $10 Adjusted Operating Expenses and SBC (Non-GAAP)2 $1,850 - $1,950 $1,850 - $1,950 no change (1) Prior Outlook provided at Q2 2024 Earnings on August 7th, 2024.(2) Actual results might differ materially from our outlook, see “Financial Outlook” for more information. The above expense outlook does not include potential significant regulatory matters or other significant expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses) that may arise or accruals we may determine in the future are required, as we are unable to accurately predict the size or timing of such matters, expenses or accruals at this time. See “Non-GAAP Financial Measures” for more information on Adjusted Operating Expenses and SBC, including significant items that we believe are not indicative of our ongoing expenses that would be adjusted out of total operating expenses (GAAP) to get to Adjusted Operating Expenses and SBC (non-GAAP) should they occur. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements regarding the expected financial performance of Robinhood Markets, Inc. and its consolidated subsidiaries (“we,” “Robinhood,” or the “Company”) and our strategic and operational plans, including (among others) statements regarding that index options, futures, and a realized profit and loss tool are coming soon; that we have a ton of momentum, and we’re just getting started; that in July 2024, we began executing on our authorized $1 billion share repurchase program, which we continue to expect to complete over a total of two to three years; that we will launch futures and index options in the coming months with some of the lowest contract fees in the industry; that we received Financial Conduct Authority approval to offer options trading in the UK and plan to launch in 2025; and all statements and information under the headings “Financial Outlook” and “Reconciliation of GAAP to Non-GAAP Financial Outlook.” Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “believe,” “may,” “will” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “estimate,” “predict,” “potential,” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Our forward-looking statements are subject to a number of known and unknown risks, uncertainties, assumptions, and other factors that may cause our actual future results, performance, or achievements to differ materially from any future results expressed or implied in this press release. Reported results should not be considered an indication of future performance. Factors that contribute to the uncertain nature of our forward-looking statements include, among others: our limited operating experience at our current scale; the difficulty of managing our business effectively, including the size of our workforce, and the risk of continued declining or negative growth; the fluctuations in our financial results and key metrics from quarter to quarter; our reliance on transaction-based revenue, including payment for order flow (“PFOF”), and the risk of new regulation or bans on PFOF and similar practices; our exposure to fluctuations in interest rates and rapidly changing interest rate environments; the difficulty of raising additional capital (to provide liquidity needs and support business growth and objectives) on reasonable terms, if at all; the need to maintain capital levels required by regulators and self-regulatory organizations; the risk that we might mishandle the cash, securities, and cryptocurrencies we hold on behalf of customers, and our exposure to liability for processing, operational, or technical errors in clearing functions; the impact of negative publicity on our brand and reputation; the risk that changes in business, economic, or political conditions that impact the global financial markets, or a systemic market event, might harm our business; our dependence on key employees and a skilled workforce; the difficulty of complying with an extensive, complex, and changing regulatory environment and the need to adjust our business model in response to new or modified laws and regulations; the possibility of adverse developments in pending litigation and regulatory investigations; the effects of competition; our need to innovate and invest in new products, services, technologies, and geographies in order to attract and retain customers and deepen their engagement with us in order to maintain growth; our reliance on third parties to perform some key functions and the risk that processing, operational or technological failures could impair the availability or stability of our platforms; the risk of cybersecurity incidents, theft, data breaches, and other online attacks; the difficulty of processing customer data in compliance with privacy laws; our need as a regulated financial services company to develop and maintain effective compliance and risk management infrastructures; the risks associated with incorporating artificial intelligence technologies into some of our products and processes; the volatility of cryptocurrency prices and trading volumes; the risk that our platforms and services could be exploited to facilitate illegal payments; and the risk that substantial future sales of Class A common stock in the public market, or the perception that they may occur, could cause the price of our stock to fall. Because some of these risks and uncertainties cannot be predicted or quantified and some are beyond our control, you should not rely on our forward-looking statements as predictions of future events. More information about potential risks and uncertainties that could affect our business and financial results can be found in Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, which we expect to be available on October 31, 2024, as well as in our other filings with the SEC, all of which are available on the SEC’s web site at www.sec.gov. Moreover, we operate in a very competitive and rapidly changing environment; new risks and uncertainties may emerge from time to time, and it is not possible for us to predict all risks nor identify all uncertainties. The events and circumstances reflected in our forward-looking statements might not be achieved and actual results could differ materially from those projected in the forward-looking statements. Except as otherwise noted, all forward-looking statements are made as of the date of this press release, October 30, 2024 and are based on information and estimates available to us at this time. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. Except as required by law, Robinhood assumes no obligation to update any of the statements in this press release whether as a result of any new information, future events, changed circumstances, or otherwise. You should read this press release with the understanding that our actual future results, performance, events, and circumstances might be materially different from what we expect. Non-GAAP Financial Measures We collect and analyze operating and financial data to evaluate the health of our business, allocate our resources and assess our performance. In addition to total net revenues, net income (loss) and other results under GAAP, we utilize non-GAAP calculations of adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), Adjusted EBITDA margin, Adjusted Operating Expenses, and Adjusted Operating Expenses and SBC. This non-GAAP financial information is presented for supplemental informational purposes only, should not be considered a substitute for or superior to financial information presented in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this release. Adjusted EBITDA Adjusted EBITDA is defined as net income (loss), excluding (i) interest expenses related to credit facilities, (ii) provision for (benefit from) income taxes, (iii) depreciation and amortization, (iv) SBC, (v) significant legal and tax settlements and reserves, and (vi) other significant gains, losses, and expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses) that we believe are not indicative of our ongoing results. The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods and competitors less meaningful. We believe Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our business performance. Moreover, Adjusted EBITDA is a key measurement used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting. Adjusted EBITDA Margin Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by total net revenues. The most directly comparable GAAP measure is net margin (calculated as net income (loss) divided by total net revenues). We believe Adjusted EBITDA Margin provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our business performance. Adjusted EBITDA Margin is used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting. Adjusted Operating Expenses Adjusted Operating Expenses is defined as GAAP total operating expenses minus (i) SBC, (ii) significant legal and tax settlements and reserves, and (iii) other significant expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses) that we believe are not indicative of our ongoing expenses. The amount and timing of the excluded items are unpredictable, are not driven by core results, of operations, and render comparisons with prior periods less meaningful. We believe Adjusted Operating Expenses provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our cost structure. Adjusted Operating Expenses is used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting. Adjusted Operating Expenses and SBC Adjusted Operating Expenses and SBC is defined as GAAP total operating expenses minus (i) significant legal and tax settlements and reserves and (ii) other significant expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses), that we believe are not indicative of our ongoing expenses. The amount and timing of the excluded items are unpredictable, are not driven by core results, of operations, and render comparisons with prior periods less meaningful. Unlike Adjusted Operating Expenses, Adjusted Operating Expenses and SBC does not adjust for SBC. We believe Adjusted Operating Expense and SBC provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our cost structure. Adjusted Operating Expenses and SBC is used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting. Key Performance Metrics In addition to the measures presented in our unaudited condensed consolidated financial statements, we use the following key performance metrics to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions. Funded Customers We define a Funded Customer as a unique person who has at least one account with a Robinhood entity and, within the past 45 calendar days (a) had an account balance that was greater than zero (excluding amounts that are deposited into a Funded Customer account by the Company with no action taken by the unique person) or (b) completed a transaction using any such account. Individuals who share a funded joint investing account (which launched in July 2024) are each considered to be a Funded Customer. Assets Under Custody (“AUC”) We define AUC as the sum of the fair value of all equities, options, cryptocurrency and cash held by users in their accounts, net of receivables from users, as of a stated date or period end on a trade date basis. Net Deposits and net market gains (losses) drive the change in AUC in any given period. Net Deposits We define Net Deposits as all cash deposits and asset transfers from customers, as well as dividends, interest, and cash and assets earned in connection with Company promotions (such as account transfer and retirement match incentives and free stock bonuses) received by customers, net of reversals, customer cash withdrawals, margin interest, Gold subscription fees, and other assets transferred out of our platforms (assets transferred in or out include debit card transactions, Automated Customer Account Transfer Service transfers, and custodial crypto wallet transfers) for a stated period. Prior to the second quarter of 2024, Net Deposits did not include inflows from cash and assets earned in connection with Company promotions and prior to January 2024, Net Deposits did not include inflows from dividends and interest or outflows from Robinhood Gold subscription fees and margin interest, although we have not restated amounts in prior periods as the impact to those figures was immaterial. Average Revenue Per User (“ARPU”) We define ARPU as total revenue for a given period divided by the average number of Funded Customers on the last day of that period and the last day of the immediately preceding period. Figures in this release represent ARPU annualized for each three-month period presented. Gold Subscribers We define a Gold Subscriber as a unique person who has at least one account with a Robinhood entity and who, as of the end of the relevant period (a) is subscribed to Robinhood Gold and (b) has made at least one Robinhood Gold subscription fee payment. Additional Operating Metrics Retirement AUC We define Retirement AUC as the total AUC in traditional IRAs and Roth IRAs. Cash Sweep We define Cash Sweep as the period-end aggregate balances in our brokerage sweep program (i.e., the period-end total amount of participating users’ uninvested brokerage cash that has been automatically “swept” or moved from their brokerage accounts into deposits for their benefit at a network of program banks). This is an off-balance-sheet amount. Robinhood earns a net interest spread on Cash Sweep balances based on the interest rate offered by the banks less the interest rate given to users as stated in our program terms. Margin Book We define Margin Book as our period-end aggregate outstanding margin loan balances receivable (i.e., the period-end total amount we are owed by customers on loans made for the purchase of securities, supported by a pledge of assets in their margin-enabled brokerage accounts). Notional Trading Volume We define Notional Trading Volume for any specified asset class as the aggregate dollar value (purchase price or sale price as applicable) of trades executed in that asset class over a specified period of time. Options Contracts Traded We define Options Contracts Traded as the total number of options contracts bought or sold over a specified period of time. Each contract generally entitles the holder to trade 100 shares of the underlying stock. Monthly Active Users ("MAU") We define MAUs as the number of unique persons who, using one or more accounts with a Robinhood entity, meet one of the following criteria at any point during a specified calendar month: a) executes a debit card or credit card transaction, b) transitions between two different screens on a mobile device while logged into their account or c) loads a page in a web browser while logged into their account. A person need not satisfy these conditions on a recurring monthly basis or be a Funded Customer to be included in MAU. MAU figures in this release reflect MAU for the last month of the relevant period presented. We utilize MAU to measure how many customers interact with our products and services during a given month. MAU does not measure the frequency or duration of the interaction, but we consider it a useful indicator for engagement. Additionally, MAUs are positively correlated with, but are not indicative of, the performance of revenue and other key performance indicators. Glossary Terms Investment Accounts We define an Investment Account as a funded individual brokerage account, a funded joint investing account, or a funded individual retirement account ("IRA"). As of September 30, 2024, a Funded Customer can have up to four Investment Accounts - individual brokerage account, joint investing account (which launched in July 2024), traditional IRA, and Roth IRA. Growth Rate and Annualized Growth Rate with respect to Net Deposits When used with respect to Net Deposits, “growth rate” and “annualized growth rate” provide information about Net Deposits relative to total AUC. “Growth rate” is calculated as aggregate Net Deposits over a specified 12 month period, divided by AUC for the fiscal quarter that immediately precedes such 12 month period. “Annualized growth rate” is calculated as Net Deposits for a specified quarter multiplied by 4 and divided by AUC for the immediately preceding quarter.  

The Ontario Securities Commission (OSC) today released the results of a study examining the influence of environmental, social and governance (ESG) factors on retail investor decision making. An experiment found ESG ratings were one of the most important attributes influencing investor preferences when selecting investment funds—second only to a fund’s past performance. The strength and format of the ESG ratings (letter grade and number of stars) also greatly influenced the choices of retail investors. A Behavioural Insights Analysis of the Effects of Environmental, Social, and Governance Factor (ESG) Disclosure and Advertising on Retail Investors also highlighted challenges retail investors face in evaluating the ESG components of investment funds. The report identified challenges for investors when evaluating the ESG component of investment funds, including the lack of standardized definitions and measurements of ESG factors and the differences in rating and ranking variables. Some of the key findings of the experiment included: The ESG rating stood out as one of the most important attributes influencing consumer choice — second only to a fund’s past performance. Star-rated funds had more positive influence on fund selection than letter-rated funds. The absence of an ESG rating was preferred to some ESG ratings, suggesting that there is a threshold at which ESG ratings transition from a motivating factor to a deterrent. Two segments of investors were identified: those who are values driven and those who are financially driven. “ESG factors continue to have a significant influence on financial decision making, despite the difficulties investors have assessing the different factors that contribute to ratings and rankings,” said Leslie Byberg, Executive Vice President, Strategic Regulation at the OSC. “The OSC is concerned about this lack of transparency, and clarity around ESG ratings will help investors make more informed decisions.” The research recommends that potential standardization of ESG ratings and other ways to improve clarity will help investors to better assess these investments. Improving retail investors’ understanding of ESG investing through education and outreach will allow them to differentiate between the risks and the impact the fund may have, as well as enable them to better identify signs of greenwashing. Promoting financial advisor training on ESG investing will help advisors better support their clients. For more information about ESG investing, investor protection and behavioural science, visit GetSmarterAboutMoney.ca and sign up for the OSC e-newsletter, Investor News. The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at https://www.osc.ca.

As part of Financial Literacy Month, the Autorité des marchés financiers (AMF) is encouraging Quebeckers to take some time to review their financial situation while giving particular focus to the affordability of homeownership and the responsibilities associated with the different types of housing. Recent months’ movements in inflation and interest rates, combined with mortgage renewals and severe weather associated with climate change, have increased pressure on household finances in Quebec. The AMF is therefore endeavouring to give Quebeckers tools to guide and assist them in making decisions about their homes, whether they rent or own them. “The AMF wants Quebeckers to be aware of how important it is to take an interest in their personal finances, ask themselves questions and use tools to make informed financial decisions based on neutral, objective information,” said Kim Lachapelle, Superintendent, Client Services and Financial Education. Tools and information for everyone The AMF website contains a wealth of practical tools and information in plain language to help both renters and homeowners. Topics include: Building your financial picture Obtaining a mortgage loan Purchasing the required insurance: how and why A number of budget tables and calculators are also available. Role of the AMF Anyone buying a home will need the services of one or more parties that require AMF authorization to practise. These include the following: Mortgage brokers Mutual fund representatives Financial planners Damage insurance brokers Financial security advisers Credit assessment agents Before dealing with any of the above, check the Register of firms and individuals authorized to practise to see whether the firm or individual you plan to do business with has the right to provide the financial advice or sell the financial product that is being offered to you.

Participating Canadian securities regulators today published the results of their 10th consecutive annual review of disclosures relating to women on boards and in executive officer positions, as well as the underlying data that was used to prepare the report.The report summarizes the corporate governance disclosures of 574 non-venture issuers and has been published by the securities regulatory authorities in Alberta, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Quebec and Saskatchewan.Some key highlights and trends from the review include: Twenty-nine per cent of board seats were held by women this year, compared to 27 per cent last year and 11 per cent in year one. Ninety per cent of issuers had at least one woman on their board this year, compared to 89 per cent last year and 49 per cent in year one. Seventy-two per cent of issuers had at least one woman in an executive officer position this year, compared to 71 per cent last year and 60 per cent in year one. The percentage of board vacancies filled by women decreased from 43 per cent last year to 37 per cent this year. “We have seen an increase in representation of women on boards and in executive positions over the last 10 years,” said Stan Magidson, CSA Chair and Chair and CEO of the Alberta Securities Commission. “Investors have advised that they value disclosure about an organization’s diversity and we continue to work toward a harmonized national diversity disclosure framework that goes beyond the representation of women.”We expect that this will be the final year that we conduct a review of the above-noted disclosures. After 10 consecutive annual reporting periods under the current disclosure standards, we are exploring potential changes to diversity-related disclosure requirements. An April 2023 CSA Notice and Request for Comment sought public feedback on amendments to Form 58-101F1 Corporate Governance Disclosure of NI 58-101 and proposed changes to National Policy 58-201 Corporate Governance Guidelines. We continue to work towards a harmonized national disclosure framework that considers comments received during our consultation period.The underlying data summarized in this report and data for 113 additional non-venture issuers that were not included in our Year 9 review sample has also been published today.CSA Multilateral Staff Notice 58-317 Review of Disclosure Regarding Women on Boards and in Executive Officer Positions – Year 10 Report can be found on CSA member websites. Theunderlying data files have been published by Manitoba, New Brunswick, Nova Scotia, Ontario, Québec and Saskatchewan.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 Alberta Securities Commission (ASC), in conjunction with the Canadian Securities Administrators (CSA), today shared findings of its annual review of disclosures relating to women on boards and in executive officer positions. Since 2015, the ASC has been capturing key trends of non-venture reporting issuers in Alberta as required by National Instrument 58-101 Disclosure of Corporate Governance Practices. The 10th review, published as Multilateral Staff Notice 58-317 Review of Disclosure Regarding Women on Boards and in Executive Officer Positions (Year 10 Report), revealed consistent numbers of women on boards and in executive officer positions for non-venture Alberta-based issuers compared to Year 9 and overall increases in representation since the first review. Year 10 marks the final year of this review. “We have seen growth in the number of women on boards and in executive officer positions in Alberta’s issuer community since our reviews began 10 years ago,” said Stan Magidson, Chair and Chief Executive Officer of the ASC. “Investors value disclosure with respect to board and executive-level diversity as this helps them make informed investment decisions.” The disclosures from 115 TSX-listed Alberta-based companies with year ends between December 31, 2023 and March 31, 2024 were examined and the review found that: Women hold 27 per cent of board positions in Alberta, an increase from 25 per cent in 2023 and eight per cent in 2015.1 Consistent with 2023, 84 per cent of companies have one or more women on their board in 2024, compared with 46 per cent in 2015; 68 per cent report having one or more women in executive officer positions, a slight drop from 69 per cent in 2023. Forty-three per cent of board vacancies were filled by women in 2024, an increase from 42 per cent in 2023 and 25 per cent in 2017.2 Alberta’s largest companies continue to have the highest percentage of gender diversity among board members. Of the Alberta-based companies that form part of the TSX 60 Index: Thirty-four per cent of board positions are held by women. One hundred per cent have two or more women on their board, and 89 per cent report one or more women in their executive ranks. An April 2023 CSA Notice and Request for Comment sought public feedback on amendments to Form 58-101F1 Corporate Governance Disclosure of NI 58-101 and proposed changes to National Policy 58-201 Corporate Governance Guidelines. We continue to work towards a broader diversity and corporate governance rule and policy that goes beyond disclosure regarding the representation of women. The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

The European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) have published their third annual Report on disclosures of principal adverse impacts under the Sustainable Finance Disclosure Regulation (SFDR). The Report assesses both entity and product-level Principal Adverse Impact (PAI) disclosures under the SFDR. These disclosures aim at showing the negative impact of financial institutions’ investments on the environment and people and the actions taken by asset managers, insurers, investment firms, banks and pension funds to mitigate them.  The findings show that financial institutions have improved the accessibility of their PAI disclosures. There has also been positive progress regarding the quality of the information disclosed by financial products, and, in general, in the quality of the PAI statements. A few National Competent Authorities (NCAs) also reported slight improvements in the compliance with the SFDR disclosures in their national markets.  Looking forward, the Report includes recommendations to NCAs to ensure convergent supervision of financial market participants’ practices, and to the European Commission for their comprehensive assessment on the SFDR.  The ESAs have also developed an overview of good practices related to the location, clarity, complexity of the disclosures based on a survey of NCAs. Related Documents Download All FilesDownload Selected Files DateReferenceTitleDownloadSelect 30/10/2024 JC 2024 68 Report on the Principal Adverse Impact disclosures under the Sustainable Finance Disclosure Regulation

Good morning and thank you to ISDA for inviting me to join today’s conference.  It is an honor to speak to all of you this morning.  Before I begin, I need to provide my standard disclaimer:  The views I express are my own and do not necessarily reflect the views of my fellow commissioners, of the Commodity Futures Trading Commission (“CFTC” or “Commission”), or of the United States Government. As the fall weather begins to set in, the days become shorter and colder, and the leaves change colors, it is a time to reflect on how far we have come throughout the year and to prepare for where we must go as winter and the new year approach.  In that vein, I want to speak today about enforcement and a few ideas for improvement. Expressing Dissent Over the past few weeks, I have had several opportunities to speak with professionals from a variety of industries on numerous topics.  While I always value these discussions, I was surprised by how many times people asked me:  “Are you enjoying the job?”  Usually, I am quick to answer, “Of course I enjoy the job.”  The work we do at the CFTC is interesting, impactful, and important.  I am constantly learning, and there is never a dull day. I started to wonder, though, if there was a reason people were frequently asking me this question.  Maybe it was my body language; maybe I was not smiling enough; or maybe I have spent too much time with my teenage daughters and have adopted their surly demeanor.  But then it occurred to me—maybe they read my recent dissenting statements.  I have issued quite a few dissenting statements in the past few weeks[1], and I guess you could say I sounded a little frustrated, maybe even disgruntled. Well, I am here to tell you that despite my dissenting statements, I do enjoy my job, and I am incredibly grateful for the opportunity to serve as a commissioner at the CFTC—even on Friday afternoons when multiple enforcement matters appear in my inbox, and I realize that the shortest memo is a mere hundred plus pages long. I read every page of every document upon which I am asked to vote.  As one of five Presidentially-nominated and Senate-confirmed commissioners, I believe that it is my responsibility to do so because my fellow commissioners and I are the ones ultimately accountable for the charges we bring, the cases we settle, and the results of the CFTC’s enforcement program—and for balancing enforcement with all the other critical daily functions performed by the agency. As was wisely stated in the 51st Federalist Paper, “If men were angels, no government would be necessary.”[2]  And we all know that men (and women) are not angels.  Thus, government—including its enforcement function—is necessary.  Vigorous enforcement is a vital part of carrying out the CFTC’s mission. I would be remiss if I did not acknowledge the agency’s enforcement team and reaffirm my commitment to a robust enforcement program.  I am proud of the tireless work of the CFTC’s Division of Enforcement (“DOE”), whose experienced and conscientious attorneys, investigators, and other staff members are dedicated to identifying, prosecuting, and sanctioning those who violate the Commodity Exchange Act (“CEA”) and the CFTC’s rules.  But, like everything we do in life, we should look for opportunities to improve. Chasing Trendlines As most of you know, a large number of the CFTC’s enforcement actions are settled during the month—sometimes the week—before the end of the government’s fiscal year on September 30th. This September crunch is frustrating to all involved and potentially harmful to the agency’s agenda.  First, it diverts the agency’s attention from its other important responsibilities, as matters requiring Commissioners’ attention from other divisions are postponed and deferred.  Second, it incentivizes those hoping to settle with the CFTC to wait until the fiscal year-end, knowing the agency will be eager to get another point on the board before the clock runs out and that the resulting settlement will draw less public attention as just one of the myriad cases being announced at the same time.  Third, such a crunch diminishes the time for decision making and increases the risk of promulgating faulty interpretations of the CEA and CFTC regulations.  Wrongdoing occurs year-round.  Our enforcement docket should reflect that. After the close of each fiscal year, the CFTC’s Division of Enforcement publishes an Annual Report that typically proclaims success based on “headline stats,” such as the number of cases filed and the amount of monetary sanctions imposed during the previous fiscal year.[3] I believe it is time for the agency to stop prioritizing volume.  Rather than focus on making the current fiscal year statistics better than the previous year’s, the agency should concentrate on where improvements can be made in our regulatory oversight functions to prevent pervasive violations and should devote more resources to educating market participants and the general public on how to avoid becoming victims of fraudulent behavior. Enforcement Should be a Last Resort That said, I believe there is certainly a role for enforcement.  But enforcement should be the last resort to achieving compliance, not the first.  Yes, in cases of fraud, manipulation, and other willful violations of the law, enforcement is critical to punish wrongdoers and to deter misconduct by others.  But in other cases, oversight of the derivatives markets and market participants by the agency’s Division of Clearing and Risk (“DCR”), Division of Market Oversight (“DMO”), and Market Participants Division (“MPD”) can achieve compliance more effectively and efficiently than bringing a costly, time-consuming, resource-intensive, and backward-looking enforcement action. Clear and Workable Rules as the Foundation Where CFTC regulations are vague, the agency should not leverage these provisions to drive annual statistics.  Instead, we must communicate our expectations by writing clear, sensible, and workable rules, so that we can fairly require compliance with those obligations. Enforcement is but one tool available to the agency.  Our ability to achieve compliance with the CEA and the CFTC’s rules will be enhanced if we consider the underlying reasons for non-compliance and contemplate the most effective means of addressing that non-compliance, in particular cases.  Where the underlying reason is an unclear expectation, the onus is on the CFTC to revise its regulations accordingly. Appropriately Employing Settlement Authority It is no secret that most CFTC enforcement actions settle without litigation.  While such settlements enable us to achieve our enforcement objectives while conserving our scarce resources to root out and prosecute other violations, vague settlements cause confusion and undermine our efforts to achieve compliance. When settling, the CFTC issues an order that sets out the agency’s findings about what the settling party did and how it violated the law.  These orders are not binding precedents as a matter of law.  However, since they reflect a statement of the agency’s thinking, the public may understandably consider them as precedents—and the agency often cites them as persuasive authority in future cases, too. But remember:  No court has decided on the legal theories as applied to the particular facts that the CFTC includes in its settlement orders.  The legal theories advanced in settlement orders should not push the bounds of the agency’s authority.  Such orders should avoid theories that are novel, that are arguably beyond the limits of the CEA and its implementing regulations, or that are likely to raise additional questions or issues.  Otherwise, the agency risks creating regulatory expectations that become difficult to follow. Incentivizing Cooperation To foster voluntary compliance with the law and to provide transparency into certain aspects of enforcement determinations regarding penalties, we must further unwind the layers around how we recognize and credit those who self-report, offer cooperation during the enforcement process, and undertake remediation. First, a company is currently only eligible for a civil monetary penalty (“CMP”) credit for self-reporting if it makes its disclosure to DOE rather than to one of the CFTC’s oversight divisions (i.e., DCR, DMO, or MPD).[4]  This requirement is an unnecessary layer that unduly restricts self-reporting credit.  A self-report to an oversight division serves the agency’s interests by enabling that division to work with the company on compliance on a going-forward basis, while also referring the matter to DOE where appropriate to investigate whether an enforcement action is warranted for any violations that may have been committed.  To limit self-reporting credit to disclosures directly to DOE is to elevate form over substance. Second, if a company self-reports, substantially cooperates, and appropriately remediates, a reduced CMP should not be the only potential outcome.  Where a company has identified the problem, disclosed it to CFTC staff, analyzed the situation, provided a report of its findings to CFTC staff, and engaged in steps to address the problem—it has essentially performed many of the CFTC’s functions.  And such cooperation and remediation often come at a significant expense, which may include hiring an independent compliance consultant or monitor to investigate the company’s practices and procedures, to recommend improvements, and to ensure that remediation is completed. Of course, an enforcement action may be appropriate in these cases to assure that the company will complete its remediation and will report to DOE on the status of those remediation efforts.  But given that compliance objectives are being achieved often with fewer agency resources, substantial penalties may not be necessary. The Way Forward As I mentioned earlier, I am committed to strong enforcement at the CFTC, and I am proud of our Enforcement Division.  The agency’s enforcement professionals do an exemplary job in safeguarding the integrity of U.S. derivatives markets and those who use them.  However, there are opportunities for strategic reform. My hope is that today begins a conversation about the path ahead for enforcement at the CFTC. Thank you so much for your time today, and I wish you all a safe and fun Halloween. I would like to thank ISDA once again for inviting me and would be happy to answer audience questions. [1] Dissenting Statement of Commissioner Summer K. Mersinger Regarding cryptoiminerstrade.com, Expert Stocks Zone, FalconForexBot, and swiftminingexpert.com (Sept. 24, 2024), available at https://www.cftc.gov/PressRoom/SpeechesTestimony/mersingerstatement092424; Dissenting Statement of Commissioner Summer K. Mersinger Regarding Settlement With Piper Sandler Hedging Services, LLC (Sept. 23, 2024), available at https://www.cftc.gov/PressRoom/SpeechesTestimony/mersingerstatement092324; Dissenting Statement of Commissioner Summer K. Mersinger Regarding Settlement with Uniswap Labs (Sept. 4, 2024), available at https://www.cftc.gov/PressRoom/SpeechesTestimony/mersingerstatement090424. [2] The Federalist Papers, No. 51 (Feb. 8, 1788). [3] See, e.g., CFTC Releases FY 2023 Enforcement Results (Nov. 7, 2023), available at https://www.cftc.gov/PressRoom/PressReleases/8822-23; CFTC Releases Annual Enforcement Results (Oct. 20, 2022), available at https://www.cftc.gov/PressRoom/PressReleases/8613-22. [4] See Enforcement Advisory: Updated Advisory on Self Reporting and Full Cooperation (Sept. 25, 2017), available at https://www.cftc.gov/sites/default/files/idc/groups/public/@lrenforcementactions/documents/legalpleading/enfadvisoryselfreporting0917.pdf.  For ease of use, this speech only uses the term company as that term is used in the current Enforcement Advisory.  However, this advisory applies to both individuals and companies. RELATED LINKS Event: Commissioner Mersinger to Keynote at the ISDA Annual Legal Forum

The Securities and Exchange Commission today announced four new members of the Small Business Capital Formation Advisory Committee. The new members were appointed to four-year terms and will join the 14 current Commission-appointed committee members. “I thank the new members for their willingness to serve on the Advisory Committee, which plays an important role in our work to facilitate capital formation for companies of every size,” said SEC Chair Gary Gensler. “Small businesses employ nearly half of America’s workforce and make up more than 99 percent of America’s businesses. The new members named today understand this well, and I am pleased the SEC will benefit from their valuable experiences and insights.” The new Commission-appointed committee members are: Jennifer Newton – Managing Attorney and Founder, StartSmart Counsel; Miami Rose Standifer – Partner, Foley Hoag LLP; Denver Wendy Stevens – Partner, Forvis Mazars LLP; New York Emily Underwood – Clinical Professor of Law, Bluhm-Helfand Director of the Innovation Clinic, The University of Chicago Law School; Chicago In addition to the 14 appointed members, the current committee members include the SEC’s Small Business Advocate, and three non-voting members appointed by the SEC’s Investor Advocate, the North American Securities Administrators Association, and the Small Business Administration, respectively. The committee also has an observer appointed by the Financial Industry Regulatory Authority. The committee provides advice and recommendations to the Commission on rules, regulations, and policy matters relating to small businesses, including smaller public companies. Committee members represent a diverse spectrum of entrepreneurs, investors, and advisers who work with early-stage private companies and smaller public companies, including minority- and women-owned small businesses. Additional information about the committee, its members, and prior meeting materials is available on the committee webpage.

The Stock Exchange of Thailand (SET), in partnership with Money & Banking Magazine, announced the acclaimed SET Awards 2024. In the Business Excellence Awards category, Sakchai Peechapat, Chief Executive Officer of TISCO Financial Group pcl (TISCO) was named the Best CEO (SET), while Pochara Arayakarnkul, Chief Executive Officer of Bluebik Group pcl (BBIK) garnered double accolades:   Best CEO Award (mai) and Young Rising Star CEO. The SET Awards of Honor recognized five outstanding recipients in the Business Excellence Awards category with Kiatnakin Phatra Securities pcl (KKPS) receiving the Securities Company Awards (Institutional Investors), Yuanta Securities (Thailand) Co., Ltd. (YUANTA) earning Securities Company Awards (Retail Investors), PTT Exploration and Production pcl (PTTEP) earning dual recognition with both the Investor Relations Awards and the Innovative Company Awards, while PTT pcl (PTT) and SCG Packaging pcl (SCGP) were granted the Innovative Company Awards. The Sustainability Excellence Awards were presented to 30 listed companies for setting benchmarks as sustainability role models. Among these winners, six companies earned the coveted Sustainability Awards of Honor for maintaining sustainability excellence for three consecutive years or more: Amata Corporation pcl (AMATA), Bangchak Corporation pcl (BCP), Kasikornbank pcl (KBANK), PTT pcl (PTT), PTT Global Chemical pcl (PTTGC), and Siam Cement pcl (SCC). SET President Asadej Kongsiri extended congratulations to all winners of SET Awards 2024, praising their outstanding achievements in both business and sustainability excellence. “These accomplishments clearly underscore their pivotal roles in advancing the Thai capital market towards sustainable growth," he said. “We are truly impressed by the winners of Best CEO Awards who have strategically driven their organizations through today's complex business landscape, effectively managing diverse risk factors while setting exemplary standards for others to follow. These leaders have not only inspired their peers but have also catalyzed a broader movement towards organizational excellence, continuous innovation, and robust performance with a strong focus on stakeholder responsibility and environmental, social and governance (ESG) covenants.” Money & Banking Magazine Editor-in-Chief, co-founder of the SET Awards project and the SET Awards judge Santi Viriyarangsarit highlighted that the prestigious SET Awards recognize companies that have achieved remarkable performance and excellence across various dimensions. Additionally, the increasing number of companies winning the SET Awards of Honor reflects their unwavering commitment to excellence. This year also marks a significant milestone with the introduction of the Supply Chain Management Awards category, where four outstanding companies were recognized for their sustainable supply chain practices which will drive Thailand's economy to new heights of development and growth. The honorary judge panel comprises Chaiyawat Wibulswasdi, Seri Jintanaseri, Santi Viriyarangsarit, Yut Worachatthan, Patareeya Benjapolchai, Teeranun Srihong, Asadej Kongsiri, Soraphol Tulayasathien, and Amnouy Jiramahapoka as secretary to the panel. The SET Awards 2024 recognized outstanding organizations in two main categories: The Business Excellence Awards and The Sustainability Excellence Awards. The Business Excellence Awards category recognized 27 distinguished winners across eight award titles, comprising 15 SET-listed companies (inclusive of REITs), six mai-listed companies, five securities companies (inclusive of financial advisory companies), and one asset management company. Among these recipients, five companies earned the prestigious SET Awards of Honor for maintaining consistent excellence for three consecutive years or more. The Sustainability Excellence Awards recognized 30 companies, with six recipients earning the esteemed Sustainability Awards of Honor for their sustained excellence. The list of SET Awards winners and additional details are available at www.set.or.th/setawards.  

Global payments infrastructure platform Mercuryo has integrated seamless on-ramp and off-ramp solutions on Minswap, a major decentralised exchange (DEX) on Cardano, a leading layer 1, proof-of-stake blockchain.  The integration, which enables users to effortlessly off-ramp and on-ramp with the purchase cryptocurrency using credit and debit cards or Apple Pay, will bolster access to the vibrant Cardano ecosystem. Minswap has established itself as a leading DEX on Cardano with low fees, seamless swaps, staking, farming and community-driven governance.  “We are delighted with the integration of our state-of-the-art on-ramp and off-ramp solutions on Minswap, a platform that plays a pivotal role in the Cardano universe,” said Petr Kozyakov, Co-Founder and CEO at Mercuryo. “Once again, a leading non-custodial wallet in the digital token space has chosen Mercuryo’s best of class on-ramp and off-ramp solutions.”  “We are thrilled with this integration with Mercuryo, enabling state-of-the-art on and off-ramps,” said Long Nguyen, Founder and CEO of Minswap. “This integration will greatly streamline onboarding for new users into Cardano Dapps without the need for users to go to centralised exchanges.”  Mercuryo is a first-mover and innovator in the fast-evolving Web3 space, providing a variety of payment solutions along with seamless on-chain integration. Mercuryo’s intuitive solutions are simplifying the experience for newcomers to the digital token space. Mercuryo specialises in efficient capital flow in the DeFi ecosystem and combines various payment solutions into a single interface. 

CLS, a financial market infrastructure group delivering settlement, processing, and data solutions, today announced that MUFG Bank (MUFG) has gone live on CLSNet, CLS’s bilateral payment netting calculation service for over 120 currencies. MUFG is the latest participant to go live on the service, which includes eight of the top ten global banks.1 The average daily netted value 2 in CLSNet has consistently exceeded USD140 billion over the last 12 months, and in June 2024 reached USD593.2 billion netted, underscoring the growing network effect. As the CLSNet community continues to build, users of the service will increasingly benefit from the expanding roster of counterparties with whom they can fully automate the netting calculation process. Designed to standardize and centralize post-trade processes for over 120 currencies across various FX trade types, including same-day trades and NDFs, CLSNet helps market participants to reduce risk and achieve greater operational efficiency for a broad range of currency flows. While settlement risk in the FX market continues to be an area of focus – especially in emerging market currencies and other growing segments of the market – market participants are looking for other ways to mitigate risk effectively. Lisa Danino-Lewis, Chief Growth Officer, CLS, commented: “We are delighted to announce that MUFG has gone live on CLSNet. As our network expands, more and more participants around the world will experience significant improvements in operational efficiencies and risk mitigation.”  Junya Kishida, Head of Global Markets Operations Division, MUFG Bank, added: “Joining the service will improve our operational efficiency and reduce risk for the currencies that are not currently eligible for CLSSettlement, while supporting our adherence to the best practice settlement risk principles of the FX Global Code.” CLSNet supports FX market participants’ adherence to the FX Global Code, particularly to Principles 35 and 50,3 as all trade instructions sent to CLSNet are validated and matched up to the pre-determined cut-off times between counterparties for each currency. This ensures that only matched trade instructions are included in the automated net calculation and that there is a single common record of the net payment obligations. By automating the netting calculation process via a centralized platform, users benefit from greater operational efficiency and increased risk mitigation for currencies that are not currently eligible for CLSSettlement. According to the 2022 Euromoney Foreign Exchange Survey. Netted value refers to bilateral net payment amounts calculated by CLSNet. Principle 35 provides that market participants should reduce their settlement risk as much as practicable and encourages the use of automated settlement netting systems. Principle 50 provides that market participants should properly measure, monitor and control their settlement risk and includes recommendations concerning the confirmation of bilateral net amounts and the agreement of predetermined cut-off points.

Despite high interest rates and modest economic growth, global mergers, and acquisition (M&A) deal activity surged during the third quarter (Q3) of 2024, with an 18% increase in total deal value year-over-year (YoY). Supply chain resilience drove this momentum, with $71 billion in supply chain-related transactions across 38 deals, spotlighting sectors like automotive, healthcare, and industrials, reveals GlobalData, a leading data and analytics company. GlobalData’s latest Strategic Intelligence report, “Global M&A Deals in Q3 2024 – Top Themes by Sector,” reveals that in terms of deal volume, there was a 4% increase from Q3 2023 to record 7,890 deals in Q3 2024. Priya Toppo, Analyst, Strategic Intelligence at GlobalData, comments: “An increase in geopolitical tensions, population growth, environmental, social, and governance (ESG) considerations, labor shortages, and digital transformation have all contributed to a greater focus on supply chain related deals. This was especially true in the automotive, consumer, basic materials, healthcare, transportation, infrastructure, and logistics and industrials sectors.” The biggest supply chain deal was China First Heavy Industries’ merger with China Shipbuilding for $16 billion. This deal was also the biggest in the industrials sector in Q3 2024. It was followed by TowerBrook Capital Partners and Clayton, Dubilier & Rice’s acquisition of R1 RCM for $9 billion and Boeing’s acquisition of Spirit AeroSystems for $8 billion. Toppo continues: “An ongoing trend is the dominance of North America in M&A deal activity, accounting for 3,112 deals worth $325 billion during Q3 2024. However, Europe, China, South America, and the Middle East and Africa saw a YoY decline in deal value.” Toppo concludes: “The M&A forecast for the last quarter of 2024 is cautiously optimistic, as potential rate cuts in certain markets and a generally improving global economic outlook could drive the activity. Nonetheless, mega-deals may encounter obstacles, especially in the US, where antitrust issues remain a priority for regulators.”

Since today, Steyr Motors AG (ISIN: AT0000A3FW25) is listed in the Scale segment of the Frankfurt Stock Exchange, the growth segment in the Open Market for small and medium-sized companies. The initial price of the share was €15.90. The current share price is available via Börse Frankfurt.Designated sponsor on Xetra is Hauck Aufhäuser Lampe Privatbank. The specialist on the trading venue Börse Frankfurt is Wolfgang Steubing.According to its own information, Steyr Motors specialises in the development and production of high-performance engines for military and civilian situations. The engines of the Austrian company based in Steyr are primarily used in military special vehicles, boats and as auxiliary power units for battle tanks and locomotives.

GCEX (GCEX Group) a leading provider of digital asset and foreign exchange solutions, has partnered with RULEMATCH, a leading market operator, to offer its institutional clients access to one of the world’s fastest trading venues for cryptocurrencies. The combination of ultra-low latency trading and integrated post-trade clearing and settlement with netting offers a significant advantage to hedge funds and active trading firms in GCEX’s network. RULEMATCH is a spot crypto trading venue based in Switzerland, built on institutional grade technology. In addition to unparalleled execution speeds, it offers access to competitive and consistent liquidity from regulated market makers, capital efficient post-trade settlement, and stringent AML/CFT controls. This latest development from GCEX enables its client base of hedge funds, algorithmic trading firms, brokers and ETF/ETP providers to benefit from binding quotes in an anonymous Central-Limit Order Book (CLOB) and execution times of 25 microseconds. To ensure capital efficiency and minimise settlement risks, multilateral clearing and settlement are fully integrated and handled via GCEX acting as Prime Broker Sponsor. Lars Holst, CEO, GCEX said: “We are continually looking to push boundaries and extend our offering. Our partnership with RULEMATCH presents a fantastic opportunity for our clients. RULEMATCH is built on state-of-the-art institutional grade technology that offers ultra-low latency trading of cryptocurrencies, with ultra-competitive fees and consistent execution latency down to 25 microseconds. Their offering is very impressive and we share the same ethos in terms of market integrity and professionalism.” David Riegelnig, CEO, RULEMATCH added, “Observing the market today, it is very clear that many of the most active trading firms in the FX market are seeing great opportunities in cryptocurrencies as well – which is understandable given the similarities in the market structure. Our partnership with GCEX as a digital prime broker and sponsor means they can now access the ultra-fast trading venue of RULEMATCH and leverage its multi-lateral clearing and settlement capabilities. With this powerful combination, they can employ many of the same strategies from FX markets for trading crypto assets, including stablecoins.” RULEMATCH acts exclusively as a market operator that brings together the buying and selling interest of its participants followed by clearing and settlement amongst them. It is never a market maker, broker or counterparty in trading or settlement. Liquidity on the venue is guaranteed by regulated, designated market makers. RULEMATCH leverages Nasdaq’s pre-trade risk, trading, and market surveillance technology. GCEX Group empowers institutional and professional clients to access deep liquidity in CFDs on digital assets and FX, alongside spot trading and conversion of digital assets. The company also offers a comprehensive range of Forex brokerage and crypto-native technology solutions under its XplorDigital suite. XplorDigital features innovative plug-and-play solutions, ‘Crypto in a Box’ and ‘Broker in a Box’ which encompass technology-agnostic platforms addressing regulation while covering regulated custody solutions, staking solutions, safety of funds, tier 1 and deep liquidity, connectivity to the biggest price makers, advanced risk management, and innovative technology partnerships. Headquartered in London, with multiple offices across the globe, GCEX is regulated by the UK’s FCA, registered with the Danish FSA as a VASP and currency exchange and has been granted a Virtual Asset Service Provider license by the Dubai Virtual Assets Regulatory Authority. True Global Ventures are investors in GCEX. For further information, please visit  www.gc.exchange or LinkedIn

Key Points – October Report Introducing the updated MNI China Money Market Index (MMI), formerly the MNI China Liquidity Index, which has been adapted to reflect the PBOC's monetary policy. China interbank market liquidity conditions remained ample in September, whilst market participants expect PBOC easing to ease conditions through November, the latest MNI Money Market Index showed. The MNI China Money Market Index suggested modestly better liquidity in October  The MNI China Money Market Current Conditions Index fell in October  The MNI China PBOC Policy Bias Index picked up through October The MNI survey collected the opinions of 43 traders with financial institutions operating in China's interbank market, the country's main platform for trading fixed income and currency instruments, and the main funding source for financial institutions. Interviews were conducted from Oct 14 – Oct 25.

Bursa Malaysia Berhad (“Bursa Malaysia” or the “Exchange”) reported a Profit After Tax, Zakat and Minority Interest (“PATAMI”) of RM241.2 million for the nine-month financial period ended 30 September 2024 (“9M2024”), a 25.1% increase from RM192.8 million in the previous corresponding period ended 30 September 2023 (“9M2023”). The rise in PATAMI primarily stemmed from a 39.1% surge in operating revenue from the Securities Market to RM411.8 million in 9M2024, up from RM296.0 million in 9M2023. Meanwhile, total operating expenses saw a 30.4% increase to RM273.4 million in 9M2024 from RM209.6 million in 9M2023, mainly due to higher staff costs, IT maintenance, as well as service fees. A one-off reversal of provision in 9M2023 also contributed to the higher percentage increase in operating expenses in 9M2024. Click here for full details.

Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Wednesday) that it plans to open an office in Riyadh in 2025. The new office will strengthen HKEX’s Middle East presence as the Group looks to promote greater connectivity between China and the Gulf region, aiming to facilitate new opportunities for its customers and issuers around the world. Situated in Saudi Arabia's economic powerhouse and a leading financial hub in the region, the new Riyadh office will enable HKEX to better connect with investors and companies in one of the world’s most dynamic and innovative economic hubs, providing on-the-ground support to help them access Hong Kong's broad and diverse financial products ecosystem, as well as to capture the opportunities arising from megatrends that define Asia’s growth story. HKEX Chief Executive Officer Bonnie Y Chan said: “We are delighted to be opening a Middle East office in Riyadh, marking the first step in elevating our presence across this vibrant and fast-growing region. This underscores our strategic commitment to promoting greater capital market connections between China and the Middle East, whilst supporting the ambitions of our broad range of customers from the region and around the world. As investment ties between the Middle East and Asia grow stronger, Hong Kong and HKEX’s roles in connecting capital and opportunities between these regions have become more important than ever. Joining our offices in Beijing, London, New York, Shanghai, and Singapore, the new Riyadh office will enable us to foster greater global coverage and facilitate access for Middle East clients to Asia’s most international, diverse and liquid capital markets in Hong Kong." HKEX has made significant progress in its engagements in the Middle East, with meaningful collaboration and partnerships. These include signing a Memorandum of Understanding with the Saudi Tadawul Group, welcoming Asia first and the world’s biggest Saudi-focused Exchange-Traded Fund (ETF), and adding the Saudi Exchange, Abu Dhabi Securities Exchange, and Dubai Financial Market to HKEX’s list of Recognised Stock Exchanges. These initiatives demonstrate HKEX’s commitment to fostering collaboration and enhancing market accessibility between China and the Middle East. Additionally, the listing of two ETFs tracking Hong Kong-listed equities this week on the Saudi Exchange marks a significant milestone in the capital market connectivity between Hong Kong and Saudi Arabia, and builds on the listing of the first Saudi-focused ETF in Hong Kong last November.   APPENDIX HKEX has continued to deepen strategic partnerships with the Middle East: HKEX brought the first FII PRIORITY Asia and Capital Markets Forum (CMF) to Hong Kong to connect investors and corporates between the two regions Signed MOU with Saudi Tadawul Group (STG) in 2023 to explore collaboration in cross listings, exchange products and ESG Added Saudi Exchange (2023), Abu Dhabi Securities Exchange and Dubai Financial Market (2024), to the list of Recognised Stock Exchanges (RSE), opening the door for Middle Eastern companies to seek secondary listings in Hong Kong Welcomed Asia Pacific’s first and the world’s biggest Saudi-focused ETF listing in Hong Kong (2023) The London Metal Exchange, a subsidiary of HKEX, approved a warehouse delivery point for copper and zinc in the Red Sea port city of Jeddah