David Schwimmer, CEO said: “We have had a great start to 2026 across the board: our leading, multi-asset class trading venues have been critical sources of liquidity, price discovery and risk management for customers, while engagement with our trusted data to inform decision-making has been at record levels. “We have continued to execute on our LSEG Everywhere strategy for the distribution of AI-ready data. Over 150 customers have connected or are onboarding to our MCP server, and our new AI tools within Workspace are generating very positive feedback. Our focus through 2026 will be on roll-out and adoption of these services. “We are delivering this high rate of innovation across the whole of LSEG: during the quarter we drove strong adoption of our digital asset indices, launched TradeAgent to broaden our Post Trade Solutions platform, executed the first transaction on the Private Securities Market and announced the launch of LSEG DiSH, which enables real-time settlement in commercial bank money across payment networks. We are confident in the outlook and the delivery of all of our financial targets for the year.”   Q1 2026 highlights (All growth rates on an organic constant currency basis unless otherwise stated) Record revenue: Total income (excl. recoveries) +9.8%. Data & Analytics +5.1%, FTSE Russell +8.8%, Risk Intelligence +10.5%, Markets +15.5% Continued strong subscription growth: combined growth of +6.3% in our subscription businesses1, with all three divisions accelerating over Q4 2025 Exceptional growth across Markets: driving very strong growth in trading volumes across multiple asset classes as customers look to manage risk in a more volatile environment Further strong progress with LSEG Everywhere: over 150 customers connected or onboarding to our MCP server; Workspace AI tools now rolling out Significant product innovation: strong demand for digital asset indices, launch of TradeAgent, first transaction for Private Securities Market Dynamic capital allocation: completed £1.1 billion of share buybacks in Q1; well on track executing on £3 billion buyback by February 2027 This release contains revenues, cost of sales and key performance indicators (KPIs) for the three months ended 31 March 2026 (Q1). Constant currency variances are calculated on the basis of consistent FX rates applied across the current and prior year period (GBP:USD 1.318 GBP:EUR 1.168).Organic variance is calculated on a constant currency basis, adjusting the results to remove disposals from the entirety of the current and prior year periods, and including acquisitions from the date of acquisition with a comparable adjustment to the prior year. Certain columns and rows may not add due to the use of rounded numbers for disclosure purposes. 1. Combined total income (excl. recoveries) of Data & Analytics, FTSE Russell and Risk Intelligence Q1 2026: a record quarter LSEG serves its customers through the whole of the trade lifecycle and the data value chain, across multiple asset classes. As market participants consume growing volumes of data to make trading and risk management decisions, these two threads are becoming more intertwined, reinforcing our strategy and strengthening our position as our customers increasingly turn to us for our trusted solutions. The adoption of AI and agentic solutions is accentuating this, as access to the deepest data sets that are constantly refreshed is essential for accurate decision-making. The multiple levers of growth for LSEG reflect the significant progress we have made both in transforming individual businesses and in combining them to create additional opportunities. This is becoming increasingly evident in our financial and operational performance, as we delivered record revenue in Q1, with strong performances from all divisions, and increased the cadence of product development across the whole of LSEG. Our customers recognise that our solutions are more valuable in an AI world. With our unmatched data, infrastructure and partnerships, we are uniquely positioned to partner with customers to seize new growth opportunities, significantly enhancing our products and opening up powerful new distribution channels for our data and analytics. LSEG Everywhere  In 2025 we launched our LSEG Everywhere strategy, to make our unmatched, AI-ready data available to use wherever our customers are working. We made further significant progress in Q1 2026 as we drive adoption across our customer base. In our Data & Feeds business, we have made our data available to licensed customers through a wide range of foundational models and cloud environments, including Anthropic, Microsoft, Open AI, Databricks and Snowflake. Since launch in December 2025, 90 customers have connected via our Model Context Protocol (‘MCP’) server, which delivers context, accuracy, control and measurability for data consumption. A further 64 customers are in the process of onboarding. The feedback has been very encouraging and we are refining our commercial strategy for this channel. We continue to add data sets to our MCP server, with significant additions this week including estimates, corporate actions and company fundamentals. Over half of our non real-time data is now available via MCP, and in the coming months we will add transcripts, Lipper funds and FTSE Russell indices data. Through foundational work on our data estate over the last three years, in partnership with Microsoft, we have accelerated our speed of delivery significantly. In Workflows, we are making very strong progress with the development and roll-out of AI functionality within Workspace. Our Workspace AI Search tool is in pilot with a wider launch planned in the coming months. This will become increasingly powerful as we introduce additional data sets. Our Workspace AI Deep Research tool, which combines our data with a number of leading foundational models, has tested very well with customers and generated strong feedback when compared with the equivalent tools of our competitors. This is now available through Microsoft Teams, as well as through the main Workspace platform. We believe that, both through Workspace and our broader distribution channels, we can drive meaningful upsell and displacements over time. Innovation across LSEG In FTSE Russell, we launched 28 new ETFs in Q1, up from 24 in Q1 2025. In new growth areas, we drove a number of displacements with our digital asset indices, and made our first sales of our new private markets indices developed in partnership with StepStone. Risk Intelligence launched its new Sanctioned Securities Data File, a granular, instrument-level dataset engineered to help financial institutions identify and manage exposure to securities with direct or indirect links to sanctioned entities. The data set links global sanctions designations and ownership and control relationships directly to financial securities. We continue to build out our suite of services within Post Trade Solutions, working hand-in-hand with our industry partners. In March, we launched TradeAgent, a new post trade processing platform. TradeAgent helps industry participants reduce costs and risks associated with cleared and bilateral derivative processing by standardising the full post trade lifecycle. During the quarter we also announced the H1 launch of a new digital settlement service, Digital Settlement House (LSEG DiSH), an open-access platform which enables real-time settlement in commercial bank money between independent payment networks, both on and off chain. Instantaneous settlement of cash means that LSEG DiSH can offer dynamic management of intraday liquidity and funding, as well as 24/7 management of settlements and margin.  In our Equities business we executed the first trade on the Private Securities Market. This new secondary market provides for the first time private companies with access to intermittent liquidity auctions using the London Stock Exchange’s public markets infrastructure. Tradeweb continued its track record of innovation by entering into a strategic partnership with Kalshi, the largest regulated prediction market. The companies will collaborate with the goal of expanding institutional access to Kalshi’s prediction market data and analytics and advanced market infrastructure for prediction markets trading to institutional investors through Tradeweb’s global electronic trading platform. Tradeweb has also made a minority investment in Kalshi. Capital allocation We continued to execute our buyback programme in Q1, returning £1.1 billion to shareholders through the purchase of 12.8 million shares at an average price of £84.59. We are well on track to meet our plans to return £3 billion in total between our 2025 results announcement and our 2026 results in February 2027. We expect leverage to be around the middle of our 1.5-2.5x operating net debt to EBITDA target range at the end of 2026.  Financial guidance We are confident of further growth and improvement to our EBITDA margin in 2026, leading to strong growth in equity free cash flow. We have started the year very strongly, and are therefore improving our guidance for 2026 as follows: Organic constant currency growth in total income excluding recoveries of 6.5-7.5%, including an acceleration in our subscription businesses’ organic growth. We expect growth to be in the upper half of the guidance range. An improvement in constant currency EBITDA margin of 80-100 basis points Capex intensity of c. 9.5% of total income excluding recoveries Equity free cash flow of at least £2.7 billion, based on foreign exchange rates of £1 = $1.32 and €1.17 Underlying effective tax rate of 24-25% Q1 investor and analyst conference call: LSEG will host a conference call for its Q1 Trading Update for analysts and investors today at 08.30am (UK time). On the call will be David Schwimmer (Chief Executive Officer) and Michel-Alain Proch (Chief Financial Officer). To access the webcast or telephone conference call please register in advance using the following link: https://www.lsegissuerservices.com/spark-insights/LondonStockExchangeGroup/events/c84f6435-49b9-4d74-80b3-314951ad0970/lseg-q1-results-2026-investor-analyst-call To ask a question live you will need to register for the telephone conference call here: https://registrations.events/direct/LON35022543 Q1 2026 summary (Commentary on performance is on an organic constant currency basis, unless otherwise stated)   Q1 2026£mQ1 2025£mVariance%Organic,constantcurrencyvariance% Workflows  491 491 0.0% 2.9% Data & Feeds 475 454 4.6% 7.3% Analytics 59 59 0.0% 5.2% Data & Analytics 1,025 1,004 2.1% 5.1%           Subscription 160 155 3.2% 7.7% Asset-based 88 83 6.0% 10.9% FTSE Russell 248 238 4.2% 8.8%           Risk Intelligence 153 143 7.0% 10.5%           Subscription Businesses1 1,426 1,385 3.0% 6.3%           Equities 114 102 11.8% 11.1% Fixed Income, Derivatives & Other 452 394 14.7% 18.4% FX 74 69 7.2% 11.8% OTC Derivatives 183 161 13.7% 16.0% Securities & Reporting 61 56 8.9% 9.0% Non-Cash Collateral 29 27 7.4% 7.3% Net Treasury Income 74 65 13.8% 17.0% Markets 987 874 12.9% 15.5%           Other 2 2 0.0% (6.1%) Total income (excl. recoveries) 2,415 2,261 6.8% 9.8% Recoveries 93 93 0.0% 3.1% Total income (incl. recoveries) 2,508 2,354 6.5% 9.6% Cost of sales (289) (308) (6.2%) (2.9%) Gross profit  2,219 2,046 8.5% 11.5% 1. Combined total income (excl. recoveries) of Data & Analytics, FTSE Russell and Risk Intelligence Total Income (excluding recoveries) was up 9.8% on an organic constant currency basis. Data & Analytics was up 5.1%, with growth accelerating as the strong gross sales performance delivered in H2 2025 flowed through to revenues. The contribution from pricing and retention was consistent with the previous year. Workflows was up 2.9%. Engagement was particularly strong in Q1 as customers turned to our trusted solutions to help them navigate market volatility in the period. Use of our shipping data saw a 3x increase in March and use of our Oil applications grew 75% from baseline levels. We rolled out Workspace AI Deep Research capabilities to around 1,600 users, receiving strong positive feedback. Data & Feeds was up 7.3% with consistent and broad-based growth. Continuing innovation and expansion of our offering drove demand for our real-time services. Use (number of RICs accessed) of our cloud-based Real Time Optimised offering rose four-fold year-on-year in Q1, while consumption (number of server requests) of our Tick History data grew 39% year-on-year. Demand for pricing and reference services remained strong, supported by ongoing investment in content and an expanded presence in cloud-based platforms such as Databricks and Snowflake. Analytics was up 5.2%, reflecting strong Yield Book usage and continuing good sales of the Analytics API. Model as a Service went live in Q1, making third-party models from Societe Generale available via our Analytics API, and we further expanded our cloud presence with the launch of a Snowflake native application for Yield Book. FTSE Russell was up 8.8%. Subscription revenues accelerated as the renewal cycle on multi-year customer mandates normalised, as anticipated. Growth in asset-based revenues was also strong, reflecting product inflows and higher market levels. FTSE Russell expanded across multiple asset classes in Q1, winning a $3 billion sustainable infrastructure mandate in Taiwan, launching 6 fixed income ETFs in partnership with Global X, and 8 ETFs opting to switch to FTSE Russell’s digital asset indices. Risk Intelligence was up 10.5% driven by strong customer demand for our services for their screening and identity verification needs. Customer receptivity to the World-Check On Demand and World-Check Verify solutions launched in H2 2025 has been strong, with customers valuing the precise, real-time intelligence on sanctions, politically exposed persons (PEPs), adverse media and enforcement actions. Markets was up 15.5%. Against a backdrop of geopolitical uncertainty and market volatility, customers turned to our trading venues and post-trade infrastructure to meet their liquidity discovery and risk management needs. This strength was broad-based, driving exceptional growth in the Markets division. Equities was up 11.1% with continued growth in data revenues and double-digit growth in secondary trading. The LSE’s Private Securities Market successfully conducted its first trade in Q1 demonstrating the important role of the London Stock Exchange in building a seamless funding continuum across public and private markets. Fixed Income, Derivatives & Other was up 18.4%. Tradeweb achieved new record high trading volumes in the first quarter, with $3.3 trillion of average daily volume across its platforms, supported by heightened market volatility and Tradeweb’s innovative trading protocols. Interest rate products saw strong, broad-based activity driven by the uncertain macroeconomic outlook and inflationary and central bank policy concerns. Activity in credit, equity and money markets assets also remained robust, with all asset classes delivering double-digit growth. Amid the heightened volatility, Tradeweb continued to see strong customer demand for electronic execution and accelerating adoption of its AiEX automated trading solutions. FX was up 11.8%. Activity was strong across both our interdealer trading venue, Matching, and our dealer-to-client platform, FXall. The integration of FXall with Workspace is creating a powerful, seamless solution for the FX community, and a strong platform for innovation. In Q1 we added the capability for Corporate Treasurers to invite banks to bid for deposits through FXall/Workspace, creating a new use case for the platform. OTC Derivatives was up 16.0%. Elevated market uncertainty created additional demand for our trusted clearing infrastructure in Q1, driving strong growth in post-trade services across all asset classes. In terms of notional value cleared, all five of the busiest days on record for SwapClear occurred in March 2026. Expansion of Post Trade Solutions – our services for uncleared derivative instruments – continued in Q1 with the launch of TradeAgent, offering customers additional efficiencies in trade processing. LSEG’s Digital Settlement House (DiSH) will go live in Q2, enabling real-time settlement in commercial bank money between independent payment networks, both on and off chain. Securities & Reporting was up 9.0%, reflecting continued growth in the RepoClear platform. Non-Cash Collateral was up 7.3%, as a slight decline in collateral balances was offset by improved returns. Net Treasury Income was up 17.0%, with increased clearing activity leading to higher customer cash balances in Q1. Group cost of sales declined by 2.9%, driven by the benefit from the revised SwapClear revenue surplus share agreement struck in 2025. Excluding this, cost of sales would have grown less than revenues at 8.5%, reflecting business mix and the partially fixed nature of the costs. Gross profit was up 11.5%, ahead of growth in total income excluding recoveries as a result of the decline in cost of sales. 

Please see attached the content being presented today at the NZX Limited 2026 Annual Shareholders' Meeting by Chair John McMahon and CEO Mark Peterson, starting at 10.00am. Note: this includes an update on Q1 2026 trading. Downloads NZX 2026 Annual Meeting Chair & CEO Address NZX 2026 Annual Meeting Presentation

At NZX Limited’s shareholder meeting, held today, shareholders were asked to vote on 3 resolutions, which were supported by the Board. As required by NZX Listing Rule 6.1, all voting was conducted by a poll. The resolutions passed by shareholders were: That the Board be authorised to determine the auditor’s fees and expenses for the 2026 financial year. That Dame Paula Rebstock, who retires and is eligible for re-election, be re-elected as a director of NZX Limited. That Rachel Walsh, who retires and is eligible for re-election, be re-elected as a director of NZX Limited. Details of the total number of votes cast in person/online or by a proxy holder are attached. Downloads NZX Shareholder Meeting Results - 2026

SGX Stock Exchange today announced the successful listing of Kin Global Limited on Catalist under stock code “KIN”.   Kin Global Limited is Singapore’s largest sports events management company and a curator of global sports events. Incorporated in 2017, the Group delivers end‑to‑end sporting experiences, providing services across the full event lifecycle from conceptualisation and planning to management and execution of major local and international sports events. The Group has completed over 500 projects, primarily in global and competitive sports tournaments. Since 2020, the Group has strategically diversified beyond the sporting industry to encompass a broad spectrum of experiential events, brand activations and creative production.   Ko Chee Wah, Executive Chairman, Kin Global Limited, said, "Today’s listing marks a key milestone in our transformation journey. Kin Global has evolved from Singapore’s largest sports events management company into a broader vision – we want to help shape and deliver how cities create, programmes, activities and attractions in the event tourism space. Singapore is establishing itself as a global events and tourism hub, which presents a compelling long-term business opportunity for us. With our end-to-end capabilities, strong ecosystem of vendors and partners, Kin is well-positioned to capture the tremendous growth potential, and the listing provides us with the platform to accelerate our next phase of expansion while creating long-term growth for our shareholders.” Koh Jin Hoe, Head of Capital Markets, Global Sales and Origination, SGX Group, said, “Singapore has steadily grown in stature as a leading destination for world‑class sports and lifestyle events, where the quality of experience and execution is a key differentiator. Kin Global’s listing on SGX reflects the strength of Singapore’s sports events ecosystem and the role of home‑grown companies in shaping how the city is experienced by global audiences. SGX is proud to support Kin Global as it embarks on its next phase of growth as a listed company.” Kin Global Limited joins more than 200 enterprises that are listed on SGX Catalist. Kin Global Limited opened at S$0.27 today. 

Former NZX-listed QEX Logistics Limited (QEX) and its founder, director and chief executive officer, Jingjie Xue, have been ordered to pay civil penalties $ 875,000 and $ 175,000, respectively. Mr Xue has also been banned as a director of any FMC reporting entities for three years.  The penalties and ban were imposed by the Court after the cross-border freight logistics company failed to prepare and file its annual financial statements for several years. QEX was suspended and then delisted from the NZX because of breaches of listing rules and corporate governance requirements.  It is the first time the Financial Markets Authority (FMA) has instigated civil proceedings for breaching financial reporting obligations in the Financial Markets Conduct Act 2013. FMA’s Head of Enforcement Margot Gatland said: “The FMA brought this case because hundreds of shareholders were left without important financial information due to poor management. "Financial reporting is an important feature of financial markets.  It promotes transparency and enables confident participation in markets. Investors need access to timely and accurate information about a company's financial performance. Compliance with reporting obligations is vital for investors.” The penalties relate to failure to comply with two sections under the Financial Markets Conduct Act, which require reporting entities to prepare financial statements that comply with generally accepted accounting practice, have those financial statements audited, and to file those audited financial statements with the Registrar of Companies within four months of the entity’s balance date. QEX and Mr Xue cooperated with the FMA throughout its investigation and the proceedings. Background QEX is the ultimate holding company of New Y Trading Company Limited (a New Zealand company) and New Y Trading (AUS) Pty Limited (an Australian company). It is also the parent company of Shanghai Ditu International Freight Forwarder CO. Limited in Shanghai. From 6 November 2017 to 18 November 2021, QEX had two other directors, named Conor Joseph English and Danny Chan. Since 18 November 2021, Mr Xue has been the sole director of QEX.    QEX listed its shares on the NZXT Market in February 2018. On 11 October 2018, QEX migrated its share listing to the NZSX Main Board, the main board of the New Zealand stock exchange.  While listed on the stock exchange, QEX offered equity securities in the form of its shares to investors under a regulated offer under s 41 of the FMCA.   FMC reporting entities are entities that are required to prepare audited financial statements under the Financial Markets Conduct Act 2013 and include listed companies and companies that raise money under a Product Disclosure Statement.

Trading Technologies International, Inc. (TT), a global capital markets technology platform services provider, announced that it has partnered with NZX, the company operating New Zealand's equity, debt, funds, derivatives and energy markets, to deliver native connectivity to NZX for the upcoming launch of S&P/NZX 20 Index Futures. NZX will leverage TT's broad, global distribution channels and low latency connectivity to provide market participants with easy access and the ability to trade across global markets. Participants trading directly through the TT® platform will have access to the full range of sophisticated trade execution tools and functionality, including execution algorithms and algo trading tools, Autospreader®, ADL®, charting and analytics, and APIs. Nick Morris, General Manager, Cash and Derivatives Markets at NZX, said: "The launch of S&P/NZX 20 Index Futures is an important milestone for New Zealand's capital markets, and our collaboration with Trading Technologies is central to delivering this outcome. TT's global connectivity and execution technology will enable both local and offshore participants to access and trade New Zealand equity derivatives efficiently." Alun Green, EVP and Managing Director, Futures and Options for TT, said: "We're delighted that NZX chose TT as its partner on this high-priority project aimed at nurturing a liquid index futures market and contributing to the growth of New Zealand's capital markets ecosystem. We expect that the emergence of this market will enable local and global market participants to hedge their equity market risk and use our sophisticated trade execution tools as part of their multi-market strategies." Ben Altoft, Director, Operational Excellence ‑ FICC for Jarden, said: "Our derivatives business has been a proud TT client since 2019, so it's exciting to see TT partner with NZX on the launch of the S&P/NZX 20 Index Futures. This is a significant milestone for New Zealand's capital markets—and for our clients, it means access to world-class broking services across all markets, including NZX, through a single, powerful solution." Volumes traded on Asia-Pacific markets on the TT platform increased by over 16% in 2025, outperforming underlying growth on most markets, while the firm recorded a 25% increase in volume traded by its users in the region. TT provides market access and connectivity to more than 100 trading venues worldwide, with a global infrastructure that includes 14 data centers – including in Sydney, Singapore, Tokyo, Bangkok, Hong Kong, Taipei and Seoul. The TT platform, which handled more than 3 billion derivatives transactions alone in 2025, is the most widely used platform globally for futures and options on futures, in addition to its growing use across multiple asset classes. The platform earned more than 20 recognitions in 2025 for its high-performance technology and functionality, including Trading System of the Year and Derivatives Trading System of the Year in the FOW Asia Pacific Awards in September as well as Multi-Asset Trading System of the Year in the FOW International Awards 2026 in February.

Warsaw Stock Exchange has published Current Report No. 3/2026 "Change of the publication date of the consolidated report for Q1 2026", which is available on its website https://www.gpw.pl/ri-current-reports.

Good afternoon, ladies and gentlemen. Thank you, Kathleen, for your kind comments. And special thanks to you and your colleagues in the Office of International Affairs for organizing what has become one of our most anticipated events of the year. As always, I must begin with the customary disclaimer that the views I express here are my own as Chairman and not necessarily those of the SEC as an institution or of the other Commissioners. But today, I must also note a stroke of serendipity. Thirty-five years ago to the day, a group of securities regulators from around the globe assembled here at the SEC for our inaugural Institute. I know something about that occasion because, as an advisor to then-Chairman Richard Breeden, I had the privilege of helping to organize it. We had no budget back in those days, so it fell on me to bring the coffee. But we believed then, as we do today, that the principles of investor protection, market integrity, and efficient capital formation do not stop at any nation’s border. As Chairman Breeden put it at that first SEC Institute, “the success of our common work as market regulators depends on the efforts of all of us.” More than three decades later, here we are on the same date, with the same mission, and with thousands of alumni to whom we have shared knowledge and offered training. Indeed, I am proud to say that since that April morning of 1991, this Institute has run continuously, pausing only during the pandemic. This year, we have nearly 180 delegates from fifty-four jurisdictions. It gives me great pleasure to welcome all of you to Washington and to offer a few reflections before we begin the outstanding program that Kathleen and her team have prepared. *** Over the coming days, I understand that you will explore how to cultivate an effective ecosystem for capital market growth while preserving investor protection. You will consider ways to deepen international cooperation. To enhance broker-dealer oversight. And to grapple with emerging technologies like digital assets, AI, and machine learning as they reshape the future of finance. Of course, these conversations matter because capital flows across jurisdictions at a speed and scale that outpace the reach of any one regulator. Because, in Chairman Breeden’s words, effective oversight depends on all of us. Now, while the pace of modern markets has surely accelerated since our first Institute, a collaborative spirit has long defined how we steward them. I think, for example, to the early 1990s, when the breach of the Berlin Wall gave way to an era that brimmed with possibility. Across Eastern Europe, countries began the work of building market economies from the rubble of central planning. I had the great opportunity to have been posted as a young lawyer in the Paris office of a New York law firm. And I remember well the run up to the “Big Bang” of 1992, which gave rise to the European single market—and to the sweeping tides of opportunity that would follow. For those of us who were there at the time, it was invigorating to watch the Internal European Market take shape, animated by the forces of commerce and competition. For its part, the SEC was no spectator. Shortly before the Wall fell, Chairman Breeden established the agency’s Office of International Affairs, which became an instrument through which the Commission could carry its expertise into far corners of the world. SEC staff stepped up to offer technical assistance to formerly Communist nations that were in great need of it; to investors, business owners, and market participants who were, at last, permitted to share in the growth of their own economies. Our collaborative spirit found one of its most enduring expressions in the Multilateral Memorandum of Understanding, otherwise known as the IOSCO MMOU. Since 2002, the MMOU has facilitated regulators’ exchange of information with, and the provision of assistance to, their foreign counterparts on enforcement matters, which is essential to their mandates. Today, over 130 regulators, including many authorities represented here this week, have joined the MMOU. And together, we are supporting one another in compliance with laws and regulations. As we expand the scope and sophistication of our cooperation in line with the capital markets that we oversee, I believe that this spirit must carry forward into the work before us across our policy, enforcement, and supervisory functions. Let me briefly take each in turn. First, I believe that close collaboration on regulatory policy can support the careful balance between capital formation and investor protection that all of us work to maintain. Insights in one jurisdiction can support policy development in another. And regulatory alignment reduces friction for companies while enhancing confidence among investors. Second, bad actors design cross-border schemes like offering frauds, insider trading, and market manipulation to exploit the distance between our jurisdictions. Perpetrators rely on the assumption that information does not travel as freely as capital. Our task is to deny them that advantage by promoting the rule of law and enforceability of contracts without with free enterprise cannot function. That means sharing data quickly, coordinating actions effectively, and maintaining the relationships that make both of those aims possible. So, the SEC will remain steadfast in our engagement with our foreign counterparts around the globe—bilaterally and multilaterally, formally and informally—and keep lines of communication open, active, and ready when circumstances demand it. Finally, let me turn to the agency’s supervisory and examination functions. Data analytics, surveillance tools, and emerging technologies require information-sharing between regulators so that we can anticipate regulatory frictions before they metastasize into market-level disruptions. So, looking forward, it behooves us to build on the momentum that we have attained, such as by expanding our communication channels, training opportunities, and the kind of cross-border collaboration that brings us here today. Now, even as we work together to deepen our ties around the globe, I would be remiss not to note that this year’s Institute coincides with an especially meaningful moment here in the United States. In the coming months, we will mark 250 years of American independence. Milestones of this magnitude demand more than ceremony. They ask something of us. They invite us to reflect, of course, but no less, to resolve. To strengthen a system in which opportunity is broad, markets are dynamic, and innovation has plentiful room to flourish. This Institute, and the fellowship that it fosters, stand as a direct expression of that duty. So let me take as my final words a part of what Chairman Breeden told participants some thirty-five years ago. “One major goal of the Institute,” he reminded them, “is to develop friendships that will last.” That objective remains as true today as it was then. Indeed, the relationships that you form—or deepen—this week will endure long after this program concludes. And I am confident that they will prove their value in the steady exchange of information as assuredly as the moments that call for swift and coordinated action. So, we are grateful for your presence here today and for your commitment to the shared work ahead. My hope for this week, and for the next thirty-five years of this Institute, is that we continue to strengthen the ties that bind both our agencies and nations together. The ties that make our markets more open, more fair, and more capable of unlocking the full measure of human ingenuity. Thank you, and welcome.

The start of a new year offers more than an opportunity for personal reflection; it provides a moment for not just individuals, but also groups to manifest their goals. In an era defined by heightened geopolitical risk, tighter global liquidity, rapid technological innovation, and an increased value on transparency; capital markets have become the central nervous system of economic resilience. For The Bahamas, the evolution of our capital markets is no longer a domestic concern alone. It is linked to global capital flows, diaspora engagement, national competitiveness, and our ability to convert savings into productive investment. Against this backdrop, the following eight resolutions are proposed to position the Bahamian capital markets as a credible, inclusive, and future facing platform both domestically and internationally. 1. Re‑engaging the Diaspora by Reducing the Cost of Cross‑Border Investment Global mobility has dispersed Bahamian talent worldwide, contributing to a well‑documented brain drain. Yet this dispersion also represents a hidden pool of capital, expertise, and potential long‑term commitment to national development. Today, the friction associated with cross‑border remittances especially dues to onboarding requirements, and compliance costs makes small‑scale investment into The Bahamas challenging and, in many cases cost prohibitive—particularly for second‑ and third‑generation Bahamians seeking an economic connection to their homeland. The Resolution: Modernize and streamline diaspora investment channels by simplifying KYC requirements and leveraging digital payment infrastructure—such as regulated digital wallets including the Sand Dollar—to reduce transaction costs. Facilitating efficient inward investment strengthens market liquidity, broadens ownership, and reinforces economic and emotional ties across borders. 2. Embedding Local Participation in Foreign Direct Investment Foreign Direct Investment remains a cornerstone of Bahamian economic growth, particularly in capital‑intensive sectors such as the development of large scale tourism products. However, global best practice increasingly recognizes that sustainable development requires host‑country participation beyond employment alone. Projects that rely exclusively on offshore capital limit domestic wealth creation and weaken the transmission of economic gains into the local financial system. The focus of our policy makers has to include a commitment to an increase in not just the number of employed persons, but also in the number of persons with tangible ownership in the Bahamian economy. The Resolution: Move toward a framework where a defined portion of capital (i.e. both debt and equity) in approved FDI projects is made available to the domestic capital market, preferably through public offerings. This approach ensures that Bahamians participate meaningfully in the upside of national development. 3. Prioritizing Direct Share Issues over Mutual Fund Structures This point is so important that we will create a future article devoted solely to exploring this issue in the detail that it needs.  Recently BISX has noted a worrying trend where offerings that hold a single asset are structured as mutual funds, rather than direct share issues. This "layering" often strips retail investors of voting rights, timely corporate disclosures, and direct capital appreciation. The Resolution: While fund structures have their place in a diversified portfolio, we must return to direct share offerings for the public. Transparency and "corporate democracy" are the bedrocks of a mature market. 4. Restoring Confidence Through a Credible Crowdfunding Framework The global growth of regulated crowdfunding has transformed early‑stage financing, offering SMEs access to capital while democratizing investment opportunities. In The Bahamas, however, prior market experiences have undermined confidence in this mechanism. Trust, once lost, must be deliberately rebuilt. BISX is committed to leveraging its 20 plus years of operational and regulatory experience to fill this gap. The Resolution: Establish a gold-standard crowdfunding facility under the BISX umbrella.  By combining innovation with proven oversight, we can win back investor trust and provide Bahamian entrepreneurs with the "seed capital" they need, while providing Bahamian investors with the regulated platform that they can trust. 5. Advancing Modern Pension Fund Legislation Globally, pension funds are among the most stable and patient sources of domestic capital. Jurisdictions with well‑structured retirement systems benefit not only from improved social outcomes but also from deeper, more resilient capital markets. In The Bahamas, the absence of comprehensive, modern pension legislation constrains both outcomes. The Resolution: Finalize and implement pension reform that promotes coverage, professional management, and prudent local investment. Expanded retirement pools can anchor long‑term domestic capital formation while catalyzing growth in connected professional services such as asset management, legal advisory, and actuarial services. 6. Embedding Financial Literacy from an Early Age Financial habits are formed long before a student reaches high school. Waiting until the senior years of high school to teach budgeting is waiting too long. The Resolution: Integrate foundational financial literacy—saving, budgeting, risk, delayed gratification, and compound growth—into the primary education curriculum. A financially literate population is a strategic national asset, underpinning long‑term market participation, household resilience, and informed entrepreneurship. 7. Deploying Targeted, Time‑Bound Fiscal Incentives for Strategic Growth Our tax system—specifically Business License fees and VAT—should be used as a precision tool for economic growth rather than just a blunt instrument for revenue. The Resolution: Implement "Sun-setting" incentives, such as temporary VAT exemptions or Business License rebates, for small businesses operating in non-traditional or under-served industries or on the less-developed Family Islands. These shouldn't be permanent exemptions, but rather "on-ramps" to sustainability. 8. Modernizing Data Access via the Bahamas National Statistical Institute (BNSI) Reliable, timely data is foundational to efficient markets. Without credible statistics on costs, pricing, consumption, and sector performance, both investors and entrepreneurs are forced to operate with unnecessary uncertainty. The Resolution: Empower the Bahamas National Statistical Institute to expand both the depth and accessibility of economic data. Making granular, high‑quality datasets available—potentially through paid access models—reduces informational asymmetry and supports more rational capital allocation across the economy. Looking Ahead This list is not meant to be a static document, nor is it a list of "tasks for others." Where BISX can lead, we pledge to do so. Our goal for 2026 is simple: to move from a nation of savers to a nation of owners, ensuring the Bahamian economy works for every Bahamian, regardless of where they live.     About the Author: Holland Grant   Holland Grant is the Chief Operating Officer of The Bahamas International Securities Exchange.  During his time at BISX, Mr. Grant has focused his attention on capital creation and market transparency.  Mr. Grant has a Masters in Business Administration Degree from the Rotman School of Management at the University of Toronto with a focus on Entrepreneurship and Finance, a Bachelor of Commerce Degree (Finance) from Dalhousie University, and an Associates Degree from the University of The Bahamas (then “the College of The Bahamas”).  Mr. Grant is a Chartered Financial Analyst (CFA) charter holder and currently serves as the Vice-President of the CFA Society of The Bahamas. He also serves as a Part-time Lecturer in the School of Business at the University of The Bahamas.   

Speaker: Sheree Howard, executive director of AuthorisationsEvent: APCC Spring Conference 2026, LondonDelivered: 22 April 2026 Key points The authorisation process is demanding, and rightly so. A rigorous authorisation process is good for firms, consumers and the wider market. Third-party compliance consultants play a pivotal role in that process by helping firms create stronger applications – which leads to faster decisions. Upholding high standards is a shared responsibility. We are committed to working in partnership with the compliance community to meet it. Introduction This weekend, tens of thousands of runners will line up in Greenwich Park for the start of the London Marathon. Well done to them – a Netflix marathon is much more my speed. Unlike what’s needed to prepare for a Netflix marathon – opening a bag of sweet and salty popcorn – Sunday’s runners will have been training for months. Many even years. And nearly all will have had support along the way, whether from a coach, physio or friend at a parkrun. What strikes me about that relationship is where the responsibility sits. A coach designs the programme, corrects the technique and knows how to get a runner to the start line in the best possible shape. But they’re not the ones lacing up their trainers. The runner is. Getting authorised is more like a marathon than it might seem. Filled with documents, deadlines and – let’s be honest – a fair amount of adrenaline, it can feel like that final sprint down the Mall for many firms as they reach the end. And you are their support system, helping them get authorisation-ready. That preparation genuinely matters. Because gaining the right to be a regulated financial services firm isn’t easy. Nor should it be. Getting authorised is hard – but rightly so Clean markets aren’t an abstract idea. They’re how we protect consumers, support confidence and encourage investment and growth. So, standards have to be high. And we have to uphold them. But we do want firms to succeed, and you are a key part of the process. This may surprise those of you who’ve wondered whether we want third-party consultants involved in the authorisation process at all. The answer is yes! We value all those helping applicants get into the best position to reach the finishing line. Identifying gaps, stress-testing their governance, sharpening their documentation and helping them understand the regulations is a critical part of this process. And it’s when firms come to us well-prepared that the process works best, and firms get through the process quickly and smoothly. The authorisation process is not about putting obstacles in the way. It’s about filtering out those who: aren’t ready or don’t have viable business models have poor governance, systems and controls don’t want to put the customer at the heart of their business are bad actors – those who are seeking authorisation for nefarious reasons This is how we continue to maintain a strong, trusted financial services sector. And the evidence speaks for itself: FSCS compensation costs are falling, with the levy forecast to reduce in 2026/27. A clear sign the firms being authorised are, broadly, the ones who deliver good customer outcomes. Good third-party consultants So, we're pro-third party – we love coaches! As long as they’re also good. In our eyes, ‘good’ professional support does three things. One: Set clear boundaries. The question at the starting line is simple: is your client fit to run? You can help them train for that moment, but you can’t run the race for them. When a firm sits down with us, it’s their competence we’re assessing. Not yours. You are welcome in the room, but your client must be able to speak for themselves – and explain their business model and operations clearly, in their own words. We can spot when a consultant has become the dominant voice in an application, whether in emails, meetings or interviews. And where we do, we’ll address it directly with the firm’s senior management. Let me give you an example. A consultant recently attended an interview with their client, but began prompting the firm. At times, they even appeared to be coaching them by instant message. We could no longer tell whose knowledge, skills and experience we were hearing about – the firm’s, or the consultant’s. So we stopped the interview and rescheduled. The firm did perform well at the follow-up call and was approved – but a month later than necessary, and under far more stress than they should’ve faced. I should say: this kind of thing is rare, but when it does happen, the impact is significant. So, it has to be the firm's voice – their words – that we hear. Not yours. That matters beyond the meeting itself. It speaks to a bigger responsibility: making sure firms are genuinely ready before they come to us. You can’t claim to have run a marathon if someone else carried you. Similarly, we won’t authorise a firm if we don’t think they: understand what it means to be regulated can demonstrate they understand their business model inside and out have confidence in how they will respond when something goes wrong…which it will That brings me to the second thing good third-party consultants do. They hold their clients to high standards. A financial services market that consumers and investors can trust is one that works for everyone in it. Including your clients. So we will not let our standards slip. By keeping the bar high, we protect the reputation of the entire sector. And when firms get through, everyone knows they’ve earned their place. We do support firms where we can to meet that bar, as demonstrated by the range of support services we provide. But everyone in this room has a part to play. Sometimes, it means having the hard conversations – like telling your clients they aren’t yet ready. Or, sometimes, suggesting they withdraw to protect everyone’s time and safeguard the system’s integrity. It’s often your guidance – not ours – that helps a firm see withdrawal is the wiser route. And withdrawal shouldn’t be seen as a sign of failure. It means showing good judgement, taking the space to regroup, and – most importantly – coming back stronger. And that’s the final element of good professional support: being able to take a long view. Of course, you already know the race being entered. But courses change. Just last year, the London Marathon altered its Canary Wharf route. So, the best coaches are always looking ahead. Helping their clients adapt and succeed, regardless of what happens. Your job isn’t just to get a firm through the door; it’s also to help set them up to thrive once they’re on the other side. That means understanding not just where regulatory expectations are, but also where they’re going. And making full use of every resource we offer to get there. On our part, we are seeking to start earlier than we have in the past. We launched the pre-application support service (PASS) for Targeted Support in August 2025 – a full eight months ahead of the gateway opening last month. The first two firms were authorised on day two of the regime. Not bad, considering day one was a bank holiday! If you haven’t already, I would encourage everyone in this room to build PASS into your standard process where we guarantee it. Our Appointed Representatives regime is another key market entry point. It can help businesses – particularly smaller ones – understand compliance needs under the watchful eye of a fully authorised good principal firm. Putting them in a stronger position to go on and make a successful application for direct authorisation. And while our crypto regime doesn’t open until September, we’re hosting a series of authorisations-focused webinars to help firms get ready. We have on-demand sessions already available covering upcoming regulatory changes and anti-money laundering regulations. Next Wednesday we’re hosting a webinar on the Senior Managers and Certification Regime, followed by one on operational resilience in May. Plenty going on, so please do join us. Beyond that, our website sets out the full application process, and we publish sector-specific market reports along with good and poor practice guidance. For firms working on more innovative ideas, I’d encourage you to make full use of our innovation services of which there is a wide range. Including our Regulatory Sandbox, where every firm now has a dedicated authorisation case officer. Finally, our Minded to Approve initiative lets us give in-principle decisions earlier, so firms can focus on what comes next. Make use of these services, and point your clients towards them too. Because firms that engage with us early submit better applications – and that means faster decisions, less stress and better outcomes for everyone. But let me be clear: our support services are not there to replace the hard work and preparation that should go into getting ready for authorisation. Or to replace those who support them doing so – namely you in this room. It’s about providing different forms of help to firms – and those working with them – to ensure they’re truly ready to apply and to meet the rigours of the process. We all want the best firms to enter the market; to bring growth and wealth creation for the UK. Looking ahead As I mentioned earlier, the best coaches are already studying next year’s course and thinking about what their clients need to do to succeed. Here’s what it looks like from where we’re standing: Getting authorised won’t get easier. That wouldn’t be the right thing for the UK. So now is the time to be preparing your clients. Let me flag two things on the horizon that are worth putting in your diary now. The first is Buy Now Pay Later (BNPL), which becomes regulated on 15 July. If you're working with BNPL lenders, or firms considering entering the market, please point them our way. The second is, as I have already mentioned, our new crypto regime. The gateway opens in September, and from October 2027, crypto firms will need to be authorised to operate in the UK. The bar will be high, and firms will need time to prepare. But we want to work with them to clearly set out our expectations. So, in addition to the webinars I mentioned earlier, pre-application support will open in July. Allowing you and your clients to engage with us well ahead of time to understand what we expect and pinpoint where more work is needed. Please take advantage of these resources. We'd rather offer training tips than watch firms stumble and fail to reach the finishing line. That wastes your resources and ours. As part of this, we are also keen to hear from you. We have listened to feedback received and adapted – PASS is an example of this. But we know we still have more to do. And feedback that helps us provide what firms need to cross the finishing line really matters to us. Conclusion When runners cross the finish line on Sunday, it will be because they did the work – and believed in the value of doing something properly. Finishing the marathon would be far less satisfying if the course was 2 miles rather than 26.2! Our authorisation process is similarly demanding. It's meant to be. But for firms that come prepared – and with the right support behind them – it doesn’t have to be agony. That’s what we’re asking of you: Be the support firms need, when they need it. By setting boundaries, holding your clients to high standards – even when it’s difficult – and taking the long view. When we get this right together, we protect consumers. Help set firms up for success. Support a market the UK can be proud of. And show all those thinking of running next year that doing it properly is always worth it!

The UK defence industry stands to benefit as the Government considers new ways to unlock private investment to drive military readiness, create jobs and deliver economic growth across the UK. The Defence Secretary and Chancellor today met with leaders from UK banking, venture capital and strategic finance. The Government is exploring how private investment can be leveraged to accelerate defence readiness, with the Defence Secretary and Chancellor today meeting leaders from UK banking, venture capital and strategic finance. Ministry of Defence-led sprint announced looking at how private investment could be leveraged to drive innovation and growth across the UK. New programme will see industry secondees into the Ministry of Defence to embed private sector expertise at the heart of Government. The Ministry of Defence will explore how private investment can be leveraged for areas of defence to drive innovation and growth during a meeting of the Defence Investors’ Advisory Group (DIAG) – which brings together leaders from UK banking, venture capital and strategic finance to advise the Government on investment priorities. The Defence Secretary also announced the expansion and permanent footing of the DIAG, to deepen the partnership between government and the UK’s world-leading financial sector.  As part of this, industry secondees will join the Ministry of Defence through a new Defence Finance Zig-Zag secondment programme, aimed at embedding private sector expertise at the heart of Government. Defence Secretary John Healey MP said: In a more dangerous world, our national security is the guarantor of our economic security and investment confidence. A strong UK economy needs strong UK defence.   The Chancellor and I are determined to bring together investors in a new partnership that delivers for our security, for our economy and for hard-working families up and down the country. As part of this, we are exploring how private investment can be leveraged to help build the defence capability Britain needs - creating jobs, making defence an engine for growth and making every pound go further. Chancellor Rachel Reeves said: National security is this government’s first responsibility, and in an increasingly uncertain world we must explore how we can leverage private sector investment and expertise to keep the country safe. Alongside the largest sustained increase in spending since the Cold War, this government is committed to working with the financial sector to explore how we accelerate the creation of defence capability in ways that creates jobs, supports economic growth and always has value for money for the taxpayer at the forefront. Today’s announcements are backed by the largest sustained increase in defence spending since the end of the Cold War, hitting 2.6% of GDP from 2027. HM Treasury and UK Government Investments will support the Ministry of Defence’s sprint to explore how private investment could be leveraged to drive innovation and growth across the UK defence sector. This work builds on work under this government to build a new partnership between defence and the private sector and break down barriers to investment in defence. This includes the Defence Secretary holding a first-of-its-kind meeting with venture capital firms last year as well as a Dragon’s Den-style event where pioneering defence firms pitched innovations directly to major investors. The Government has also launched a bespoke £20 million fund to offer accelerated contracts to small, innovative British startups with limited or no previous business with MOD - as the search for the UK’s next defence unicorn gets under way. Cathal Deasy, Global Co‑Head of Investment Banking at Barclays and a member of the Defence Investors’ Advisory Group, said: These steps are about building the right long‑term framework for partnership between defence, industry, and finance. Clearer priorities, better engagement routes, and more modern delivery models will help attract private capital at scale, support innovators and supply chains, and strengthen resilience across the UK. We are seeing strong appetite from our clients to invest in UK Defence and this framework provides the infrastructure to modernise our defence capability, including the estate and energy systems, while ensuring the UK can respond with greater speed, flexibility, and endurance in a more contested world.

The Mojaloop Foundation today announced the appointment of Jean Bosco lyacu as Chief Executive Officer, effective June 1st 2026. He succeeds Paula Hunter, who will retire. She will transition out of the Executive Director role during the leadership handover. Based in Kigali, Rwanda, Jean Bosco brings more than 15 years of experience in inclusive financial systems, digital finance and Digital Public Infrastructure (DPI), to enable the achievement of Sustainable Development Goals (SDGs) and Market Systems Development. His appointment reflects the Mojaloop Foundation’s continued commitment to advancing inclusive, real-time payment systems globally, with a strong focus on markets where access to financial services remains limited. Jean Bosco will focus on strengthening the Mojaloop Foundation’s long-term sustainability, securing additional funding and supporting successful deployments across its global footprint. The organization continues to support initiatives in multiple regions, working closely with governments, central banks and ecosystem partners to enable inclusive instant payment systems. Jean Bosco lyacu said: “Inclusive finance is one of the defining challenges and opportunities of our time. Mojaloop has already demonstrated the power of open, interoperable infrastructure to transform economies and improve lives. I’m excited to build on this momentum, working with partners around the world to expand access to inclusive digital financial services and ensure long-term sustainability for the organization.” Kosta Peric, Chairperson of the Mojaloop Foundation, commented: “Jean Bosco brings an exceptional combination of regional insight, leadership experience and deep understanding of Digital Public Infrastructure. This marks an important step in Mojaloop’s evolution as we continue to scale our global impact.” Jean Bosco currently serves as Chief Executive Officer of Access to Finance Rwanda (AFR) where he leads a 40 plus-person organization. He has mobilized substantial donor funding for AFR over the past five years and has tremendously expanded AFR’s scope of interventions. He also serves as Chair of the Financial Sector Deepening (FSD) Network Council, coordinating collaboration across nine African markets, and is a member of the Consultative Group to Assist the Poor (CGAP) FinEquity Technical Advisory Committee. In addition, he holds board roles within the private sector, including at Salvo Grima Africa Distribution. About the Mojaloop Foundation The Mojaloop Foundation’s mission is to increase financial inclusion by empowering organizations to create interoperable payment systems that enable digital financial services for all. As a 501(c)(3) nonprofit, the Foundation maintains Mojaloop - its open-source software and community - as public goods to serve global financial inclusion goals. Governments, banks, mobile money providers and other stakeholders can use Mojaloop to build or enhance inclusive real-time payment platforms. For more information, visit: https://mojaloop.io.

Eventus, a leading provider of comprehensive, at-scale trade surveillance and financial risk solutions, and Take Profit Trader (TPT), a leading futures proprietary trading firm, announced that TPT has recently deployed the Eventus Validus platform as its trade surveillance solution to ensure that the 90,000+ active traders it backs align with exchange and regulatory compliance requirements. Take Profit Trader has deployed Validus across its entire trading ecosystem, ensuring every stage of the trader journey, from evaluation to funded accounts to live-market trading, operates under institutional-grade surveillance standards. James Sixsmith, CEO of Take Profit Trader, said: "We wanted to deploy a best-in-class, exchange-trusted surveillance solution for both our simulated and live-trading environments. We need full visibility into what our traders are doing, not only in the context of their own trading, but also how they're behaving with other traders and the market itself. "Our partnership with Eventus helps to ensure we're backing and developing traders who are in alignment with exchange and regulatory compliance standards. The Validus coverage enables us to detect anomalies, unusual patterns, inappropriate behaviors such as wash trading and attempts at market manipulation, and much more. Eventus helps improve our exchange compliance integrity with a robust surveillance software that's used by many of the most recognized names in the financial industry." Take Profit Trader selected Eventus as its trade surveillance provider based on the firm's exchange-trusted reputation, high-accuracy technology and proven track record with some of the most recognized names in financial services. "Take Profit Trader has grown at a rapid pace as futures trading has become increasingly attractive to a broader community," said Travis Schwab, CEO of Eventus. "It's critical that the firm's trade surveillance software can monitor the activity not only of the more than 90,000 active traders today, but potentially hundreds of thousands tomorrow. We've built Validus to scale as our clients grow, and we're honored to meet the evolving needs of Take Profit Trader for its vital compliance program."

Record revenue of $1.9 billion, up 14% Net income and diluted earnings per share both up 20% CME Group Inc. (NASDAQ: CME) today reported financial results for the first quarter of 2026. The company reported revenue of $1.9 billion and operating income of $1.3 billion for the first quarter of 2026. Net income was $1.2 billion and diluted earnings per common share were $3.18. On an adjusted basis, operating income was $1.4 billion, net income was $1.2 billion and diluted earnings per common share were $3.36. Financial results presented on an adjusted basis for the first quarter of 2026 and 2025 exclude certain items, which are detailed in the reconciliation of non-GAAP results.1           "In a world in which risk has become the new normal, 2026 is off to a record-breaking start as clients around the world turn to CME Group's trusted, regulated markets to hedge across asset classes and in all trading environments," said CME Group Chairman and Chief Executive Officer Terry Duffy. "Robust demand for our products drove Q1 average daily volume up 22% to a record 36.2 million contracts, including records in all six asset classes. This exceptional market participation translated directly into record financial performance, with revenue rising 14% and adjusted net income and diluted EPS increasing 20%. Efficiencies provided to our client base also hit a new high in Q1 with over $85 billion in average daily margin savings, and we're very pleased to further extend our FICC cross-margining agreement to end-user clients later this month. Looking ahead, innovation remains central to our growth strategy. We will continue to work closely with our clients as we expand the range of products and services we provide to help them manage risk and pursue opportunities in a rapidly evolving marketplace." 1. A reconciliation of the non-GAAP financial results mentioned to the respective GAAP figures can be found within the Reconciliation of Adjusted Operating Income and Adjusted Net Income and Adjusted Diluted Earnings per Common Share charts at the end of the financial statements. First-quarter 2026 average daily volume (ADV) reached a quarterly all-time high of 36.2 million contracts, up 22% from first-quarter 2025. Non-U.S. ADV was a record 11.4 million contracts, up 30% compared with the same period in 2025, including the highest quarterly ADV across all regions, with APAC up 33% and EMEA up 29%. Clearing and transaction fees revenue for first-quarter 2026 totaled a record $1.5 billion. The total average rate per contract was $0.652. Market data revenue totaled a record $224 million for first-quarter 2026. As of March 31, 2026, the company had $2.6 billion in cash (including $200 million deposited with Fixed Income Clearing Corporation, which is included in other current assets) and $3.4 billion of debt. The company paid dividends during the first quarter of approximately $2.7 billion and repurchased $536 million in CME Group common shares. CME Group will hold a Q&A conference call to discuss first-quarter 2026 results at 8:30 a.m. Eastern Time today. A live audio webcast of the Q&A call will be available on the Investor Relations section of CME Group's website at investor.cmegroup.com under Events & Presentations. An archived recording will be available for up to two months after the call. Statements in this press release that are not historical facts are forward-looking statements.  These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied in any forward-looking statements. We want to caution you not to place undue reliance on any forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the factors that might affect our performance are increasing competition by foreign and domestic entities, including increased competition from new entrants into our markets and consolidation of existing entities; our ability to keep pace with rapid technological developments, including our ability to complete the development, implementation and maintenance of the enhanced functionality required by our customers while maintaining reliability and ensuring that such technology is not vulnerable to security risks; our ability to continue introducing innovative and competitive new products and services on a timely, cost-effective basis, including through our electronic trading capabilities, and derive revenues that are commensurate with our efforts and expectations, and our ability to maintain the competitiveness of our existing products and services; our ability to adjust our fixed costs and expenses if our revenues decline; our ability to manage variable costs associated with CME Group's transition to the Google Cloud, and minimize duplicative costs of maintaining both on-premise and Google Cloud environments during the transition; the resilience of our electronic platforms and the soundness of our business continuity and disaster recovery plans, including in the event of cyberattacks and cyberterrorism or as impacted by a failure of or disruption at one of our suppliers; our ability to maintain existing customers at substantially similar trading levels, develop strategic relationships and attract new customers; our ability to expand and globally offer our products and services; changes in regulations, including the impact of any changes in laws or government policies with respect to our products or services or our industry, such as any changes to regulations and policies that require increased financial and operational resources from us or our customers, as well as the impact of tariffs and tax policy changes, restrictions on our ability to offer CME Group products and services in specific geographies or to specific customers or limitations or changes in underlying/physical product flows across geographies; the costs associated with protecting our intellectual property rights and our ability to operate our business without violating the intellectual property rights of others; decreases in revenue from our market data as a result of decreased demand or changes to regulations in various jurisdictions; changes in our rate per contract due to shifts in the mix of the products traded, the trading venue and the mix of customers (whether the customer receives member or non-member fees or participates in one of our various incentive programs) and the impact of our tiered pricing structure; the ability of our credit and liquidity risk management practices to adequately protect us from the credit risks of clearing firms and other counterparties, and to satisfy the margin and liquidity requirements associated with the BrokerTec matched principal business; the ability of our compliance and risk management programs to effectively monitor and manage our risks, including our ability to prevent errors and misconduct and protect our infrastructure against security breaches and misappropriation of our intellectual property assets; our dependence on third-party providers and exposure to risk from third parties, including risks related to the performance, reliability and security of technology used by, or facilities provided by, our third-party providers and third-party providers that our clients and third-parties rely on; our reliance on third-party distribution partners, including independent software vendors, futures commission merchants, introducing brokers, broker-dealers, regulatory reporting and data distributors and platform operators, and other partners, for facilitating trading and for market data information, and potential impacts from changes in their business models and priorities; volatility in commodity, equity and fixed income prices, and price volatility of financial benchmarks and instruments such as interest rates, equity indices, fixed income instruments and foreign exchange rates; economic, social, political and market conditions, including new and existing geopolitical tensions or conflicts, the volatility of the capital and credit markets and the impact of economic conditions on the trading activity of our current and potential customers; our ability to accommodate increases in contract volume and market data and order transaction traffic across the entire trade cycle and the ability to implement enhancements meeting our regulatory obligations and customer needs without failure or degradation of the performance of our trading and clearing systems; our ability to execute our growth strategy and maintain our growth effectively; our ability to manage the risks, control the costs and achieve the synergies associated with our strategy for acquisitions, investments, alliances, strategic partnerships and joint ventures; variances in earnings on cash accounts and collateral that our clearing house holds; impact of CME Group pricing/fee level and structure and incentive changes; impact of aggregation services and internalization on trade flow and volumes; any negative financial impacts from changes to the terms of intellectual property and index rights; our ability to continue to generate funds and/or manage our indebtedness to allow us to continue to invest in our business; industry, channel partner and customer consolidation and/or concentration; decreases in trading and clearing activity; the imposition of a transaction tax or user fee on futures and options transactions and/or repeal of the 60/40 tax treatment of such transactions; increases in effective tax rates, borrowing costs, or changes in tax policy; our ability to maintain our brand and reputation; and the unfavorable resolution of material legal proceedings. For a detailed discussion and additional information concerning these and other factors that might affect our performance, see our other recent periodic filings, including our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the Securities and Exchange Commission ("SEC") on February 26, 2026, under the caption "Risk Factors". CME Group Inc. and Subsidiaries Consolidated Balance Sheets (in millions) March 31, 2026 December 31, 2025 ASSETS Current Assets: Cash and cash equivalents $                 2,391.2 $                 4,416.9 Marketable securities 124.2 125.0 Accounts receivable, net of allowance 935.5 639.2 Other current assets (includes $6.4 and $6.5 in restricted cash) 515.0 522.1 Performance bonds and guaranty fund contributions 165,035.3 159,656.1 Total current assets 169,001.2 165,359.3 Property, net of accumulated depreciation and amortization 355.4 362.7 Intangible assets—trading products 17,175.3 17,175.3 Intangible assets—other, net 2,550.8 2,610.7 Goodwill 10,506.0 10,514.7 Other assets 2,404.8 2,401.5 Total Assets $             201,993.5 $             198,424.2 LIABILITIES AND EQUITY Current Liabilities: Accounts payable $                      75.4 $                      71.8 Other current liabilities 887.1 568.8 Performance bonds and guaranty fund contributions 165,035.3 159,656.1 Total current liabilities 165,997.8 160,296.7 Long-term debt 3,423.2 3,422.3 Deferred income tax liabilities, net 5,221.1 5,242.2 Other liabilities 733.2 734.8 Total Liabilities 175,375.3 169,696.0 Total CME Group Shareholders' Equity 26,618.2 28,728.2 Total Liabilities and Equity $             201,993.5 $             198,424.2 CME Group Inc. and Subsidiaries Consolidated Statements of Income (dollars in millions, except per share amounts; shares in thousands) Quarter Ended  March 31, 2026 2025 Revenues Clearing and transaction fees $  1,542.6 $  1,337.3 Market data and information services 224.1 194.5 Other 113.4 110.5 Total Revenues 1,880.1 1,642.3 Expenses Compensation and benefits 223.0 206.7 Technology 76.6 65.7 Professional fees and outside services 28.2 28.5 Amortization of purchased intangibles 56.1 55.2 Depreciation and amortization 27.2 27.3 Licensing and other fee agreements 106.8 96.6 Other 52.5 54.3 Total Expenses 570.4 534.3 Operating Income 1,309.7 1,108.0 Non-Operating Income (Expense) Investment income 1,389.3 892.7 Interest and other borrowing costs (43.6) (41.7) Equity in net earnings of unconsolidated subsidiaries 102.4 88.2 Other non-operating income (expense) (1,246.9) (802.4) Total Non-Operating Income (Expense) 201.2 136.8 Income before Income Taxes 1,510.9 1,244.8 Income tax provision 356.6 288.6 Net Income $  1,154.3 $     956.2 Net Income Attributable to Common Shareholders of CME Group - Basic(1) $  1,168.0 $     944.2 Net Income Attributable to Common Shareholders of CME Group - Diluted(1) $  1,154.3 $     944.2 Earnings per Share Attributable to Common Shareholders of CME Group: Basic $       3.25 $       2.63 Diluted 3.18 2.62 Weighted Average Number of Common Shares: Basic 359,318 359,613 Diluted(2) 363,208 360,227 1. The difference between Net Income and Net Income Attributable to Common Shareholders of CME Group - Basic and Diluted is the result of the distribution of earnings allocated to preferred shares. 2. Preferred shares of 4,584,000 were all converted on March 5, 2026 to Class A Common stock and are included in the Diluted shares for the first quarter of 2026. CME Group Inc. and Subsidiaries Reconciliation of Adjusted Operating Income (dollars in millions) Quarter Ended  March 31, 2026 2025 Total Revenues $  1,880.1 $  1,642.3 Adjusted Total Revenues $  1,880.1 $  1,642.3 Total Expenses $     570.4 $     534.3 Restructuring and severance (4.0) (1.1) Deferred compensation(1) 0.8 2.2 Amortization of purchased intangibles (56.1) (55.2) Strategic transaction-related (costs) credits (0.6) — Real estate-related (costs) credits (0.7) — Foreign exchange transaction gains (losses) 0.9 (2.3) Litigation matters or settlements 1.0 (3.3) Adjusted Total Expenses $     511.7 $     474.6 Operating Income $  1,309.7 $  1,108.0 Adjusted Operating Income $  1,368.4 $  1,167.7 1. Includes $0.8 million for a change in our non-qualified deferred compensation liability in the first quarter of 2026. This impact does not affect net income and adjusted net income, because the compensation and benefits change has an equal and offsetting change in investment income. CME Group Inc. and Subsidiaries Reconciliation of Adjusted Net Income and Adjusted Earnings per Common Share (dollars in millions, except per share amounts; shares in thousands) Quarter Ended  March 31, 2026 2025 Net Income $  1,154.3 $     956.2 Restructuring and severance 4.0 1.1 Amortization of purchased intangibles(1) 60.1 68.2 Strategic transaction-related costs (credits)(2) 0.1 — Real estate-related costs (credits) 0.7 — Foreign exchange transaction (gains) losses (0.9) 2.3 Unrealized and realized (gains) losses on investments 22.9 6.5 Litigation matters or settlements (1.0) 3.3 Income tax effect related to above (21.0) (16.1) Other income tax items 0.9 (1.6) Adjusted Net Income $  1,220.1 $  1,019.9 Adjusted Net Income Attributable to Common Shareholders of CME Group -Basic(3) $  1,233.2 $  1,007.1 Adjusted Net Income Attributable to Common Shareholders of CME Group -Diluted(3) $  1,220.1 $  1,007.1 Earnings per Share Attributable to Common Shareholders of CME Group:      Basic $       3.25 $       2.63      Diluted 3.18 2.62 Adjusted Earnings per Share Attributable to Common Shareholders of CME Group:      Basic $       3.43 $       2.80      Diluted 3.36 2.80 Weighted Average Number of Common Shares:      Basic 359,318 359,613      Diluted(4) 363,208 360,227 1. Includes $2.6 million of amortization of purchased intangibles at S&P Dow Jones Indices LLC and $1.4 million of amortization of purchased intangibles at FanDuel Prediction Markets Holdings LLC in the first quarter of 2026. This is reported in Equity in net earnings of unconsolidated subsidiaries on the Consolidated Statements of Income. 2. The values shown above may differ from what is shown in the Reconciliation of Adjusted Operating Income as that schedule does not include adjustment items or portions of items included in non-operating results. 3. The difference between Adjusted Net Income and Adjusted Net Income Attributable to Common Shareholders of CME Group - Basic and Diluted is the result of the distribution of earnings allocated to preferred shares. 4. Preferred shares of 4,584,000 were all converted on March 5, 2026 to Class A Common stock and are included in the Diluted shares for the first quarter of 2026. CME Group Inc. and Subsidiaries Quarterly Operating Statistics 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Trading Days 61 62 64 64 61 Quarterly Average Daily Volume (ADV)(1) CME Group ADV (in thousands) Product Line 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Interest rates 15,029 15,472 13,378 13,010 18,674 Equity indexes 7,997 7,661 6,278 7,738 8,655 Foreign exchange 1,149 1,096 834 853 1,193 Energy 2,903 3,082 2,295 2,523 3,985 Agricultural commodities 1,958 1,964 1,712 1,787 2,042 Metals 732 943 825 1,441 1,682 Total 29,768 30,217 25,322 27,353 36,231 Venue CME Globex 27,732 28,097 23,418 25,542 33,633 Open outcry 881 993 989 816 1,241 Privately negotiated 1,154 1,127 915 995 1,357 Total 29,768 30,217 25,322 27,353 36,231 Quarterly Average Rate Per Contract (RPC)(1) CME Group RPC Product Line 1Q 2025 2Q 2025 3Q 2025 4Q 2025 1Q 2026 Interest rates $          0.476 $          0.481 $          0.487 $          0.486 $          0.457 Equity indexes 0.624 0.635 0.652 0.611 0.597 Foreign exchange 0.762 0.772 0.841 0.847 0.780 Energy 1.222 1.138 1.214 1.245 1.084 Agricultural commodities 1.376 1.435 1.423 1.427 1.344 Metals 1.588 1.456 1.505 1.295 1.153 Average RPC $          0.686 $          0.690 $          0.702 $          0.707 $          0.652 1. ADV and RPC includes futures and options on futures only.

Miami International Holdings, Inc. (MIAX®) (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced its new nationwide advertising campaign, "Excellence in Every Exchange." The broad-reaching campaign marks a significant milestone in MIAX's marketing strategy to expand brand awareness and deepen engagement across the broader financial ecosystem following its August 2025 initial public offering. "Our new advertising campaign reinforces our commitment to operational excellence across our exchanges and our deep-rooted relationships with customers," said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX.  "We're excited about the opportunity to share the next chapter of MIAX's growth story and connect with the market in a broader way, especially as we include product-driven messaging that showcases our soon-to-launch Bloomberg equity index futures products." The campaign was developed in-house by MIAX's marketing team and features bold, three-dimensional artwork that conveys a sense of movement, symbolizing the speed of the company's proprietary, state-of-the-art trading technology. MIAX's signature colors represent its multi-asset class portfolio comprised of options, futures, international, and equities exchanges. "Our new campaign sets the stage for the next era of our brand's identity and emphasizes how MIAX maintains the highest standard of quality and professionalism in every interaction," said Kelli Annequin, Chief Marketing Officer of MIAX. "It truly represents our commitment to delivering excellence in every exchange and elevates our brand to a new level." MIAX's multi-channel campaign is live across the U.S. on strategic, high-impact Out-Of-Home placements in major cities and influential financial hubs, as well as in industry-leading media outlets.

The FCA has carried out its first operation with partners to disrupt illegal peer-to-peer crypto trading across multiple London locations. Working with HM Revenue & Customs (HMRC) and the South West Regional Organised Crime Unit (SWROCU), the FCA targeted 8 premises suspected of illegal peer-to-peer crypto trading. The FCA issued cease and desist letters at each site, notifying traders to stop illegal activity immediately. Evidence obtained during the on-site inspections is supporting a number of ongoing criminal investigations. Peer-to-peer trading is when individuals buy and sell crypto directly with each other, rather than using a centralised exchange and requires appropriate registration. There are currently no FCA registered peer-to-peer crypto traders or platforms operating in the UK. Steve Smart, executive director of enforcement and market oversight at the FCA, said: 'Unregistered peer-to-peer crypto traders operating in the UK are doing so illegally and pose a financial crime risk. We will use our powers and work with partners to disrupt them. 'Consumers should protect themselves by only dealing with firms registered with the FCA and by remembering that crypto remains a high risk investment.' DI Ross Flay of SWROCU said: 'By working with our colleagues at the FCA and HMRC we are able to effectively target and disrupt unregistered peer-to-peer crypto traders operating illegally. As law enforcement, we want to stop these traders providing a route for criminals to move, disguise and spend illegal money.' The FCA has previously taken action against unregistered cryptoasset activity in the UK, including prosecuting an individual operating an illegal network of crypto ATMs. In June 2024, the FCA worked with the Metropolitan Police Service to arrest 2 individuals suspected of running an illegal cryptoasset exchange. The Government’s National Risk Assessment of Money Laundering and Terrorist Financing outlines how cryptoassets are increasingly used to launder the proceeds of crime. The FCA continues to work with domestic and international partners to fight financial crime and protect consumers. Consumers can check whether a crypto firm is correctly registered with the FCA using the FCA’s Firm Checker. Background Action was taken under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. Crypto is a high-risk investment and remains largely unregulated in the UK, except for anti-money laundering and financial promotion. Use the FCA’s Firm Checker to check a firm’s permissions. The FCA enables a fair and thriving financial services market for the good of consumers and the economy. Find out more about the FCA.

Cboe Global Markets, Inc. (Cboe: CBOE), a leading global markets   operator and pioneer in equity derivatives, today announced that it has reached a definitive agreement to sell its Canadian and Australian equities exchanges, Cboe Canada and Cboe Australia, to TMX Group Limited (TMX Group), a leading market operator. The aggregate sale price is $300 million USD. Cboe announced plans in October 2025 to sell its Australian and Canadian equities businesses as part of a strategic realignment to sharpen its strategic focus on core strengths and emerging opportunities aligned with its long-term strategy – positioning the company to lead in a dynamic and evolving global markets landscape. “We are pleased to reach an agreement to sell these businesses to TMX Group, a longstanding and well-established market operator,” said Craig Donohue, Chief Executive Officer of Cboe Global Markets. “The transaction will bring Cboe Australia and Cboe Canada under new ownership well suited to support their next chapter, while enabling Cboe to reallocate resources and capital towards optimizing our core businesses for further growth and profitability, and pursuing opportunities in new and emerging areas.” “This transaction marks an important milestone in our strategic realignment, allowing us to sharpen our focus on the growth opportunities that will position Cboe for long-term success,” said Prashant Bhatia, EVP, Head of Enterprise Strategy & Corporate Development at Cboe Global Markets. “As our industry undergoes rapid transformation – driven by expanding retail participation and rising demand for innovative products, the emergence of event and prediction markets, the accelerating adoption of digital assets and tokenization, and the evolution toward 24x7, on‑chain markets with atomic settlement – we see significant opportunity to build on our strengths and accelerate growth by focusing on areas where we can lead and differentiate.” The transaction is subject to customary closing conditions, including applicable regulatory approvals. The acquisitions of Cboe Australia and Cboe Canada are expected to close separately, each after required approvals have been obtained. Until the transactions close, Cboe will continue to operate both exchanges as usual. Cboe will work closely with customers, regulators, and other key stakeholders in both jurisdictions to support a smooth and orderly transition. Additionally, Cboe will provide transition services support for a limited time post closing. Cboe will provide an update regarding the potential financial implications of the transaction during its first quarter earnings call taking place on Friday, May 1, 2026. Barclays Capital Inc. is acting as financial advisor to Cboe. Sidley Austin LLP; Blake, Cassels & Graydon LLP; and Mallesons are serving as Cboe’s outside legal counsel. 

Transaction will create a global powerhouse for mining finance and reduce complexity and costs for Canadian market participants Acquisition will strengthen TMX's ability to serve clients across the capital markets ecosystem, expands global presence, accelerates growth strategy Analyst webcast and conference call on Wednesday, April 22, 2026 at 8:00am EDT to discuss TMX Group Limited (TMX Group) announced today an agreement to acquire Middlebury Holdings Pty. Limited (Cboe Australia) and Cboe Canada Holdings, ULC (Cboe Canada) from Cboe Global Markets, Inc. for US$300 million ($409 million*) in total consideration, a transaction that will bolster TMX's ability to serve clients across the capital markets ecosystem, expand the company's global presence, and accelerate the company's growth strategy, while reducing cost and complexity for Canadian market participants. "We are tremendously excited to announce the acquisition of Cboe Australia and Cboe Canada, a deal that represents a unique opportunity to strengthen our domestic marketplace for clients and the entire stakeholder ecosystem, while expanding the reach and impact of our presence in a region of the world we know well," said John McKenzie, Chief Executive Officer, TMX Group. "We look forward to working with our industry partners to ensure a smooth transition, and to exploring innovative ways to serve the needs of issuers and investors across the Australian market, while continuing to seek out opportunities to accelerate our enterprise growth strategy." Cboe Australia and Cboe Canada offer equities trading venues, listing venues and market data solutions. Cboe Australia is an innovative securities exchange offering companies strategic tailored support for public market listings, including ETFs, as well as structured products and warrants, and providing a trading venue for brokers and investors with efficient and cost-effective access to local and global investment opportunities. Cboe Australia was also recently granted a license for corporate listings. Cboe Canada includes MATCHNow, NEO-L, NEO-N, and NEO-D, as well as ETF, CDR and corporate listings. "The teams at Cboe Australia and Cboe Canada have delivered consistent performance and built resilient, high-quality markets," said Craig Donohue, Chief Executive Officer, Cboe Global Markets. "These businesses are well positioned for their next chapter, and we will work closely with TMX, our local regulators, and our clients to ensure a seamless transition." Transaction Highlights TMX's acquisition of Cboe Australia will bring together the world's leading mining and energy transition financing ecosystems, unlocking potential to innovate for a growing global client base. TMX's acquisition of Cboe Canada enhances the quality of client experience across domestic equities marketplaces: Increasing efficiency of access to capital and liquidity for Canadian issuers, and Reducing direct and indirect costs for participants, while improving execution quality and resiliency. Transaction expected to be accretive to adjusted earnings per share within the first 12 months of closing, excluding synergies. Revenue growth expected to be in-line with TMX's long-term financial objectives Combined Cboe Canada and Cboe Australia businesses delivered revenue of approximately $87 million in 2025, and adjusted EBITDA of approximately $25 million**. Further Transaction Details The purchase of each business is subject to regulatory approvals and customary closing conditions in Australia and Canada. The two components of this acquisition, Cboe Australia and Cboe Canada, are expected to close separately, each after required approvals have been obtained. Canaccord Genuity and Macquarie Capital are acting as financial advisors to TMX Group. FGS Longview is acting as strategic communications advisor to TMX Group. *Based on USD/CAD exchange rate of 1.3644 at April 21, 2026. Actual amounts in Canadian dollars are subject to change. **Based on average AUD/CAD of 0.90 for 2025. Cboe Australia and Canada revenue and EBITDA are compilations of financial information provided to us for the Cboe entities as of December 31, 2025. The Cboe financial information is unaudited and prepared in accordance with IFRS (Cboe Canada) or Australian Accounting Standards (Cboe Australia) for public companies. Teleconference / Audio Webcast TMX Group will host a teleconference / audio webcast to discuss the transaction. Time: 8:00 a.m. - 9:00 a.m. ET on Wednesday, April 22, 2026 Participants may access the conference call via the webcast link: https://www.gowebcasting.com/14669. The audio webcast of the conference call and investor presentation will also be available on TMX Group's website at www.tmx.com, under Investor Relations. Alternatively, participants may join the live call by dialing 1-833-752-4317 or 1-647-846-2266. An audio replay of the conference call will be available at 1-855-669-9658 or 1-412-317-0088, [access code 6830744]. Caution Regarding Forward-Looking Information This press release of TMX Group Limited ("TMX Group", "us", "we", "our") contains "forward-looking information" (as defined in applicable Canadian securities legislation) that is based on expectations, assumptions, estimates, projections and other factors that management believes to be relevant as of the date of this press release. Often, but not always, such forward-looking information can be identified by the use of forward-looking words such as "plans", "expects", "projects", "is expected", "projected", "budget", "scheduled", "targeted", "estimates", "forecasts", "intends", "anticipates", "believes", or variations or the negatives of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved or not be taken, occur or be achieved. Forward-looking information, by its nature, requires TMX Group to make assumptions and is subject to significant risks and uncertainties which may give rise to the possibility that our expectations or conclusions will not prove to be accurate and that our assumptions may not be correct. Examples of forward-looking information in this press release include, but are not limited to, the anticipated benefits of the transactions to TMX Group, Cboe Canada and Cboe Australia; the expected impact on TMX Group's earnings and Adjusted earnings per share; expectations regarding the revenue growth of Cboe Canada and Cboe Australia; the ability to integrate Cboe Canada and Cboe Australia into TMX Group and the potential synergies; the expected impact on TMX's long-term growth strategy and transformational objectives; the potential for geographic expansion; the ability for TMX Group to accelerate Cboe Canada and Cboe Australia's growth; the timing and receipt of regulatory approval; and closing of the transaction, each of which is subject to a number of significant risks and uncertainties. These risks include, but are not limited to: competition from other exchanges or marketplaces, including alternative trading systems and new technologies, on a national and international basis; dependence on the economies of Canada, the United States and Australia; adverse effects on our results caused by global economic conditions (including geopolitical events, interest rate movements or threats of recession) or uncertainties including changes in business cycles that impact our sector; failure to retain and attract qualified personnel; geopolitical and other factors which could cause business interruption; dependence on information technology; vulnerability of our networks and third party service providers to security risks, including cyber attacks; failure to properly identify or implement our strategies; regulatory constraints; constraints imposed by our level of indebtedness, risks of litigation or other proceedings; dependence on adequate numbers of customers; failure to develop, market or gain acceptance of new products; failure to close and effectively integrate acquisitions, including the Cboe Canada and Cboe Australia acquisition, to achieve planned economics or divest underperforming businesses; currency risk; adverse effect of new business activities; adverse effects from business divestitures; not being able to meet cash requirements because of our holding company structure and restrictions on paying inter-corporate dividends; dependence on third party suppliers and service providers; dependence of trading operations on a small number of clients; risks associated with our clearing operations; challenges related to international expansion; restrictions on ownership of TMX Group common shares; inability to protect our intellectual property; adverse effect of a systemic market event on certain of our businesses; risks associated with the credit of customers; cost structures being largely fixed; the failure to realize cost reductions in the amount or the time frame anticipated; dependence on market activity that cannot be controlled; the regulatory constraints that apply to the business of TMX Group and its regulated subsidiaries, costs of on exchange clearing and depository services, trading volumes (which could be higher or lower than estimated) and the resulting impact on revenues; future levels of revenues being lower than expected or costs being higher than expected. Forward-looking information is based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions with respect to the impact of the cost of acquisition financing on adjusted earnings per share; assumptions in connection with the ability of TMX Group to successfully compete against global and regional marketplaces and other venues; business and economic conditions generally; exchange rates (including estimates of exchange rates from Canadian dollars to the U.S. dollar, British pound sterling, or Australian dollar), commodities prices, the level of trading and activity on markets, and particularly the level of trading in TMX Group's key products; business development and marketing and sales activity; the continued availability of financing on appropriate terms for future projects; changes to interest rates and the timing thereof; productivity at TMX Group, as well as that of TMX Group's competitors; market competition; research and development activities; the successful introduction and client acceptance of new products and services; successful introduction of various technology assets and capabilities; the impact on TMX Group and its customers of various regulations; TMX Group's ongoing relations with its employees; and the extent of any labour, equipment or other disruptions at any of its operations of any significance other than any planned maintenance or similar shutdowns. In addition to the assumptions outlined above, forward looking information related to long term revenue CAGR objectives, and long term adjusted earnings per share CAGR objectives are based on assumptions that include, but not limited to: TMX Group's success in achieving growth initiatives and business objectives; continued investment in growth businesses and in transformation initiatives including next generation technology and systems; no significant changes to our effective tax rate, and number of shares outstanding; organic and inorganic growth in recurring revenue moderate levels of market volatility over the long term; level of listings, trading, and clearing consistent with historical activity; economic growth consistent with historical activity; no significant changes in regulations; continued disciplined expense management across our business; continued re-prioritization of investment towards enterprise solutions and new capabilities; free cash flow generation consistent with historical run rate; and a limited impact from inflation, rising interest rates and supply chain constraints on our plans to grow our business over the long term including on the ability of our listed issuers to raise capital. While we anticipate that subsequent events and developments may cause TMX Group's views to change, TMX Group has no intention to update this forward-looking information, except as required by applicable securities law. This forward-looking information should not be relied upon as representing TMX Group's views as of any date subsequent to the date of this press release. TMX Group has attempted to identify important factors that could cause actual actions, events or results to differ materially from those current expectations described in forward-looking information. However, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended and that could cause actual actions, events or results to differ materially from current expectations. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. These factors are not intended to represent a complete list of the factors that could affect TMX Group. Important additional information identifying risks and uncertainties and other factors is contained in TMX Group's 2025 Annual Report under the headings entitled "Caution Regarding Forward-Looking Information" and "Enterprise Risk Management" which may be accessed at tmx.com in the Investor Relations section under Regulatory Filings. Non-GAAP Financial Measures This press release includes references to financial measures that are not defined by GAAP. Although such non-GAAP measures are calculated according to accepted industry practice, such measures disclosed in this press release may be different from non-GAAP measures used by other companies. This data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. While TMX Group believes these measures provide investors with greater transparency and supplemental data relating to the transaction, readers are cautioned that these non-GAAP measures are not alternatives to measures determined in accordance with GAAP and should not, on their own, be construed as indicators of TMX Group's or Cboe Canada and Cboe Australia's future performance or profitability. Readers should not rely on any single financial measure when evaluating TMX Group's business or that of Cboe Canada and Cboe Australia. We use non-GAAP measures and non-GAAP ratios that do not have standardized meanings prescribed by GAAP and are, therefore, unlikely to be comparable to similar measures presented by other companies. Management uses these measures, and excludes certain items, because it believes doing so provides investors a more effective analysis of underlying operating and financial performance, including, in some cases, our ability to generate cash and our ability to repay debt. Management also uses these measures to more effectively measure performance over time, and excluding these items increases comparability across periods. The exclusion of certain items does not imply that they are non-recurring or not useful to investors. Adjusted earnings per share provided above is a non-GAAP ratio and does not have a standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. TMX Group presents Adjusted EPS and excludes, among other things, acquisition, integration, and related items; amortization of intangibles related to acquisitions; strategic re-alignment expenses; dispute, litigation and related items; and other items as disclosed in TMX Group's 2025 Annual Report. For more information on Adjusted EPS, including definitions and explanations of how these measures provide useful information, refer to Non-GAAP Measures in TMX Group‘s 2025 Annual Report. Adjusted EBITDA is calculated as net income excluding interest expense, income tax expense, depreciation and amortization, acquisition, integration, and related costs, one-time income (loss), and other significant items that are not reflective of the underlying business operations of Cboe Canada and Cboe Australia. Cboe Canada and Cboe Australia Adjusted EBITDA is a compilation of financial information provided to us for Cboe Canada and Cboe Australia entities as of December 31, 2025. The Cboe Canada and Cboe Australia financial information is unaudited and prepared in accordance with IFRS (Cboe Canada) or Australian Accounting Standards (Cboe Australia) for public companies. Adjusted EBITDA for Cboe Canada and Cboe Australia excludes certain items such as discontinued operations, transfer pricing, unrealized gains / losses, and one-time employee costs.

Global financial markets in the first quarter of 2026 were dominated by, a challenging macroeconomic backdrop shaped by geopolitical tensions and a renewed cycle of inflation concerns. Q1 2026 and mainly March 2026 proved to be a turning point, as investors were forced to reassess expectations for monetary easing amid escalating global risks.  Geopolitical conflict triggers energy and inflation shock  The dominant driver of market dynamics in Q1 2026 was the escalating conflict in the Middle East, which evolved into a global energy supply shock by March. Disruptions to energy markets reignited inflation concerns across all economies, reversing the disinflation narrative that had gained traction at the end of last year.  This renewed inflation pressure triggered a sharp sell-off in global bond markets. Bond yields moved higher across the curve as investors adjusted inflation expectations and questioned the timing and extent of future interest rate cuts.  Central banks hold steady markets reprice expectations  Against this backdrop, both the Federal Reserve and the European Central Bank opted to keep policy rates unchanged. The Fed held rates at 3.75 percent, while the ECB maintained its policy rate at 2.15 percent. Despite heightened volatility, the ECB noted that inflation remained in a “good place,” signaling confidence in the underlying disinflation trend prior to the energy shock.  However, markets adjusted rapidly. While expectations for Federal Reserve rate cuts had been priced earlier in the quarter, the inflationary implications of the Middle East conflict led investors to reassess that outlook. In contrast, markets began pricing in potential rate hikes from the ECB, reflecting diverging policy expectations between the two central banks.  Bond yields rise across the curve  Bond markets reacted decisively to the renewed inflation narrative. German Bund yields and U.S. Treasury yields rose across the curve, driven by heightened geopolitical risk and concerns over sustained price pressures. The sell-off underscored the sensitivity of fixed income markets to energy-driven inflation shocks and reinforced the importance of geopolitical risk as a macro variable.  Yield curve dynamics reflected these shifts. The 2s10s spread stood at 53 basis points in the United States and 40 basis points in Germany, highlighting a steeper curve as long-term yields moved higher relative to short-term rates.  Peripheral spreads continue to tighten  Despite broader market volatility, euro area peripheral spreads showed resilience. The 10-year BTP vs Bund spread narrowed further, declining to 90 basis points. This tightening suggests continued investor confidence in Italian sovereign debt and reflects strong demand for yield in a higher-rate environment, even as core yields rise.          Rising volatility drives trade size and trading activity in Bund, Bobl, and Schatz  Average trade sizes in Euro-Bund Futures (FGBL), Euro-Bobl Futures (FGBM), and Euro-Schatz Futures (FGBS) stood at 22, 38, and 53 lots, respectively, over the quarter. On a quarter-on-quarter basis, trade sizes were broadly stable, with FGBL and FGBS unchanged and FGBM declining modestly by 6 percent. The resilience in trade sizes highlights sustained market participation despite heightened volatility.  Trading across all tenors was strongly supported by rising yields along the entire curve, as investors repositioned in response to renewed inflation concerns. Median trade sizes for FGBL and FGBM were approximately 4 and 7 lots, respectively, while FGBS trade sizes fluctuated more widely, ranging from 1 to 10 lots. This dispersion reflects a mix of tactical positioning and risk management activity amid rapidly shifting macro conditions.  Trading activity strengthened further in Q1, supported by increased volumes and rising open interest across major rates futures. Eurex volumes rose 18 percent year-on-year across the core long‑term interest rate (LTIR) futures segment. Open interest growth was particularly strong in the German and Italian markets, increasing by 20 percent and 31 percent respectively, while French contracts saw a 27 percent year-on-year increase. Meanwhile, Italian contracts (BTP/BTS) also recorded robust volume growth, underscoring sustained investor engagement amid elevated volatility. Short-end BTS contracts saw open interest decline by 2 percent year-on-year, however, pointing to a rotation toward longer-duration exposure amid elevated volatility.     At the top-of-book level, market depth reached record levels during the quarter. Best bid and offer (BBO) sizes in Bund futures accelerated steadily, peaking at over 1,000 lots, reflecting strong liquidity provision and increased electronic participation. However, this improvement was temporarily disrupted during the Q1 contract roll and periods of heightened geopolitical tension. During these episodes, liquidity conditions tightened noticeably, with top-of-book sizes falling to lows of approximately 190 lots. Elevated risk levels led liquidity providers to adopt a more cautious stance, refraining from immediately replenishing BBO sizes to typical levels.  Despite these fluctuations, liquidity remained resilient and executable. Eurex's posted liquidity continued to translate effectively into tradable depth. Under normal market conditions, the median trade impacted the relevant FGBL BBO side by an average of 1.2 percent. During the roll period and as the Iran conflict escalated, trade impact increased to a still-manageable 3.5 percent, highlighting the market’s ability to absorb risk even amid periods of intensified volatility.  Outlook  Looking ahead, markets remain highly sensitive to developments in geopolitics and energy supply. Inflation dynamics, rather than growth concerns, have reasserted themselves as the dominant driver of monetary policy expectations. While central banks maintain a cautious stance, the Q1 experience highlights how quickly the policy outlook can shift in response to external shocks.  As investors navigate the coming quarters, volatility is likely to remain elevated, with bond markets particularly exposed to changes in inflation expectations and geopolitical risk.  Further information  Fixed Income Futures  Fixed Income Options  Euro-EU Bond Futures (factsheet)

This consultation has concluded Read the full outcome Reforming the Senior Managers & Certification Regime: Consultation Response PDF, 371 KB, 26 pages This file may not be suitable for users of assistive technology. Request an accessible format. If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email digital.communications@hmtreasury.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use. Reforming the Senior Managers & Certification Regime: Consultation Response HTML Detail of outcome This document sets out the government’s planned reforms to the Senior Managers and Certification Regime. These include:   Removing rigid statutory requirements around certification, enabling the Financial Conduct Authority and the Prudential Regulation Authority to consider whether and how a more proportionate, risk based framework should operate through their rulebooks. Simplifying senior manager approval processes, ensuring regulators can pre-approve certain senior roles, and use notification where appropriate. Reducing administrative requirements set in legislation, including around Statements of Responsibilities and Conduct Rules processes, while retaining regulators’ powers to set standards and intervene where concerns arise. Original consultation Summary The government is consulting on reforms to the Senior Managers & Certification Regime, with the aim of streamlining the regime to support growth and competitiveness. This consultation ran from10am on 15 July 2025 to 11:59pm on 7 October 2025 Consultation description The Senior Managers & Certification Regime (SM&CR) was introduced in 2016 to increase individual accountability within the financial services sector, following the financial crisis. Today, the regime covers almost all firms regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). In 2023, the previous government launched a Call for Evidence into the performance, effectiveness and scope of the regime. Responses detailed concerns about the compliance burdens and frictions the SM&CR can cause, especially when appointing new executives. The government is now consulting on legislative changes that aim to reduce regulatory burdens imposed by the SM&CR, without undermining its overall effect to maintain high standards in the financial services sector. It also provides a summary of the responses to the 2023 Call for Evidence. Documents Reforming the Senior Managers & Certification Regime: Consultation PDF, 340 KB, 48 pages This file may not be suitable for users of assistive technology. Request an accessible format. If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email digital.communications@hmtreasury.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use. Reforming the Senior Managers & Certification Regime: Consultation (Accessible) HTML