Wider access to credit unions for consumers, simplifying regulation and reducing the number of regulators are some of the changes being brought forward. This is part of the Government’s plan to build a stronger and fairer economy, building on good growth in the first quarter of this year. British business will become more globally competitive, growth and investment will be unlocked across the country and greater protections will be put in place for consumers under new legislation that has been introduced to Parliament this week. The Financial Services and Markets Bill will modernise how the sector is regulated, and enable it to grow and lend more to businesses. It will also make consumer protections fit for the digital age – all while maintaining high standards on regulation and oversight, supporting the UK’s position as a leading global financial centre. The Bill will include a power, pending the outcome of an independent review, to ensure the Government can protect access to face-to-face banking where communities rely on it. And widening access to credit unions so more people can access safe and affordable finance are among the changes. Simplifying regulation and reducing the number of regulators is among the changes being made to support businesses, so decisions are made quicker and their growth isn’t held back.  The Bill will also support lending and investment including by updating the statutory framework underpinning the ring-fencing regime. This is part of the Government’s wider plan to build a stronger and fairer economy for all, building on good growth in the first quarter of this year. Economic Secretary to the Treasury, Rachel Blake, said: Our financial services sector is world-leading, creating jobs, boosting growth and firing up our economy in Leeds, Manchester, Edinburgh and London. This Bill will unlock even more growth in the sector, making red tape less burdensome to business and boosting protections for consumers – part of our plan to build a stronger and fairer economy. The Bill will ramp up protections and accessibility to finance for British consumers by:   Modernising consumer protections and redress arrangements. Consumers will be better protected when something goes wrong and terms and conditions will have to be worded in simpler terms so everyone can understand them. Reforms to the Financial Ombudsman Service will allow people to resolve disputes faster and with greater certainty.  Allowing credit unions to expand by improving the rules on who can become a member. This will allow credit unions to serve more people and communities, widening access to affordable finance and supporting the Government’s aim to double the size of the mutual and co-operative sector.   Ensuring access to in-person banking services for the future. Subject to an independent review, the Government will take the power to ensure communities retain their access to face-to-face banking where they need it. This is particularly important for rural communities and pensioners who are not online. The financial services sector will also be supported to innovate and grow by: Simplifying regulation and reducing the number of regulators. Responsibilities of the Payment Systems Regulator will be absorbed by the Financial Conduct Authority. This means firms will have fewer overlapping regulators to deal with and will see faster decision making, allowing them to grow faster. Ensuring that the administrative burden on firms is proportionate while keeping important consumer and market protections. This includes reducing the overall burden of the Senior Managers and Certification Regime - the framework that holds senior leaders in financial firms personally accountable - by 50 per cent. This will free up firms to focus on serving customers and invest in growth, rather than dealing with overly burdensome compliance processes.   Supporting lending and investment by updating the statutory framework underpinning the ring-fencing regime. This regime requires major banks to separate their UK retail banking services from investment banking activities. The reforms will unlock more finance for UK businesses, especially smaller businesses who will be able to access finance more easily.

Exchange-traded funds have been — and remain — a major driver of innovation in the securities markets. ETFs have contributed to increased capital formation and investor choice, reflected in part by the tripling of ETF assets since 2019. Novel products raise novel questions, and I appreciate the willingness fund sponsors have shown in delaying the effectiveness of a number of novel ETFs, including event contract ETFs, while we consider the implications. To ensure we do this in a transparent and thoughtful manner, I have instructed the staff to seek input from the public on how the Commission should respond to recent market changes.

The Federal Reserve on Wednesday released the minutes of the Federal Open Market Committee meeting that was held on April 28–29, 2026. The minutes for each regularly scheduled meeting of the Committee are generally published three weeks after the day of the policy decision. The descriptions of economic and financial conditions contained in these minutes are based solely on the information that was available to the Committee at the time of the meeting. The minutes can be viewed on the Board’s website. Minutes of the Federal Open Market CommitteeApril 28-29, 2026: HTML | PDF

The Canadian Securities Administrators (CSA) invites interested stakeholders to join the livestream for its upcoming Toronto tokenization workshop: Powering Growth and Competitiveness taking place on Thursday, June 11, 2026. Building on the discussion in Calgary, the workshop is intended to bring together stakeholders and members of the CSA to obtain practical input on tokenization in capital markets. The Toronto workshop will include discussions about key existing and potential use cases that can reduce costs or improve efficiencies, legal questions requiring further analysis and resolution, friction points with existing securities laws, and topics that could benefit from regulatory guidance. Join the livestream of the Toronto tokenization workshop: Powering Growth and Competitiveness: Date: Thursday, June 11, 2026Time: 1:00 – 4:30 p.m. (ET)View the agenda: Agenda of the Toronto workshopRegister online: Join the CSA Collaboratory in Toronto Through Project Tokenization, the CSA will work collaboratively with stakeholders to deepen regulatory understanding as tokenization evolves in capital markets. The initial phase of the project will explore the opportunities and risks of tokenization through engagement with stakeholders, issue mapping and targeted research. Subsequent phases could include a discussion paper or potentially the live testing of tokenized financial instruments and infrastructure within the CSA Collaboratory. About the CSA CollaboratoryThe CSA Collaboratory is a dedicated space for regulators and innovators to leverage and channel collective intelligence in support of Canada’s evolving capital markets. It is the entry point for all Canadian market participants and investors to connect with CSA members to explore and provide feedback on new financial concepts and innovative business models. Insights from the Collaboratory can contribute significantly to regulatory policy development and provide market participants with data that can help inform decision-making. About the CSAThe CSA is the council of securities regulators of Canada’s provinces and territories. The CSA’s objective is to improve, coordinate and harmonize regulation of the Canadian capital markets.

Miami International Holdings, Inc. (MIAX®) (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced a clearing and settlement agreement between MIAX Futures™ and the Options Clearing Corporation (OCC), the world's largest equity derivatives clearing organization. The agreement allows MIAX Futures market participants who are members of OCC to realize potential capital efficiencies by cross-margining products listed on MIAX Futures against complementary products listed by MIAX Futures and other securities exchanges (including the MIAX exchanges) and futures markets.  “We are pleased to build on our longstanding relationship with OCC and bring its suite of clearing and risk management services to MIAX Futures market participants,” said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX. “This agreement will provide our market participants with significant capital efficiencies when trading financial futures including our new Bloomberg equity index futures that began trading on MIAX Futures on May 17.” "We are pleased to welcome MIAX Futures as OCC’s fifth participant exchange under the MIAX name,” said Andrej Bolkovic, Chief Executive Officer of OCC. “MIAX Futures will benefit from our full range of clearing and risk management capabilities available to all our participating exchanges, and provide our clearing members with potential capital efficiencies through our internal cross-margining program. We look forward to continued collaboration with MIAX to promote operational excellence and innovation while supporting the continued growth of exchange-traded options and futures."  Mr. Gallagher added, “I want to personally acknowledge and thank the OCC team for their support as we worked to finalize the clearing and settlement agreement in time for the May 17 launch of the Tini™ Bloomberg 100 Index Futures contract.” MIAX Futures is listing Bloomberg equity index futures using a phased launch schedule. The first product, Tini Bloomberg 100 Index Futures, listed on May 17, 2026 (May 18, 2026 trade date). Tini Bloomberg 500 Index Futures are scheduled to be listed on May 31, 2026 (June 1, 2026 trade date). Bloomberg 500 Index Futures are scheduled to be listed on June 7, 2026 (June 8, 2026 trade date). MIAX Futures, a registered derivatives clearing organization (DCO) and designated contract market (DCM), will continue to clear its flagship product — Minneapolis Hard Red Spring Wheat (HRSW) — and all other agricultural products listed on the exchange.

ACER has launched the first edition of its electricity network tariff repository.  Why network tariffs matter Network tariffs are a key part of electricity bills, used to recover the costs of investing in, maintaining and operating electricity networks. As Europe’s power system evolves, the grid needs to support more electrification, more renewable energy and new patterns of grid use. Based on sector estimates, investments in electricity networks could reach up to €2,600 billion by 2050 to integrate the rise of renewable energy (see ACER’s 2024 infrastructure report). With the ramp-up of grid investments, network costs are a big driver of overall electricity costs. Clear and comparable tariff information is therefore important for understanding how network costs are allocated, how tariff structures differ across countries and how tariff design may support efficient use of the grid. This supports broader EU efforts to improve energy affordability and ensure electricity grids are fit for the future, including the European Commission’s upcoming network charges plan, which is part of its energy package expected on 10 June.  Network tariff repository  This new ACER repository brings together tariff information from EU Member States in one centralised platform. It complements national transparency efforts and supports access to electricity network tariff data at European level. The dashboard aims to improve comparability and understanding of national approaches to network cost recovery and tariff setting. Who can use ACER’s network tariff repository? Whether for analysis, benchmarking or strategy the repository offers easy access to electricity network tariff information from across Europe to national regulatory authorities, policymakers, network operators, researchers, analysts, and consumer and industry organisations.  Use case 1 – Electricity bills: An analyst comparing electricity bills across Europe could use the repository to check whether network charges are mainly fixed, capacity-based or energy consumption-based in different Member States and therefore understand the underlying cost drivers. Use case 2 – National tariff methodologies: A regulator reviewing its national tariff methodology could compare how other Member States structure and allocate network charges for households and businesses. What’s next? The repository will be progressively updated with data and additional information, including tariff practices and relevant studies underlying key network tariffication choices.  The dashboard will also provide input for ACER’s future analytical work, including the next edition of ACER’s report on electricity network tariff practices, expected in 2027.  Disclaimer: This electricity network tariff repository is published as a work-in-progress tool. The repository is intended to improve access to tariff-related information and will support ACER’s future analytical work. Check ACER's new dashboard.

CLS, a financial market infrastructure group delivering settlement, processing, and data solutions, today announces that Bank of America (BofA) has gone live on its Cross Currency Swaps (CCS) service. One of the world’s leading financial institutions, BofA joins other global banks using the platform to reduce settlement risk and improve efficiency amidst growing FX volumes and increased scrutiny of settlement risk by policymakers. Cross currency swaps involve large initial and final principal exchanges, creating significant settlement risk exposure. In addition, settling these trades on a gross bilateral basis leads to operational inefficiencies and liquidity constraints. CLS's CCS service, an extension of CLSSettlement, mitigates these risks by settling payment instructions on the CCS principal exchanges through a payment-versus-payment (PvP) settlement mechanism, designed to ensure both sides of the swap settle simultaneously, thereby eliminating counterparty failure risk on these payments. The CCS service can be used seamlessly in conjunction with MarkitWire’s post-trade processing platform to integrate CCS flows into CLSSettlement. Participants can benefit from multilateral netting for their FX transactions, optimizing liquidity and significantly reducing daily funding requirements. CLS’s CCS service continues to see significant growth, with the average daily settled value of CCS submitted to CLSSettlement increasing by 87% in 2025. This growth supports the efforts of policymakers and regulators to promote wider adoption of PvP as a key tool in reducing settlement risk. According to the Bank for International Settlements 2025 Triennial Survey, FX markets saw daily turnover reach about USD9.6 trillion in April 2025, a 28% rise compared with the 2022 survey. As FX markets expand and risk exposure increases, the demand for safe and efficient settlement mechanisms continues to grow, particularly among financial institutions seeking to align with the best practices outlined in Principle 35 of the FX Global Code.1 Lisa Danino-Lewis, Chief Growth Officer at CLS, said: “With FX trading volumes at record levels and the average daily settled value continuing to grow, mitigating settlement risk has never been more important. The continued expansion of our CCS service, alongside Bank of America’s go-live, demonstrates meaningful progress in reducing risk across the FX market.” Carlos Fernandez-Aller, co-head of Global FICC Macro at Bank of America, commented: “In an environment of heightened market volatility and increasing intraday liquidity demands, reducing unsecured settlement risk is a priority. This milestone demonstrates our commitment to reducing counterparty risk on cross currency swap initial and final principal exchanges while delivering operational and liquidity efficiencies that will support the continued growth of our FX business.” Principle 35 states, inter alia: Where practicable, Market Participants should eliminate Settlement Risk, for example by using settlement services that provide PvP settlement. Where Settlement Risk cannot be eliminated, Market Participants should reduce the size and duration of their Settlement Risk as much as practicable. The netting of FX settlement obligations (in particular the use of automated netting systems) is encouraged.  

Parameta Solutions, the Data & Analytics division of TP ICAP Group, today announced new strategic foreign exchange (FX) data partnerships with Netdania, a premier FX market innovator and part of United Fintech, and OANDA, a global leader in exchange rate data and analytics. These integrations significantly enhance Parameta’s FX Spot data composite, strengthening its depth, transparency, and resilience across global currency markets. The addition of two independent, institutional-grade FX data providers reinforce Parameta’s position as a trusted source of over-the-counter (OTC) FX market intelligence, offering market participants a more comprehensive, representative, and reliable view of Spot FX pricing. Enhanced Global FX Coverage Under the partnership with OANDA, Parameta integrates OANDA’s premium FX data feed, delivering real-time pricing across major and emerging market currency pairs, together with access to more than 20 years of high-quality historical FX data. The integration with Netdania provides access to high-speed, multi-venue FX market data feeds, further enhancing the breadth, depth, and resilience of Parameta’s spot FX coverage. Combined with pricing from globally recognised brokerage desks at Tullett Prebon (TP) and ICAP, these new data sources deliver: Broader global coverage across hundreds of currency pairs Stronger composite construction through multiple independent contributors Audit ready data flows aligned with regulatory requirements Enhanced analytics to support pricing, risk management, valuation, and trading models Together, these capabilities deliver comprehensive insights and reporting to meet the evolving needs of global financial institutions operating in OTC markets. “FX spot markets remain fragmented, fast-moving and opaque. By combining institutional-grade pricing from Netdania and OANDA with the world-leading interdealer flows of ICAP and Tullett Prebon, we are giving our buyside clients a deeper, more transparent and audit-ready view of OTC FX. One built for price discovery, valuation, cross-border risk management and best execution. Above all, it reinforces Parameta’s role as a leading source of independent, multi-contributor FX pricing — and our commitment to clients in a market where every basis point counts.” Silvina Aldeco Martinez, CEO, Parameta Solutions “OANDA’s data is the trusted standard for the world’s leading audit firms and government agencies because it represents true market activity, not just aggregated data. Partnering with Parameta Solutions allows us to deliver this high-fidelity data into a broader ecosystem, ensuring that market participants have access to the most reliable, audit-ready data flows for their complex valuation models, reporting, and reconciliation purposes.” Jessica Beckstead, Managing Director for North America OANDA “Netdania’s mission is to deliver fast, reliable, and transparent access to global FX market data, helping clients turn complex data into actionable insight. By partnering with Parameta Solutions, we are bringing our data into a robust composite framework that enhances price discovery and market insight, enabling clients to navigate fragmented FX markets with greater confidence.” George Govier-Rosenvold, CCO, Netdania

KEY POINTS CMDF moves forward in 2026 to support the New Economy, foster AI adoption, and enhance transparency in Thailand’s capital market. In 2025, CMDF granted funding to 20 projects. Over the past six years, a cumulative 172 projects have been supported, developing more than 16,000 capital market professionals, with TISA and Financial Hub research progressing toward national policy. The Capital Market Development Fund (CMDF) has funded 172 projects amounting to THB 3.58 billion, with 125 successfully completed over the past six years. In 2025, CMDF extended funding support to 20 projects, delivering measurable outcomes at corporate, human capital, and national policy levels. Highlights included the JUMP+ program engaging 142 listed companies to strengthen organizational competitiveness; pioneering research on the Thailand Individual Savings Account (TISA) and Financial Hub and advancing to national policy; and carbon credit market development. The fund’s 2026 strategic plan centers on empowering New Economy businesses, reaffirming its long-term commitment to the sustainable development of Thailand's capital market. Professor Kitipong Urapeepatanapong, Chairman of the CMDF Board, stated that CMDF is strategically advancing Thailand’s capital market ecosystem across three priorities:   Driving the Thai capital market into the future - supporting New Economy businesses and promoting AI technology adoption to enhance transparency in the capital market;  Developing human capital and financial literacy; and Turning research into policy and practice - covering ESG, risk management and carbon credit market development toward Thailand’s Net Zero and Nationally Determined Contributions (NDC) targets. CMDF works to deliver knowledge and policy recommendations to relevant authorities, driving concrete policy impact, practical application, and financial innovation. Mr. Juckchai Boonyawat, President of CMDF, said that in 2025, CMDF supported 20 projects aligned with its four objectives and strategic pillars. Promoting the development of organizations and infrastructure (Infrastructure) - 142 listed companies joined JUMP+ to strengthen competitiveness and corporate value, alongside New Economy investment structure support. Enhancing the competency of capital market personnel (Professionals) - developing skills and expanding the talent pool in the capital market, with 1,419 students passing the mock Investment Consultant (IC) examinations, and Thai CFA scholarship recipients achieving higher pass rates across all three levels. Enhancing knowledge and understanding of the capital market among investors (General Public) – broadening investors’ awareness and financial literacy, reaching over 18 million impressions. Supporting research and studies in areas relevant to the capital market. (Research) - the TISA project, aiming at being adopted as a long-term savings promotion policy in response to Thailand's ageing society, is currently under discussion between the Securities and Exchange Commission (SEC) and the Ministry of Finance (MOF). Meanwhile, research on developing Thailand's capital market into an international financial center has been incorporated into the design of the Financial Hub Act under the Ignite Finance policy. For 2026, CMDF is moving forward with support for New Economy businesses seeking stock exchange listings - spanning technology companies, startups, and innovation-driven businesses to broaden capital market access, while building AI readiness to strengthen transparency and investor confidence, developing capital market professionals, and advancing policy recommendations to bolster Thailand's capital market competitiveness on the global stage. CMDF key achievements 2020–2025 Supporting organizational development: Covering over 3,800 organizations. Developing skills and education of capital market personnel:  Promoting financial and investment literacy: Reinforcing investment awareness through online media, generating a reach of over 80 million. Supporting research: Human capital development: Upskilled over 16,000 capital market professionals. Professional standards: Enabled over 1,300 individuals to obtain Global and Local Certifications. CMRI Website: Disseminated over 65 research articles with more than 36,000 views. Research Distribution: Distributed more than 664 research publications to over 30 organizations. For more information, please visit www.cmdf.or.th/grant/result-announcement/

Fast‑growing and innovative financial services businesses can now apply for more support to help them grow. The FCA’s Scale-up Unit provides tailored support to firms, helping them navigate regulation so they can scale sustainably. The unit is now open to solo-regulated firms to apply. The unit offers a dedicated point of contact and practical support to help navigate regulatory processes, develop innovative products and understand the impact of policy changes. Jessica Rusu, FCA chief data, information and intelligence officer, said: 'We want firms to be able to grow with confidence. This initiative will help them navigate regulation, scale sustainably and contribute to making the UK the best place to start and grow a financial services business.' The FCA and PRA are already supporting 6 dual-regulated firms through the Scale-up Unit as part of a pilot. This has provided the FCA insight into how it can best support growing firms and will continue this dialogue with solo-regulated firms. The FCA will use insights from participating firms to inform wider policy and process improvements, ensuring regulation keeps pace with innovation. Applications for FCA solo-regulated firms to join the Scale-up Unit are open from 20 May to 22 June 2026. Background Read more about the eligibility criteria for solo-regulated firms and how to apply to the Scale-up Unit. Read more about the Scale-up Unit. The Scale-up Unit sits alongside the FCA’s existing programmes, including Innovation Pathways, Pre-Application Support Service (PASS) and Early and High Growth Oversight function, creating a clear pathway from start-up to scale-up.

Broadridge Financial Solutions, Inc. (NYSE: BR) today announced that it has awarded the 2026 European Financial Literacy and Retail Empowerment Research Grant to the Centre for European Policy Studies (CEPS), a leading think tank and forum for debate on EU affairs. CEPS will receive €15,000 to fund independent research on how financial literacy can be translated into stronger retail investor participation across the European Union, including through the development of a comparative, practitioner-oriented framework to support the objectives of the EU’s Savings and Investments Union (SIU). The CEPS proposal was chosen following a competitive review process led by Broadridge and external experts from Highland Global Advisors, LLC. Submissions were evaluated based on their relevance to financial literacy, alignment with Broadridge’s principles of effective disclosure and focus on improving retail investor outcomes, the quality of the research proposal, and the strength of the submitting institution. “Strengthening financial literacy is fundamental to building a more inclusive and effective European capital market,” said Michael Tae, President Issuer, Funds and Data-Driven Solutions, Broadridge. “CEPS stood out for its ability to connect high-quality research with practical, actionable outcomes. By identifying what works across Member States and translating those insights into a clear playbook, this work has the potential to support better investor outcomes at scale.” CEPS was selected for its rigorous, policy-focused approach and its emphasis on practical application. By combining comparative analysis across EU Member States with clear, actionable outputs, the research is designed to support both policymakers and market participants in strengthening investor engagement. Supporting the Objectives of the EU Savings and Investments Union The research will analyse differences in financial literacy and household participation across EU Member States, identifying the policy, regulatory and market factors that drive stronger outcomes. By examining leading markets alongside larger and lower-participation economies, the project aims to identify scalable solutions aligned with the objectives of the Savings and Investments Union. “Our goal is to advance the conversation from financial literacy in theory to investor participation in practice,” said Judith Arnal, Associate Research Fellow at CEPS. “By identifying the most effective approaches across the European Union, we hope to provide a roadmap for policymakers and practitioners that helps more individuals engage confidently in capital markets,” added Apostolos Thomadakis, Head of the Financial Markets and Institutions at CEPS. Delivering Practical Impact for Policymakers and Industry The CEPS project is designed to deliver actionable insights for policymakers, regulators and market participants. By identifying which combinations of public policy and private-sector practices are most effective, the research will support more targeted and scalable approaches to investor education and engagement. This work reflects the broader need to strengthen Europe’s retail investor base, where improving financial literacy is widely seen as a key enabler of greater participation, stronger long-term savings outcomes, and economic growth. Research Timeline and Deliverables The research will commence immediately, with final outputs expected by August 2026. Deliverables will include a research paper analysing financial literacy and retail investor participation across selected EU Member States and a practical playbook of policy and market recommendations.

Proprietary trading firms showed strong operational resilience during the market turbulence of Q1 2026 the latest Acuiti Proprietary Trading Management Insight Report has found. The quarterly Proprietary Trading Management Insight Report, which was released today and is produced in partnership with Avelacom, is based on a survey of the Acuiti Proprietary Trading Expert Network, which comprises senior proprietary trading executives around the world. The report provides insights into the key trends facing the community. Managing Market Stress The first quarter of 2026 saw significantly heightened volatility, driven primarily by conflict in the Middle East. Despite the intense market stress, 83% of the Acuiti Proprietary Trading Expert Network reported strong overall operational performance during the stressed market conditions. However, weaknesses did emerge: 54% of respondents reported issues with market data feed capacity and latency, and 46% encountered problems with order management and execution infrastructure. Ross Lancaster, Head of Research at Acuiti comments: “Proprietary trading firms once again demonstrated the resilience that comes from sustained investment in technology and risk management infrastructure. While the market stress of Q1 2026 exposed some bottlenecks around data and execution, the overall picture is one of an industry that is well-equipped to operate under pressure. The challenge now is ensuring that infrastructure keeps pace with the speed and scale of modern markets.” Aleksey Larichev, CEO of Avelacom comments: “One of the most interesting findings in this report is how infrastructure bottlenecks continue to emerge during volatility events – particularly around market data delivery, execution infrastructure and exchange connectivity. This further highlights the importance of physical infrastructure and low-latency connectivity for a broad range of trading firms, beyond only the most latency-sensitive participants.”  AI Affects Hiring This quarter’s report also found that AI is beginning to reshape workforce dynamics at proprietary trading firms. Almost 50% of respondents said AI had caused them to slow the pace of hiring, though only 15% are actively reducing headcount as a result of AI-driven productivity gains at this stage. Digital Asset Growth The report also examines engagement with digital assets. While 44% of firms are already participating in some capacity, a significant proportion remain on the sidelines, although 24% are actively evaluating entry. Alpha generation is the primary motivation among those already trading digital assets, , cited by 69% of respondents, with portfolio diversification also playing a notable role. Many firms are citing regulatory uncertainty – particularly in the US – for those evaluating entry into digital asset markets. However, the expected passage of the Clarity Act is anticipated to catalyse a wave of new entrants to digital asset markets. Latin American Opportunities Latin America remains a largely untapped opportunity for proprietary trading firms, with only 11% currently active in the region outside Brazil, although 29% are actively evaluating entry. Mexico is the primary focus for firms considering expansion in the region, with connectivity and co-location set-up cited as the most significant barrier to entry. Aleksey Larichev comments: “The focus on Latin America as a region of growing interest further supports our vision around network expansion and our recent points of presence in the region, providing connectivity access to LATAM derivatives markets.”  Other key findings in this quarter’s report include A third of proprietary trading firms are increasing their use of directional positioning, driven primarily by improvements in quantitative model signal quality and an increased risk appetite at the firm level, with almost half also citing reduced profitability from pure market-making as a driver. DeFi participation remains limited among those firms active in digital assets, with only 31% trading on DeFi platforms. Insufficient liquidity depth for institutional order sizes is the most commonly cited barrier, followed by regulatory uncertainty. The report also features a Q&A with Kalshi’s Andy Ross, Head of Institutional Business, covering data quality, liquidity provision, order book integrity, margin and the competitive landscape for prediction markets. Download full report here: https://www.acuiti.io/proprietary-trading-management-insight-report-q2-2026

Tehran Securities Exchange (TSE) officially resumed Equity Market’s trading activities today after an 80-day closure. Ringing of the trading opening bell ceremony was held at Tehran Securities Exchange by Hajatollah Seydi, Chairperson of the Securities and Exchange Organization (SEO) and Mahmoud Goudarzi, CEO of Tehran Securities Exchange (TSE) on Tuesday, May 19. In this ceremony which was held with the presence of the senior capital market officials and financial authorities, Seydi paid tribute to the memory of the recent war martyrs, and said: “Following an unavoidable suspension, we are beginning the first trading day of the securities market in new year.” He also expressed appreciation for the efforts of colleagues at Tehran Securities Exchange, Iran Fara Bourse, and the commodity exchanges, who remained active throughout the imposed war. He added that over the course of 51 trading days, the stock market had been closed for two reasons: first, uncertainty stemming from the wartime situation, and second, the need for companies to disclose and report their financial information. Seydi stressed that both issues had largely been resolved and that conditions were now in place for the market to reopen. Referring to the damage sustained by some companies during the imposed war, SEO’s Chairperson explained that the shares of these companies would be also eligible for trading at an appropriate time, after sufficient financial reporting. Seydi emphasized that more than 500 companies that had been able to provide reports, will be traded as of today.

Broadridge Financial Solutions, Inc. (NYSE: BR) has appointed Richard Terblanche as Vice President, Global Distribution Data Solutions within its growing Data-Driven Fund Solutions business.   Based in London, Richard will focus on working with global asset managers to navigate the increasing complexity of client and distribution data across global markets. This newly created role reflects Broadridge’s ongoing investment in supporting clients as they look to optimize distribution and drive growth.   “We see a transformative opportunity for asset managers to unify and operationalize their global client and distribution data ecosystem. By creating a connected, AI-ready data foundation, firms can accelerate decision-making, streamline operational complexity, and drive growth through AI-powered intelligence and optimization,” said Nigel Birch, Head of Global Data & Analytics. “We’re pleased to welcome Richard to our leadership team and leverage the deep expertise and innovation mindset he brings to help drive this next phase of transformation.”   “I’m excited to join Broadridge at a time when many firms are rethinking how they manage and use data to support decision making,” said Richard Terblanche, VP Global Distribution Data Solutions. “There is a clear opportunity to bring greater clarity and consistency to how this data is understood and applied across the business.”   Richard brings over 20 years of experience across investment management and data. He previously held senior roles at Strategic Insight and most recently led the EMEA business at Fishtank, where he worked with asset managers on complex data and distribution challenges.

S&P Global Inc. ("S&P Global") (NYSE:SPGI), today announced the pricing of a private offering of $650,000,000 aggregate principal amount of 5.050% senior notes due 2029 (the "2029 Notes"), $650,000,000 aggregate principal amount of 5.450% senior notes due 2031 (the "2031 Notes") and $700,000,000 aggregate principal amount of 6.050% senior notes due 2036 (the "2036 Notes" and, together with the 2029 Notes and the 2031 Notes, the "Notes") by Mobility Global Inc. ("Mobility Global" or the "Issuer"). The Issuer is a recently formed holding company for S&P Global's Mobility division, which S&P Global intends to separate from its current business by means of a spin-off to its shareholders. The offering is expected to close on May 29, 2026, subject to customary closing conditions. The Issuer has also entered into a $500 million senior unsecured revolving credit facility. Upon completion of the separation, the Issuer intends to use the net proceeds of the offering, after deducting discounts and commissions to the initial purchasers, to finance a cash payment to S&P Global as consideration for the transfer of certain assets, liabilities and entities to the Issuer, and the Issuer will use any remaining proceeds to fund estimated fees and expenses and for general corporate purposes. Net proceeds of the offering will be deposited into escrow for the benefit of the holders of the Notes pending satisfaction of certain conditions related to the completion of the separation. The Notes have been offered for sale to persons reasonably believed to be qualified institutional buyers in an offering exempt from registration pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and to persons outside the United States in compliance with Regulation S under the Securities Act. The Notes have not been registered under the Securities Act, or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act. The Notes will be entitled to the benefits of a registration rights agreement pursuant to which the Issuer will agree to use commercially reasonable efforts to file a registration statement to exchange the Notes for new notes registered under the Securities Act, or under certain circumstances, to file a shelf registration statement with respect to the resale of the Notes.

Half (49%) of young drivers have bought insurance through social media or messaging apps, new research reveals.  With 4 in 10 (39%) unconfident in spotting the signs of a fake policy, thousands could be paying for cover that doesn’t exist.  The Financial Conduct Authority (FCA) is warning 17–25 year-old drivers about "ghost broking" scams where criminals sell bogus insurance policies through social media and messaging platforms. Ghost brokers pose as legitimate insurance sellers but offer cheap rates. The policies they sell are either entirely fake, are invalid because they falsify details to bring the price down, or are cancelled shortly after purchase. Victims are left unknowingly uninsured and at risk of prosecution, fines and even having their car seized. Almost half of those polled (45%) said they generally trust products or services bought through social media. Young drivers may also be at greater risk due to cost of living pressures – with 1 in 7 (15%) saying they find it difficult to fit insurance into their monthly budget. To avoid being taken for a ride, the FCA is urging young drivers to:  Be wary of offers that sound too good to be true  Avoid deals only available through social media and messaging platforms. Genuine sellers should have a legitimate website, phone number and address   Use FCA Firm Checker to confirm the firm is authorised. Drivers should check the firm’s contact details match those listed on Firm Checker to make sure they are dealing with the genuine firm.   Graeme Reynolds, director of insurance at the FCA said:  “Tight budgets make cheap offers tempting – and scammers take advantage of that. Don’t get ghosted by a policy that doesn’t exist. Check the FCA Firm Checker before you buy, because driving uninsured could cost you far more than any premium.”  The FCA is working with social media influencers to warn young drivers about the growing threat of ghost broking.   Background  Information for consumers on ghost broking Survey conducted by Kantar on 24 Apr-1 May 2026 among 1000 UK drivers aged 17-25  The Insurance Fraud Bureau and Aviva both report an increase in ghost broking. The Insurance Fraud Bureau found a 52% increase in ghost broking activity from 2022-2024 and Aviva saw a 22% surge in cases since 2023 Driving without valid insurance is a criminal offence in the UK and can result in a fixed penalty, points on a licence, or disqualification Link to the FCA Firm Checker   The campaign supports the Government’s Motor Insurance Taskforce goals to tackle uninsured driving, fraud and crime Fighting financial crime is a priority for the FCA, as part of its 5-year strategy.  

Today, the Commission proposes rules to update its rulebook with respect to conducting shelf offerings and to enhance and simplify the registration and reporting framework for smaller public companies. These proposals reflect a commitment to improve the core features of the SEC’s registration and reporting system. They build upon—and improve—the SEC rulebook in a manner that reflects the agency’s observations and awareness of contemporary market practices that have developed over the past two decades. The First Proposal Builds Upon the Successes of the Shelf Registration Framework With regard to Registered Offering Reform, the proposal would modernize the shelf registration framework. The state of communications and information technologies has evolved significantly since the last time that the Commission made substantial changes to the shelf registration offering process as part of the Securities Act Offering Reform rulemaking in 2005.[1] Market practices, including how material information is distributed and consumed by investors, have changed dramatically since then. More tools are available to obtain information on financial markets, individual companies, and financial products than ever before. Disclosure is largely available in real time today, far advanced from where it was twenty years ago. For context, in 2005, Chairman Cox noted how technology was impacting financial markets with respect to the distribution of proxy materials: With the holiday season in full swing … it’s difficult not to notice the proliferation of electronic gadgets being advertised as the perfect holiday gift. We can only guess how many Americans will get a USB key as a stocking stuffer, or a cell phone that takes pictures and surfs the Web, or even an iPod that plays not only MP3s, but video.[2] Chairman Cox’s reference to the iPod reminds us that when the Commission last examined shelf registration in a comprehensive manner, the iPhone had not even been rolled out yet.[3] Moreover, the technology available in 2005 substantially differed from the technology available in 1983, the year that the SEC adopted the original shelf registration framework.[4] Instead of carrying around that iPod back then, you might have had a cassette-playing Sony Walkman. Communication and information technologies have continued to change. Smart phones, cloud computing, social media networks, video streaming, structured data, and third-party messaging services are common features of the investment ecosystem in 2026 and the SEC’s rulebook should reflect that environment. The Registered Offering Reform proposal would facilitate capital formation by expanding access to Form S-3 and streamline the registration and communication benefits for public companies.[5] This would provide meaningful increases in transactional flexibility to a range of smaller entities and improve their access to capital post-IPO. The proposal would also limit unnecessary regulatory duplication by preempting the need to obtain, in certain cases, registration and qualification from dozens of individual state securities regulators, where the investor protection benefits may not be commensurate with the corresponding regulatory hurdles to raising capital.  The Second Proposal Streamlines and Simplifies SEC Reporting The Commission also proposes the Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies.[6] Among other changes, the proposal would raise the public float threshold for large accelerated filer (LAF) status from the current $700 million to $2 billion, at which threshold the category would represent approximately 19 percent of reporting companies and 93.5 percent of the current total market public float.[7] This would reduce regulatory burdens while ensuring that the vast majority of the public float remains subject to the full set of disclosure requirements. The proposal would also simplify the framework by categorizing all companies that are not LAFs as non-accelerated filers (NAFs). Additionally, the Commission is proposing to create a subcategory of NAFs constituting the smallest filers, termed small non-accelerated filers (SNFs), with extended periodic reporting deadlines. Scaling regulatory obligations for smaller businesses may incentivize companies to go—and remain—public. It takes the SEC one step closer to making the consequences and burdens of being a public company less onerous—and less off-putting—for small issuers. Lastly, the proposal would extend nearly all disclosure scaling and accommodations available to smaller reporting companies and emerging growth companies to NAFs, including the internal control over financial reporting (ICFR) auditor attestation exemption. These aspects of the proposal build upon the success of the JOBS Act of 2012.[8] These successes reflect an important point: management and boards of public companies exist to focus on operating and managing their businesses—and not to spend outsized amounts of time and resources on regulatory compliance obligations. Combined, these proposals advance the Commission’s mission of protecting investors and facilitating capital formation and are long overdue.[9] I thank the staff in the Division of Corporation Finance, the Division of Economic and Risk Analysis, the Division of Investment Management, the Division of Trading and Markets, the EDGAR Business Office, the Office of the General Counsel, the Office of the Chief Accountant, the Office of Financial Management, and the many other offices that have contributed to this release. I look forward to hearing the views of market participants on these issues. [1] Securities Offering Reform, Release No. 33-8591 (July 19, 2005). [2] Chairman Christopher Cox, Opening Statement at SEC Open Meeting (Nov. 29, 2005) (consideration of a proposal to make Internet access an acceptable way for investors to get their proxy materials), available at https://www.sec.gov/news/speech/spch112905cc.htm. [3] Apple would not formally introduce the iPhone until 2007. See Apple, Inc., Press Release, Apple Reinvents the Phone with iPhone (Jan. 9, 2007), available at https://www.apple.com/newsroom/2007/01/09Apple-Reinvents-the-Phone-with-iPhone/. [4] Shelf Registration, Release No 33-6499 (Nov. 17, 1983), 48 FR 52889 (Nov. 23, 1983), available at https://www.federalregister.gov/citation/48-FR-52889. [5] Registered Offering Reform, Release No. 33-11418 (May 19, 2026), available at https://www.sec.gov/files/rules/proposed/2026/33-11418.pdf. [6] Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies, Release No. 33-11419 (May 19, 2026), available at https://www.sec.gov/files/rules/proposed/2026/33-11419.pdf. [7] Id. at 36. [8] Pub. L. No. 112–106, 126 Stat. 306 (2012), sec. 103 (codified at 15 U.S.C. 7262(b)). [9] For prior remarks on capital formation, see Commissioner Mark T. Uyeda, Remarks at the “Going Public in the 2020s” Conference; Columbia Law School/Business School Program in the Law and Economics of Capital Markets (Mar. 3, 2023), available at https://www.sec.gov/newsroom/speeches-statements/uyeda-remarks-going-public-conference-030323-remarks-going-public-2020s-conference-columbia-law-schoolbusiness-school-program-law-economics; Commissioner Mark T. Uyeda, Remarks at the Practising Law Institute’s 55th Annual Institute on Securities Regulation (Nov. 7, 2023), available at https://www.sec.gov/newsroom/speeches-statements/uyeda-remarks-practicing-law-institute-110723; and Acting Chairman Mark T. Uyeda, Remarks at the Florida Bar’s 41st Annual Federal Securities Institute and M&A Conference (Feb. 24, 2025), available https://www.sec.gov/newsroom/speeches-statements/uyeda-remarks-florida-bar-022425. 

Comptroller of the Currency Jonathan V. Gould issued the following statement today about the Federal Financial Institutions Examination Council’s (FFIEC) proposed revisions to the Uniform Financial Institutions Rating System, commonly known as the CAMELS rating system. I appreciate the collaborative efforts of the FFIEC and its member agencies in developing the proposed revisions to the CAMELS ratings system. The revisions shift supervision away from process-heavy oversight toward a stronger focus on material financial risk. Modernizing CAMELS to more explicitly reflect material financial risks is a critical step to ensure our supervisory tools remain robust and responsive to the evolving banking landscape. While I support the direction of this proposal, I remain concerned that the revisions do not sufficiently address “double counting” within the Management, or M, component. For the CAMELS framework to function effectively, each component must provide distinct, incremental value. Historically, the Management rating has reflected deficiencies already captured in other components. To maintain the integrity and transparency of the CAMELS system, it is vital that the Management rating serve as a standalone assessment rather than a secondary reflection of other components. Furthermore, it is imperative that the financial institution regulators maintain a balanced and transparent supervisory perspective. Absent extenuating circumstances, no single component rating should disproportionately drive the composite rating. A bank’s overall health is the sum of its parts, and the composite rating should be a transparent evaluation of all the factors rather than being driven by a single component. I encourage commenters to pay close attention to these nuances during the comment period. We welcome feedback on how the framework can better distinguish between components to prevent overlapping assessments and ensure that the composite rating reflects a fair representation of a bank’s risk profile. Comments from the public are due 90 days from the date of publication of the proposed revisions in the Federal Register. Related Link FFIEC News Release: Agencies Request Comment on Financial Institutions Rating System

Intercontinental Exchange, Inc. (NYSE: ICE), one of the world’s leading providers of financial market technology and data powering global capital markets, today announced the results of the Company’s 2026 Annual Meeting of Stockholders, which was held Friday, May 15. A replay of the meeting is available at www.ir.theice.com. Each of the eleven director nominees received a majority of the votes cast “for” their election. Each director was elected to a one-year term. Stockholders approved an advisory resolution on executive compensation, with a majority of the votes cast “for” the proposal. Stockholders approved the adoption of amendments to the Company’s current certificate of incorporation to supplement voting and ownership limitations for regulatory compliance, with the affirmative vote of the majority of the outstanding shares of the Company’s common stock entitled to vote on the proposal. Ernst & Young LLP was ratified as the Company’s independent registered public accounting firm for 2026, with a majority of the votes cast “for” the ratification of Ernst & Young LLP. As recommended by ICE’s Board of Directors, stockholders did not approve a stockholder proposal regarding an independent board chairman, with a majority of the votes cast “against” the proposal. Broadridge Financial Solutions, Inc. served as the Inspector of Elections, which tabulated and verified the results of the stockholder vote.

The Commodity Futures Trading Commission today issued a staff advisory containing the Division of Enforcement’s new policy on cooperation. The advisory supersedes all prior advisories on the subject and outlines the division’s approach to evaluating cooperation and self-reporting.  Absent aggravating circumstances, the advisory lays out a path for a potential declination when a respondent voluntarily self-reports, fully cooperates, effects timely and appropriate remediation, and provides full restitution and/or disgorgement. Additionally, the advisory details what level of cooperation credit may be awarded to respondents for self-reporting and cooperation when they are ineligible for a declination.  “Policing our markets for insider trading, fraud, and other abuses remains a top priority. The Division of Enforcement’s new policy encourages prompt compliance and enhances our ability to police our markets in the most effective way possible,” said Chairman Michael S. Selig. “The division’s advisory will provide clarity, promote consistency, and reinforce the division’s commitment to transparency in its enforcement practices.”  “As promised, the Division of Enforcement is issuing a new policy today to incentivize cooperation, simplify our approach to cooperation credit, and operate more fairly with parties before the division,” said Director of Enforcement David I. Miller. “The new cooperation policy provides a clear path to declinations. It is also transparent and understandable to market participants and potential defendants, precisely stating what the division requires of parties to obtain credit for self-reporting and cooperation. This policy encourages good conduct from market participants and gives us another tool in our efforts to fight fraud, manipulation, and market abuse.” RELATED LINKS CFTC Staff Letter No. 26-15