This year's Annual Economic Report examines how the global economy is faring as progress meets rising perils – including a new fiscal-financial stability nexus and shifting inflation dynamics. Editorial: From resilience to robustness? Chapter I: Progress and perilDriven by progress in AI, the global economy weathered shocks, but mounting risks call for prioritising price and financial stability, as well as fiscal sustainability. Chapter II: High public debt and shifting financial markets: challenges for central banksCentral banks face mounting challenges from the interplay of high public debt with the growing role of non-banks. Chapter III: Anchoring trust in money: innovation beyond stablecoins (pre-released on 23 June 2026)Digital innovation is transforming finance. It creates opportunities, but also poses challenges and raises the question on how to preserve trust in money. Press release: Global economic pressure points call for policy discipline: BIS  Annual Report 2025/26Our Annual Report introduces the BIS's new strategy and shows how the BIS has supported stakeholders throughout the year.    Annual General Meeting 2026  Speech by Pablo Hernández de Cos, General Manager: Strengthening foundations for the future Speech by Frank Smets, Acting Head of Monetary and Economic Department: Anchoring trust in money: innovation beyond stablecoins

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A total turnover of 2.324 billion shares worth ₦134.486 billion in 249,328 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 3.075 billion shares valued at ₦254.614 billion that exchanged hands last week in 287,157 deals.  Click here for full details.

Nasdaq (Nasdaq: NDAQ) today announced that Space Exploration Technologies Corporation (Nasdaq: SPCX) will become a component of the Nasdaq-100 Index® prior to market open on Tuesday, July 7, 2026. For additional information, including notifications on changes to any Nasdaq Indexes, please go to https://indexes.nasdaq.com/

Nasdaq, Inc. (Nasdaq: NDAQ) today announced the Nasdaq Closing Cross had a record day as it was used to rebalance Nasdaq-listed securities in the entire family of Russell US Indexes, which includes the Russell 1000, Russell 2000, and Russell 3000. This year marks the 23rd year that the Closing Cross has been used to calculate the Russell Reconstitution, which occurs semi-annually to reflect shifts in the market capitalization, sector dominance, and style orientation of publicly traded US companies. 4,594,880,616 shares, representing a record $334.027 billion, were executed in the Closing Cross in 1.630 seconds across Nasdaq-listed securities, representing the largest liquidity event on the Nasdaq Stock Exchange for the Russell Reconstitution. The new milestone surpasses 2025’s trading volume, which represented 2,506,428,416 shares, totaling $102.455 billion, executed in 0.871 seconds across Nasdaq-listed securities during Russell's annual reconstitution. "US equity markets have grown materially in scale and complexity, and Russell Reconstitution is one of the clearest tests of that,” said Kevin Kennedy, EVP, North American Markets, Nasdaq. “Today's record shows the infrastructure underpinning the US market close continuing to scale with the market it serves, delivering a single, transparent closing price across record volume in under a second. That is the precision investors expect, and what US market infrastructure is built to deliver.” “Russell Reconstitution is a cornerstone event for the US equity markets, ensuring the full suite of Russell US Indexes remain precise and representative of the ever-evolving marketplace,” said Fiona Bassett, CEO of FTSE Russell. “Today’s record notional volume underscores the continued trust the investment community places in our transparent and rules-based process. We’re proud to celebrate the successful completion of this year’s first semi-annual rebalancing with our longstanding friends at Nasdaq, marking another milestone in our shared commitment to market integrity and efficiency.” The Closing Cross brings together buy and sell interests executing all shares for each stock at a single price, one that reflects the accurate supply and demand for these securities. The technology reflects each symbol’s true supply and demand, providing unparalleled insight into the market close. All Russell US Indexes are subsets of the Russell 3000E™ Index, which represents approximately 98% of the US equity market. Russell US Indexes allow investors to track current and historical market performance by specific market segment (large cap/small cap) or investment style (growth/value/defensive/dynamic). Today, approximately $10.6 trillion in assets are benchmarked to or invested in products based on the Russell US Indexes. Russell Reconstitution Day is one of the year’s most highly anticipated and heaviest trading days in the US equity market, as asset managers seek to reconfigure their portfolios to reflect the composition of Russell's newly reconstituted US indexes. The index reconstitution process was completed today, and the newly reconstituted index membership will take effect when markets open on June 29, 2026. Please visit our website for more information on the Nasdaq Closing Cross. Since the Nasdaq Closing Cross began calculating the Russell Reconstitution over two decades ago, the Cross has reduced latency by over 85% while effectively keeping pace with an increasing trade volume growth of over 550% and an increasing notional volume growth of over 1500%. To maintain the liquidity and resiliency of its systems during these evolving market conditions, Nasdaq has made considerable investments in market modernization and capacity enhancement. These efforts are consistent with Nasdaq's broader commitment to providing technology solutions that enhance transparency and support the global financial ecosystem.

The current reports for the week of June 23, 2026 are now available. Report data is also available in the CFTC Public Reporting Environment (PRE), which allows users to search, filter, customize and download report data. Additional information on Commitments of Traders (COT) | CFTC.gov Historical Viewable Historical Compressed COT Release Schedule CFTC Public Reporting Environment (PRE) PRE User Guide PRE Frequently Asked Questions (FAQs)

The Canadian Investment Regulatory Organization (CIRO) has launched a pilot Hearings Assistance Program (HAP) to support self-represented respondents (SRRs) on procedural aspects of CIRO proceedings. In partnership with the National Self-Represented Litigants Project (NSRLP) the program aims to improve access to justice for self-represented respondents who would overwise be compelled to navigate the process on their own. Respondents in CIRO’s proceedings who represent themselves often struggle to navigate complex legal proceedings and may fear navigating them alone, which can impact their ability to defend themselves adequately. The HAP connects SRRs with volunteer lawyers who will offer procedural legal guidance and support to SRRs. “The Hearings Assistance Program for self-represented respondents is an important development in strengthening the integrity of CIRO’s disciplinary process because it will provide external and independent support to these respondents, helping them navigate the complexities of CIRO’s disciplinary proceedings,” said Tatsiana Okun, Associate General Counsel, CIRO. The NSRLP develops resources, undertakes research and advocates for systemic change in the Canadian justice system to better meet the needs of self-represented litigants participating in a broad range of courts and administrative tribunals across Canada. Through collaboration among self-represented litigants, lawyers, judges, and court staff, the NSRLP strives to create a more responsive and inclusive legal environment. “We are pleased to support self-represented respondents in CIRO’s proceedings, facilitating support for these individuals and ensuring assistance with procedural matters,” said Jennifer Leitch, Director of the NSRLP. “This is a meaningful commitment by CIRO to strengthen procedural fairness and provide individuals with access to justice through independent, external support on a national scale.” The NSRLP will collaborate with CIRO’s Hearings Office on training volunteer lawyers for their work with self-represented respondents engaged in CIRO’s proceedings. They will also connect self-represented respondents with potential volunteer lawyers, administer the program and report on outcomes. CIRO Disciplinary Hearings One of the ways that CIRO upholds its mandate to protect investors and the capital markets is through disciplinary powers to investigate and prosecute wrongdoers and impose sanctions and fines where wrongdoing is found. Allegations are brought forward by CIRO Enforcement before hearing panels comprised of independent Hearing Committees’ members. CIRO’s hearing process is designed to be independent, neutral and impartial. Hearing panels are typically comprised of a three-person panel of external experts, usually including a retired judge or senior member of the legal profession and two senior industry professionals. The neutrality of the whole process is maintained by the CIRO Hearings Office. Separate from both CIRO Enforcement and the respondents, the Hearings Office administers the hearing functions essential to maintaining the integrity and fairness of CIRO’s disciplinary proceedings. The HAP will ensure the self-represented respondents are further supported through independent legal counsel on procedural matters. Additional objectives of the program include improving fairness and efficiency in disciplinary proceedings, reducing procedural errors and delays, and creating professional development opportunities for volunteer lawyers.

​The European Banking Authority (EBA) today published its final revised Guidelines on common procedures and methodologies for the supervisory review and evaluation process (SREP) and supervisory stress testing, marking another key milestone in its efforts to enhance the efficiency, coherence and effectiveness of EU banking supervision. The revised Guidelines are a core deliverable of the EBA’s efficiency and simplification agenda. They build on the EBA Report on the efficiency of the regulatory and supervisory framework (October 2025) and follow the Report on simplifying the stacking orders of the EU prudential and resolution framework. The revised SREP Guidelines pave the way for a more risk-focused, efficient, proportionate and forward-looking framework for supervisors across the EU. ​​Since their adoption in 2014, the SREP Guidelines have given every EU supervisor a common language for assessing credit institutions, providing the foundation on which the Single Supervisory Mechanism (SSM) was built, ending supervisory disputes in cross-border colleges, and enabling the Banking Union to get off the ground. Nearly a decade of implementation has now confirmed both their value and their need to evolve. ​​The revised SREP Guidelines introduce targeted rationalisation measures, including a 30% reduction in the overall page count, while preserving the core structure and objectives of the SREP. They are aligned with Capital Requirements Regulation and Capital Requirements Directive (CRRIII/CRDVI) and other regulatory developments, and draw on supervisory experience, peer review findings and extensive supervisory exchanges, leading to the following key enhancements: ​Simplified regulatory and supervisory framework: a streamlined, and non-duplicative set of provisions that bring together all SREP-related guidance, including SREP guidelines for ICT risk and third-country branches, complemented by targeted refinements, such as merging liquidity and funding risk assessments, and clearer link to the relevant legal acts facilitating SREP assessments (published separately).​ ​Enhanced and forward-looking risk coverage supporting supervisory modernisation: broader and more forward-looking identification of risks, with increased focus on emerging or materially evolving risk drivers, including ICT, ESG, credit spread risk from non-trading activities (CSRBB). ​ ​More risk-based and proportionate supervision: a strengthened risk-based approach, with supervisory assessments calibrated in scope, depth and intensity to institutions’ risk profiles, and greater use of existing information available to supervisors, enabling altogether a more efficient and tailored use of supervisory resources.  ​Enhanced supervisory effectiveness: introduction of a high-level, flexible escalation framework, a stronger link between supervisory findings and measures, and improved clarity in communicating SREP outcomes. ​Clarified risk taxonomy and interaction between Pillar 1 and Pillar 2: introduction of non-exhaustive sub-categories for credit risk, market risk, operational risk and IRRBB to support more consistent supervisory assessments. The revised Guidelines further clarify the interaction between Pillar 1 and Pillar 2 requirements, including the application of the output floor. ​Integration of ICT/DORA, operational resilience and ESG factors: enhanced treatment of ICT risk through the incorporation of DORA, alongside broader integration of operational resilience concept and environmental, social and governance (ESG) factors within the existing SREP framework. ​Legal basis and background ​Today’s publication marks the third major milestone under the EBA’s communication campaign “Simplifying to strengthen: building a more efficient EU prudential and supervisory framework”. This initiative is part of the EBA’s broader priority to simplify and enhance the efficiency of the regulatory and supervisory framework, in line with the work of its Task Force on Efficiency (TFE) and the EBA’s Report on the efficiency of the regulatory and supervisory framework, published on 1 October 2025. It delivers, in particular, on Recommendation 2.4. ​The revised Guidelines have been developed on the basis of: (i) Article 107(3) of Directive 2013/36/EU (CRD), mandating the EBA to specify common procedures and methodologies for the SREP; (ii) Article 48n(6)(a) of CRD VI, mandating guidelines on the SREP for third-country branches; (iii) Article 104a(7) of CRD VI, mandating guidelines to operationalise the output floor. ​This revision represents the third major update of the SREP framework since 2014. It strengthens the overall coherence of supervisory architecture by consolidating the existing SREP Guidelines (EBA/GL/2022/03) and the standalone Guidelines on ICT risk assessment (EBA/GL/2017/05), while also incorporating new mandates introduced by the Capital Requirements Directive (CRD VI), including the treatment of third-country branches and the operationalisation of the output floor into a single comprehensive framework.  ​The Guidelines are addressed to competent authorities as defined in Article 4(2), points (i) and (viii) of Regulation (EU) No 1093/2010. Competent authorities are required to report whether they comply or intend to comply with the Guidelines within two months of publication of the translations into the official EU languages. ​The Guidelines will apply from 1 January 2027. Competent authorities are nevertheless encouraged to consider the revised guidance ahead of that date and, where possible, to introduce its elements at an earlier stage of their supervisory planning cycles. Upon entry into force, the Guidelines repeal and replace EBA/GL/2022/03 and EBA/GL/2017/05.​  Documents Final Report on revised SREP and supervisory stress testing Guidelines (2.56 MB - PDF) List of legal acts facilitating SREP assessments (280.9 KB - PDF) Related content GuidelinesFinal and awaiting translation into the EU official languages Guidelines for common procedures and methodologies for the supervisory review and evaluation process (SREP) and supervisory stress testing Topic Supervisory Review and Evaluation Process (SREP) and Pillar 2

The European Banking Authority (EBA) today published an updated list of validation rules defined in its reporting frameworks, as part of its regular quarterly review process. The revised package identifies rules that have (i) been deactivated due to inaccuracies or IT-related issues, (ii) been reactivated, or (iii) undergone a change in severity status.  Competent Authorities across the EU are reminded that data submitted in accordance with the ITS and Guidelines should not be formally validated against rules that have been deactivated. In addition, the EBA has released a small validation rules package, which includes:  a micro taxonomy package; and Data Point Model (DPM) validation rules update scripts. These components are required from release 4.0 onwards for each validation rules update exercise and ensure amendments are consistently reflected in both the taxonomy and the DPM.  With the introduction of DPM 2.0 from release 4.0 onwards, validation rules are now embedded directly into both the taxonomy and DPM. This integration enhances consistency in implementation by reporting institutions, improves traceability of changes, and contributes to a more efficient and harmonised supervisory reporting process.  Related content Page Validation rules packages

​The European Banking Authority (EBA) published today a Consultation Paper with a draft methodology for setting fines in its role as supervisor under MiCA. The objective is to ensure that fines imposed on issuers of significant crypto-assets are consistent, proportionate and transparent, and effectively support compliance with the regulatory framework. ​​Under MiCA, where an asset-referenced token (ART), or an e-money token (EMT) issued by an electronic money institution, is classified as significant by the EBA, the EBA is responsible for supervising the issuer.  ​The Consultation sets out the EBA’s proposed approach to calculating fines where an issuer of significant tokens, or a member of its management body, has negligently or intentionally committed an infringement. ​This methodology aims at providing a clear and a consistent approach for enforcement, enhancing transparency and accountability in supervisory decisions and helping stakeholders understand how fines are determined in individual cases.   ​​Consultation process Comments to the consultation paper can be sent by clicking on the “send your comments” button on the EBA's consultation page. The deadline for the submission of comments is 28 September 2026. The EBA will hold a virtual public hearing on 16 of July from 14.30 CEST. The EBA invites interested stakeholders to register using this link by 13 of July, 16.00 (CEST). The dial-in details will be communicated to those who have registered for the meeting. All comments received will be published following the end of the public consultation, unless requested otherwise. Legal basis In accordance with Article 134(1) of MiCA where the EBA in carrying out its supervisory responsibilities of issuers of significant tokens, identifies clear and demonstrable grounds to suspect that an infringement has been, or may be, committed, it may adopt one or more of the supervisory measures listed in Article 130(1) and (2) of MiCA. These measures include the imposition of fines and periodic penalty payments.    Documents Consultation Paper on methodology for setting fines under MiCA (387.75 KB - PDF) Related content Consultation28 SEPTEMBER 2026 Consultation on methodology for setting fines under MiCA Discussion Methodology for setting fines under MiCA Topic Asset-referenced and e-money tokens (MiCA)

The annual AML reporting to FI is updated with new questions. These will replace the current set of questions. The report must be completed by all obliged entities that are subject to the Swedish Money Laundering Act and under FI's supervision. The changes will enter into force on 1 January 2027. The annual AML reporting to FI is being comprehensively updated with new questions on obliged entities' inherent risks and control environments. The questions are in line with the risk indicators developed in collaboration with EBA and Amla as part of the work on the new EU common risk classification methodology. They must be answered by all obliged entities subject to the Money Laundering Act and FI's supervision. The new reporting replaces the existing periodic reporting and enters into force on 1 January 2027. Information to be reported The information to be reported covers obliged entities' inherent risk factors and control environments. The questions are mainly set out in the annexes to the draft technical standards for the risk classification methodology pursuant to Article 12(7) of Regulation (EU) 2024/1620 and Article 40(2) of Directive (EU) 2024/1640, as well as in the Amla template used for data collection in connection with the development of the risk assessment methodology. Note that certain data points may still change and that Amla’s template will not be used for reporting to FI. More detailed information about the new reporting will be provided in the autumn. Reporting period The reporting period remains unchanged, from 1 January to 31 March. The new reporting enters into force on 1 January 2027, and the data will relate to the balance sheet date of 31 December 2026. Reporting in Fidac As in previous years, all obliged entities must report via FI's reporting portal, Fidac. For entities that qualify for Amla's direct supervision, reporting will be carried out in accordance with EBA's taxonomy. FI will contact these entities separately. Technical standard under Article 40(2) of Directive (EU) 2024/1640 AMLA information on data collection exercise

The Commodity Futures Trading Commission and the Securities and Exchange Commission today issued a joint request for public comment on potential approaches to further harmonize regulatory frameworks applicable to portfolio margining across securities, security-based swaps, futures, swaps, and related positions. The request for comment is intended to assist the agencies in evaluating whether greater coordination or alignment in portfolio margining requirements may improve risk management efficiency, reduce unnecessary market fragmentation, and enhance customer protections consistent with the agencies’ respective statutory authorities and responsibilities. “Fostering enhanced cooperation between the CFTC and SEC with respect to portfolio margining promises to unleash untapped capital while ensuring a more robust risk management framework and market protections,” said CFTC Chairman Michael S. Selig. “I look forward to reviewing and implementing stakeholder feedback as we build the new frontier of finance.” “By further harmonizing our frameworks, we can ensure that jurisdictional overlap does not stifle innovation and efficiency,” said SEC Chairman Paul S. Atkins. “Cross-margining offers a clear opportunity to unlock liquidity that remains frozen in separate accounts, and we encourage market participants to provide feedback on ideas that will help improve coordination between both agencies.” The joint request for comment seeks input on a range of issues, including: Existing portfolio margining models and practices Customer protection considerations Cross-margining and cross-product offsets Capital, segregation, and collateral treatment Risk management and margin methodologies Clearing agency and derivatives clearing organization considerations Operational and technical implementation issues Potential impacts on market liquidity and competition The CFTC and SEC encourage the public to provide input on these topics, as identified in the agencies’ request for comment. The public comment period will remain open for 60 days following publication of the request for comment in the Federal Register. RELATED LINKS Joint Request for Comment on Further Implementation of Portfolio Margining and Cross-Margining of Securities and Derivatives

During a special Ring the Bell ceremony held in Luxembourg, the People’s Republic of China and the Luxembourg Stock Exchange celebrated a new sovereign bond issuance. Earlier today at the Luxembourg Stock Exchange (LuxSE), the Ministry of Finance of the People’s Republic of China announced the issuance of a new EUR 5 billion sovereign bond, to be listed on LuxSE’s Euro MTF. The issuance was celebrated during a special Ring the Bell ceremony at LuxSE this morning, in the presence of the Vice Minister of Finance of the People’s Republic of China, Song Qichao, Luxembourg’s Minister of Finance, Gilles Roth, the Director for the Development of the Financial Centre at Luxembourg’s Ministry of Finance, Jennifer de Nijs, Hua Ning, Ambassador of China to Luxembourg, as well as representatives of Bank of China, Bank of Communications, Crédit Agricole CIB and Luxembourg for Finance (LFF). The issuance comes seven months after the People’s Republic of China successfully listed a EUR 4 billion bond on LuxSE’s Euro MTF. The new issuance marks the latest chapter in the long-standing relationship between the People’s Republic of China and LuxSE, which began in 1994 when China’s first international sovereign bond was listed on the Exchange. Long-standing relations This issuance reflects the People’s Republic of China's continued commitment to international capital markets and supports greater connectivity between European and Asian financial centres. It also builds on the strong partnership that has developed between China and Luxembourg over the past three decades. “China's Ministry of Finance's decision to issue euro-denominated sovereign bonds in Luxembourg for two consecutive years stands as a compelling testament to the further deepening of financial cooperation between China and Luxembourg. Looking ahead, there is immense potential for collaborations between the two countries in the bond market. I am confident that China and Luxembourg will continue to move forward hand in hand, build bridges for dialogues between China and Europe, and jointly write a new chapter in China-Europe financial cooperation,” said Mr Song Qichao, Vice Minister of Finance of the People's Republic of China. “We are honoured to welcome the People's Republic of China back to LuxSE with this new sovereign issuance. Today's ceremony, held in the presence of Vice Minister of Finance Mr Song Qichao, marks another milestone in the long-standing relationship between China and Luxembourg. This issuance highlights China's continued engagement with international capital markets and reinforces LuxSE's position as the leading venue for sovereign issuers seeking access to global investors,” said Pierre Schoonbroodt, Deputy CEO and CFO at LuxSE. Strengthening international collaboration The new EUR 5 billion sovereign bond issuance was jointly arranged by Bank of China, Bank of Communications and Crédit Agricole CIB. The upcoming listing will further reinforce LuxSE’s position as the venue of choice for sovereign issuers when tapping international bond markets and highlights Luxembourg’s role as a gateway between China and the European capital markets. “Bank of China is honoured to have participated in this landmark transaction. As the most internationalised Chinese bank and the first major international banking group to establish its European headquarters in Luxembourg, Bank of China remains firmly committed to advancing financial cooperation between China, Luxembourg and Europe. This successful issuance further highlights Luxembourg's important role as a leading international financial centre and a key gateway for global capital. Bank of China will continue to leverage its global network and extensive European franchise to deepen connectivity between Chinese and international capital markets, broaden access to global investors, and contribute to the continued development of Luxembourg as a premier international capital markets hub,” said Liu Jiandong, Chairman, Bank of China (Europe) S.A. “In 2015, Bank of Communications set up a subsidiary in Luxembourg and has since served the European market for over a decade. As a global systemically important bank and an official listing agent at the Luxembourg Stock Exchange, BOCOM has provided quality financial services to Chinese and European firms while promoting the listing of Chinese bonds in Luxembourg. Following last November's issuance, the Ministry of Finance has again chosen Luxembourg for this euro sovereign bond offering – a decision that deepens bilateral ties, advances Belt and Road cooperation, and gives new impetus to the China-Luxembourg partnership,” said Yin Jiuyong, Executive Vice President, Bank of Communications Co., Ltd. “From an international market perspective, this issuance is viewed as a strategic development in China-Europe financial connectivity. By choosing Luxembourg – Europe’s premier listing venue for international bonds – and maintaining Hong Kong as the clearing centre, China is reinforcing its commitment to both European and Asian financial markets. This dual-listing approach is seen as a sophisticated strategy to deepen cross-continental capital markets integration and signals China's long-term commitment to European capital markets,” said Olivier Bélorgey, Deputy Chief Executive Officer and Finance Director, Crédit Agricole CIB. Deep-rooted cooperation China’s partnership with Luxembourg has expanded significantly in recent years. Today, LuxSE lists a broad range of bonds from Chinese issuers, reflecting the depth of the relationship between China’s capital markets and Luxembourg’s international financial centre. Beyond debt capital markets, LuxSE continues to serve as a bridge for sustainable and green finance between Europe and China, supporting enhanced international cooperation in sustainable investment. Today’s issuance further deepens the financial ties between China and Luxembourg and underscores the long-term collaboration between the two markets. It also reaffirms Luxembourg’s role as a preferred European hub for Chinese issuers seeking access to international investors. For more information, please visit the issuer card: https://www.luxse.com/issuer/China/33102

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Data Boiler submitted a 60-page comment letter to the SEC regarding Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources. It details specific concerns regarding why the CAT is opaque, how it may be weaponized, and why it is broken beyond repair and wholly inadequate to address challenges of today and the future. Rather than simply criticizing the current framework, it proposed a tangible, production-ready Agentic Distributed Alternative that solves the industry's heaviest burdens: 70–80% Cloud Cost Reduction; Eliminates the “Honeypot” Vulnerability; and Matches Modern Market Speed. Please see below for an Executive Summary: Functional Mission Creep: Congress’s original mandate authorizing the CAT was explicitly limited to flash crash prevention; tellingly, there is no mention of flash crash anywhere throughout the SEC’s entire concept release. The system has mutated from an emergency, post-2010 flash-crash mitigation utility, into an invasive, retroactive, permanent census – a sweeping extension of power that Congress never conferred upon the SEC. Outdated Design: With the CAT in its current centralized form, the database is highly vulnerable to security threats, unconstitutionally intrudes on everyone’s privacy, and severely impair civil liberties of Americans who transact or engage in any way, shape, or form in the U.S. securities markets. The CAT architecture is fundamentally obsolete and structurally incapable of meeting twenty-first-century market realities. Framing its replacement as a choice between developing a different audit trail or relying on legacy data sources is a false dichotomy. Fatal Flaws and Bias: A so-called “golden source single source of truth” is indeed filled with noises, including initial bias, latency tolerance, human-induced opaque processes, institutional favoritism, poor controls, and practices that conceal or alter the essential order and trade sequences and artificial market events. The SEC, GAO, and DOJ must investigate if CAT data was weaponized for political or commercial reasons to hold the SROs accountable. Undue Burden on Broker-Dealers + Misalignment of SEC Resources: Total private-sector compliance expenditures to report CAT data now exceeds $1.7 billion annually. Continuous micro-technical rule modifications force broker-dealers to repeatedly waste millions of dollars on updating related systems. Dual-sided reporting can never be cost justified; it creates excessive data-in-motion traffic that is a costly waste and more susceptible to defects. Instead of being served by the CAT, massive data-cleansing and formatting inefficiencies trap highly paid agency personnel into serving as data processors administratively, rather than proactive gatekeepers of market integrity. Flawed NMS Governance and Existential Structural Crisis: Using an NMS plan to build a CAT creates severe conflicts of interest, in allowing for-profit SROs to diffuse operational responsibility. It is questionable for the CAT to continuously run basic data-wrapping loops on standard cloud servers to re-ingest public SIP and OPRA market data feeds – information that the SROs already natively generate and possess internally. The resulting regulatory cost-bloat essentially imposes an illegal Financial Transaction Tax on everyone, despite the Court vacating the funding order. Ultimately, no one wants to foot the bill for works they do not own, or to finance the hidden perks/ billable hours of opaque vendors, consultants, and lawyers contracted by the SROs behind closed doors. “Everything Everywhere All at Once” Harms Everyone: Modifying the representative order linkage requirements is a tacit admission that the original daisy chain approach was a flawed, incredibly expensive dead end. CAIS is an expensive and intrusive experiment. CAT was given 10+ years as an experiment, not once (Thesys), but twice (FINRA CAT LLC), to do a $2+ billion proof-of-concept that is doomed to failure. Frequent pestering (unlimited desires) to amend the CAT NMS Plan for an unrepairable CAT – or using stall tactics disguised as further reviews/ tests – erodes public trust. Design and Scope Must Change: Shift away from centralized data collection; adopt a Federated approach to fabricate the intelligent analytical layer. Have dedicated focus on volatility‑event forensics and market‑access risk controls. Expand product scope to futures, swaps, clearing data, and select digital‑asset instruments. Require SEC and CFTC regulated SROs to supply the fastest, full-depth proprietary feeds. Exclude RFQs and primary-market activity. Shift lifecycle analysis to clearing & settlement systems, purging the entirety of CAIS. The CAT's unfixable structural flaws – including reliance on perimeter security, absent element-level protections, and vulnerable central administration –render it entirely incapable of meeting the Federal Zero Trust mandates; thus, it must be replaced. Out of Proportion, Revenue-Expense Mismatch, & Weaponization: It is sad that human floor agents are being trusted less than AMM algorithms to maintain the continuous orderly function of markets. Port-level settings are important, but SROs using it as anti-competitive lock-in should be discouraged. SROs enjoys lucrative co-location profits while dodging responsibility to build a native compliance interface, and this thus represents an inappropriate cross-subsidization from CAT. LTID creates major enforcement risk – CAT reconstructs sequences using SIP & 3rd party data that inevitably drifts, producing false signals. It is unjust to shift the burden of proof to broker-dealers. This asymmetry enables weaponization of CAT for political or commercial reasons, undermines market integrity, and chill participation. Do NOT Choose, Seek Alternative: Hardening OATS/ COATS/ EBS – CapEx $250M-$450M depreciable over 7-10 years. CAT security patch $80M-$120M upfront CapEx + at least $40+M annually (Caveat: NOT avert cyber-honeypot risk).  The only viable path is to abandon continuous centralized reporting entirely and shift to a federated model where data stays at its native source + deploy Agentic AI, restore need-to-know safeguards, and modernize market-monitoring. Statutory Overreach, Bypassed Rulemaking Steps: The SEC has mischaracterized the legacy EBS system to downplay CAT’s far greater privacy and civil‑liberties risks. Respect the EBS as a purpose-built insider-trading investigation tool with proper guardrails to ensure reasonable suspicion is established before summoning private data.  Unauthorized CENSUS, Civil Liberties and Privacy Violations: Laundered massive government surveillance through SROs (contrasted to Vice President JD Vance’s remarks about censorship), attempted to shield SROs from liability, and built a centralized repository that poses catastrophic national-security risks ($100M insurance cap grossly undermines a National security threats – a breach is not a minor corporate loss; it could trigger a structural collapse of U.S. capital markets). By enabling mission creep, policy circumvention, and the §31 fee extraction without proper rulemaking, the SEC and SROs effectively merged legislative, enforcement, and tax‑collection powers – amassing authority beyond that of the U.S. President and undermining the separation of powers. Failed ZTA mandate, deliberately not following sound advice: Far riskier than building privacy‑by‑design. CAT SWG still relies on outdated NIST SP 800‑53 Rev. 4 – “over a decade old” – leaving CAT vulnerable to modern cloud‑native exfiltration and AI‑driven reconstruction attacks. SEC/ SROs disregarded repeated warnings of a false sense of security, and the CAT became a fragile, bureaucratic honeypot that fails to protect markets or the public. The CAT is Unsustainable: Adding transparency measures or altering reporting formats will NOT resolve its underlying structural and constitutional vulnerabilities. We recommend shutting the CAT off immediately, patching OATS/COATS/EBS in the short-term, and going back to the drawing board. The Agentic Distributed Alternative Core Goals of a Modern Audit Trail Replacement: The proposed architecture seeks to minimize the audit‑trail footprint, reduce computational load, eliminate unnecessary trade reporting, and shift regulators from manual data processors to strategic gatekeepers. It emphasizes context‑aware AI, Zero‑Trust security, and selective ingestion of only high‑value, anomaly‑linked data. The system is designed to accelerate anomaly detection, reduce false positives, and identify emerging liquidity stresses or flash‑crash precursors in real time. Tier 1: Distributed, edge-based surveillance using AI Agents: Tier 1 deploys localized AI agents at each SRO to run “dual‑track shadow processing” that independently verifies exchange surveillance outputs. Raw matching‑engine logs are analyzed in parallel by both the SRO’s native tools and an independent AI agent, enabling immediate peer review and early anomaly detection. Manipulation patterns are decomposed into granular “triggers,” allowing rapid matching against a machine‑learning library, and drastically reducing computing resources while improving detection accuracy. Tier 2: Semantic Audit Hub, Case Library, & QA Engine: Tier 2 uses Progress MarkLogic and Semaphore to harmonize structured and unstructured data, resolve identities, perform semantic inference, and classify SRO misses into true positives, false positives, and false negatives. Only anomalies flagged by Tier 1 are unpacked, enriched with filings (e.g. 13F/13H), and converted into RDF triples for deep semantic analysis. This layer supports on‑demand retrieval, automated mismatch resolution, and Zero‑Trust access control, ensuring that raw data remains siloed at the source while enabling cross‑market contextual understanding. Tier 3: reinforcement learning for cross‑market stress detection: Tier 3 escalates enriched anomaly packages to Google TPU clusters for reinforcement learning, cross‑market correlation checks, and systemic‑risk modeling. The TPU evaluates inventory imbalances, liquidity withdrawals, and multi‑venue stress signatures to detect flash‑crash precursors and refine SRO surveillance / volatility interruption mechanism parameters. Operating under strict Zero‑Trust gating, it returns only cryptographic proofs and metadata to regulators, enabling real‑time visibility without centralized data hoarding. Advantages of the new architecture over CAT’s centralized vault: The three‑tier distributed design eliminates CAT’s honeypot vulnerabilities, reduces alert fatigue, and matches the pace of modern, cross‑market manipulation by isolating identities and patterns across venues. It shifts surveillance from hindsight to active prevention, enabling dynamic recalibration of guardrails and volatility controls. By storing only anomaly‑linked data and offloading heavy computation to targeted TPU jobs, the architecture cuts CAT’s cloud‑hosting costs by an estimated 70–80% while delivering far stronger security, privacy, and analytical capability than any centralized repository could achieve. A good decision, made now and pursued aggressively, is superior to a perfect decision made too late. Humans are slow and CANNOT manually reconcile the massive volume of structured trade logs and unstructured data driving modern markets. AI bridges this gap by handling tedious data ingestion and synthesis. Supported by human context, institutional knowledge, and strict guardrails, AI acts as a force multiplier – not job replacement. This shift elevates agency personnel from manual data processors to strategic gatekeepers of market integrity. By Kelvin To, Founder and President of Data Boiler Technologies Data Boiler is a Pioneer in FinTech with patented inventions (US, Canada, Singapore, Japan, Australia, and 20 European countries) in signal processing, trade analytics, machine learning, time-lock cryptography, etc. We frequently comment on regulatory policy both domestically and abroad with over 12 years in business. A type C Member of the European Commission’s Data Expert Group + former committee of BITS (Bank Policy Institute).  

Intercontinental Exchange, Inc. (NYSE: ICE), one of the world's leading providers of financial market technology and data powering global capital markets, today released the May 2026 ICE First Look at mortgage performance trends. The analysis found that while overall mortgage delinquencies increased modestly in May, the rise was largely driven by calendar-related factors rather than broad-based deterioration in mortgage performance. “While the headline increase in delinquencies may draw attention, the underlying performance picture is stable as delinquencies remain below January 2020 levels,” said Andy Walden, Head of Mortgage and Housing Market Research at ICE. “The rise in early-stage delinquencies and the month-over-month decline in cures were largely driven by the Sunday month-end, which causes many mortgage payments to be processed the following business day. The more important trend to watch remains the continued growth in serious delinquencies and active foreclosures, particularly among FHA loans.” Key takeaways from the month include: The overall delinquency rate rose in May: The national delinquency rate rose 15 basis points (bps) to 3.50% due to a calendar anomaly. Overall delinquencies rose 4.5% month over month, which is in line with historical Sunday month-end patterns. Late-stage delinquencies improved to a five-month low: While serious delinquencies (90-plus days past due, but not in foreclosure) held steady from April and have improved seasonally from a five-month low, they are up 111,000 year over year — the largest annual increase since 2020. Foreclosure starts and inventory rose: Foreclosure starts fell 9% from April but remain 19% above year-ago levels. Active foreclosure inventory reached 280,000 loans, up 34% annually and the highest level in six years, though the foreclosure rate remains below pre-pandemic levels. Late-stage non-current loans rose: The number of loans that are seriously delinquent or in active foreclosure increased by 185,000 from a year ago, marking the largest year-over-year increase since the pandemic-era unemployment spike in 2020. Cure activity softened: Loans curing from serious delinquency declined 6% month over month in May, a decrease consistent with both typical seasonal patterns and the same month-end calendar effects that influenced delinquency counts. Cure volumes remain below late 2025 levels, with FHA cures continuing to lag broader market performance. Prepayment speeds cooled on higher rates: Single-month mortality (SMM), a measure of pre-payment speed, fell 15% from April’s 0.93% to 0.79% — a four-month low — as mortgage rates rose. May’s SMM remained 8 bps above year-ago levels. "Overall mortgage performance remains healthy, yet the level of serious delinquencies and active foreclosures highlights the importance of reaching borrowers early," said Bob Hart, President of Mortgage Technology at ICE. "As loss mitigation volumes increase, servicers need technology that helps them quickly connect with homeowners experiencing financial hardship, streamline workout decisions and support consistent execution of workout plans from first contact through resolution. ICE's Loss Mitigation solution helps servicers scale those efforts while supporting compliance and improving outcomes for both homeowners and investors." Data as of May 31, 2026Total U.S. loan delinquency rate (loans 30 or more days past due, but not in foreclosure): 3.50%Month-over-month change: 4.51%Year-over-year change: 9.44% Total U.S. foreclosure pre-sale inventory rate: 0.51%Month-over-month change: 1.46%Year-over-year change: 34.21% Total U.S. foreclosure starts: 33,000Month-over-month change: -8.87%Year-over-year change: 18.74% Monthly prepayment rate (SMM): 0.79%Month-over-month change: -14.99%Year-over-year change: 10.07% Foreclosure sales: 7,000Month-over-month change: -11.11%Year-over-year change: 0.67% Number of properties that are 30 or more days past due, but not in foreclosure: 1,932,000Month-over-month change: 84,000Year-over-year change: 188,000 Number of properties that are 90 or more days past due, but not in foreclosure: 577,000Month-over-month change: 0Year-over-year change: 111,000 Number of properties in foreclosure pre-sale inventory: 280,000Month-over-month change: 4,000Year-over-year change: 74,000 Number of properties that are 30 or more days past due or in foreclosure: 2,212,000Month-over-month change: 88,000Year-over-year change: 262,000 Top 5 States by Non-Current* Percentage Mississippi:   8.43% Louisiana:   8.33% Alabama:   6.19% Indiana:   6.14% Arkansas:   5.68%       Bottom 5 States by Non-Current* Percentage Hawaii:   2.33% California:   2.30% Montana:   2.21% Washington:   2.17% Idaho:   2.04%       Top 5 States by 90+ Days Delinquent Percentage Mississippi:   2.54% Louisiana:   2.32% Alabama:   1.86% Indiana:   1.66% Georgia:   1.62%       Top 5 States by 12-Month Change in Non-Current* Percentage New York:   1.86% Wyoming:   1.98% Montana:   3.74% Hawaii:   3.79% Idaho:   3.84%       Bottom 5 States by 12-Month Change in Non-Current* Percentage Indiana:   18.27% Ohio:   17.24% Kentucky   17.09% Colorado:   13.33% Michigan:   11.94% *Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state. Notes: 1) Totals are extrapolated based on ICE’s loan-level database of mortgage assets. 2) All whole numbers are rounded to the nearest thousand, except foreclosure starts and sales, which are rounded to the nearest hundred. The company will provide a more in-depth review of this data in its monthly Mortgage Monitor report, which includes an analysis of data supplemented by detailed charts and graphs that reflect trend and point-in-time observations. The Mortgage Monitor report will be available online at https://www.icemortgagetechnology.com/resources/data-reports. For more information about gaining access to ICE’s loan-level database, please send an email to ICE-MortgageMonitor@ice.com.

The Vienna Stock Exchange welcomes another new listing: as of today, Emerald Horizon AG (ISIN AT0000A3UZE1) is continuously tradable in the ‘standard market’ segment. To celebrate the stock market debut, the company’s two founders Florian Wagner, CEO, and Philipp Pölzl, Vice President of Operations, together with Robert Holzmann, Vice President of International Relations, rang the opening bell, thereby kicking off the first day of trading. Baader Bank AG and ICF Bank AG are acting as market makers to provide additional liquidity. According to the company, Emerald Horizon AG develops technologies for the decarbonisation of the energy supply, including hybrid energy storage systems and a new generation of modular reactors. The company is therefore in the process of transitioning from the development phase to its intended commercialisation phase. “Listing on the Vienna Stock Exchange takes our company’s visibility to the next level and is a commitment to transparency and long-term responsibility. But it is also a commitment to Europe. We are convinced that this continent needs a secure, predictable and clean energy supply, and we will make a substantial contribution. With this listing, we aim to bring our technology to market maturity together with our shareholders,” says Florian Wagner, CEO of Emerald Horizon AG.

ASIC has accepted John Gordon Owenell’s application for the cancellation of his registration as a company auditor following ASIC raising concerns with Mr Owenell’s alleged failure to comply with auditor independence and conflicts of interest requirements under the Corporations Act 2001 and the APES110 Code of Ethics for Professional Accountants (including Independence Standards). ASIC’s concerns arose from Mr Owenell’s involvement in the audit of a large proprietary company (including as lead auditor and engagement partner) in circumstances where: Mr Owenell previously held the position of company secretary for the client (between 1988 and 2003) Mr Owenell conducted internal audits for the company (between 2005 and 2007), and Mr Owenell then audited the client for a consecutive period of 19 years (between 2007 and 2025). ASIC was concerned that these matters, particularly Mr Owenell’s long association with the client, created significant self-interest and familiarity threats to auditor independence that were not appropriately addressed. ASIC identified the alleged independence failures through its proactive surveillance of auditor independence and conflicts of interest, which focused on auditors’ compliance with independence obligations and used data-driven analysis to detect a range of possible independence issues: Report 817 Building trust: Auditors’ compliance with independence and conflict of interest obligations (REP 817). ASIC Commissioner Kate O’Rourke said, ‘Auditor independence is fundamental to trust in Australia’s financial reporting system. Auditors must avoid situations where their objectivity is compromised or could reasonably be seen to be compromised.’ No admissions have been made by Mr Owenell with respect to ASIC’s concerns. ASIC acknowledges that Mr Owenell is experiencing significant health issues and was intending to retire in 2026.

Hong Kong Exchanges and Clearing Limited (HKEX) today (Friday) welcomed the listing of the first exchange traded fund (ETF) to track the HKEX Tech 100 Index (HKEX Tech 100), launched by E Fund Management (Hong Kong) Co Limited (E Fund HK). The E Fund (HK) HKEX Tech 100 Index ETF (Stock Code: 3456) is the first investment product based on an HKEX-branded equity index, marking an important milestone as the Group builds its index business to facilitate investor access to capital markets. The ETF’s listing coincides with the 26th anniversary of HKEX's debut as a listed company — a fitting occasion to celebrate a new chapter in the Group's index business, alongside 26 years of innovation, vibrancy and growth. Since becoming a publicly traded company in 2000, HKEX has evolved from a local exchange into a leading global market operator and superconnector, committed to continuously enriching its product ecosystem and connecting capital with opportunity. HKEX Chief Executive Officer Bonnie Y Chan said: “We are delighted to celebrate the listing of the first ETF based on an HKEX branded index. This ETF – launched by E Fund HK – combines a representative Hong Kong technology benchmark with a widely accessible investment vehicle, supporting investors in diversifying their portfolios and accessing the growth opportunities offered by Hong Kong listed technology companies. This listing also marks a milestone for HKEX’s index business and underscores our commitment to continuously developing new and relevant products to better serve the evolving needs of global investors.” Chairperson of E Fund Management Co Ltd Liu Xiaoyan stated: “As the first institution to launch an E Fund (HK) HKEX Tech100 Index ETF (3456) tracking the HKEX Tech 100 Index, E Fund is deeply honored. This is not only an important step in product innovation, but also a key practice in leveraging Hong Kong's 'super connector' advantage to deepen our internationalization strategy. The index brings together 100 of the high-potential technology companies in the Hong Kong market, and we hope to open an efficient gateway for global investors to participate in the future of China's technology sector. Looking ahead, we will continue to drive further product innovation, actively serve the diversified asset allocation needs of global investors, and contribute to the continued prosperity and openness of Hong Kong's financial market.” The HKEX Tech 100 is a broad-based index tracking the performance of the 100 largest technology related companies by market capitalisation listed in Hong Kong, spanning a range of innovative and new economy sectors. The index comprises stocks eligible for Southbound trading under Stock Connect and is designed to address the growing market demand for diversified exposure to the technology sector. More recently, HKEX has also launched the HKEX Bursa Malaysia Large Cap Index, the HKEX KRX Semiconductor Index and the HKEX Tech & US Tech 100 Index, to further strengthen market connectivity across Asia and beyond. HKEX will continue to work closely with asset managers, index users and market participants to enrich its index ecosystem and support the development of innovative index based products, reinforcing Hong Kong’s position as an international financial centre and a key gateway connecting the Chinese Mainland and global markets.

The ASX Listed Entity Supervision Report 2026 provides new transparency on ASX’s supervisory work and sets out focus areas for the year ahead. It highlights ASX’s shift to proactive and risk-based supervision focused on areas of key market integrity risks, while giving listed companies clarity on issues like ASX’s approach to earnings surprises and investor presentations. Group Executive, ASX Supervision, Lucinda McCann, said: “ASX’s purpose is to power a stronger economic future by enabling a fair and dynamic marketplace for all. That means we will engage with companies on issues that underpin fair, orderly and transparent markets. Our engagement will be risk-based, visible and transparent and so we’re letting companies know what we will be focusing on and how we will respond where we have concerns. “Australia has a well-functioning listed market supported by good companies, robust listing rules, plus effective supervision and corporate regulation. Being more transparent on our priorities gives listed companies and their advisers more certainty on where we will focus our attention, supporting more efficient engagement and allowing listed companies to keep operating with confidence.” Over the next 12 months ASX will focus on repeated conduct intended to ‘ramp’ a company’s share price through inappropriate use of the market announcements platform, and disclosures from mining companies. ASX will also review disclosures about private credit investments by newly admitted entities and key shareholder approval rules.  ASX has also expanded its market education program, reinstating regular briefing sessions and updates for company secretaries to improve understanding of listing rule issues and supervisory expectations. While ASX Supervision regularly reports on and engages with the market about its work and supervisory issues, this is the first time this information has been brought together in one place to help educate the market about ASX Supervision’s role and focus areas. The Supervision Report 2026 also details ASX Supervision’s activity in the nine-months to 30 March 2026, including: 2500+ advices ASX provided; 300+ waivers ASX processed; 700+ reports of misconduct ASX considered;  2000+ matters ASX investigated; and  20 matters ASX referred to ASIC. Background ASX Supervision is a division in ASX that supervises all issuers and participants and monitors their compliance with ASX’s Listing and Operating Rules across its markets. Previously called ASX Compliance, the name was changed to better align with its supervisory role. ASX Supervision makes decisions about compliance and enforcement independently of other ASX staff or divisions in ASX.  The ASX Listed Entity Supervision Report 2026 can be found here.