The Federal Reserve Board announced on Friday that Adriana D. Kugler will step down from her position as governor of the Federal Reserve Board, effective August 8, 2025. Dr. Kugler, who has served as a governor since September 13, 2023, submitted her letter of resignation to President Trump and will return to Georgetown University as a professor this fall. The text of the letter from Governor Kugler is attached. "It has been an honor of a lifetime to serve on the Board of Governors of the Federal Reserve System," said Governor Kugler. "I am especially honored to have served during a critical time in achieving our dual mandate of bringing down prices and keeping a strong and resilient labor market." "I appreciate Dr. Kugler's service on the Board and wish her very well in her future endeavors," said Federal Reserve Board Chair Jerome H. Powell. "She brought impressive experience and academic insights to her work on the Board." As a governor, Dr. Kugler was an active member in multiple committees including the Committee on Financial Stability, the Committee on Federal Reserve Bank Affairs, the Committee on Board Affairs, and the Subcommittee on Smaller Regional and Community Banking. She was also the Board's representative to the Center for Latin American Monetary Studies. She visited 10 of the 12 Federal Reserve districts and visited a range of communities during her time as a governor. Prior to her appointment, Dr. Kugler held multiple positions at Georgetown University, including as vice provost for faculty and as professor of public policy at the McCourt School, where she will return in the fall of 2025. Immediately before coming to the Board, she served as U.S. executive director at the World Bank, and in that role she was awarded the Chase Award by the U.S. Department of Treasury for her contributions to the multi-lateral development system. She also served as chief economist at the U.S. Department of Labor between 2011-2013. She graduated with her Ph.D. in economics from the University of California at Berkeley and from McGill University with first class joint honors degrees in economics and political science.  Attachment (PDF)

A total turnover of 4.847 billion shares worth N149.755 billion in 174,267 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 3.691 billion shares valued at N112.261 billion that exchanged hands last week in 138,250 deals. Click here for full details.

An FCA spokesperson said: 'We welcome that the Supreme Court has clarified the lawLink is external  and are grateful to the Court for delivering the judgment after the market closed. 'It will take time to digest the judgment. 'We want to bring greater certainty for consumers, firms and investors as quickly as possible. 'We will be working through the weekend to analyse the judgment and determine our next steps. 'We said we would set out within 6 weeks whether we would consult on a redress scheme. But we want to provide clarity as quickly as possible. 'So, we will confirm whether we will consult on a redress scheme before markets open on Monday 4 August. 'Our aims remain to ensure that consumers are fairly compensated and that the motor finance market works well, given around 2 million people rely on it every year to buy a car. 'If we do decide to propose a redress scheme, we'll consult widely. In designing a redress scheme, as we have previously said, we will balance principles including fairness, timeliness, and certainty.'

The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of July 1, 2025, through July 31, 2025. Under the CRA, the OCC assesses an institution’s record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with the safe and sound operation of such institution. The list includes the national banks, federal savings associations, and insured federal branches of foreign banks that have received CRA ratings. Possible ratings assigned are outstanding, satisfactory, needs to improve, and substantial noncompliance. The CRA evaluations released are: InstitutionCityStateCRA Rating The First National Bank of Hartford Hartford AL Satisfactory Chino Commercial Bank, N.A. Chino CA Satisfactory EH National Bank Beverly Hills CA Satisfactory TD Bank, N.A. Wilmington DE Outstanding First Mid Bank and Trust, N.A. Mattoon IL Satisfactory The Riddell National Bank Brazil IN Satisfactory American National Bank of Minnesota Baxter MN Satisfactory Credit One Bank, N.A. Las Vegas NV Outstanding Farm Bureau Bank, FSB Reno NV Satisfactory Greenville Federal Greenville OH Satisfactory The National Bank of Adams County of West Union West Union OH Outstanding First Federal Savings and Loan Association of McMinnville McMinnville OR Outstanding Texas Gulf Bank, N.A. Houston TX Satisfactory Ladysmith Federal Savings and Loan Association Ladysmith WI Outstanding Big Horn Federal Savings Bank Greybull WY Outstanding   The OCC's website offers access to a searchable list of all public CRA evaluations issued since April 1996. The OCC also publishes a list of institutions to be examined for compliance with the CRA in the next two calendar quarters.

The Securities and Exchange Commission announced today that its Crypto Task Force will host a series of roundtables across the country to provide opportunities for additional stakeholders to meet with Commissioner Hester Peirce, who leads the Crypto Task Force. “We want to hear from people who were not able to travel for the roundtables that took place this past spring in Washington, D.C. and may not have had a voice in past policymaking efforts,” said Commissioner Peirce. “The Crypto Task Force is acutely aware that any regulatory framework will have far-reaching effects, and we want to ensure that our outreach is as comprehensive as possible.” Commissioner Peirce and members of the Crypto Task Force will be visiting cities across the U.S. in the coming months (please see the tentative schedule listed below), and they are particularly interested in hearing from representatives of crypto-related projects that have 10 or fewer employees and are less than two years old. To request to join Commissioner Peirce for a Crypto Task Force on the Road conversation about such a project, please email crypto@sec.gov with the subject line “Crypto on the Road” and include the name of the city where you want to meet. In your submission, please include: Attendee name(s) [please limit to one or two project representatives] A brief description of your team’s make-up and your project To promote open dialogue and continue the transparency of its public engagement, the Crypto Task Force plans to post a list of the projects that participate in these meetings. Crypto Task Force on the Road Schedule August 4: Berkeley, Calif. August 19: Boston September 4: Dallas September 15: Chicago September 25: New York City October 3: Irvine, Calif. October 24: Cleveland October 29: Scottsdale, Ariz. November 12: New York City December 5: Ann Arbor, Mich. While the Crypto Task Force may not be able to meet with every party, it is committed to providing many paths for engagement, including through written input.

In July 2025, total trading volumes across Moscow Exchange's markets was RUB 149 trln. Equities Market Trading volume in shares, DRs and investment fund units was RUB 3.2 trln. ADTV was RUB 103.1 bln. In July 2025, the market was open for trading on 31 days, eight of which were weekends. Bonds Market Turnover in bonds reached RUB 4.2 trln, excluding overnight bonds. ADTV was RUB 174.8 bln. The total volume of bond issues and buybacks amounted to RUB 2.3 trillion. This included the placement of RUB 409 billion of overnight bonds. Derivatives Market Trading volumes on the market reached RUB 10 trln. ADTV was RUB 419.3 bln. Money Market Money Market turnover was RUB 116.5 trln. ADTV was RUB 4.9 trln. The CCP-cleared repo segment reached RUB 54.8 trln, including the GCC repo segment which totalled RUB 50.8 trln. Read more on the Moscow Exchange: https://www.moex.com/n92491

Deutsche Börse’s cash markets generated a turnover of €137.45 billion in July (previous year: €101.80 billion / previous month: €138.00 billion). €133.30 billion were attributable to Xetra (previous year: €98.60 billion / previous month: €134.63 billion), bringing the average daily Xetra trading volume to €5.80 billion (previous year: €4.29 billion / previous month: €6.41 billion). Trading volumes on Börse Frankfurt were €4.16 billion (previous year: €3.21 billion / previous month: €3.38 billion). By type of asset class, equities accounted for €109.24 billion in the entire cash market. Trading in ETFs/ETCs/ETNs generated a turnover of €26.19 billion. Turnover in bonds was €1.00 billion, in certificates €0.98 billion and in funds €0.05 billion. The DAX stock with the highest turnover on Xetra in June was Rheinmetall AG with €9.06 billion. RENK Group AG led the MDAX with €1.71 billion, while Salzgitter AG led the SDAX index with €221.17 million. In the ETF segment the iShares Core EURO STOXX 50 UCITS ETF (DE) generated the largest volume with €1.23 billion. Trading volumes July 2025 in billion euros:   Xetra Frankfurt Total Equities 107.29 1.95 109.24 ETFs/ETCs/ETNs 26.01 0.18 26.19 Bonds - 1.00 1.00 Certificates - 0.98 0.98 Funds - 0.05 0.05 July ‘25 in total 133.30 4.16 137.45 June ‘25 in total 134.63 3.38 138.00 July ‘24 in total 98.60 3.21 101.80 Further details are available in Deutsche Börse’s cash market statistics. For a pan-European comparison of trading venues, see the statistics provided by the Federation of European Securities Exchanges (FESE).

Nasdaq (Nasdaq:NDAQ) today publishes monthly trade statistics for the Nordic1 and Baltic2 markets. Below follows a summary of the statistics for July 2025: The share trading increased by 4.68% to a daily average of 2.669bn EUR, compared to 2.578bn EUR in July 2024. Compared to the previous month, June 2025, the daily average decreased by 16.9%. Cleared derivatives volume decreased by 2.0% to a daily average of 207,043 contracts, compared with 211,314 contracts in July 2024. ETF trading3 (Exchange Traded Funds) decreased by 12.4% to a daily average of 31.3m EUR compared to 35.7m EUR in July 2024. Novo Nordisk A/S was the most traded stock per day during the past month, followed by SAAB AB. Goldman Sachs Bank Europe SE was the most active member during the past month, followed by Morgan Stanley Europe SE. Nasdaq Nordic’s share of order-book trading in our listed stocks decreased to 71.9%, compared to 73.3% in the previous month4. The average order book depth at the best price level was larger at Nasdaq Nordic than the second most liquid trading venue, see detailed figures per exchange: For OMXC25 companies 2.1 larger For OMXH25 companies 4.7 larger For OMXS30 companies 2.6 larger Nasdaq Nordic’s average time at EBBO5 (European Best Bid and Offer) was: For OMXC25 companies 75.2% (-1.82% from June) For OMXH25 companies 83.6% (-1.84% from June) For OMXS30 companies 84.8% (+0.2% from June) 1) Nasdaq Copenhagen, Helsinki, Iceland and Stockholm2) Nasdaq Riga, Tallinn and Vilnius.3) ETF trading figure includes Nasdaq Copenhagen, Helsinki, Iceland and Stockholm.4) Included are the main European marketplaces that offer trading in Nasdaq Nordic listed shares. Source: BMLL5) EBBO (European Best Bid and Offer) refers to the current best price available for selling or buying a trading instrument such as a stock. Source: BMLL

The Hashgraph Group (THG), a Swiss-based international business, venture capital, and technology company operating within the Hedera ecosystem, today launched its pioneering Self-Sovereign Identity (SSI) platform, “IDTrust”. Decentralized by design with core principles of offering users full control over their personal data through a digital ID wallet, including seamless portability and interoperability, IDTrust enables individuals and institutions to securely issue and verify credentials. This product launch signals THG’s commitment to enabling a truly open and vendor-agnostic digital identity ecosystem that supports the alignment with national and international identity initiatives. Traditional identity systems are fragmented and rely on centralized authorities and intermediaries for credential issuance and verification. These outdated models introduce significant challenges: siloed data, user tracking, high costs, security risks, and weak privacy guarantees. Self-sovereign identity transforms this model using decentralized identifiers (DIDs), verifiable credentials (VCs), and secure digital ID wallets, enabling individuals and organizations to exchange trusted identity claims on a peer-to-peer basis without relying on centralized infrastructure. This approach defines interoperable agents for issuing, verifying, and revoking credentials. Hedera is the ideal trust layer for decentralized identity registries in the digital economy due to its enterprise-grade performance, highest security standards, low predictable fees, carbon-negative footprint, and technical maturity. IDTrust redefines digital identity by enabling individuals, enterprises, and governments to issue and verify digital credentials, providing greater trust, authenticity, and security in the digital world. Built by THG on Hedera’s secure and energy-efficient distributed ledger technology (DLT) network, and enhanced with Agentic AI, the IDTrust platform offers a privacy-first digital identity solution with user control, credential portability, and cross-platform interoperability at its core. It enables users to maintain control over personal data while enabling seamless movement of credentials between service providers and across platforms, including access to e-government services and systems. For individuals, this means reclaiming ownership and privacy over personal data; for enterprises, simplified onboarding procedures, trusted consumer engagement, and reduced operational costs; and for governments, a compliant standards-based and fully interoperable solution that seamlessly integrates with national digital identity frameworks. Designed to support the alignment with digital identity initiatives such as the eIDAS 2.0 in the EU, the UK Digital Identity Trust Framework, and the upcoming Swiss e-ID system, IDTrust allows participants across a multitude of sectors to engage in trusted, verifiable digital interactions without the risk of vendor lock-in or ecosystem isolation. Stefan Deiss, Co-Founder & CEO of THG, said, “With the prevailing concerns about digital identity fraud and misuse of user data, we believe this is a critical moment to launch a truly self-sovereign, privacy-first digital identity solution for the global market. By launching our Hedera-powered and Agentic AI-enabled IDTrust platform on Swiss National Day, we align with Switzerland’s leadership in digital trust, data protection, and innovation, while supporting the furtherance of national and international initiatives to advance secure digital ID technology, infrastructure, and compliance.” The timing of THG’s IDTrust product launch coincides with the recent announcement by the Swiss Federal Council to open a consultation process on an ordinance regulating the details of electronic identification (e-ID) in Switzerland. As Switzerland prepares to roll out its national identity system that will enable citizens to engage with authorities and companies in a secure and efficient digital environment, IDTrust offers a robust, secure, and modular identity architecture that supports public sector integrations, while accelerating private sector innovation. This reflects THG’s broader vision of developing enterprise-grade infrastructure that bridges national identity with global digital trust. In close strategic alignment with The Hashgraph Association (THA), THG is open-sourcing a suite of SDKs via Linux Foundation Decentralized Trust (LFDT) under “Project Hiero” - the open-source distributed ledger technology project that includes all the core software to deploy and interact with Hedera. THG will open-source its DID SDK, Issuer SDK, Verifier SDK, and the Identity Client SDK, enabling developers with essential modular building blocks for identity issuance, verification, and digital wallet integration. By abstracting the technical complexity and adhering to global standards, IDTrust ensures digital identity systems are interoperable and ready for real-world use at scale. Kamal Youssefi, President of THA, said, “The launch of this self-sovereign identity product developed by THG is a pivotal milestone towards empowering the Hedera community, further accelerating its global ecosystem growth and driving the utilization of the Hedera network, while contributing to open-sourcing under the project Hiero for furtherance of national and international efforts to advance secure digital ID technology and infrastructure. THA continues to foster innovation and champion Hedera community empowerment to establish a digital future for all, leveraging Hedera as the trust layer of the digital economy.” The IDTrust platform can be deployed to support issuance of a wide range of verifiable credentials, including speeding up KYC checks, opening bank accounts, sharing medical records, streamlining employee authentication, enhancing client onboarding, complying with EU Digital Product Passport (DPP) regulations for transparency and traceability in supply chains, enhancing consumer loyalty and engagement, proving professional and academic certifications, residence certificates, driver’s licenses, and accessing e-government services. IDTrust has been integrated into one of the Big Four consultancy firms for employee digital identity and tested in one of the largest banks in Africa for digital identity management, including a Ministry of Education for verifiable education credentials. The Symera WeSuite solution for AdTech applies IDTrust in an innovative way, allowing brands and advertisers to engage their target audiences with precision by prioritizing consumer privacy and transforming the way consumers are engaged and rewarded for interactions and gamification with global brands. Another real-world application of the IDTrust platform is through Tulupay Identity, which is bridging Web2 and Web3 identity to enhance the digital identity management systems for various Ministries of Education across Africa. Micha Roon, Head of Engineering at THG, added, “This launch is not only a pivotal technological milestone for THG but confirmation of our ambition to build a decentralised identity infrastructure that is open, secure, and widely available for everyone around the world to use. By providing the IDTrust platform with our open-source SDKs, we are empowering both individuals and institutions to establish verifiable digital credentials without compromising privacy and security.” IDTrust is built on open standards such as Decentralized Identifiers (DIDs), OpenID4VCI, and OpenID4VP, and leverages the Hedera Consensus Service (HCS) for tamper-proof record integrity and IPFS for decentralized storage. These foundations enable user credentials to move seamlessly across platforms, industry sectors, and national borders, thereby simplifying identity verification and providing greater trust, authenticity, and security in the digital world. Technically robust, the IDTrust platform abstracts complexity to prioritize usability and real-world adoption at scale. For more information about IDTrust, interested parties can visit www.hashgraph-group.com.

Solactive is pleased to announce that it has assumed the role of index administrator for the JP Morgan Asset Management Carbon Transition Global Equity Index, effective 31 July 2025. This transfer of ownership and administration, initiated by J.P. Morgan Asset Management, reflects the firm’s alignment with the European Union’s Benchmarks Regulation (BMR), which mandates the use of EU-registered index administrators for financial products offered within the European Union. The index, which tracks by the $1.2 billion JPM Carbon Transition Global Equity (CTB) UCITS ETF (JPCT), will be renamed the Solactive JP Morgan Asset Management Carbon Transition Global Equity Index upon the effective date. Solactive has served as the index’s calculation agent and will now also provide full index administration services in accordance with its ESMA registration.Applied by the EU in 2018, the BMR aims to enhance the reliability and transparency of financial benchmarks. Under the regulation, administrators located outside the EU—so-called “third country” entities—must be either recognized or endorsed for their benchmarks to remain usable within the EU. With the final transition deadline set for 31 December 2025, this administrative change ensures the ETF remains fully compliant.1  The Solactive JP Morgan Asset Management Carbon Transition Global Equity Index is designed to align with the objectives of the EU Climate Transition Benchmark (CTB) regulation. It selects and weights companies from the Solactive GBS Developed Markets All Cap Index, aiming to meet key environmental criteria including an immediate 30% reduction in greenhouse gas (GHG) intensity compared to the investable universe and a minimum annual 7% decarbonization trajectory. The index applies a multi-layered screening process that excludes controversial sectors and companies violating key ESG norms, followed by the application of a proprietary Carbon Score framework. This framework incorporates a company’s current emissions profile and forward-looking decarbonization targets, with particular emphasis on Scope 1, 2, and 3 emissions. Sector neutrality and diversification constraints are also applied to maintain index representativeness and risk balance. Timo Pfeiffer, Chief Markets Officer at Solactive, commented: “As a registered index administrator under ESMA supervision, we are proud to support J.P. Morgan Asset Management in maintaining regulatory compliance while advancing sustainable investment practices. This transition underscores Solactive’s commitment to providing reliable and regulation-aligned indexing solutions that enable our partners to meet evolving global standards.” [1] Implementing and delegated acts – Benchmarks Regulation; European Commission

The performance of European capital markets in the second quarter of 2025 was relatively subdued, based on data from the FESE membership, unfolding against a back drop of slowing economic growth in the euro area and the EU, as shown by Eurostat’s preliminary flash estimate for the quarter. At the same time, elevated geopolitical risks and persistent trade tensions continued to cloud the broader outlook.   Capital Markets Fact Sheet Q2 2025   While new listings fell in Q2 2025, returning to levels similar to those in the same quarter of 2024, total investment flows increased   Equity trading saw a slight decrease in both the number of trades and turnover compared to Q1 2025     Bond trading slowed down in Q2 2025  

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On Wednesday, July 30, 2025, I dissented from the Federal Open Market Committee's (FOMC) decision to maintain the target range for the federal funds rate at its current level. As the Committee's post-meeting statement notes, I preferred to lower the target range for the federal funds rate by 25 basis points.1 Inflation has moved considerably closer to our target, after excluding temporary effects from tariffs, and the labor market remains near full employment. With economic growth slowing this year and signs of a less dynamic labor market, I saw it as appropriate to begin gradually moving our moderately restrictive policy stance toward a neutral setting. In my view, this action would have proactively hedged against a further weakening in the economy and the risk of damage to the labor market. The U.S. Economy Has Remained ResilientThe U.S. economy has remained resilient in the first half of the year. Although underlying economic growth has slowed markedly, the labor market has remained stable near estimates of full employment. We have also seen meaningful progress in lowering inflation toward our 2 percent target, excluding tariff-related increases in goods prices. Private domestic final purchases have increased at a much slower pace this year as compared to strong gains in 2024, reflecting softening consumer spending, and declining residential investment. This weakness in demand likely reflects elevated interest rates, slower growth in personal income, and smaller liquid asset buffers and elevated credit card utilization rates among lower-income households. Total payroll employment continued to increase moderately, and the unemployment rate remained historically low in June. However, the labor market has become less dynamic and shows increasing signs of fragility. The employment-to-population ratio has dropped significantly this year, businesses are reducing hiring but continue to retain their existing workers, and job gains have been centered in an unusually narrow set of industries that are less affected by the business cycle, including health care and social services. In the absence of tariff effects on goods prices, the 12-month change in core personal consumption expenditures (PCE) prices would have been less than 2.5 percent in June, lower than its elevated reading of 2.9 percent in December and considerably closer to our 2 percent target. This progress reflects the recent considerable slowing in core PCE services inflation, which is consistent with recent softness in consumer spending and the labor market no longer being a source of inflation pressures. Increased Concerns about Our Employment MandateIn terms of risks to achieving our dual mandate, I see that upside risks to price stability have diminished as I gain even greater confidence that tariffs will not present a persistent shock to inflation. With inflation on a sustained trajectory toward 2 percent, softness in aggregate demand, and signs of fragility in the labor market, I think that we should start putting more weight on risks to our employment mandate. Thus far, with the memories of pandemic worker shortages still fresh, firms have resisted reducing their work forces in response to the slowing economic conditions. And they have appeared to be more willing to reduce profit margins as they are less able to fully pass through higher costs and raise prices given the weakness in demand. If demand conditions do not improve, firms may have little option other than to begin to lay off workers, recognizing that it may not be as difficult to rehire given the shift in labor market conditions. The Policy Path as I See ItWith tariff-related price increases likely representing a one-time effect, it is appropriate to look through temporarily elevated inflation readings. As I recognize that economic conditions are shifting, I believe that beginning to move our policy rate at a gradual pace toward its neutral level will help maintain the labor market near full employment and ensure smooth progress toward achieving both of our dual-mandate goals. I see the risk that a delay in taking action could result in a deterioration in the labor market and a further slowing in economic growth. Taking a proactive approach in moving closer to neutral would avoid an unnecessary erosion in labor market conditions and reduce the chance that the Committee will have to carry out a significantly larger policy correction at a future date. In my view, it is also important that the Committee's approach to monetary policy decision making is consistent over time—especially when we are facing shifting economic conditions. I recognize and appreciate that other FOMC members may see things differently and that they were more comfortable with leaving the target range for the policy rate unchanged. I remain committed to working together with my colleagues to ensure that monetary policy is appropriately positioned to achieve our dual goals of maximum employment and price stability. 1. The descriptions of economic conditions contained in this statement are based solely on the information that was available to the Committee at the time of the meeting. 

At the most recent Federal Open Market Committee (FOMC) meeting, I dissented because I concluded that cutting the policy rate by 25 basis points was the appropriate stance of policy. In a speech I gave July 17, I laid out the case for cutting the policy rate at the July FOMC meeting and my views have not changed since then. I will recap the reasons for doing so. First, tariffs are one-off increases in the price level and do not cause inflation beyond a temporary increase. Standard central banking practice is to "look through" such price-level effects as long as inflation expectations are anchored, which they are. Second, a host of data argues that monetary policy should now be close to neutral, not restrictive. Real gross domestic product (GDP) growth was 1.2 percent in the first half of this year and is expected to remain soft for the rest of 2025, much lower than the median of FOMC participants' estimates of longer-run GDP growth. Meanwhile, the unemployment rate is 4.1 percent, near the Committee's longer-run estimate, and total inflation is close to our target at just slightly above 2 percent if we put aside tariff effects that I believe will be temporary. Taken together, the data imply the policy rate should be around neutral, which the median FOMC participant estimates is 3 percent, and not where we are—1.25 to 1.50 percentage points above 3 percent. My final reason to favor a cut now is that while the labor market looks fine on the surface, once we account for expected data revisions, private-sector payroll growth is near stall speed, and other data suggest that the downside risks to the labor market have increased. With underlying inflation near target and the upside risks to inflation limited, we should not wait until the labor market deteriorates before we cut the policy rate. I fully respect the views of my colleagues on the FOMC that suggest we need to take a "wait and see" approach regarding tariffs' effects on inflation. There is nothing wrong about having different views about how to interpret incoming data and using different economic arguments to predict how tariffs will impact the economy. These differences are a sign of a healthy and robust policy discussion. But, I believe that the wait and see approach is overly cautious, and, in my opinion, does not properly balance the risks to the outlook and could lead to policy falling behind the curve. The price effects from tariffs have been small so far, and since we will likely not get clarity on tariff levels or their ultimate impact on the economy over the course of the next several months, it is possible that the labor market falters before that clarity is obtained—if it ever is obtained. When labor markets turn, they often turn fast. If we find ourselves needing to support the economy, waiting may unduly delay moving toward appropriate policy. My position does not mean I believe the FOMC should reduce the policy rate along a predetermined path. We can cut now and see how the data evolves. If the tariff effects do not lead to a major shock to inflation, the Committee can continue reducing the rate at a moderate pace. If we do get significant upside surprises to inflation and employment, we can pause. But I see no reason that we should hold the policy rate at its current level and risk a sudden decline in the labor market.

Firms will soon be able to give retail consumers access to crypto exchange traded notes (cETNs), under changes announced by the FCA. Crypto ETNs that retail consumers can access must be traded on an FCA-approved, UK-based investment exchange (a Recognised Investment Exchange or RIE). Financial promotion rules will apply so consumers get the right information and aren’t offered inappropriate incentives to invest.   David Geale, executive director of payments and digital finance at the FCA, said: 'Since we restricted retail access to cETNs, the market has evolved, and products have become more mainstream and better understood. In light of this, we’re providing consumers with more choice, while ensuring there are protections in place. This should mean people get the information they need to assess whether the level of risk is right for them.' The Consumer Duty will apply to firms offering these products to retail investors. However, there won’t be coverage from the Financial Services Compensation Scheme (FSCS)Link is external . Consumers should ensure they understand the risks before deciding to invest.  This is the latest development as the FCA continues to establish a regulatory framework for crypto. We have outlined our crypto roadmap and recently published proposals on stablecoins as well as other aspects of the regime. The FCA’s ban on retail access to cryptoasset derivatives will remain in place. The FCA will continue to monitor market developments and consider its approach to high-risk investments.  Background In January 2021, the FCA banned the sale, marketing and distribution of derivatives and ETNs that reference unregulated transferable cryptoassets to retail clients. In March 2024, the FCA announced it would not object to requests from recognised investment exchanges (such as the London Stock Exchange) to create a UK listed market segment for cryptoasset-backed exchange traded notes (cETNs) for professional investors. In June 2025, the FCA launched a consultation on proposals to lift the ban on retail access to cETNs. The FCA grants recognition orders to investment exchanges in the UK to make sure they meet regulatory standards. This power is provided under the Financial Services and Markets Act 2000 for the FCA to consider applications from UK entities (a body corporate or an unincorporated association) for recognition as a UK recognised body. Examples of recognition requirements include equivalent protection for investors.   The change will come into force on 8 October 2025. Read Handbook Notice 132 (PDF).

 Click here to download the ' Fixed Income Index Dashboard' for the month ended July 2025.  

Second Quarter Highlights* Diluted EPS for the Quarter of $2.23, Up 68 percent, primarily due to the non-recurring 2024 impairment of intangible assets recognized in the Digital reporting unit Adjusted Diluted EPS¹ for the Quarter of $2.46, Up 14 percent Record Net Revenue for the Quarter of $587.3 million, Up 14 percent Increases 2025 Organic Total Net Revenue Growth Target2 to high single digits, from mid to high single digits; Reaffirms Cboe Data Vantage3 Organic Net Revenue Growth Target2 of mid to high single digits Decreases 2025 Adjusted Operating Expense Guidance2 to $832 to $847 million, from $837 to $852 million Cboe Global Markets, Inc. (Cboe: CBOE) today reported financial results for the second quarter of 2025.  "In the second quarter, Cboe reported record quarterly net revenue of $587 million, diluted EPS of $2.23, and adjusted diluted EPS1 of $2.46. Strong double-digit net revenue growth across Derivatives, Data Vantage, and Cash and Spot Markets drove our outstanding results," said Craig Donohue, Cboe Global Markets Chief Executive Officer. "Net revenue grew 14 percent and adjusted diluted EPS1 increased 14 percent year-over-year, bringing year-to-date growth to 13 percent and 15 percent, respectively, as compared to the first half of 2024. Since taking over as CEO in early May, I have been impressed by our team's ability to thrive in a constantly evolving environment. I am excited to build on the exceptional first half results as we work towards delivering long-term value for shareholders." "Cboe achieved another quarter of record net revenue and strong adjusted earnings growth, highlighting the durability across our exchange ecosystem," said Jill Griebenow, Cboe Global Markets Executive Vice President, Chief Financial Officer. "Derivatives net revenue grew 17 percent, driven by robust volumes across our options business. Data Vantage produced 11 percent net revenue growth, and Cash and Spot Markets net revenue increased 11 percent on a year-over-year basis. Moving forward, we are increasing our organic total net revenue growth2 guidance range to high single digits from mid to high single digits, and we are reaffirming our Data Vantage organic net revenue growth2 range of mid to high single digits for 2025. In addition, we are lowering our full year adjusted operating expense guidance2 range to $832 million to $847 million from $837 to $852 million. Following our strong first half performance, we remain well-positioned to advance our financial priorities and deliver meaningful impact across our global markets." *All comparisons are second quarter 2025 compared to the same period in 2024. (1) A full reconciliation of our non-GAAP results to our GAAP ("Generally Accepted Accounting Principles") results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables. (2) Specific quantifications of the amounts that would be required to reconcile the company's organic net revenue growth guidance and adjusted operating expenses guidance are not available. The company believes that there is uncertainty and unpredictability with respect to certain of its GAAP measures, primarily related to acquisition-related revenues and costs that would be required to reconcile to GAAP revenues less cost of revenues, GAAP operating expenses and GAAP effective tax rate, which preclude the company from providing accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations. The company believes that providing estimates of the amounts that would be required to reconcile the range of the company's organic net revenue growth guidance and adjusted operating expenses would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above. (3) Cboe Data Vantage refers to the company's Cboe Data Vantage business (formerly known as Data and Access Solutions). Cboe Data Vantage is subsequently referred to as Data Vantage throughout this press release. Consolidated Second Quarter Results -Table 1Table 1 below presents summary selected unaudited condensed consolidated financial information for the company as reported and on an adjusted basis for the three months ended June 30, 2025 and 2024. Table 1 Consolidated Second Quarter Results($ in millions except per share andpercentages) 2Q25 2Q24 Change 2Q25 Adjusted¹ 2Q24 Adjusted¹ Change Total Revenues Less Cost of Revenues $           587.3 $           513.8 14 % $           587.3 $           512.8 15 % Total Operating Expenses $           248.2 $           303.7 (18) % $           213.3 $           197.1 8 % Operating Income $           339.1 $           210.1 61 % $           374.0 $           315.7 18 % Operating Margin % 57.7 % 40.9 %        16.8  pp 63.7 % 61.4 %       2.3  pp Net Income Allocated to CommonStockholders $           233.9 $           139.7 67 % $           257.8 $           226.2 14 % Diluted Earnings Per Share $             2.23 $             1.33 68 % $             2.46 $             2.15 14 % Operating EBITDA¹ $           369.0 $           241.9 53 % $           386.7 $           326.3 19 % Operating EBITDA Margin %¹ 62.8 % 47.1 %        15.7  pp 65.8 % 63.5 %       2.3  pp EBITDA¹ $           364.9 $           242.3 51 % $           382.3 $           340.7 12 % EBITDA Margin %¹ 62.1 % 47.2 %        14.9  pp 65.1 % 66.3 %        (1.2)  pp Total revenues less cost of revenues (referred to as "net revenue"2) of $587.3 million increased 14 percent, compared to $513.8 million in the prior-year period, a result of increases in derivatives markets, Data Vantage, and cash and spot markets net revenue2. Total operating expenses were $248.2 million versus $303.7 million in the second quarter of 2024, a decrease of $55.5 million. This decrease was primarily related to the impairment of intangible assets recognized in the former Digital reporting segment in the second quarter of 2024. Adjusted operating expenses1 of $213.3 million were up compared to $197.1 million in the second quarter of 2024. The increase was primarily due to higher compensation and benefits, depreciation and amortization, and technology support services, partially offset by lower travel and promotional expenses and professional fees and outside services. The effective tax rate for the second quarter of 2025 was 29.7 percent as compared with 30.8 percent in the second quarter of 2024. The lower effective tax rate in 2025 is primarily due to the valuation allowance associated with the impairment of the Globacap investment, which drove the higher effective tax rate in the second quarter of 2024. The effective tax rate on adjusted earnings1 was 29.8 percent, an increase of 0.3 percentage points when compared with 29.5 percent in last year's second quarter. Diluted EPS for the second quarter of 2025 increased 68 percent to $2.23 compared to the second quarter of 2024. Adjusted diluted EPS1 of $2.46 increased 14 percent compared to 2024 second quarter results. Business Segment Information: Table 2 Total Revenues Less Cost of Revenues by Business Segment (in millions) 2Q25 2Q24 Change Options $                  364.8 $                  306.7 19 % North American Equities 98.4 98.3 0 % Europe and Asia Pacific 70.4 54.3 30 % Futures 30.1 34.8 (14) % Global FX 23.6 19.8 19 % Digital³ — (0.1) * % Total $                  587.3 $                  513.8 14 % (1)A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables. (2)See the attached tables on page 10 for "Net Revenue by Revenue Caption." (3)The Digital segment results are prospectively included in the Futures segment beginning in the first quarter of 2025. Digital results from 2024 have been retained in the former Digital segment for comparative purposes. *Not meaningful Discussion of Results by Business Segment1: Options: Record Options net revenue of $364.8 million was up $58.1 million, or 19 percent, from the second quarter of 2024. Net transaction and clearing fees2 increased primarily as a result of a 20 percent increase in total options average daily volume ("ADV") versus the second quarter of 2024. Market data fees were 15 percent higher and access and capacity fees were 9 percent higher as compared to the second quarter of 2024. Net transaction and clearing fees2 increased $53.9 million, or 20 percent, reflecting a 22 percent increase in multi-listed options ADV and a 17 percent increase in index options ADV. Total options revenue per contract ("RPC") increased 1 percent compared to the second quarter of 2024. The increase in total options RPC was due to an increase in both multi-listed options and index options RPC. Cboe's Options exchanges had total market share of 30.2 percent for the second quarter of 2025, down compared to 31.2 percent in the second quarter of 2024. North American (N.A.) Equities: Record N.A. Equities net revenue of $98.4 million increased $0.1 million from the second quarter of 2024, reflecting higher access and capacity fees and industry market data fees, offset by lower net transaction and clearing fees2. Net transaction and clearing fees2 decreased $7.8 million, or 22 percent, compared to the second quarter of 2024. The decrease was driven by lower market share and lower net capture for U.S. Equities exchanges versus the second quarter of 2024. Cboe's U.S. Equities exchanges had market share of 10.5 percent for the second quarter of 2025 compared to 11.4 percent in the second quarter of 2024 as a result of higher industry off-exchange market share. Cboe's U.S. Equities off-exchange market share was 15.2 percent, down from 17.8 percent in the second quarter of 2024. Canadian Equities market share declined to 12.7 percent as compared to 15.0 percent in the second quarter of 2024. Europe and Asia Pacific (APAC): Record Europe and APAC net revenue of $70.4 million increased by 30 percent compared to the second quarter of 2024, reflecting growth in net transaction and clearing fees2 and non-transaction revenues. On a constant currency basis3, net revenues were $67.1 million, up 24 percent on a year-over-year basis. European Equities average daily notional value ("ADNV") traded on Cboe European Equities was $13.7 billion, up 43 percent compared to the second quarter of 2024 given a 28 percent increase in industry market volumes. Japanese Equities ADNV was 32 percent lower and Australian Equities ADNV was 25 percent higher than the second quarter of 2024. For the second quarter of 2025, Cboe European Equities had 25.1 percent market share, up from 22.5 percent in the second quarter of 2024. Cboe Australia had 20.0 percent market share for the second quarter of 2025, down from 20.8 percent in the second quarter of 2024. Cboe Japan had 3.6 percent market share in the second quarter of 2025, down from 5.5 percent in the second quarter of 2024. Announced decision to wind down Cboe's Japanese equities business, including the operations of its Cboe Japan proprietary trading system and Cboe BIDS Japan block trading platform. Cboe expects to suspend operations for these businesses on August 29, 2025 and formally close the businesses subject to consultation with regulators. The company anticipates that the wind down of the Cboe Japan equities operations will have an immaterial impact on Cboe's organic total net revenue growth4 and adjusted operating expense4 guidance in 2025. Adjusted operating expense4 savings are estimated to be in the range of $2 million to $4 million in 2025, with savings expected to be in the $10 million to $12 million range on a normalized annual basis.4 Futures: Futures net revenue of $30.1 million decreased $4.7 million, or 14 percent, from the second quarter of 2024 driven by a 19 percent decrease in net transaction and clearing fees2. Net transaction and clearing fees2 decreased $5.2 million, reflecting a 13 percent decrease in ADV during the quarter. Global FX: Record Global FX net revenue of $23.6 million increased 19 percent as compared to the second quarter of 2024. The increase was due to higher net transaction and clearing fees2. ADNV traded on the Cboe FX platform was $55.9 billion for the quarter, up 17 percent compared to last year's second quarter, and net capture rate per one million dollars traded was $2.81 for the second quarter of 2025, up 5 percent compared to $2.69 in the second quarter of 2024. (1) The Digital segment results are prospectively included in the Futures segment beginning in the first quarter of 2025. Digital results from 2024 have been retained in the former Digital segment for comparative purposes. (2) See the attached tables on page 10 for "Net Transaction and Clearing Fees by Business Segment." (3) A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables. (4) Specific quantifications of the amounts that would be required to reconcile the company's organic net revenue growth guidance and adjusted operating expenses guidance are not available. The company believes that there is uncertainty and unpredictability with respect to certain of its GAAP measures, primarily related to acquisition-related revenues and costs that would be required to reconcile to GAAP revenues less cost of revenues, GAAP operating expenses and GAAP effective tax rate, which preclude the company from providing accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations. The company believes that providing estimates of the amounts that would be required to reconcile the range of the company's organic net revenue growth guidance and adjusted operating expenses would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above. 2025 Fiscal Year Financial Guidance Cboe provided guidance for the 2025 fiscal year as noted below. Organic total net revenue growth1 is expected to be in the high single digit range in 2025, up from previous guidance calling for mid to high single digits. Reaffirms Data Vantage organic net revenue growth1 range of mid to high single digits in 2025. Adjusted operating expenses1 are expected to be in the range of $832 to $847 million in 2025, down from previous guidance of $837 to $852 million. The guidance excludes the expected amortization of acquired intangible assets of $70 million; the company reflects the exclusion of this amount in its non-GAAP reconciliation. Depreciation and amortization expense is expected to be in the range of $53 to $57 million in 2025, down from previous guidance of $55 to $59 million, excluding the expected amortization of acquired intangible assets. Reaffirms the effective tax rate on adjusted earnings1 for the full year 2025 is expected to be in the range of 28.5 to 30.5 percent. Significant changes in trading volume, expenses, tax laws or rates, and other items could materially impact this expectation. Reaffirms capital expenditures in 2025 are expected to be in the range of $75 to $85 million. (1) Specific quantifications of the amounts that would be required to reconcile the company's organic and inorganic growth guidance, adjusted operating expenses guidance, annualized adjusted operating expenses guidance, and the effective tax rate on adjusted earnings guidance are not available. Acquisitions are considered organic after 12 months of closing. The company believes that there is uncertainty and unpredictability with respect to certain of its GAAP measures, primarily related to acquisition-related revenues and costs that would be required to reconcile to GAAP revenues less cost of revenues, GAAP operating expenses and GAAP effective tax rate, which preclude the company from providing accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations. The company believes that providing estimates of the amounts that would be required to reconcile the range of the company's organic growth, adjusted operating expenses, annualized adjusted operating expenses, and the effective tax rate on adjusted earnings would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above. Capital Management At June 30, 2025, the company had cash and cash equivalents of $1,256.3 million and adjusted cash2 of $1,238.2 million. Total debt as of June 30, 2025 was $1,442.0 million. The company paid cash dividends of $66.4 million, or $0.63 per share, during the second quarter of 2025 and utilized $35.3 million, excluding commissions and excise taxes, to repurchase approximately 161 thousand shares of its common stock under its share repurchase program at an average price of $219.77 per share. As of June 30, 2025, the company had approximately $614.5 million of availability remaining under its existing share repurchase authorizations. Earnings Conference Call Executives of Cboe Global Markets will host a conference call to review its second-quarter financial results today, August 1, 2025, at 8:30 a.m. ET/7:30 a.m. CT. The conference call and any accompanying slides will be publicly available via live webcast from the Investor Relations section of the company's website at www.cboe.com under Events & Presentations. Participants may also listen via telephone by dialing (800) 715-9871 (toll-free) or (646) 307-1963 (toll) and using the Conference ID 6775785. Telephone participants should place calls 10 minutes prior to the start of the call. The webcast will be archived on the company's website for replay. (2) A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables.

StoneX Group Inc. (NASDAQ: SNEX) (“StoneX” or the “Company”), today announced the successful completion of its previously announced acquisition of R.J. O’Brien (“RJO”), the oldest independent futures brokerage in the United States. This transformative acquisition makes StoneX the largest non-bank Futures Commission Merchant (“FCM”) in the U.S. and positions the company as a market leader in global derivatives. Founded in 1914, RJO supports over 75,000 client accounts and serves the industry’s largest global network of approximately 300 introducing brokers (“IBs”), as well as commercial and institutional clients, and individual investors. RJO brings an attractive financial profile to StoneX, having generated $766 million in revenue and approximately $170 million in EBITDA during calendar 2024. As a combined company, StoneX provides clients with access to nearly every major global derivatives exchange, and offers one of the most comprehensive multi-asset platforms in the industry. RJO’s clients can now access StoneX’s extensive range of markets, products, and services, including an expansive over-the-counter (“OTC”) hedging platform, physical commodity hedging, financing, and logistics services, as well as access to deep liquidity across fixed income products. Through the integration of the two companies, StoneX has targeted significant revenue synergies via cross-sell opportunities in OTC derivatives, physical commodity trading, and fixed income products. StoneX has also targeted $50 million in expense savings and unlocking at least $50 million in capital synergies through operational consolidation. The acquisition, which expands StoneX’s client float by nearly $6 billion, is expected to enhance StoneX’s margins, return on equity and be accretive to earnings. “This is a proud moment for both companies. With more than 200 years of combined futures and commodities expertise, we are strengthening StoneX’s role as an integral part of the global financial infrastructure,” said Sean O’Connor, Executive Vice-Chairman of StoneX. “This acquisition creates an unmatched knowledge base and reinforces our position as the counterparty of choice for clients.” Philip Smith, Chief Executive Officer of StoneX, added: “This transaction significantly expands our scale and increases our capabilities in several critical areas, including through a materially expanded client network and the addition of the leading introducing broker business. The combination of the companies’ leading technologies and tools, such as in OTC hedging, risk management, and trading execution and liquidity across multiple asset classes, will deliver clients important benefits. This transaction adds significant value for our clients and reinforces our ability to deliver across asset classes through every market cycle.” Gerry Corcoran, Chairman and CEO of RJO, said: “Today marks an exciting milestone as RJO joins StoneX to deliver broader services and greater reach to our clients. We will continue to deliver the same level of outstanding and personalized service we’ve always provided – now on an even larger scale with more extensive resources. We couldn’t be more pleased about the cultural fit and strong client-first approach at StoneX that mirrors RJO’s philosophy.” Speaking on behalf of the O’Brien family, the majority shareholders in RJO, Board member John O’Brien, Jr. said: “We are incredibly proud of our heritage in the futures industry spanning nearly 111 years, along with the clients we’ve served and the industry we helped grow. We are grateful for the thousands of employees who have met our clients’ needs so faithfully for all these years. And now, as we embark on the next chapter of this amazing story, we are confident that StoneX will carry on the important legacy of both firms while building a leading multi-asset global organization for the future.”

The Federal Reserve Board on Thursday joined other federal financial institution regulatory agencies, as well as the Financial Crimes Enforcement Network, in providing banks the flexibility to use an alternative method for collecting certain customer identification information. Specifically, the agencies now permit banks and credit unions to obtain a tax identification number from a third party, rather than directly from the customer. By law, banks and credit unions are required to verify the identity of a potential customer by obtaining certain identifying information before opening an account. Since this requirement's implementation in 2003, there have been considerable changes in the way that customers interact with banks and receive financial services. Today's action will grant banks flexibility in how they obtain this information, while ensuring that risk-based procedures continue to underpin verification of a customer's identity. The flexibility from this action is optional, and banks are not required to use alternative collection methods. The Board coordinated its action with the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the U.S. Treasury Department's Financial Crimes Enforcement Network.  Attachment (PDF)