A BC Securities Commission (BCSC) panel has found that a Port Moody resident failed to produce records and obstructed justice. The BCSC served Brandon Wade Boddy with a demand to produce records in July 2023 as part of an investigation into a company for which he was a consultant and shareholder. Despite being granted four extensions, Boddy did not provide the required records to Commission staff. The panel determined that at the time he was served, Boddy would likely have had at least one document that would have been responsive to the demand, and therefore he failed to comply with a demand by the BCSC, as required by B.C.’s Securities Act. The panel further found that Boddy obstructed justice under the Act by failing to produce records reasonably required for an investigation. The panel dismissed allegations that Boddy refused to attend an interview with Commission staff to give evidence under oath. Boddy did not participate in the liability hearing. The parties have been directed to make submissions on sanctions. 

Wyden, the leader in institutional digital asset trading technology, announced its integration with EDX Markets (EDX), a leading digital asset technology firm that combines an institutional-only trading venue with a central clearinghouse. This integration offers Wyden’s banking and brokerage clients access to EDX’s deep, aggregated liquidity and capital-efficient market structure. The addition of EDX Markets reinforces Wyden’s commitment to an institutional-grade best execution environment, as Wyden’s unified trade and orchestration system now taps directly into EDX’s proprietary matching engine. This ensures that institutional participants can execute large-scale orders with minimal slippage and optimal capital efficiency across a wide range of digital asset instruments. Connectivity is delivered via Wyden’s end-to-end platform, enabling microsecond-level performance and fully automated trade lifecycles from pre-trade risk management through to post-trade settlement.  The collaboration leverages EDX’s unique central clearinghouse model, which significantly reduces counterparty risk through daily net settlement and bankruptcy-remote collateral and settlement accounts, with full subaccount segregation. “The partnership arrives as the institutionalization of the digital asset market reaches a new peak, driving demand for trading venues that mirror the transparency and performance of traditional financial markets,” said Andy Flury, President of the Board at Wyden. “For Wyden, this is a significant step in our mission to provide banks and brokers with the most robust, regulated, and liquid trading ecosystem available today.” “This collaboration with Wyden marks an important milestone in expanding institutional access to digital asset liquidity,” said Tony Acuña-Rohter, CEO of EDX Markets. “By combining our central clearinghouse model with Wyden’s advanced trading platform, we’re delivering a more capital-efficient and resilient market structure for institutional participants.”

IOSCO Board members met virtually today to elect a new Board leadership for the 2026-2028 term. Mr. Jean-Paul Servais, Chairman of the Belgian Financial Services and Markets Authority (FSMA), was re-elected Chair of the Board of IOSCO for a third term. Mr Servais is the Chairman of the Belgian Financial Services and Markets Authority (FSMA) and is the Chairman of the IOSCO European Regional Committee. He attends meetings of the Financial Stability Board and is a board member of several international supervisory bodies for the financial sector such as the European Securities and Markets Authority (ESMA), and the European Systemic Risk Board (ESRB). He sits on a number of supervisory colleges that coordinate the (cross-border) supervision of several financial institutions and infrastructures. Jean-Paul Servais is the Chair of the OECD Corporate Governance Committee. He also teaches at the University of Brussels (ULB). Mr. Toshiyuki Miyoshi, Vice Minister for International Affairs, Japan Financial Services Agency (JFSA), Mr. Grant Vingoe, Chief Executive Officer of Ontario Securities Commission (OSC), and Mr. Mark T. Uyeda, Commissioner, US Securities and Exchange Commission (SEC) were elected Vice-Chairs of the Board. Dr. Islam Azzam, Executive Chairman, Financial Regulatory Authority, Egypt, is ex-officio IOSCO Board Vice-Chair in his capacity as Chair of the IOSCO Growth and Emerging Markets Committee (GEMC). H.E. Waleed Saeed Al Awadhi, Chief Executive Officer, Capital Market Authority, United Arab Emirates, took office as Chair of African and Middle-East Regional Committee (AMERC). Ms. Julia Leung, Chief Executive Officer, Securities and Futures Commission, Hong Kong, took office as Chair of Asia-Pacific Regional Committee (APRC). Mr. Jean-Paul Servais, Chairman, Financial Services and Markets Authority, Belgium, took office as Chair of European Regional Committee (ERC). Ms. Christina Rolle, Executive Director, Securities Commission of The Bahamas, Bahamas, took office as Chair of Inter-American Regional Committee (IARC). Jean-Paul Servais, elected IOSCO Board Chair said: ‘I am honoured to have been re-elected for a third term as IOSCO Board Chair. I would like to thank the members of the IOSCO Board for their enduring confidence. In this regard, I look forward to keep working with all IOSCO members, including the IOSCO Board, the Vice-Chairs, the Growth and Emerging Markets Committee, and all Regional Committees as well as the IOSCO Secretariat. IOSCO’s work as a global standard setter, and the international cooperation it fosters, is more relevant than ever. I would also like to thank my team at the FSMA for their commitment and support.’

The Federal Reserve Board on Wednesday issued its Economic Well-Being of U.S. Households in 2025 report, which examines the financial circumstances of U.S. adults and their families. Overall, the report shows that financial well-being was consistent with recent years. Survey results indicate that the labor market remained solid, despite some softening since the previous year's survey. Price increases remained the most common financial concern, though the share of U.S. adults saying it was a major concern declined slightly. The report draws from the Board's annual Survey of Household Economics and Decisionmaking (SHED), which was fielded in October 2025. It analyzes a wide variety of topics, including financial well-being, employment, income and expenses, and housing. "As we work to support a strong and vibrant economy, it's critical for the Federal Reserve to understand the economic experiences of families and communities," said Federal Reserve Board Governor Michael S. Barr. "The SHED provides valuable data on how households are dealing with evolving financial opportunities and challenges." The report indicates that 73 percent of adults reported either doing okay or living comfortably financially, consistent with 2024 but below the overall high of 78 percent in 2021. The share who would cover a $400 emergency expense using cash or its equivalent also remained unchanged from 2024 at 63 percent. Prices continued to be the most common financial concern among U.S. adults, with the share citing it as either a major or minor concern unchanged at 91 percent. However, the share who cited "price increases" as a "major concern" declined to 53 percent, down from 56 percent in 2024. Responses indicated a solid labor market, but one that softened since the previous year's survey. Forty-two percent of adults said "finding or keeping a job" was either a minor or major concern, up from 37 percent in 2024. The percentage of adults who voluntarily left a job declined slightly to 8 percent. There was a small increase in layoffs, as 7 percent of all adults reported being laid off, up from 6 percent in 2024. The report also discusses the adoption of generative artificial intelligence (AI) at work. One in four workers used generative AI at work in the prior month, and 81 percent of users agreed that it saves them time. AI users were also more likely to agree that the technology would improve their careers than to say that they were worried that AI would replace their jobs. However, workers who did not use AI in the prior month saw fewer potential benefits. The report, fact sheet, downloadable data, data visualizations, and a video summarizing the report's findings are available here. Economic Well-Being of U.S. Households in 2025 (PDF) Economic Well-Being of U.S. Households in 2025 Appendixes (PDF) Economic Well-Being of U.S. Households in 2025 Fact Sheet (PDF)

The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today published research that explores how smart, tokenized representations of traditional assets and near real-time collateral mobility could help financial institutions reduce liquidity buffers, lower capital requirements, and navigate periods of market stress more effectively. The paper, Collateral Infrastructure for Tokenized Capital Markets, developed in collaboration with Finadium, examines how distributed ledger-based infrastructure – such as DTCC’s Collateral AppChain, designed as shared infrastructure to modernize collateral mobility and improve capital efficiency – could enhance the speed, efficiency, and accuracy of collateral movement across global markets, including outside of traditional market hours. As markets evolve toward shorter settlement cycles and increased adoption of digital assets, the paper highlights the growing importance of interoperable infrastructure enabled to support just-in-time collateral management. Such capabilities are critical to reducing fragmentation, improving operational consistency, and supporting financial stability. Early adopters may benefit from improved cost of capital, more dynamic capital allocation, and increased competitiveness as market structure continues to evolve. Key findings include: Tokenized traditional assets can offer the clearest near-term balance sheet benefits.Digital forms of traditional assets such as bonds, money market funds, and cash could move faster across jurisdictions and platforms, enabling more precise capital, liquidity, and risk management within existing regulated frameworks. Intraday repo could materially lower funding costs and liquidity buffers.By enabling secured, minute by minute funding on a digital ledger rather than overnight, intraday repo may reduce reliance on costly daylight overdrafts and overnight funding. The paper projects that intraday funding costs could be cut in half and free up significant capital at large dealer banks. Real-time collateral mobility can reduce capital and liquidity requirements.Faster collateral movements can lower reported exposures at the end of day, potentially reducing liquidity coverage ratio (LCR) requirements and counterparty credit risk charges while increasing return on capital. Interoperable digital ledger technology infrastructure could improve market resilience during stress.The ability to move tokenized assets seamlessly across markets and time zones could reduce forced asset sales in periods of volatility, addressing vulnerabilities seen in past liquidity crises. “Digital assets represent the next phase of capital and liquidity optimization in global markets,” said Nadine Chakar, DTCC Managing Director and Global Head of Digital Assets. “As these assets evolve into smart assets with embedded data and programmability, financial institutions can achieve greater precision in collateral allocation, liquidity forecasting, and capital planning. This paper serves as a blueprint for the material value to be generated from adoption.” Improving collateral mobility is the key use case for DTCC’s Collateral AppChain, a shared infrastructure platform. DTCC’s Collateral AppChain is designed to provide a common, interoperable foundation across market participants including collateral providers, receivers, and managers, along with triparty agents and custodians. The Collateral AppChain was publicly unveiled during DTCC’s Great Collateral Experiment and is expected to go live in Q4 2026.

Good morning and thank you for the warm welcome. It is a pleasure to be here, and I am grateful for the invitation to speak with you. Before I begin, allow me to share the standard disclaimer: I am speaking today in my official capacity as Director of the Division of Enforcement. My remarks do not necessarily reflect the views of the Commission, the Commissioners, or other members of the staff. I have now been in this role for about a week, and it feels very much like returning home. I previously served nearly five years as Director of the SEC’s Fort Worth Regional Office, and I have practiced in this field for decades. I’ve always looked back on my prior time at the Commission with great respect and appreciation, and I am honored to now lead the Division. The Enforcement Division has a more than 50-year history of professionalism, rigor, and effectiveness. The staff—lawyers, accountants, paralegals, and so many others—bring extraordinary talent and commitment to the Commission’s mission. The SEC oversees the world’s deepest and most dynamic capital markets. Our markets are the envy of the world, and the Commission’s three-part mission—protecting investors; maintaining fair, orderly, and efficient markets; and facilitating capital formation—is the north star guiding every Enforcement action. That mission matters to everyone who participates in, relies on, or benefits from our capital markets. Today, I want to share a bit about how I intend to lead the Division. Simply put, my role is to ensure that our staff are empowered, supported, and equipped to execute the Commission’s mission. I intend to provide hands-on leadership that allows our teams to focus on the fundamentals – the blocking and tackling if you will, with professionalism, efficiency, and fairness. In doing so, I am committed to ensuring the Division remains the global gold standard in securities law enforcement. As a matter of first principles, my goals are aligned to those of Chairman Atkins: to return the enforcement program back to basics. That means vigorously protecting investors and safeguarding markets, while also providing transparency and certainty to those we regulate. A quick aside, there has been considerable attention paid to the decline in the number of cases brought over the last several years. Let me be clear: this Commission has deliberately shifted toward an emphasis on quality over quantity, and I fully support that direction. Our focus is, and will remain, on protecting investors and safeguarding markets from real harm. That means identifying and stopping fraud and manipulation in all its forms—for instance, offering frauds, accounting and disclosure fraud, insider trading, market manipulation, fraud by foreign actors targeting U.S. markets and investors, and breaches of fiduciary duties by advisers misusing client assets. These are the types of cases contemplated when the Division was created, and these are the cases the Division intends to pursue aggressively during my tenure. Several recent matters reflect this focus on addressing the most harmful misconduct. Offering Frauds First, we continue to bring cases involving offering frauds that have caused significant losses to investors. In one recent matter, we alleged that an individual and his affiliated companies raised more than $770 million from approximately 2,700 investors, many of whom were retail investors, to invest in a fraudulent scheme involving ATMs that—according to the complaint—generated roughly $400 million in investor losses. In another case, we charged an alleged fraudster and his company in connection with a Ponzi scheme in which approximately 300 investors were defrauded of at least $140 million, while the alleged fraudster used millions of dollars of investor funds for personal expenses and payments to earlier investors. These have always been core matters for the Division and will remain so under my watch. Financial Reporting We are also prioritizing financial reporting matters that are important to ensure good corporate accounting and disclosures. For example in early 2026, we brought actions against a large agricultural processing and commodities trading company and three former executives for allegedly inflating the performance of a key business segment touted as an important growth driver. In another matter, we settled with a manufacturing company that we alleged violated the internal accounting controls and books and records provisions related to false entries in its inventory system and adjustments it made after reversing the improper income from those entries. In addition, we settled with two of the company’s executives for allegedly causing the violations. And in a third case, we settled with a public company and charged three of its former executives with allegedly making repeated false and misleading statements in public filings and financial statements to conceal unfavorable information about the company’s management and operations. Market Manipulation and Insider Trading Safeguarding markets necessarily involves addressing market manipulation and insider trading. In December 2025, we filed an action against three Pakistani and U.S. nationals for allegedly carrying out two market manipulation schemes and, with three associates, an approximately $41 million insider trading scheme involving nine potential corporate acquisitions. In another matter, we charged a Russian national for his role in an alleged multi-year scheme in which hundreds of U.S. retail brokerage accounts were hacked and used to manipulate the prices and trading volume of hundreds of securities, generating approximately $31 million in gross proceeds. And just last week, we brought charges against 21 individuals for their alleged involvement in a decade-long insider trading scheme involving misappropriated information from multiple law firms resulting in millions in illicit profits. As noted in the press release, this case highlights the SEC’s unwavering commitment to uncovering sprawling schemes and holding all participants accountable. Private Funds The private fund space is also always subject to close attention. Private investment markets and efforts to broaden access to retail investors can be quite positive, but we must, and will, remain vigilant. We are attuned to potential risks relating to liquidity, fees, valuations, and conflicts of interest—not only at the private fund adviser level but throughout the distribution chain. Firms must ensure their representatives understand the products they sell and the investment profiles, risk tolerance, and liquidity needs of their clients. In the investment adviser space, the Enforcement Division will remain active. We will continue to pursue matters involving misappropriated client assets, inadequate safeguarding of assets; misleading strategy disclosures; undisclosed fees and expenses; fraudulent valuations and mismarking; prohibited trading practices; and undisclosed conflicts of interest. Recent cases illustrate this focus. In one settled matter, the Commission found that a private fund advisor sold loans from its inventory to client funds at prices it represented as fair value but instead used par value less unamortized fees. During the early days of the pandemic, the firm continued this practice without assessing the market disruption’s effect on fair market value, despite observable signs of widening spreads and rising rates. In another matter, we filed two litigated complaints, alleging Ponzi-like schemes involving more than $275 million raised from more than 250 investors. A second complaint charged the portfolio manager who allegedly invested his private fund client in the scheme despite his undisclosed conflicts of interest and awareness of red flags. Those cases remain ongoing. I would also like to specifically mention private credit. When looking at this asset class, we should remember that it was prior banking regulatory decisions that constricted financing for small and growing businesses, which created the opening – and need – for private credit to expand rapidly. There are stresses in some portfolios and developments playing out more broadly across this sector, and we are monitoring the situation. Interagency Cooperation A critical part of our overall approach is strong coordination with federal partners, state securities regulators, and foreign authorities. The Department of Justice, the Commodity Futures Trading Commission (CFTC), the Financial Crimes Enforcement Network (FinCEN), banking regulators, and our foreign counterparts all hold pieces of the enforcement puzzle that the SEC cannot complete on its own. When fraud crosses borders, regulatory sectors, or legal frameworks, no single agency can address it in isolation. Fraudsters do not respect jurisdictional lines, so we must work with our foreign counterparts to counteract increasingly complex schemes that cross borders. We also are returning to a more collaborative and productive posture with our enforcement partners and formalizing information-sharing protocols. This is particularly well underway with the CFTC as part of our harmonization efforts. To be clear, we are not looking for opportunities to pile on. A more focused Division cannot afford unnecessary duplication, and investors deserve a regulatory system that works together effectively. Cross Border Fraud In line with this, I am committed to continuing the important work of the SEC’s Cross-Border Task Force, established last September. The task force brings together Enforcement staff with deep expertise in cross-border matters to identify and stop bad actors who use international borders to frustrate U.S investor protections. Its current work includes investigating potential violations of the U.S. federal securities laws related to foreign-based companies, including potential market manipulation such as “pump-and-dump” and “ramp-and-dump” schemes. The task force is also looking at potential violations by underwriters, auditors, and other gatekeepers who facilitate a foreign company’s access to U.S. markets for fraudulent purposes. Finally, the task force is examining potential securities law violations related to companies from foreign jurisdictions, such as China, where governmental control and other factors pose unique risks to investors. Retail Fraud Working Group Consistent with all these efforts, we will reinstitute the Retail Fraud Working Group, which will focus specifically on protecting retail investors and strengthening coordination with our state and federal partners. Reestablishing this group is one of my earliest priorities, and you will hear more about this in the coming weeks. The Conduct Matters—Before and After the Investigation Begins Let me close with a word to practitioners. When advising your clients operating in today’s enforcement environment, the message is both simple and demanding: we are not focused on prosecuting firms or individuals for honest mistakes that cause no investor harm. If your situation fits that profile, demonstrate it with evidence and facts. The Commission recognizes the difference between error and fraud, and our remedies will be calibrated accordingly. But how the firm engages with the Division during an investigation also matters. A company that self-reports, cooperates fully, and remediates will not be treated the same as one that conceals or obstructs. The takeaway is simple: engage early, engage seriously, and engage candidly. If your client operates in a gray area, take advantage of the Commission’s stated commitment to pre-enforcement dialogue. If we misunderstand your business model, use that opportunity to clarify. The days when a subpoena was our primary tool of communication are behind us. That being said, I want to emphasize that the Division’s staff are some of the finest securities lawyers anywhere. Zealous client advocacy by defense counsel is wanted and expected, but I ask that you respect the Division chain of command, and not assume that you as counsel have a perfect understanding of the Commission’s priorities and what cases will or will not ultimately be brought. Similarly, respect and dialogue go both ways. You should treat our staff with the utmost respect, because that is how we aim to treat you. I hope my tenure will be marked by a return of the SEC’s Enforcement program to what it was always intended to be: a targeted, principled, evidence-based response to conduct that harms real investors. This is a necessary component to ensuring that investors continue to have confidence in participating in the world’s finest capital markets. Thank you.

  Catherine L. Mann explores the UK’s current account deficit and discusses how it is financed by a financial account surplus. She focuses on how energy shocks affect the trade deficit, the role of valuation effects for the UK’s net international investment position, and why changes in the investor base of gilts matter for monetary policy.   Catherine L. Mann Member of the Monetary Policy Committee     Old exposures, new actors: implications for monetary policy of the UK’s external imbalances  

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published a resolution briefing for Central Counterparties (CCPs). The briefing provides practical guidance to National Resolution Authorities (NRAs) on how to operationalise the write-down and conversion of instruments tool (WDCI). Marking an important step in ESMA’s wider efforts to ensure that CCP resolution tools can be effectively applied in a crisis, the briefing supports NRAs in enhancing their preparedness for implementing a WDCI. By promoting consistent practices across jurisdictions, it fosters effective financial markets and financial stability, strategic priorities for ESMA. Developed by ESMA's CCP Resolution Committee, the briefing provides a methodology for NRAs to consider when including WDCI in CCP resolution plans. NRAs should define the relevant data to be collected by the CCPs, with a view to calibrate the resources available through a WDCI. In doing so, NRAs should take into account the impact on relevant stakeholders, such as clearing members, financial markets and financial market infrastructures. NRAs should ensure that processes are in place to implement WDCI effectively, including preparations for the subsequent reorganisation of the CCP following the WDCI has been applied. Following the previous briefings on CCP critical functions and resolution cash calls, this briefing contributes to building a single resolution rulebook with a clear focus on operationalisation of the tools available to NRAs.

 In accordance with the Companies Regulations (Notice of A General Meeting and a Class Meeting in a Public Company and Addition of a Topic to the Agenda), 2000, the Tel-Aviv Stock Exchange Ltd. (hereafter: “the Company”) hereby announces the convening of an annual general meeting, on Tuesday, June 23, 2026 at 14:00, at the offices of the Company on #2 Ahuzat Bayit St., Tel Aviv. On the agenda of the meeting: (1) discussion of the financial statements of the Company and the Board of Directors’ Report on the State of the Company’s Affairs, for the year ended December 31, 2025; (2) Reappointment of the Company's independent auditors and a report on their fees for 2025; all as set out in the report on the convening of the meeting published by the Company on May 12, 2026 (reference no.: 2026- 01-044008) (hereafter: “the Immediate Report”). The annual meeting will convene on Tuesday, June 23, 2026 at 14:00. If adjourned, the meeting will take place on June 30, 2026 at the same time. The record date for the entitlement of the shareholders to vote at the general meeting, as set out in Section 182 of the Companies Law, 1999 (hereafter: “the Companies Law”) is Tuesday June 2, 2026 (hereafter: “the Record Date”). The document appointing a voting proxy (hereafter: “the Letter of Appointment”) will be drawn up in writing and signed by the appointer and, if the appointer is a corporation, it will be signed in a manner that binds the corporation. The Letter of Appointment will be deposited at the offices of the Company at least 48 hours prior to the opening of the meeting or the adjourned meeting, as appropriate. The formats of the voting ballot and the position papers, within their meaning in Section 88 of the Companies Law, are available at the websites of the Israel Securities Authority and the Tel Aviv Stock Exchange Ltd., as follows: Distribution website of the Israel Securities Authority: http://www.magna.isa.gov.il/ (hereafter: “the Distribution Website”); Website of the Tel-Aviv Stock Exchange Ltd.: http://maya.tase.co.il/. Voting by ballot will be executed using the second part of the voting ballot that is attached to the Immediate Report. The voting ballot and the documents that must be attached thereto (hereafter: “the Attached Documents”), as specified in the voting ballot, are to be delivered to the Company’s offices up to 4 hours prior to the time of convening of the meeting. For this purpose, the “time of delivery” is the time at which the Voting Ballot and the Attached Documents arrive at the Company’s offices. An unregistered shareholder (i.e. a person that shares are registered on his behalf with a TASE member and such shares are included in the shareholders’ register in the name of a Nominee Company), shall also be entitled to vote with an electronic voting ballot that will be transmitted to the Company via the electronic voting system not later than 6 hours prior to the time of the meeting. The final date for the submission of position papers to the Company is up to 10 days prior to the date of the meeting.

A summary of Deutsche Börse Group's business indicators for April 2026 is now available on the Deutsche Börse Group website: Trading Statistics There you can also find the Excel file 'Major business figures' containing historic business indicators for the respective reporting segments.

The London Metal Exchange (LME) today is pleased to announce that John Williamson will continue in his role as Chairman of the Board, following the completion of his initial term. Commenting on the appointment renewal, John Williamson said: “I am grateful for the opportunity to continue serving as Chairman of the LME. Over the past three years, the Exchange has navigated a period of significant change and transformation, and I am proud of the progress made by the LME team as we turned strategy into delivery and strengthened our foundations for the future. “It has been a privilege to work closely with the Board and the executive team, whose commitment and expertise continue to underpin the LME’s success. In an increasingly dynamic macroeconomic environment, the role of trusted market infrastructure and resilient price discovery is more important than ever. I look forward to supporting the Exchange as it builds on its strengths, continues to evolve its market and ensures it remains competitive, vibrant and relevant for members and customers around the world.” HKEX Chairman, Carlson Tong, said: “The LME is central to HKEX’s global commodities strategy and we welcome John’s continued leadership of this pivotal global metals institution, helping advance our commitment to building resilient and diverse globally relevant markets. John’s reappointment ensures continuity at Board level as the LME advances its long term strategy, strengthens governance and enhances connectivity between international markets.” HKEX Global Commodities Chairman, Apurv Bagri, said: “John’s leadership has been a real asset to the LME. He has combined deep market insight with a strong focus on governance and stakeholder engagement, helping to position the Exchange for the future, whilst maintaining its core role in the global metals ecosystem. I very much look forward to continuing to work with him as the LME’s strategy progresses.”

At today’s Annual General Meeting, the shareholders of Deutsche Börse AG elected Claudia Nemat to the Supervisory Board. The 57-year-old succeeds Shannon Johnston, who resigned from the Supervisory Board at the end of today’s Annual General Meeting. Claudia Nemat was responsible for the Technology and Innovation division on the Executive Board of Deutsche Telekom AG until the end of 2025. Prior to that, she headed the company’s European operations as CEO. She began her professional career at McKinsey & Company, where she most recently served as a senior partner and Co-Lead of Consulting in the global technology sector. Since last year, the physicist has been a member of the Board of Directors at the Swiss technology company ABB Ltd. and has recently been appointed to the Supervisory Board of Daimler Truck Holding AG. Before that, she held Supervisory Board positions at Airbus SE from 2016 to 2025 and at Lanxess AG from 2013 to 2016. The Supervisory Board of Deutsche Börse AG has a total of 16 members. The complete voting results of the Annual General Meeting 2026 are available at www.deutsche-boerse.com/agm.

The FCA has announced 2 permanent appointments to its executive team, strengthening leadership at a pivotal time for UK and global financial markets.  Simon Walls appointed executive director, markets Simon Walls has been appointed permanent executive director, markets. Having taken on this role on a temporary basis since 2024, his appointment provides continuity at a vital and volatile time for the UK and global economy. Simon will be able to drive forward work he has already started to strengthen our approach on wholesale markets and to ensure a more resilient financial system by rebalancing risk and supporting growth.    Simon joined the FCA in 2006 and has held senior roles across wholesale markets, including policy, asset management and banking supervision. He played a key role in navigating significant events affecting markets, including the LIBOR (the London Interbank Offered Rate) transition and the UK’s exit from the EU.   Simon Walls said: 'Britain’s financial markets have been defined for centuries by innovation, openness and integrity. I’m delighted to lead such a committed and professional team at the FCA as we deliver our ambitious markets work to further these traditions. In partnership with government and industry, we are building momentum - ensuring great outcomes for domestic and international users of markets.' Johan Sekora to join as chief operating officer Johan Sekora has been appointed as chief operating officer, relocating from Stockholm to take up the role at the start of June. Johan will play a central role in supporting the FCA’s strategy and ambition to be a smarter, more effective regulator. Johan brings over 25 years’ experience in financial services. A leading European voice on the importance of industry collaboration and the use of technology to tackle financial crime, Johan has worked extensively on accelerating the use of data and artificial intelligence to address emerging risks. Johan Sekora said: 'I very much look forward to joining the FCA team. As the leading and largest European regulator, the FCA leads from the front in many regulated areas by protecting customers, driving smarter regulation, and combatting financial crime through collaboration and the use of AI.' Nikhil Rathi, chief executive of the FCA said: 'A strong leadership team is a crucial part of us being the smarter regulator we aspire to be. Simon’s appointment provides continuity as we continue to reform our wholesale markets, while Johan brings significant international experience that will help us operate more efficiently and effectively in the interests of consumers, markets and the wider economy.' Background Simon has held a range of roles in wholesale markets across 20 years at the FCA (previously the FSA), including the supervision of buy-side, sell-side and infrastructure firms. He was the head of the wholesale markets department from 2016, before taking up the post of director of sell-side in 2022. Prior to joining the FSA, Simon started his career on the graduate scheme at the Bank of England and holds qualifications in Economics and Law. Johan joins the FCA from SEB, a major Swedish bank, where he was global head of financial crime prevention. He has also served as chair of SAMLIT, the Swedish banking sector’s financial crime collaboration with the Swedish Police. Prior to joining SEB, he spent 20 years with HSBC in the UK and internationally, most recently as global chief operating officer, regulatory compliance. Johan holds a degree in Politics and Parliamentary Studies from Leeds University.

The Commodity Futures Trading Commission today filed an amicus brief in the U.S. Court of Appeals for the Sixth Circuit asserting the CFTC’s exclusive jurisdiction over prediction markets. The brief was filed in KalshiEx LLC v. Matthew T. Schuler, et al., No. 26-3196. The filing represents another step in the CFTC’s broader effort to protect its jurisdiction over prediction markets from an ongoing campaign of state encroachment. The amicus brief outlines the comprehensive regulatory scheme designed by Congress, which is implemented by the CFTC, and details how that comprehensive regulatory structure preempts state laws as applied to CFTC-regulated markets.  “The federal district court in Ohio took an improperly narrow view of the Commission’s jurisdiction, and we are asking the Court of Appeals to correct that error,” said CFTC Chairman Michael S. Selig. “As I’ve said repeatedly, the CFTC will not allow overzealous state governments to undermine the agency’s longstanding authority over these markets.” The CFTC has previously filed lawsuits against Arizona, Connecticut, Illinois, New York, and Wisconsin, and secured a preliminary injunction against state regulation of CFTC-regulated prediction markets in Arizona. The CFTC has also filed amicus briefs in the U.S. Court of Appeals for the Ninth Circuit and the Supreme Judicial Court of Massachusetts. RELATED LINKS Amicus Brief

EquiLend, a global leader in securities finance technology, data, and analytics, today announced the acquisition of Finadium, a premier research and consultancy firm serving the securities finance, repo, collateral, and capital markets infrastructure industries. Finadium will operate as an independently functioning subsidiary of EquiLend. Its research will remain editorially independent, and Josh Galper will remain as leader of the firm, overseeing its day-to-day operations. “This acquisition deepens our ability to serve clients across the securities finance industry,” said Rich Grossi, CEO of EquiLend. “Finadium has built an exceptional reputation for impartial, best-in-class thinking and consulting, and we’re committed to preserving that independence while investing to broaden and expand its consultancy services, enhancing the support available to meet the evolving needs of all market participants.” “We are very pleased to join the EquiLend family,” said Josh Galper, leader of Finadium. “The markets are changing fast, and developing our franchise in partnership with EquiLend will support the entire funding and financing industry. We’re excited to maintain our editorial independence while delivering world-class market intelligence and consulting to both EquiLend clients and a diverse range of market participants globally.” Finadium serves a global client base with research reports, data products, and consulting services focused on securities finance, repo, prime brokerage, and related capital markets topics. The acquisition expands EquiLend’s access to market intelligence, consultancy capabilities, and reinforces its position as a comprehensive resource for the global securities finance community.

Participants from ISDA’s Future Leaders in Derivatives (IFLD) program discuss the opportunities and issues raised by the shift to digital assets and the insights gained from collaborating with peers through the IFLD. Nikita Cotton, senior associate at Morgan, Lewis & Bockius, and Claire Gerrand, senior research lead at D2 Legal Technology, share their perspectives with Andrew Bayley, senior director, regulatory reporting transformation EMEA, at ISDA.

Julia Hueckel, director of global regulatory policy at Coinbase, and Chris Zuehlke, global head of Cumberland and partner at DRW, speak with Nicolette Cone, ISDA’s chief of staff and associate general counsel, on the rapidly evolving legislative framework for digital assets in the US, and whether regulatory guidance on tokenized collateral is helping to unlock wider adoption in derivatives markets.

Good morning and thank you Robert for that kind introduction. I’m excited to be here speaking with you all today. As is customary, I must note that the views I share today are my own as Chairman and don’t necessarily reflect those of the Commission. I’d like to begin with a simple but important premise: modern financial markets are too complex, too fast-moving, and too interconnected to be effectively overseen by government agencies alone. That is precisely why self-regulatory organizations exist and continue to matter. Effective oversight in modern markets requires both scale and specialization. Organizations like FINRA and the NFA sit right at the center of that design. They’re closer to the day-to-day activity. They see trends earlier. They can respond faster. And importantly, they bring a level of technical expertise that complements what federal regulators are doing. FINRA’s oversight of broker-dealers, for example, provides more robust oversight of member firms than the SEC could perform alone. Similarly, on the derivatives side, the NFA’s oversight of swap dealers provides a level of continuous supervision that would be difficult for the CFTC to replicate on its own. Having spent time at the SEC and as a securities lawyer, I came to appreciate just how much the regulatory ecosystem depends on FINRA functioning effectively. The system works because FINRA is embedded in it. But even good systems can be better, and one of the biggest opportunities right now is coordination. We live in an increasingly convergent financial ecosystem where activities span both securities and derivatives markets, resulting in CFTC and SEC jurisdictions frequently overlapping. To navigate this, I’m working with Chairman Atkins to harmonize our agencies’ policymaking and oversight to better serve the American people. In recent months, we’ve entered into a memorandum of understanding, launched a joint harmonization initiative, joined the SEC’s Project Crypto, and advanced a common-sense crypto asset taxonomy to deliver clarity to our nation’s builders and innovators. These examples are just the beginning. I expect both of our agencies will soon issue joint requests for comment as the first step toward completing rules for portfolio margining and swap data reporting. There have been ongoing efforts to better align swap data reporting under CFTC rules with security-based swap reporting under SEC Regulation SBSR. This coordination is aimed at reducing discrepancies between the agencies’ rules and improving data quality and usability. We’re also coordinating enforcement like never before. Our parallel actions and information sharing have reduced the risk of duplicative or inconsistent outcomes for the same underlying conduct. When the CFTC and SEC operate in true alignment, whether through coordinated rulemaking, unified priorities, or by simply having staff of both agencies working together, the impact is significant. This collaborative approach not only streamlines compliance and reduces costs for market participants but also enhances regulatory effectiveness, reduces confusion, and strengthens the overall integrity of financial markets. Harmonization between the CFTC and SEC isn’t just efficient, it’s common sense. But the buck doesn’t stop with federal agencies. In order for harmonization to be fully effective, SROs must also coordinate. FINRA and the NFA operate in increasingly overlapping territory. The lines between securities and commodity derivatives are ever-changing, leaving firms navigating both regimes at once, sometimes in ways that weren’t envisioned when the rules were first written. We have a real opportunity here for greater collaboration. Not to merge identities or flatten important differences, but to align the organizations in ways that help regulators and market participants. Coordinated exams, more alignment with recordkeeping, and surveillance. Consistent approaches where appropriate. Shared insights on emerging risks. At the end of the day, market integrity isn’t achieved in silos. It’s the result of a system where regulators, SROs, and market participants are all moving in the same direction, even when they’re playing different roles. SROs are a critical adjuvant to federal market regulation. They extend the reach of regulators, bring expertise to the front lines, and create a feedback loop between policy and practice that makes our entire framework stronger. If we can continue to align where alignment adds value while preserving the specialization that makes each part of the system effective, we move closer to a framework that is not just comprehensive, but internally consistent. And for those of you in the audience who work in legal or compliance, that consistency is not just a convenience, it’s what allows you to allocate resources more effectively, reduce costs and interpretive risk, and focus on what actually matters. That’s a goal worth pursuing. Thank you, and I look forward to the fireside chat.

The Ontario Securities Commission’s Investor Advisory Panel (IAP) today released its 2025 Annual Report  summarizing its activities, submissions, consultations, and meetings. The past year saw a continuation of significant developments that affect retail investors, including advances in technology, more variety in investment products and ways to invest, and increasing uncertainty concerning the economy and the broader geo-political environment. The work of the IAP focused on understanding how these issues are impacting retail investors and then providing the retail investor perspective to the policy and rule-making initiatives of the Commission. The Panel raised issues and made recommendations across a variety of initiatives, reflecting its view that investor protection is essential to realizing all parts of the OSC’s mandate. “Given the rapid pace of change and innovation and the challenging geo-political environment, the IAP believes its work to help bring the views of retail investors and an investor protection lens to OSC policy and rule-making initiatives is vital to healthy, vibrant and safe capital markets,” said IAP Chair Jim Sinclair. “We will continue to focus on the impact of new developments on retail investors and the capital markets, and the need for new strategies and tools, along with a regulatory framework that is proportionate, and maintains a focus on investor protection and the rule of law. We will also continue to develop our knowledge and understanding of issues affecting investors and the capital markets, and further our outreach so we can be suitably prepared to identify and advise the OSC on challenges as they arise for both investors and the capital markets more broadly.” To help the OSC fulfil its investor protection mandate, the IAP’s advice in 2025 covered a wide range of issues and policies related to individual investors, capital formation and competitiveness. It highlighted the importance of collaboration and harmonization within Canada to enhance investor protection and supported the OSC’s leadership on international working groups and its monitoring of international developments. In particular, the IAP recommended the OSC pursue or continue to pursue what the IAP considers to be key opportunities to enhance investor protection, including: Providing disclosure that is accessible, clear and easy to understand for investors especially do-it-yourself investors. Allowing for additional tools, resources and supports to assist investors in their decision-making, together with appropriate safeguards. Considering whether additional measures are needed to regulate finfluencers and reduce or restrict digital engagement practices. Expanding the tools and strategies available to respond to wrongdoing, including enhanced freeze powers and the power to dispose of frozen assets and impose higher sanctions. Finalizing and implementing binding authority for the Ombudsman for Banking Services and Investments as soon as possible and making resources available to investors to make the dispute resolution process as clear and easy to understand as possible. Providing regulatory guidance and setting expectations so the responsibilities (including liabilities) for the risks associated with the deployment and use of AI tools and strategies are clear to all market participants and investors. Assessing the impact on investor protection when considering capital formation initiatives, such as permitting long-term asset funds to be sold to retail investors, and evaluating the investor protection mechanisms that can support effective capital formation. The IAP commends the OSC for its continued efforts to ensure consistency across the regulatory landscape and to guard against systemic risk. The Panel supports the OSC’s outreach to Ontario investors, and notably its Action Plan for Truth and Reconciliation, and looks forward to ongoing engagement with OSC staff as the OSC continues to deliver on its commitments in its Strategic Plan.