The European Banking Authority (EBA) today published its Q4 2025 Risk Dashboard (RDB), confirming that the EU/EEA banking sector remains robust with strong capitalisation, ample liquidity and solid asset quality, even as global economic uncertainty rises following renewed conflict in the Middle East.  For the first time, the RDB is published alongside the new Capital Requirements Regulation/Capital Requirements Directive (CRR3/CRD6) dashboard, which replaces the former Basel 3 monitoring Report. The RDB provides disclosures on EU/EEA banks’ direct exposures to counterparties located in the Middle East, which totalled to EUR 132bn at end-2025. These exposures include around EUR 47bn in loans and advances to banks and other financial corporations and around EUR 33bn to non-financial corporations (NFCs). While exposures remain limited (less than 0.5% of total EU/EEA banks’ assets), the escalation of tensions could generate second-round effects, notably via higher energy prices, inflationary pressures, weaker global economic growth and disruptions to supply chains. These effects would be particularly in energy-intensive sectors such as transport, construction and certain manufacturing segments. Capital buffers and profitability remain banks’ first lines of defence. Risk-weighted assets increased by just over 1% in 2025, reaching EUR 10.2 trillion in Q4, while the common equity tier 1 (CET1) ratio (transitional under the CRR3) remained stable at 16.3%. Return on equity held steady in double digits at 10.4% (10.5% in December 2024). The net interest margin (NIM), after declining from 1.66% in December 2024 to 1.58% in September 2025,  rose to 1.6%, suggesting that the downward trend observed in previous quarters may have reached its trough. The cost-to-income ratio rose to its highest level since March 2023, reflecting rising costs and seasonal effects. Total assets remained stable at EUR 29.1 trillion, while outstanding loans increased by more than 1%, driven mainly by residential real estate-backed loans and financing to small and medium-sized enterprises. Non-performing loan (NPL) volumes declined slightly to 370 billion, keeping the NPL ratio stable at 1.8%. Stage 2 loans continued to fall, reaching 9.1% (from 9.3% in Q3 2025), pointing to an improvement in asset quality ahead of any potential deterioration linked to geopolitical tensions and global supply chain disruptions. Liquidity conditions strengthened further. The liquidity coverage ratio (LCR) rose to 163.1% (from 160.7% in Q3 2025), with banks that exceed a ratio of 140% accounting for more than 80% of the total. The net stable funding ratio (NSFR) increased to 126.9%, while the loans-to-deposit ratio continued its downward trend, reaching 104.8%. Banks continued to focus on deposits in their funding mix. While total liabilities remained steady, banks recorded a significant rise in both household customer deposits and NFC deposits, with increases of 1.8% and 3.6% respectively over the final quarter of the year. This growth offsets declines in deposits from other credit institutions and in other liabilities, including deposits from central banks. The newly released EBA’s CRR3/CRD6 dashboard, available on the European Data Access Portal (EDAP), provides forward-looking projections of key capital metrics across the full output floor implementation period (2025 to 2030) and under the fully-loaded framework. Under fully-loaded CRR3 implementation, the average CET1 ratio would slightly decrease but remain robust at around 15.3%. Such reduction reflects an average 4.7% relative increase in Tier 1 minimum required capital once the output floor is fully phased in.  The number of institutions bound by the output floor is projected to increase from 2 at December 2025 to 33 under the fully loaded implementation. Under the static balance sheet assumption, no capital shortfalls would emerge before 2030. At that point, the total capital shortfall is projected at EUR 424.8m, rising to EUR 12.7bn once the output floor is fully implemented, thus giving banks ample time to adjust.  Click here for full details.

From March 25 to 26, 2026, we will be updating the Securities (INET_GATEWAY) and the FX (INETCUR_GATEWAY) markets T1 dedicated test environment. Test trading system could be temporarily unavailable during that period. All trades concluded on that day in the test trading system will be reset. Please note that we do not guarantee the regular delivery of the end-of-day trading and clearing reports during the first days after the scheduled server maintenance. Additionally, please be aware that due to the maintenance, the following services will be unavailable in the test environment: Creation of new IDs, opening of new accounts and client codes, depositing funds and taking positions; WebAPI services: Clearing Terminal, Unified Client Registration, Duplicate Check for Individual Investment Accounts, Publication of iNAV benchmarks and indexes. Read more on the Moscow Exchange: https://www.moex.com/n98667

Nasdaq (Nasdaq: NDAQ) and Talos today announced a partnership to connect Talos' digital asset infrastructure with Nasdaq's Calypso and Trade Surveillance platforms to develop an integrated solution for managing tokenized collateral. The partnership addresses structural barriers that have prevented widespread adoption of tokenized collateral in institutional markets, including the challenge of integrating digital assets into existing risk management and collateral workflows. Tokenized collateral—the digital representation of traditional financial assets on distributed ledger technology—enables real-time mobility of securities, cash equivalents, and other high-quality assets across platforms and jurisdictions. This programmable approach presents a significant opportunity to unlock trapped capital and improve operational efficiency. A recent Nasdaq report found that 25% of collateral is currently tied up in corrective and non-interest-bearing measures, representing over $35 billion in excess or non-remunerated collateral. However, capturing this opportunity requires infrastructure that enables institutions to manage tokenized collateral with the same operational rigor and integrated controls applied to mainstream asset classes. Talos delivers institutional-grade digital asset capabilities spanning front-office portfolio construction, valuation, and execution through to back-office operations, while Nasdaq Calypso is a leading platform used by global financial services firms to manage risk, margin, and collateral requirements across mainstream asset classes. Connecting the two platforms offers market participants a path to managing both on- and off-chain collateral workflows in an integrated environment. It also expands institutional connectivity to marketplaces and custodians across both market ecosystems. "This partnership solves a fundamental challenge facing institutional markets: the inability to manage exposure across markets with a single risk and asset lens," said Roland Chai, Executive Vice President, Nasdaq. "This partnership builds on a series of strategic initiatives designed to converge on- and off-chain market ecosystems, while preserving the liquidity, transparency and integrity of regulated markets. As both a market operator and technology provider to the global financial industry, Nasdaq is uniquely positioned to drive forward the next wave of innovation and growth across global capital markets.” “The evolution toward tokenized collateral is a natural progression for institutional capital markets,” said Anton Katz, CEO and Co-Founder of Talos. “By combining Talos’s digital asset infrastructure with Nasdaq’s Calypso and Trade Surveillance platforms, firms can connect workflows for execution, risk, collateral and compliance to reduce operational friction across both on- and off-chain asset classes.” Advancing digital asset market integrity with surveillance for market abuse The digital asset industry faces market abuse tactics that mainstream markets have addressed for generations. As digital assets scale, both regulators and market participants recognize the urgent need to embed the foundations of trust, integrity and regulatory compliance that underpin the most successful markets around the world. Through this partnership, Talos clients will gain access to Nasdaq Trade Surveillance, a market-leading platform that detects and investigates potential market abuse across both mainstream and digital asset markets. The platform will enable Talos clients to monitor all trades executed through the Talos platform with the same institutional-grade oversight used by leading exchanges and market participants globally. Specifically, clients will receive access to sophisticated detection alerts that identify suspicious trading patterns—including layering, spoofing, wash trading, and cross-market manipulation—across the venues they trade on through Talos. As market abuse schemes become increasingly sophisticated, the platform's cross-product analytics capabilities are essential to identify patterns of behavior that transcend both market ecosystems. This integration allows financial institutions using the Talos platform to strengthen their compliance frameworks and demonstrate adherence to evolving regulatory expectations, while contributing to broader market integrity as institutional participation in digital assets continues to expand.

Broadridge Financial Solutions, Inc. (NYSE: BR) today announced the appointment of Peter Reali as Senior Vice President and General Manager of Institutional Governance, a newly created business focused on advancing proxy voting, stewardship and governance solutions for institutional investors. Reali will report to Swatika Rajaram, President, Bank and Broker-Dealer Solutions, and will be based in New York. “Investors are navigating increasing complexity in stewardship around proxy voting and Peter brings deep industry expertise, operational experience, and a forward-looking vision for governance solutions,” said Swatika Rajaram, President, Bank and Broker-Dealer Solutions at Broadridge. “We are offering modern governance solutions backed by new investments in technology platforms that deliver unbiased, neutral capabilities and greater efficiency across the ecosystem. Peter’s leadership will help us strengthen our end-to-end capabilities, accelerate innovation, and better support clients as they modernize their voting and stewardship programs, leveraging Broadridge’s trusted expertise and transformative technology.” Reali will lead Broadridge’s new Institutional Governance business, bringing together Proxy Edge®, Custom Policy Engine, Proxy Disclosure, Pass-Through Voting and Shares Management Solution into a cohesive, end-to-end solution suite for Stewardship teams at asset managers, asset owners, and wealth managers. “I’m excited to join Broadridge at such a pivotal time for institutional governance as investors look for technology and insights that match the scale and complexity of today’s institutional governance landscape,” said Reali. “By bringing together Broadridge’s leading solutions into a unified business, we have an opportunity to enhance transparency, reduce operational burden, and to empower investors with cutting edge stewardship solutions.” Reali brings more than 20 years of corporate governance and stewardship experience, most recently serving as a Managing Director on Nuveen’s Responsible Investing team where he led their Stewardship & ESG Integration efforts. He previously held senior governance roles at Lord, Abbett & Co., T. Rowe Price, and TIAA-CREF. The creation of the Institutional Governance business strengthens Broadridge’s ability to deliver proxy infrastructure at scale and underscores Broadridge’s continued investment in next-generation technology platforms to increase efficiency across the whole ecosystem. In his role, Reali will be responsible for the overall leadership, strategic direction, and financial performance of the Institutional Governance business. He will oversee daily operations, deepen client engagement, drive revenue growth, and lead cross-functional teams to deliver enhanced product innovation, operational excellence, and market intelligence.

AIM-to-Main transfers triple in a year, hitting highest level since 2016 Companies respond to Main Market reforms The number of companies graduating from AIM to the London Stock Exchange’s Main Market is at its highest level for nearly a decade says Pinsent Masons the international law firm. Six companies transferred from AIM in the last 12 months*, versus two the year before, a noticeable increase. The increase reflects a combination of recent regulatory changes that have reduced the cost and complexity of a Main Market listing, alongside a growing recognition among AIM companies that moving to the Main Market is now a far more accessible step. Young’s the brewery has recently announced it will move from AIM to the Main Market and other recent examples include Brooks Macdonald, which moved to the Main Market after 10 years on AIM. The company said the move was intended to enhance its corporate profile and attract a broader investor base. Nicholas Holmes, Partner at Pinsent Masons and Head of the firm’s Equity Capital Markets practice says, “The increase in transfers is an early vindication of the FCA’s recent listing reforms and shows that companies are beginning to respond.” “We expect the trend to continue.” Explains Nicholas: “The Main Market has always carried greater prestige. What has changed is that recent reforms have reduced some of the regulatory burdens associated with listing, making a move from AIM a more straightforward exercise for many companies.” “The regulatory gap between listing on AIM or the Main Market has narrowed, which is inevitably influencing how companies assess their listing options.” “With AIM reviewing its rules, the market will be watching closely to see whether those changes can attract and retain more businesses on AIM.” Nicholas explains that companies are keen to move from AIM to the Main Market as that will allow a much broader pool of institutional investors to invest in them. Most of the largest investment funds still have mandates that specify that they can only invest in Main Market companies and cannot invest in AIM shares. Regulatory reforms make Main Market more attractive to AIM companies • A simpler listing structure with a single tier replacing the previous premium and standard segments• Fewer shareholder approval requirements for major transactions• Greater flexibility for founders to retain voting control• Simplified eligibility criteria for new listings• Prospectus reforms enabling faster capital raising Moving to the Main Market also gives companies the opportunity to be included in the most high-profile FTSE indices, which means that many index tracking funds will have to invest in them. As well as improving liquidity a move to the Main Market should also give a boost to the valuation of an AIM company.Nicholas says, “Ultimately, these transfers reflect a healthy pipeline within London’s equity markets. AIM is supporting growing companies, while the Main Market is attracting businesses ready for their next phase of their growth.” Transfers from AIM to the Main Market over the last five years *Year end December 31 2025  

• From 24 to 26 March, Borsa Italiana will host the 25th edition of the Euronext STAR Conference • 56 companies listed on Euronext STAR Milan are set to meet approximately 280 investors representing 177 investment firms • More than 3,000 meetings scheduled, highlighting the event’s pivotal role The 25th edition of the Euronext STAR Conference, the annual event that brings together companies listed on Euronext STAR Milan and the investment community, is set to start tomorrow at Palazzo Mezzanotte, Borsa Italiana’s headquarters. The conference represents a unique opportunity for companies listed on Borsa Italiana’s STAR segment to engage with domestic and international investors. Over the three-day event, leading Italian STAR companies will have the opportunity to foster constructive dialogue in support of growth, present their annual results and share future objectives and strategies. This year's edition will host more than 3,000 meetings between 56 participating STAR companies and 280 investors, representing 177 investment firms, alongside more than 100 analysts and representatives from the intermediaries supporting the conference. Of the 177 investment firms in attendance, 49% are from overseas, with investors arriving from 14 countries, including Germany (12%), France (12%), Switzerland (11%), the United Kingdom (3%), Spain (3%), Belgium (2%), and Liechtenstein (2%). Euronext STAR Milan To date, Euronext STAR Milan comprises 61 listed companies, with a total market capitalisation of €39 billion. STAR companies are distinguished by their standards of excellence in terms of governance, transparency and liquidity — qualities that render them particularly attractive to investors. STAR companies operate across 10 different sectors, including the industrial sector, finance, technology, healthcare, consumer discretionary, consumer staples, utilities, real estate, basic materials and telecommunications.  Barbara Lunghi, Head of Equity Primary Markets of Borsa Italiana – Euronext Group, said: “Reaching its 25th milestone, the Euronext STAR Conference remains a pivotal meeting point for the financial sector. This event reflects the commitment of the Euronext Group and Borsa Italiana to empowering SMEs at every stage of their growth. Over the last 25 years, we have encouraged dialogue between investors and companies, championing the role of the Exchange in creating and strengthening companies. It is a commitment we pursue with dedication within an increasingly complex and challenging scenario, where STAR companies prove themselves to be virtuous businesses, capable of attracting domestic and international capital through their adoption of high standards of transparency, liquidity and governance." The companies listed on Euronext STAR Milan that will be attending the conference are: Abitare In, Aeroporto Guglielmo Marconi di Bologna, Altea Green Power, Aquafil, Arnoldo Mondadori Editore, Ascopiave, Avio, B&C Speakers, Banca Ifis, Banca Sistema, Biesse, Cairo Communication, Carel Industries, Cembre, Cementir Holding, CY4GATE, D'amico International Shipping, Datalogic, Digital Bros, DoValue, El.En, Elica, Emak, Equita Group, Esprinet, Eurotech, F.I.L.A. Group, Fiera Milano, Fine Foods & Pharmaceuticals, Garofalo Health Care, Gefran, Generalfinance, IGD – SIIQ, Irce, Italmobiliare, Lu-Ve Group, Marr, Moltiply Group, Neodecortech, Newprinces, Orsero, Pharmanutra, Reply, Revo Insurance, Sabaf, Sanlorenzo, Seco, SeSa, Sogefi, SYS-DAT Group, Tamburi Investment Partners, Tesmec, TXT Group, Unidata, WIIT, Zignago Vetro. The Euronext STAR Conference’s co-organising broker: Alantra, Banca Akros, Banca Finnat, BPER, CFO SIM Equita, Intermonte, Intesa Sanpaolo, Kepler Cheuvreux, Mediobanca, TP ICAP e Value-Track.

ETFs industry in Europe sets new record with US$3.53 trillion in assets and strongest YTD inflows on record at the end of February. During February the ETFs industry in Europe gathered net inflows of US$56.42 billion, bringing year-to-date net inflows to a record US$115.09 billion, according to ETFGI's February 2026 European ETFs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. ETFGI, is a 14 year old leading independent research and consultancy firm renowned for its expertise in subscription research, consulting services, 6 annual ETFGI Global ETFs Insights Summits, and ETF TV on global ETF industry trends. (All dollar values in USD unless otherwise noted.) Highlights Assets invested in Europe’s ETF industry reached a record high of $3.53 trillion at the end of February, surpassing the previous record of $3.40 trillion set in January 2026. Assets have grown 9.4% year‑to‑date, rising from $3.22 trillion at the end of 2025 to $3.53 trillion. ETFs and ETPs in Europe recorded $56.42 billion in net inflows during February 2026. Year‑to‑date net inflows stand at $115.09 billion—the highest on record—followed by $70.41 billion in 2025 and $41.91 billion in 2021 February marked the 41st consecutive month of net inflows. “The S&P 500 declined by 0.76% in February and was up 0.68% year‑to‑date in 2026. Developed markets excluding the U.S. rose 6.03% during February and were up 12.55% year‑to‑date, with Korea (up 20.11%) and Luxembourg (up 16.61%) recording the strongest gains among developed markets for the month. Emerging markets increased by 2.47% in February and were up 8.11% year‑to‑date, led by Thailand (up 19.48%) and Taiwan (up 11.63%),” said Deborah Fuhr, Managing Partner, Founder, and Owner of ETFGI. Growth in assets in the ETFs industry in Europe as of the end of February The ETFs industry in Europe had 3,618 products, with 15,154 listings, assets of $3.53 Tn, from 146 providers listed on 31 exchanges in 25 countries at the end of February. iShares remains the largest provider in Europe with $1.41 trillion in assets, representing 39.9% of the market. Amundi ETF ranks second with $439.26 billion and a 12.5% share, followed by Xtrackers with $362.75 billion and 10.3%. Together, the top three providers account for 62.6% of total European ETF assets, while each of the remaining 143 providers holds less than a 7% market share.  Net flows ETFs gathered US$56.42 billion in net inflows during February. Equity ETFs saw US$44.41 billion in February inflows, bringing YTD inflows to US$85.77 billion, significantly higher than the US$48.54 billion recorded at this point in 2025. Fixed income ETFs recorded US$9.19 billion in February inflows, with YTD inflows reaching US$22.28 billion, up from US$13.27 billion by the end of February 2025. Commodity ETFs experienced US$1.80 billion in February outflows, resulting in YTD outflows of US$2.45 billion, compared with US$4.23 billion in YTD inflows in 2025. Active ETFs attracted US$3.15 billion in February, bringing YTD inflows to US$7.39 billion, more than double the US$3.31 billion recorded YTD in 2025. Substantial inflows can be attributed to the top 20 ETFs by net new assets, which collectively gathered $20.18 Bn in February. Xtrackers S&P 500 Equal Weight UCITS ETF (DR) - 1C (XDEW GY) gathered $2.00 Bn, the largest individual net inflow.Top 20 ETFs by net new assets February 2026: Europe Source: ETFGI data sourced from ETF/ETP sponsors, exchanges, regulatory filings, Thomson Reuters/Lipper, Bloomberg, publicly available sources and data generated in-house. Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional data becomes available. The top 10 ETPs by net new assets collectively gathered $1.75 Bn during February. WisdomTree WTI Crude Oil (CRUD LN) gathered $344.36 Mn, the largest individual net inflow. Top 10 ETPs by net new assets February 2026: Europe Source: ETFGI data sourced from ETF/ETP sponsors, exchanges, regulatory filings, Thomson Reuters/Lipper, Bloomberg, publicly available sources and data generated in-house. Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional data becomes available. Investors have tended to invest in Equity ETFs during February.

London Stock Exchange Group plc (LSEG) announces today that it has purchased the following number of its ordinary shares of 679/86 pence each on the London Stock Exchange from Morgan Stanley & Co. International Plc (Morgan Stanley) as part of its share buyback programme, as announced on 26 February 2026: Ordinary Shares Date of purchase: 20 March 2026 Number of ordinary shares purchased: 346,371 Highest price paid per share: 8,734.00p Lowest price paid per share: 8,548.00p Volume weighted average price per share: 8,661.22p   LSEG intends to cancel all of the purchased shares. Following the cancellation of the repurchased shares, LSEG has 500,034,817 ordinary shares of 679/86 pence each in issue (excluding treasury shares) and holds 21,451,599 of its ordinary shares of 679/86 pence each in treasury. Therefore, the total voting rights in the Company will be 500,034,817. This figure for the total number of voting rights may be used by shareholders (and others with notification obligations) as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules. In accordance with Article 5(1)(b) of Market Abuse Regulation (EU) No 596/2014 (as it forms part of the law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as implemented, retained, amended, extended, re-enacted or otherwise given effect in the United Kingdom from 1 January 2021 and as amended or supplemented in the United Kingdom thereafter) a full breakdown of the individual trades made by the Morgan Stanley on behalf of the Company as part of the buyback programme can be found at: http://www.rns-pdf.londonstockexchange.com/rns/5613X_1-2026-3-20.pdf This announcement does not constitute, or form part of, an offer or any solicitation of an offer for securities in any jurisdiction. Schedule of Purchases Shares purchased: 346,371 Date of purchases: 20 March 2026 Investment firm: Morgan Stanley & Co. International Plc   Aggregate Information: Venue Volume weighted average price Aggregated Volume Lowest price per share Highest price per share XLON 8,663.01p 320,989 8,548.00p 8,734.00p TRQX 8,638.59p 25,382 8,548.00p 8,732.00p

Good morning, and welcome to SGX. My thanks to GDI and Prof Mak for inviting me to join you today. And thank you for tackling the thorny topic of remuneration. Once upon a time, when we wanted to tell someone off, or signal to someone that he or she was being too much of a busybody, or being too nosey, we would ask, very pointedly, “Do you also want to know how much my father is earning?” I haven’t heard that expression in a while, but I don’t believe that the topic has become any less sensitive. For years, the Code of Corporate Governance recommended that companies disclose the exact remuneration of each individual director and the CEO. But most companies still preferred to take advantage of the leeway offered by the rules, which allowed companies to disclose remuneration in bands. In 2018, according to a study conducted by Prof Mak and Chew Yi Hong, and supported by SGX, only 30% of companies disclosed the exact remuneration of the CEO. Thirty percent. And only 27%, even less, disclosed the exact remuneration of individual executive directors. Companies argued that remuneration bands were better as they protected the privacy of their CEOs and boards while still giving shareholders enough information. But with bands as wide as $250,000, it could be difficult for shareholders to see how much remuneration was changing from one year to the next. You couldn’t tell if remuneration was aligned with value creation. You couldn’t tell. So, in 2023, we changed the rules to require that companies disclose exactly what they are paying their directors and the CEO. The rule took effect for annual reports prepared for financial years ending on or after Dec 31, 2024. So, many companies are reporting exact remuneration disclosures for the very first time.  Compliance is not at 100%, not yet, but we are close. And let me say, categorically, we intend to ensure full compliance going forward. So, why is remuneration disclosure important. Disclosure is important because it helps investors assess whether the interests of the company’s directors and its CEO are aligned with the investors’ own interest. And we aim to ensure investors have all the information they need to make informed decisions. Whether there is alignment of interest is important information. Remuneration disclosures strengthen the accountability of the board and the Remuneration Committee. They allow investors to set benchmarks and make comparisons. And they enable informed questioning and voting on director election and remuneration matters at the AGM. The rule change to require exact remuneration disclosure took care of the “what” question – meaning what is paid. But, as I understand it, today’s event is also about the “why” and the “how”. Why is the CEO or the chairman paid this amount? How was the number decided? It is in asking these two questions, I believe, that we hit at the core of why remuneration is such a sensitive topic. Many of us see our own remuneration as a measure of our own value. We typically want that value to be as high as possible, but the higher the number the more we open ourselves up to scrutiny. The instinct then to disclose as little as possible is understandable. But that does not mean that it is justifiable. Through the lens of the individual, remuneration is a measure of individual self worth and can be personal. Through the lens of the investor, however, remuneration is an indicator of corporate value creation – or at least it should be.  How CEOs are paid in the last financial year should reflect how they have performed. How they are paid in the coming years should be aligned with value creation for shareholders. Disclosures on remuneration policies are therefore important, and I look forward to the discussions that this report will generate – in the boardroom and in the public sphere. In fact, let me say this. Much work is already underway, within these walls, to ensure that value creation becomes a much more important consideration, a much more important principle, in making remuneration disclosures. In conclusion, looking beyond remuneration alone, to disclosures in general, I would also add that regulation can prod companies into disclosing more and disclosing better. Regulation has its limitations, though. It cannot, for example, directly create value. It can only nurture an environment that is more favourable for value creation. As the Equities Market Review Group rolls out measures to strengthen the competitiveness of Singapore’s capital markets, we at SGX RegCo will play our role in pushing for higher-quality disclosures that will in turn improve the decision-making environment. In return, we hope that all the other members of the marketplace play their roles too – whether they are responsible for making disclosures or responding to them. It is only through every single member playing its part that we can hope to see our market fully value up. Thank you very much.

ASIC has opened consultation on proposed changes to ASIC Corporations (Managed Discretionary Account Services) Instrument 2016/968 (ASIC Instrument 2016/968), due to expire on 1 October 2026. ASIC is seeking feedback on whether ASIC Instrument 2016/968 should:  be extended for a further period, and if so, have any substantive and/or simplification changes made to the policy settings and terms of the relief set out in the Instrument. ASIC Instrument 2016/968 provides conditional relief from the managed investments provisions in Chapter 5C, and the product disclosure provisions in Chapter 6D and in Part 7.9 of the Corporations Act 2001. Conditional relief would apply to managed discretionary account (MDA) providers and external MDA custodians: see Regulatory Guide 179 Managed discretionary accounts (RG 179). ASIC Instrument 2016/968 also modifies the financial services disclosure provisions in Chapter 7.7 of the Corporations Act to provide conditional relief in relation to statements of advice and financial services guides for MDA services. Submissions should be sent by 5 pm (AEST) on Tuesday, 28 April 2026 to IM.sunsettingconsultation@asic.gov.au.  Background Under an MDA, a client’s portfolio assets are managed on an individual basis at the MDA provider's discretion. Under the current financial services regulatory regime, MDA providers and external MDA custodians are subject to managed investment scheme provisions and certain disclosure requirements in the Corporations Act. ASIC Instrument 2016/968 has provided relief from regulatory requirements to MDA providers, such as scheme registration requirements and various fundraising and disclosure requirements. This is because MDA providers have more limited functions than responsible entities of registered schemes. Download CS 47 Proposed remake of relief for managed discretionary account services ASIC Corporations (Managed Discretionary Account Services) Instrument 2016/968 RG 179 Managed discretionary accounts

Good morning, and thank you to the American Society for Public Administration for the Paul Volcker Public Integrity Award. I regret that I cannot be with you in person today, but I am deeply grateful for this award, and for the opportunity to share some reflections. It is a humbling honor just to be mentioned alongside Chairman Volcker. He stands out as a towering figure in economics and central banking, perhaps our greatest public servant in the economic arena. His legacy is one of commitment to serve the public selflessly, courageously, and with the highest degree of integrity. Paul Volcker exemplified integrity in public service, enabling him to earn the trust of presidents and lawmakers from both parties. He served at the Treasury under three presidents—Kennedy, Johnson, and Nixon—before leading the Federal Reserve from 1979 to 1987, nominated by President Carter and reappointed by President Reagan. Non-political, non-partisan service is the bedrock of the Federal Reserve, and no one embodies that virtue more than Paul Volcker. At the Fed, his defining test came in confronting double-digit inflation in the early 1980s. Despite political pressure and a painful recession, he held firm to his commitment to bring inflation down. In a speech at the Economic Club of Chicago on May 19, 1982, with unemployment above 9 percent and critics calling for him to change course, Volcker acknowledged the pain of wringing out inflation through high interest rates but held out the prospect of a return to price stability, and with it a much brighter future. And he deserves a good part of the credit for achieving just that future and launching our economy on a period of low and stable inflation and steady growth that we now look back on as the Great Moderation. His willingness to resist short-term pressures in the interest of achieving lasting price stability demonstrated the courage and long-term perspective that define principled public service. Paul Volcker set an example that all public servants should emulate. His actions remind us that independence and integrity are inseparable—we need independence to do what is right, and we need integrity to use that independence wisely. Ultimately, each of us will want to look back at the arc of our lives and know that we did what was the right thing. As Paul Volcker showed throughout his career, in the end, our integrity is all we have. Thank you again for this humbling honor.

The current reports for the week of March 17, 2026 are now available. Report data is also available in the CFTC Public Reporting Environment (PRE), which allows users to search, filter, customize and download report data. Additional information on Commitments of Traders (COT) | CFTC.gov Historical Viewable Historical Compressed COT Release Schedule CFTC Public Reporting Environment (PRE) PRE User Guide PRE Frequently Asked Questions (FAQs)

SIFMA has confirmed its previous holiday recommendations for the U.S., the U.K., and Japan in observance of the Good Friday and Easter Monday holidays. United States SIFMA recommends an early close at 12:00 p.m. EST on Friday, April 3, 2026 in observance of Good Friday. United Kingdom SIFMA recommends a full market close on Friday, April 3, 2026, in observance of Good Friday and a full market close on Monday, April 6, 2026, in observance of Easter Monday. Japan SIFMA recommends a full market close on Friday, April 3, 2026, in observance of Good Friday and an early close at 3:00 p.m. JST on Monday, April 6, 2026 in observance of Easter Monday. Also consistent with past practice, SIFMA recommends that Friday, April 3, not be treated as a good settlement day for secondary market transactions in U.S. government securities, federal agency debt and mortgage-backed securities, corporate bonds, and municipal bonds. Additionally, SIFMA recommends for U.S. government and federal agency debt a T+2 settlement cycle for trades entered on Friday, April 3. SIFMA is making no settlement recommendations for money market transactions. SIFMA also notes the following regarding Friday, April 3: The U.S. Bureau of Labor and Statistics is releasing their Employment Situation Report. (See: BLS Release Calendar) The CME Group’s trading floor will close at 10:15am CT (See: CME Group’s Trading Floor Holiday Schedule). CME Group’s CME Globex for CME Cryptocurrencies, FX and Interest Rates will close at 10:15am CT, and GME Globex Equities will close at 8:15 a.m. CDT (See: CME Globex Holiday Schedule). The Depository Trust Company will be open for limited processing on April 3. (See: DTC 2026 Holiday Schedule press release).  However, there will be no Continuous Net Settlement (CNS) processing on April 3. The Fixed Income Clearing Corporation will be closed. (See: FICC 2026 Holiday Notice) The National Securities Clearing Corporation will be closed. (See: NSCC holiday notice for 2026) For the purposes of TRACE reporting, FINRA will be closed. (See: FINRA TRACE Holiday Calendar) The Federal Reserve Bank of New York will be open. (See: Holidays Observed by the Federal Reserve) These recommendations apply to trading of U.S. dollar-denominated government securities, mortgage- and asset-backed securities, over-the-counter investment-grade and high-yield corporate bonds, municipal bonds and secondary money market trading in bankers’ acceptances, commercial paper and Yankee and Euro certificates of deposit. The early close will not affect the closing time for settlements. SIFMA’s recommended early and full market closes are recommendations only; each member firm should decide for itself whether its fixed income departments remain open for trading. All SIFMA recommendations are subject to change due to market conditions.

Good morning, everyone. Thank you for the opportunity to join you today and speak about something profoundly practical: how small businesses raise capital—and how we’d like your help in simplifying and improving that journey. Before we explore that, though, let me note that we are providing our remarks today in our official capacities as the Deputy Directors of the Office of the Advocate for Small Business Capital Formation. They do not necessarily reflect the views of the Securities and Exchange Commission (the "Commission"), the Commissioners, or other members of the Commission Staff. Turning back to small businesses, every great business starts with an idea—maybe it’s at a kitchen table, scribbles on a napkin, a phone call to a friend who may become a first investor, or a community seeking to tackle a common problem. Our job in the Office of the Advocate for Small Business Capital Formation is to make that journey—from that proverbial kitchen table to the cap table—understandable and navigable. Why Voices Matter | “Listen → Learn → Improve” We like to frame our work with a simple loop: Listen → Learn → Improve. We listen to founders, their investors, and the advisors and ecosystem builders that support them; we learn what’s happening in the market and how different companies, investors, and geographic areas are affected by our rules; and we work to improve things for small businesses by sharing that feedback with policy makers to enhance capital-raising pathways and by incorporating those insights into education and further outreach. Our Office was established by Congress to advance the interests of small businesses—from early-stage companies to smaller public companies—and their investors at the SEC and in the capital markets. That charge includes engaging with the public to share educational resources and identify and understand capital–raising challenges. That essential feedback informs everything we do, including: (1) analyzing the potential impact of rules on small business capital formation; (2) working with small businesses and their investors to help problem-solve; (3) supporting the Small Business Capital Formation Advisory Committee; (4) organizing the SEC’s annual Small Business Forum; and (5) preparing an annual report to the Commission and Congress on the state of small business capital formation. Why is the work of this Office so important? Because small businesses are critical to the U.S. economy, job creation, and innovation. Entrepreneurship is a formidable engine of growth, and access to capital is a national priority. Our mission is to help small businesses and their investors navigate our regulatory landscape to raise capital to fuel that engine. What We’re Hearing - and How It Informs Our Work From North Carolina to California, from Montana to Arkansas, the feedback we gather helps inform policy by allowing us to bring market perspectives to discussions with the Commission and the rule‑writing divisions. We listen in places where capital is scarce and ambition is abundant—because rules should fit the realities of the people who use them. This ongoing loop—listen, learn, improve—anchors our mission. Tools that Guide from Complexity to Clarity A question for the crowd: Who here has struggled to pinpoint the right pathway for a client—or help them understand the steps to use it? That’s exactly why we built a suite of small business-friendly tools to help. A military veteran building a manufacturing startup in rural America; a community member considering investing in a local emerging fund; an angel investor mentoring in a historically underserved neighborhood. These are just a few examples of the small businesses and investors our Office has engaged with and who make up part of the 36.2 million U.S. small businesses that are essential to job creation and innovation across the country.[1] We are proud to be part of the ecosystem that fuels this formidable engine of growth. That’s why access to capital is a national issue—not a niche concern. When entrepreneurs face capital-raising questions, they shouldn’t need to be experts in securities laws to find their next step. They should have access to resources and advisors to help answer their questions and help them get from complexity to clarity. Our Office is here to help educate and guide them to appropriate resources—resources even their advisors may find useful in helping them prepare to raise capital. Think of the capital formation journey as a trail. The trailhead is our Resources for Small Businesses page—a central portal that organizes resources across phases of the journey. Encourage your clients and communities to bookmark it. Here’s a quick tour: The Funding Roadmap is a printable overview mapping financing choices from personal savings to grants and loans, to raising capital from investors, and explaining where securities laws enter the picture. Navigate Your Options is an interactive “choose-your-adventure” tool that identifies potentially relevant regulatory pathways based on basic questions about the business. This tool is great for first‑time founders and for advisors triaging options. Our Glossary includes plain‑English definitions for many of the terms founders and investors encounter, including foundational terminology and specific investing- and fund-related terminology—along with shortcuts to additional resources for those—like lawyers!—looking to dig deeper. Building Blocks are one‑page explainers on fundamentals—like accredited investors, general solicitation, private funds, exits and liquidity, consequences of non‑compliance, and more—with new topics added and printable versions to share widely. For those looking for a deeper dive, check out Exempt Offerings and Going Public pages, which provide additional information for teams preparing for specific exempt pathways or those considering an IPO or wanting to learn more about public company obligations. Finally, check out our educational videos. Our Let’s Talk Small Business series includes short interviews with entrepreneurs, investors, and ecosystem builders who provide tips and share insights into a variety of small business topics. Our Rulemaking Videos summarize new and proposed rules that may affect small businesses and explain how to comment to share your perspective. Our tools meet audiences where they are. They help small businesses navigate—and help their advisors guide them—from complexity to clarity.  These tools exist to make the language and logistics of capital raising more accessible to founders, investors, and the advisors who support them. Closing the Loop | A Direct Call to Advisors and Lawyers At this point, you may be asking how our Office’s mission and resources relate to you and your work. Where do you fit into our listen-learn-improve plan? Advisors and counsel are closest to what’s working—and where friction lives. You play a critical role for countless businesses, investors, and ecosystem builders. We hope our resources help you to empower your clients and communities to make the best use of your time and guidance—a way for them to research, reference, and reinforce the valuable advice you have to offer. And we do apologize if this means fewer billable hours. We also welcome your feedback, comment letters, and recommendations to help the Commission better understand the issues you see and think creatively to arrive at innovative and market-driven solutions. The Commission considers, values, and appreciates public feedback and perspectives in all of its policy initiatives; your voice belongs in that discussion! Let us end where we began—with the journey from kitchen table to cap table. Every founder’s path should be understandable, navigable, and shaped by real-world feedback. With that in mind, here are three actions you can take now: Help companies, investors, and other advisors discover the Resources for Small Businesses page and its tools so more small businesses reach the right guidance earlier. Identify areas where more resources and tools are needed to support small businesses and their investors. Are there common misconceptions? Areas where the rules are confusing for clients?  Let us know how we can help you and your clients and communities. Participate in the discussion and encourage clients to share their perspectives. Whether it’s at the SEC’s annual Small Business Forum, a Small Business Capital Formation Advisory Committee meeting, a policy roundtable discussion, or open comment file, help us improve by sharing your experiences, highlighting what is working, and identifying where changes are needed. Your work and expertise across the market is a data set. When you share feedback and submit comments—grounded in client experiences—you help us see where compliance bites harder than intended and where clarity could unlock responsible capital. As you advise and counsel clients, don’t just interpret the rules—improve them. Tell us what you are seeing and be part of improving the market and the regulatory landscape. Together, we can make the capital formation marketplace work better for everyone. Thank you for partnering with us to listen, learn, and improve. [1] SEC Office of the Advocate for Small Business Capital Formation, “Staff Report for Fiscal Year 2025” (2026) at p. 4.

The Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) will hold a public hearing on Tuesday, 24 March 2026, in two sessions. Participation in the hearing requires registration - find all details below.  This session covers the draft RTS developed under Article 19(9) of Regulation (EU) 2024/1624, establishing criteria for identifying business relationships, occasional and linked transactions and lower thresholds. The public consultation on this draft RTS is open until 8 May 2026, 23:59 CEST — to contribute your views, click the button below: Consultation 19(9) Click here for full details.

Monetary policy Central bank compliance with prohibitions on monetary financing and privileged access On 18 March 2026, in accordance with the Treaty on the Functioning of the European Union (TFEU) which tasks the ECB with monitoring the compliance of EU central banks with the prohibitions referred to in Articles 123 and 124 of the TFEU and the related regulations, the Governing Council approved the monitoring report covering 2025. Further information on this matter will be available in a dedicated section of the ECB’s Annual Report 2025, which will be published on the ECB’s website on 4 May 2026. Market infrastructure and payments Appia roadmap for Europe’s tokenised finance On 11 March 2026, following Governing Council approval, the ECB published an Appia roadmap which provides comprehensive information about the initiative, including its objectives, timeline and methodology, and invites stakeholders to provide feedback and propose ways they could actively contribute to this initiative. A related press release, together with the material related to the public consultation to gather this feedback which runs until 22 April 2026, is available on the ECB’s website. To recall, Appia is a strategic initiative to shape the development of a European tokenised financial ecosystem in which central bank money continues to play a pivotal role. It will bring together the Eurosystem as well as public and private sector stakeholders, with the aim of building integrated, innovative and resilient tokenised wholesale financial markets in Europe. Advice on legislation ECB Opinion on prudential supervisory powers in relation to anti-money laundering and counter-terrorist financing On 26 February 2026 the Governing Council adopted Opinion CON/2026/7 on its own initiative. ECB Opinion on emergency powers On 9 March 2026 the Governing Council adopted Opinion CON/2026/8 at the request of the Finnish Ministry of Justice. ECB Opinion on a proposed regulation as regards the simplification of the digital legislative framework (Digital Omnibus) On 10 March 2026 the Governing Council adopted Opinion CON/2026/9 at the request of the European Parliament. The Opinion will be published in due course on EUR-Lex. ECB Opinion on a proposal for a regulation as regards the simplification of the implementation of harmonised rules on artificial intelligence On 13 March 2026 the Governing Council adopted Opinion CON/2026/10 on its own initiative. The Opinion will be published in due course on EUR-Lex. Corporate governance ECB Recommendation on the external auditors of Българска народна банка (Bulgarian National Bank) On 18 March 2026 the Governing Council adopted Recommendation ECB/2026/8 to the Council of the European Union on the external auditors of Българска народна банка (Bulgarian National Bank). The Recommendation will be published in due course on EUR-Lex. Appointment of a member of the ECB’s Ethics Committee On 18 March 2026 the Governing Council decided to appoint Věra Jourová, former European Commission Vice-President for Values and Transparency, as member of the Ethics Committee for an initial three-year term starting on 1 May 2026. Ms Jourová will succeed Virginia R. Canter. In line with the European Commission’s internal rules for post-mandate activities, Ms Jourová has obtained clearance to take on this role for the ECB, should the Governing Council so decide. ECB Banking Supervision ECB Annual Report on supervisory activities 2025 On 3 March 2026 the Governing Council approved the ECB Annual Report on supervisory activities 2025 and authorised its publication and transmission to the European Parliament, the Council of the European Union, the Eurogroup, the European Commission and the national parliaments of the participating Member States. The report was published on the ECB’s banking supervision website on 18 March 2026. It was presented to the Committee on Economic and Monetary Affairs of the European Parliament by the Chair of the Supervisory Board on the same day. ECB Decision on the total amount of the annual supervisory fees for 2025 On 5 March 2026 the Governing Council adopted Decision ECB/2026/7 on the total amount of annual supervisory fees for 2025. Compliance with the European Banking Authority (EBA) Guidelines on environmental scenario analysis On 6 March 2026 the Governing Council did not object to a proposal by the Supervisory Board to notify the EBA that, for the significant institutions under its direct supervision, the ECB intends to comply by 1 January 2027 with the Guidelines on environmental scenario analysis (EBA/GL/2025/04). These EBA Guidelines complement the EBA Guidelines on the management of Environmental, Social and Governance risks by specifying supervisory expectations regarding how institutions should conduct environmental scenario analysis. Administrative penalty imposed on one euro area bank On 10 March 2026 the ECB announced that it had imposed an administrative penalty of €2,260,000 on Nordea Finance Finland Ltd for having wrongly reported its largest exposures and breached the large exposures limit. A related press release is available on the ECB’s banking supervision website.

Elavon has signed a merchant acquirer and processor license agreement with Bancontact Company, the domestic payment scheme in Belgium with over 18 million Bancontact cards in circulation. Elavon, one of Europe’s largest merchant acquirers, will now offer merchants throughout Belgium direct acquiring services for Bancontact transactions, in addition to continuing to support international card scheme transactions.     Elavon will begin supporting Bancontact card-present transactions from January 2026, followed soon after by card-not-present transactions, including both Ecommerce and Mcommerce transactions. Thanks to the agreement between the two companies, Elavon will be able to serve businesses and consumers with a broader choice of payment options in Belgium.      Hemlata Narasimhan, President, Elavon, says, “Enabling businesses to take fast, simple payments to meet the needs of their customers – and, ultimately, get paid themselves in an efficient manner – is critical to their growth. We are delighted that, as a result of this agreement, Bancontact Company will benefit from our resilient pan-EU platform, customer service and core payment capabilities. This will help our customers offer their customers a comprehensive suite of payment options in Belgium.”    Nathalie Vandepeute, CEO, Bancontact Company says, “Signing this agreement with Elavon marks a significant step in our ongoing commitment to enhancing the payment experience for both businesses and consumers in our Belgian market and beyond. By extending our partners network with a trusted global partner like Elavon, we are providing merchants and customers the possibility to pay with Bancontact, the local payment solution. This partnership will support the continued growth of digital payments across Belgium, ensuring that businesses of all sizes can offer their customers the convenience and security they expect."    Elavon continues to evolve its pan-European strategy by adding Bancontact to the list of payment schemes it offers, demonstrating its commitment to remain at the forefront of European payments. In Belgium, Elavon now provides acquiring services for Bancontact, Visa, Mastercard, American Express, Discover, China Union Pay, and JCB. 

Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montréal Exchange will be closed on Friday, April 3, 2026, for Good Friday. The Exchanges will re-open and resume regular trading hours on Monday, April 6, 2026.

The Commodity Futures Trading Commission’s Market Participants Division and Division of Clearing and Risk today published responses to frequently asked questions concerning registrant and registered entity activities relating to crypto assets and blockchain technologies.  The responses provide further clarity to market participants on topics addressed in CFTC Staff Letter 25-39 (Tokenized Collateral Guidance) and CFTC Staff Letter 26-05 (Staff No-Action Position Regarding Digital Assets Accepted as Margin Collateral). RELATED LINKS FAQs Relating to Crypto Assets and Blockchain Technologies

The FCA has opened an enforcement investigation into Market Financial Solutions Limited (MFS). MFS is an Annex 1 business, which is solely registered with and supervised by us for its compliance with the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. Annex 1 registered firms are not authorised or subject to wider FCA regulation. MFS entered administration on 25 February 2026.