Federal bank regulatory agencies today jointly issued updated host state loan-to-deposit ratios, as required by law. Each ratio compares the total loans in a state to total deposits in the state for all banks that are legally operating in that state. These ratios replace those issued in May 2025. By law, a bank is generally prohibited from establishing or acquiring branches outside of its home state primarily for the purpose of acquiring additional deposits. This prohibition seeks to ensure that interstate bank branches will not take deposits from a community without the bank also reasonably helping to meet the credit needs of that community. The updated ratios, including additional information on how they are used to evaluate compliance with the requirements, are available here. Section 109 Host State Loan-to-Deposit Ratios (PDF)

How have trading desks responding to increased market volatility this year? Harleen Bains, ISDA board member and head of global markets sales, Canada, at RBC Capital Markets, and Sonali Das Theisen, global head of FICC e‑trading and markets strategic investments at Bank of America, talk to Nick Sawyer, ISDA’s global head of communications and strategy, about the key risks and opportunities shaping markets.

David Bailey, executive director, prudential policy, at the Bank of England, speaks with ISDA CEO Scott O’Malia about the UK’s approach to Basel 3.1, the impact of the revised US Basel III endgame on cross‑border consistency and the role of the Basel Committee in addressing areas of divergence from the global standards.

Today, SIFMA is celebrating National Investing Day, an industry-wide effort dedicated to promoting awareness of the benefits of investing and broadening participation in the capital markets. The Day is an opportunity to highlight the importance of investing and the critical role the effective and resilient capital markets play in supporting long‑term financial security and economic growth, while also underscoring the importance of financial literacy, market access, and retirement savings. “Investing is one of the most powerful tools Americans have to build wealth and achieve the American Dream,” said Rep. Young Kim (CA-40), Co-Chair of the Financial Literacy and Wealth Creation Caucus. “National Investing Day is about opening more doors for families to learn about and participate in investing. By expanding access to financial education and lowering barriers to our capital markets, we can empower more families to save, invest, and get ahead.” “Financial literacy is the foundation of economic opportunity and key to broadening market participation,” said Rep. Joyce Beatty (D‑OH‑03), Co‑Chair of the Financial Literacy and Wealth Creation Caucus. “National Investing Day highlights the importance of financial literacy in helping families plan, save, and build for a more secure future.” To support National Investing Day, SIFMA has developed a customizable toolkit designed to help SIFMA member firms engage clients, employees, and communities. The toolkit includes open-source graphics, sample social media content, leadership messaging, and client-facing materials that can be adapted to firm-specific branding and outreach strategies. To celebrate National Investing Day, students participating in the SIFMA Foundation’s Stock Market Game™ will ring the closing bell at the New York Stock Exchange later today. For more information about National Investing Day and SIFMA’s efforts to support investors and advocate for resilient and effective capital markets, please visit www.sifma.org.

Exegy, a leading provider of market data, trading technology, and managed services for the capital markets, is proud to announce today that Exegy Nexus™, a purpose-built FPGA-powered market data platform, together with nxAccess, its FPGA-based trading engine, has been named ‘Most Innovative Solution for Front-Office/Trading’ at the 2026 A-Team Innovation Awards. Delivering ultra-low latency performance with unified access and operational efficiency, the combined solution brings market data processing and execution into a single FPGA-accelerated workflow. Nexus preprocesses and distributes market data based on application needs, while nxAccess enables firms to act on that data directly in hardware—triggering and modifying orders with deterministic performance. Together, they eliminate the need for fragmented feed handlers and execution systems, reducing infrastructure footprint while accelerating the path from data to decision to execution. “We are seeing market participants under increasing pressure to deliver high performance while reducing infrastructure complexity, power consumption and cost, “said Laurent de Barry, CPO of Exegy. He continues: “This recognition reflects the industry’s shift toward unified, hardware-accelerated architectures that eliminate disjointed systems and enable firms to operate efficiently at scale, without compromising latency.”  At the center of this innovation is Exegy Nexus™, a purpose-built platform designed to centralize and streamline front-office market data infrastructure. Developed with early adopters across market making, agency brokerage, and global banking, Nexus replaces fragmented, server-heavy feed handler environments with a single, fully managed FPGA appliance. By processing data before distribution, it reduces downstream data volumes, lowers compute requirements, and simplifies system architecture. In one US broker deployment, replacing in-process feed handling across 200 servers reduced infrastructure requirements to just 157 servers, lowered API load to 18%, and generated $3.19 million in annual savings.   Complementing Nexus, nxAccess extends this architecture into execution. Its hardware-accelerated algorithm environment allows firms to preload orders, respond to market events, and trigger or modify orders directly in FPGA, eliminating software latency and ensuring consistent, deterministic performance under all market conditions. The A-Team Innovation Awards are overseen by an esteemed Advisory Board and the A-Team editorial team, with finalists and winners selected based on direct input from financial institutions and industry practitioners.

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First Quarter Highlights* Record Diluted EPS for the Quarter of $3.66, Up 54 percent Record Adjusted Diluted EPS1 for the Quarter of $3.70, Up 48 percent Record Net Revenue for the Quarter of $728.9 million, Up 29 percent Increases 2026 Organic Total Net Revenue Growth Target2 to 'low double-digit to mid-teens' from 'mid single-digit' and Cboe Data Vantage3 Organic Net Revenue Growth Target2 to 'low double-digit' from 'mid to high single-digit' Decreases 2026 Adjusted Operating Expense Guidance2 to $838 to $853 million from $864 to $879 million Announces continued execution of strategic realignment to strengthen core businesses and enable greater investment for growth Cboe Global Markets, Inc. (Cboe: CBOE) today reported financial results for the first quarter of 2026 and announced additional actions related to its strategic realignment. "Cboe delivered an exceptional first quarter, building on our 2025 momentum by producing 29 percent net revenue growth, 54 percent diluted EPS growth, and 48 percent adjusted diluted EPS1 growth," said Jill Griebenow, Cboe Global Markets Executive Vice President, Chief Financial Officer. "Our Cash and Spot Markets net revenue rose 34 percent on strong market activity. Our Derivatives business was up 32 percent on another quarter of record volumes across our index options products, and our Data Vantage business grew 19 percent on a year-over-year basis. Moving forward, we anticipate 2026 total organic net revenue growth2 will be in the 'low double-digit to mid-teens' range, up from our prior guidance of 'mid single-digit', and we anticipate 2026 Data Vantage organic net revenue growth2 will be in the 'low double-digit' range, up from our prior guidance of 'mid to high single-digit'. In addition, given disciplined expense management and incorporating the impact from today's additional actions related to our strategic realignment, we are reducing our full year 2026 adjusted operating expense guidance2 range to $838 to $853 million from $864 to $879 million. We are pleased with the strong start to the year and remain focused on producing durable shareholder returns in the quarters ahead." "As I reflect on my first twelve months at Cboe, it is clear that the decisive steps we have taken are moving the company closer to realizing its full potential," said Craig Donohue, Chief Executive Officer of Cboe Global Markets. "Following a thorough strategic review and the adoption of a more rigorous financial and strategic framework in the second half of 2025, we announced a realignment to increase focus and investment in the core businesses that drive our earnings. We moved quickly to reorient the portfolio, winding down non–core initiatives, optimizing resource allocation across the organization, and reaching a definitive agreement last week to sell Cboe Canada and Cboe Australia. "Today, we announced the next phase of our plan by realigning our organization to build more agile teams positioned to operate effectively in a fast–changing environment. Our earlier actions to sell, wind down, and optimize certain businesses, combined with today's strategic realignment, are expected to reduce our workforce by approximately 20 percent. "As evidenced by our record results, we are executing these changes from a position of strength. These actions position us to invest more resources, including adding talent in emerging areas such as financial and economic event markets, tokenization initiatives, scaling and expanding our clearing services in the U.S. and Europe, and broadening our sales, marketing, and investor education efforts on a global basis. I have been in this industry for several decades, and I have never been as excited about the road ahead as I am now as we continue to build long–term value for shareholders through disciplined execution and focused investment efforts." * All comparisons are first quarter 2026 compared to the same period in 2025. (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, and GAAP operating expenses, 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 First Quarter Results Table 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 March 31, 2026 and 2025. Table 1 Consolidated First Quarter Results($ in millions except per shareamounts and percentages) 1Q26 1Q25 Change 1Q26 Adjusted¹ 1Q25 Adjusted¹ Change Total Revenues Less Cost ofRevenues $        728.9 $        565.2 29 % $        728.9 $        565.2 29 % Total Operating Expenses $        223.3 $        211.3 6 % $        200.9 $        192.4 4 % Operating Income $        505.6 $        353.9 43 % $        528.0 $        372.8 42 % Operating Margin % 69.4 % 62.6 %        6.8 pp 72.4 % 66.0 %        6.4 pp Net Income Allocated to CommonStockholders $        384.1 $        249.4 54 % $        388.2 $        263.1 48 % Net Income Allocated to CommonStockholders Margin % 52.7 % 44.1 %        8.6 pp 53.3 % 46.5 %        6.8 pp Diluted Earnings Per Share $          3.66 $          2.37 54 % $          3.70 $          2.50 48 % Operating EBITDA¹ $        535.1 $        384.2 39 % $        540.8 $        384.7 41 % Operating EBITDA Margin %¹                                      73.4 % 68.0 %        5.4 pp 74.2 % 68.1 %        6.1 pp EBITDA¹ $        539.0 $        383.7 40 % $        544.6 $        383.8 42 % EBITDA Margin %¹ 73.9 % 67.9 %        6.0 pp 74.7 % 67.9 %        6.8 pp Total revenues less cost of revenues (referred to as "net revenue"2) of $728.9 million increased 29 percent, compared to $565.2 million in the prior-year period, a result of increases across all net revenue2 captions. Total operating expenses were $223.3 million versus $211.3 million in the first quarter of 2025, an increase of $12.0 million. Adjusted operating expenses1 of $200.9 million were up $8.5 million compared to $192.4 million in the first quarter of 2025. These increases were primarily due to an increase in compensation and benefits, driven by an increase in accrued bonuses as a result of strong company performance, increase in payroll benefits, and an increase in salaries primarily due to merit increases. The effective tax rate for the first quarter of 2026 was 25.2 percent as compared with 28.4 percent in the first quarter of 2025. The lower effective tax rate in 2026 is primarily due to the resolution of uncertain tax positions with state and local taxing authorities. The effective tax rate on adjusted earnings1 was 27.5 percent, a decrease of 0.8 percentage points when compared with 28.3 percent in last year's first quarter. The change was primarily due to reduced interest on uncertain tax positions. Diluted EPS for the first quarter of 2026 increased 54 percent to $3.66 compared to the first quarter of 2025. Adjusted diluted EPS1 of $3.70 increased 48 percent compared to 2025 first quarter results. Business Segment Information: Table 2 Total Revenues Less Cost of Revenues by Business Segment (in millions)                         1Q26 1Q25 Change Options $           467.6 $           352.4 33 % North American Equities 111.2 94.6 18 % Europe and Asia Pacific 84.9 64.1 32 % Futures 35.8 32.8 9 % Global FX 29.4 21.3 38 % Total $           728.9 $           565.2 29 % (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." Discussion of Results by Business Segment: Options: Record Options net revenue of $467.6 million was up $115.2 million, or 33 percent, from the first quarter of 2025. Net transaction and clearing fees1 increased primarily as a result of a 10 percent increase in total options average daily volume ("ADV"), coupled with a 21 percent increase in multi-listed options revenue per contract ("RPC") versus the first quarter of 2025. Market data fees were 31 percent higher and access and capacity fees were 21 percent higher as compared to the first quarter of 2025. Net transaction and clearing fees1 increased $106.6 million, or 34 percent, reflecting a 29 percent increase in index options ADV and a 4 percent increase in multi-listed options ADV. Total options RPC increased 19 percent compared to the first quarter of 2025. The increase in total options RPC was primarily due to a 21 percent increase in multi-listed options RPC and a mix shift, with index options representing a higher percentage of total options volume. Cboe's Options exchanges had total market share of 29.1 percent for the first quarter of 2026, down compared to 31.1 percent in the first quarter of 2025. North American (N.A.) Equities: Record N.A. Equities net revenue of $111.2 million increased $16.6 million, or 18 percent, from the first quarter of 2025, reflecting higher net transaction and clearing fees1, access and capacity fees, and market data fees. Net transaction and clearing fees1 increased $10.7 million, or 40 percent, compared to the first quarter of 2025. The increase was driven by stronger industry volumes and improved net capture rates for on-exchange U.S. Equities exchanges versus the first quarter of 2025. Cboe's U.S. Equities exchanges had market share of 9.8 percent for the first quarter of 2026, down compared to 10.5 percent in the first quarter of 2025. Cboe's U.S. Equities off-exchange market share was 17.0 percent, down from 17.1 percent in the first quarter of 2025. Europe and Asia Pacific (APAC): Record Europe and APAC net revenue of $84.9 million increased $20.8 million, or 32 percent, from the first quarter of 2025, reflecting growth in net transaction and clearing fees1 and non-transaction revenues. On a constant currency basis2, net revenue was $76.7 million, up 20 percent on a year-over-year basis. European Equities average daily notional value ("ADNV") traded on Cboe European Equities was €17.3 billion, up 25 percent compared to the first quarter of 2025 given a 21 percent increase in industry market volumes. Cboe Clear Europe net settlement volume reached 3,931.2 thousand shares, up 23 percent from the first quarter of 2025. For the first quarter of 2026, Cboe European Equities had 25.5 percent market share, up from 24.8 percent in the first quarter of 2025. Futures: Futures net revenue of $35.8 million increased $3.0 million, or 9 percent, from the first quarter of 2025 driven by an 11 percent increase in net transaction and clearing fees1. Net transaction and clearing fees1 increased $2.7 million, reflecting a 14 percent increase in ADV during the quarter. Global FX: Record Global FX net revenue of $29.4 million increased $8.1 million, or 38 percent, from the first quarter of 2025. The increase was due to higher net transaction and clearing fees1. ADNV traded on the Cboe FX platform was $70.4 billion for the quarter, up 36 percent compared to last year's first quarter, and net capture rate per one million dollars traded was $2.87 for the first quarter of 2026, up 4 percent compared to $2.77 in the first quarter of 2025. (1) See the attached tables on page 10 for "Net Transaction and Clearing Fees by Business Segment." (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. 2026 Fiscal Year Financial Guidance1 Cboe provided guidance for the 2026 fiscal year as noted below. Organic total net revenue growth2 is expected to be in the 'low double-digit to mid-teens' range, up from prior guidance of 'mid single-digit' in 2026. Organic net revenue growth2 from Data Vantage is expected to be in the 'low double-digit' range, up from prior guidance of 'mid to high single-digit' in 2026. Adjusted operating expenses2 in 2026 are expected to be in the range of $838 to $853 million, down from $864 to $879 million. Our 2026 guidance incorporates roughly $20 to $25 million of expected savings in 2026 as a result of the additional actions related to the strategic realignment. The guidance excludes the expected amortization of acquired intangible assets of $63 million; the company adjusts for this amount in its non-GAAP reconciliation. Reaffirms depreciation and amortization expense for 2026 is expected to be in the range of $56 to $60 million, excluding the expected amortization of acquired intangible assets. Reaffirms the effective tax rate on adjusted earnings2 for the full year 2026 is expected to be in the range of 27.5 to 29.5 percent. Significant changes in trading volume, expenses, tax laws or rates, and other items could materially impact this expectation. Reaffirms capital expenditures for 2026 are expected to be in the range of $73 to $83 million. (1) 2026 guidance includes the anticipated impacts from discontinuing U.S. and European Corporate Listings, CEDX, and Cboe's Japanese equities business, as well as the planned cost reductions in U.S. and European ETP Listings businesses and several of Cboe's smaller Risk and Market Analytics businesses, as announced in 2025 and early 2026. 2026 guidance also includes the anticipated business-as-usual financial contribution from Cboe Canada and Cboe Australia, which Cboe announced divestiture plans for in October 2025. 2026 guidance will be updated as further actions are announced. (2) Specific quantifications of the amounts that would be required to reconcile the company's organic and inorganic growth guidance, 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, and GAAP operating expenses, 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, 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 March 31, 2026, the company had cash and cash equivalents of $2,134.4 million and adjusted cash3 of $2,134.9 million. Total debt as of March 31, 2026 was $1,443.4 million. The company paid cash dividends of $75.8 million, or $0.72 per share, during the first quarter of 2026 and utilized $45.1 million to repurchase approximately 161 thousand shares of its common stock under its share repurchase program at an average price of $280.20 per share. As of March 31, 2026, the company had approximately $569.4 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 first quarter financial results today, May 1, 2026, 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 8939587. 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. (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. About Cboe Global Markets Cboe Global Markets, Inc. is a leading global markets operator with a long history of innovation in equities derivatives. Since launching the world's first listed options exchange in 1973, Cboe has pioneered landmark products, including the introduction of S&P 500® index options and the creation of the VIX® Index, the world's leading gauge of market volatility, reshaping how investors manage risk and access opportunity. Today, Cboe operates derivatives, equities, and FX markets, providing trading, clearing, and investment solutions for customers worldwide. To learn more about Cboe, visit www.cboe.com.  Cautionary Statements Regarding Forward-Looking Information This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as "may," "might," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," or "continue," and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions, or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties, and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements. We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price and new products and services competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees, or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel; increasing competition by foreign and domestic entities; our business and operational dependence on and exposure to risk from third parties; factors that impact the quality and integrity of our and other applicable indices; our ability to manage our global operations, growth, and strategic acquisitions, wind-downs, divestitures or alliances effectively; increases in the cost of the products and services we use; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit, liquidity, market, investment, counterparty, and default risks, associated with operating our clearinghouses; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing our business interests and our regulatory responsibilities; the loss of key customers or a significant reduction in trading or clearing volumes by key customers; separate from and not integrated with our registered national securities exchanges; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments, or intangible assets; the accuracy of our estimates and expectations; and litigation risks and other liabilities. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2025 and other filings made from time to time with the SEC. We do not undertake, and we expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The condensed consolidated statements of income and balance sheets are unaudited and subject to revision. Cboe Global Markets, Inc. Key Performance Statistics by Business Segment 1Q 2026 4Q 2025 3Q 2025 2Q 2025 1Q 2025 Options Total industry ADV (in thousands) 68,894 66,608 60,798 57,203 58,444 Total Company Options ADV (in thousands): 20,076 19,419 18,775 17,301 18,183 Multi-listed options 13,940 13,965 13,911 12,615 13,412 Index options 6,136 5,454 4,864 4,686 4,771 Total Options Market Share: 29.1 % 29.2 % 30.9 % 30.2 % 31.1 % Multi-listed options 22.3 % 22.9 % 24.9 % 24.0 % 25.0 % Total Options RPC: $        0.343 $        0.317 $        0.281 $        0.300 $        0.287 Multi-listed options $        0.080 $        0.075 $        0.055 $        0.068 $        0.066 Index options $        0.940 $        0.938 $        0.926 $        0.923 $        0.908 North American Equities U.S. Equities - Exchange: Total industry ADV (shares in billions) 20.0 18.6 17.6 18.4 15.7 Market share % 9.8 % 9.4 % 9.8 % 10.5 % 10.5 % Net capture (per 100 touched shares) $        0.017 $        0.018 $        0.015 $        0.012 $        0.014 U.S. Equities - Off-Exchange: ADV (touched shares, in millions) 249.2 197.0 202.3 125.5 90.6 Off-Exchange ATS block market share % (reported on a one-month lag) 17.0 % 17.0 % 17.9 % 14.9 % 17.1 % Net capture (per 100 touched shares) $        0.063 $        0.064 $        0.064 $        0.082 $        0.117 Canadian Equities: ADV (matched shares, in millions) 215.8 195.9 163.8 150.6 159.6 Total market share % 12.5 % 12.7 % 12.5 % 12.7 % 13.8 % Net capture (per 10,000 shares, in Canadian dollars) $        4.329 $        3.962 $        4.142 $        4.222 $        4.250 Europe and Asia Pacific European Equities: Total industry ADNV (Euros - in billions) €          67.8 €          49.1 €          46.1 €          54.5 €          55.8 Market share % 25.5 % 24.8 % 25.4 % 25.1 % 24.8 % Net capture (per matched notional value (bps), in Euros) €        0.272 €        0.278 €        0.288 €        0.261 €        0.252 Cboe Clear Europe: Trades cleared (in thousands) 434,717.3 322,339.2 329,293.1 400,935.8 412,072.2 Fee per trade cleared (in Euros) €        0.009 €        0.010 €        0.010 €        0.008 €        0.008 Net settlement volume (shares in thousands) 3,931.2 3,603.7 3,541.9 3,289.3 3,200.7 Net fee per settlement (in Euros) €        1.044 €        1.113 €        1.015 €        0.956 €        0.951 Australian Equities: ADNV (Australian Dollars - in billions) $            1.2 $            1.0 $            1.0 $            1.0 $            0.8 Market share % - Continuous 20.6 % 20.6 % 20.6 % 20.0 % 19.4 % Net capture (per matched notional value (bps), in Australian dollars) $        0.208 $        0.207 $        0.206 $        0.160 $        0.156 Futures ADV (in thousands) 283.3 239.2 200.7 220.5 249.4 RPC $        1.649 $        1.717 $        1.745 $        1.691 $        1.740 Global FX ADNV ($ - in billions) $          70.4 $          53.3 $          49.9 $          55.9 $          51.9 Net capture (per one million dollars traded) $          2.87 $          2.95 $          2.89 $          2.81 $          2.77 Note, in the second quarter of 2025, Digital futures products were transitioned to Cboe Futures Exchange. Futures metrics prior to the second quarter of 2025exclude Digital futures products. ADV = average daily volume; ADNV = average daily notional value. RPC, average revenue per contract, for options and futures, represents total net transaction fees recognized for the period divided by total contracts traded during the period. Touched volume represents the total number of shares of equity securities and ETFs internally matched on our exchanges or routed to and executed on an external market center. Matched volume represents the total number of shares of equity securities and ETFs executed on our exchanges. U.S. Equities - Exchange, "net capture per 100 touched shares" refers to transaction fees less liquidity payments and routing and clearing costs divided by the product of one-hundredth ADV of touched shares on BZX, BYX, EDGX and EDGA and the number of trading days. U.S. Equities - Off-Exchange data reflects BIDS Trading. For U.S. Equities - Off-Exchange, "net capture per 100 touched shares" refers to transaction fees less order and execution management system (OMS/EMS) fees and clearing costs divided by the product of one-hundredth ADV of touched shares on BIDS Trading and the number of trading days for the period. Canadian Equities, "net capture per 10,000 shares" refers to transaction fees divided by the product of one-ten thousandth ADV of shares for Cboe Canada and the number of trading days. Total market share represents Cboe Canada volume divided by the total volume of the Canadian Equities market. European Equities, "net capture per matched notional value" refers to transaction fees less liquidity payments in Euros divided by the product of ADNV in Euros of shares matched on Cboe Europe Equities and the number of trading days. "Trades cleared" refers to the total number of non-interoperable trades cleared, "Fee per trade cleared" refers to clearing fees divided by number of non-interoperable trades cleared, "Net settlement volume" refers to the total number of settlements executed after netting, and "Net fee per settlement" refers to settlement fees less direct costs incurred to settle divided by the number of settlements executed after netting. Australian Equities data reflects data from Cboe Australia. Australian Equities, "net capture per matched notional value" refers to transaction fees less liquidity payments in Australian dollars divided by the product of ADNV in Australian dollars of shares matched on Cboe Australia and the number of Australian Equities trading days. Global FX, "net capture per one million dollars traded" refers to transaction fees less liquidity payments, if any, divided by the Spot and SEF products of one-thousandth of ADNV traded on the Cboe FX Markets and the number of trading days, divided by two, which represents the buyer and seller that are both charged on the transaction. Average transaction fees per contract can be affected by various factors, including exchange fee rates, volume-based discounts, and transaction mix by contract type and product type. Cboe Global Markets, Inc. and Subsidiaries Condensed Consolidated Statements of Income (Unaudited) Three Months Ended March 31, 2026 and 2025 Three Months Ended March 31, (in millions, except per share amounts) 2026 2025 Revenues: Cash and spot markets $           482.2 $           500.9 Data Vantage 181.3 152.5 Derivatives markets 609.3 541.6 Total Revenues 1,272.8 1,195.0 Cost of Revenues: Liquidity payments 446.1 394.8 Routing and clearing 20.0 19.6 Regulatory fees cost of revenues — 153.1 Royalty fees and other cost of revenues 77.8 62.3 Total Cost of Revenues 543.9 629.8 Revenues Less Cost of Revenues 728.9 565.2 Operating Expenses: Compensation and benefits 127.9 116.2 Depreciation and amortization 29.5 30.3 Technology support services 27.6 25.6 Professional fees and outside services 18.3 20.8 Travel and promotional expenses 8.0 6.4 Facilities costs 6.2 6.2 Acquisition-related costs — 0.2 Other expenses 5.8 5.6 Total Operating Expenses 223.3 211.3 Operating Income 505.6 353.9 Non-operating Income (Expenses): Interest expense (13.3) (12.8) Interest income 17.7 8.4 Loss on investments, net (0.7) (3.3) Other income, net 6.2 4.0 Total Non-operating Income (Expenses) 9.9 (3.7) Income Before Income Tax Provision 515.5 350.2 Income tax provision 129.8 99.6 Net Income 385.7 250.6 Net income allocated to participating securities (1.6) (1.2) Net Income Allocated to Common Stockholders $           384.1 $           249.4 Net Income Per Share Allocated to Common Stockholders:                                                                                          Basic earnings per share $             3.67 $             2.38 Diluted earnings per share 3.66 2.37 Weighted average shares used in computing income per share: Basic 104.7 104.7 Diluted 105.0 105.1   Cboe Global Markets, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) March 31, 2026 and December 31, 2025 (in millions) March 31,2026 December 31,2025 Assets Current assets: Cash and cash equivalents $          2,134.4 $          2,216.5 Financial investments 35.9 36.1 Accounts receivable, net 514.6 391.4 Margin deposits, default fund, and interoperability fund                                                                                                         3,443.9 1,618.2 Income taxes receivable — 67.9 Other current assets 95.3 91.3 Total current assets 6,224.1 4,421.4 Investments 31.4 32.4 Property and equipment, net 137.4 133.1 Operating lease right of use assets 105.1 111.0 Goodwill 3,142.4 3,150.5 Intangible assets, net 1,274.6 1,297.2 Other assets, net 155.6 159.7 Total assets $        11,070.6 $          9,305.3 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued liabilities $             332.8 $             686.9 Current portion of long-term debt 649.5 — Section 31 fees payable 0.2 0.2 Deferred revenue 16.8 6.9 Margin deposits, default fund, and interoperability fund 3,443.9 1,618.2 Income taxes payable 50.4 50.1 Total current liabilities 4,493.6 2,362.3 Long-term debt 793.9 1,442.9 Non-current unrecognized tax benefits 22.0 15.8 Deferred income taxes 233.0 185.3 Non-current operating lease liabilities 114.6 120.9 Other non-current liabilities 40.0 39.8 Total liabilities 5,697.1 4,167.0 Stockholders' Equity: Preferred stock — — Common stock 1.0 1.0 Treasury stock, at cost (75.1) (1.5) Additional paid-in capital 1,583.0 1,565.1 Retained earnings 3,853.5 3,543.6 Accumulated other comprehensive income, net 11.1 30.1 Total stockholders' equity 5,373.5 5,138.3 Total liabilities and stockholders' equity $        11,070.6 $          9,305.3   Table 3 Net Transaction andClearing Fees byBusiness SegmentThree Months EndedMarch 31, 2026 and 2025(in millions) ConsolidatedMarch 31, OptionsMarch 31, N.A. EquitiesMarch 31, Europe and APACMarch 31, FuturesMarch 31, Global FXMarch 31, 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Transaction and clearing fees $  1,026.4 $  832.6 $  559.2 $  464.5 $  342.0 $  271.7 $   68.6 $   50.8 $   30.3 $   27.1 $   26.3 $   18.5 Liquidity payments (446.1) (394.8) (135.2) (146.8) (295.9) (235.3) (13.1) (11.3) (1.9) (1.4) — — Routing and clearing (20.0) (19.6) (4.0) (4.3) (8.6) (9.6) (6.7) (5.3) — — (0.7) (0.4) Net transaction andclearing fees $     560.3 $  418.2 $  420.0 $  313.4 $   37.5 $   26.8 $   48.8 $   34.2 $   28.4 $   25.7 $   25.6 $   18.1   Table 4 Net Revenue by Revenue Caption Three Months Ended March 31, 2026 and 2025              (in millions) Cash and Spot MarketsMarch 31, Data VantageMarch 31, Derivatives MarketsMarch 31, TotalMarch 31, 2026 2025 2026 2025 2026 2025 2026 2025 Transaction and clearing fees $    436.9 $    341.0 $         — $         — $   589.5 $   491.6 $  1,026.4 $   832.6 Access and capacity fees — — 113.2 97.8 — — 113.2 97.8 Market data fees 15.7 15.7 67.1 54.0 9.0 8.1 91.8 77.8 Regulatory fees 0.3 120.7 — — 10.1 41.1 10.4 161.8 Other revenue 29.3 23.5 1.0 0.7 0.7 0.8 31.0 25.0 Total revenues $    482.2 $    500.9 $   181.3 $     152.5 $   609.3 $   541.6 $  1,272.8 $  1,195.0 Liquidity payments $    308.6 $    245.7 $         — $         — $   137.5 $   149.1 $   446.1 $   394.8 Routing and clearing 15.9 15.3 — — 4.1 4.3 20.0 19.6 Regulatory fees cost of revenues — 120.6 — — — 32.5 — 153.1 Royalty fees and other cost of revenues 15.0 12.6 3.5 3.1 59.3 46.6 77.8 62.3 Total cost of revenues $    339.5 $    394.2 $        3.5 $        3.1 $   200.9 $   232.5 $   543.9 $   629.8 Net revenue $    142.7 $    106.7 $   177.8 $     149.4 $   408.4 $   309.1 $   728.9 $   565.2 Non-GAAP Information In addition to disclosing results determined in accordance with GAAP, Cboe Global Markets has disclosed certain non-GAAP measures of operating performance. These measures are not in accordance with, or a substitute for, GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies. The non-GAAP measures provided in this press release include adjusted operating expenses, adjusted operating income, adjusted operating margin, adjusted net income allocated to common stockholders, adjusted diluted earnings per share, effective tax rate on adjusted earnings, adjusted income before income taxes, operating EBITDA, operating EBITDA margin, adjusted operating EBITDA, adjusted operating EBITDA margin, EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted cash, and net revenue in constant currency. Management believes that the non-GAAP financial measures presented in this press release provide additional and comparative information to assess trends in our core operations and a means to evaluate period-to-period comparisons. Non-GAAP financial measures disclosed by management are provided as additional information to investors in order to provide them with an alternative method for assessing our financial condition and operating results. The tables below show the reconciliation of each financial measure from GAAP to non-GAAP. The non-GAAP financial measures exclude the impact of those items detailed below and are referred to as adjusted financial measures.  Reconciliation of GAAP and Non-GAAP Information Table 5 Three Months Ended March 31, (in millions, except percentages and per share amounts) 2026 2025 Reconciliation of Net Income Allocated to Common Stockholders to Non-GAAP (As shown on Table 1) Net income allocated to common stockholders $          384.1 $          249.4 Non-GAAP adjustments Acquisition-related costs (1) — 0.2 Amortization of acquired intangible assets (2) 16.7 18.4 Business realignment costs (3) 5.1 0.3 Executive compensation adjustment (4) 0.6 — Non-operating investment adjustments, net (5) (0.1) (0.4) Total Non-GAAP adjustments 22.3 18.5 Income tax expense related to the items above (6.1) (4.7) Deferred tax re-measurements (6) (0.6) — Tax reserves (6) (11.4) — Net income allocated to participating securities - effect on reconciling items                                                                  (0.1) (0.1) Adjusted earnings $          388.2 $          263.1 Reconciliation of Diluted EPS to Non-GAAP Diluted earnings per common share $            3.66 $            2.37 Per share impact of non-GAAP adjustments noted above 0.04 0.13 Adjusted diluted earnings per common share $            3.70 $            2.50 Reconciliation of Operating Margin to Non-GAAP Revenues less cost of revenues $          728.9 $          565.2 Operating expenses (7) $          223.3 $          211.3 Non-GAAP adjustments noted above 22.4 18.9 Adjusted operating expenses $          200.9 $          192.4 Operating income $          505.6 $          353.9 Non-GAAP adjustments noted above 22.4 18.9 Adjusted operating income $          528.0 $          372.8 Adjusted operating margin (8) 72.4 % 66.0 % Reconciliation of Income Tax Rate to Non-GAAP Income before income taxes $          515.5 $          350.2 Non-GAAP adjustments noted above 22.3 18.5 Adjusted income before income taxes $          537.8 $          368.7 Income tax expense $          129.8 $            99.6 Non-GAAP adjustments noted above 18.1 4.7 Adjusted income tax expense $          147.9 $          104.3 Adjusted income tax rate 27.5 % 28.3 % (1) This amount includes acquisition-related costs primarily from the Company's Cboe Digital, Cboe Canada, and Cboe Asia Pacific acquisitions, whichare included in acquisition-related costs on the condensed consolidated statements of income. (2) This amount represents the amortization of acquired intangible assets related to the Company's acquisitions, which is included in depreciation andamortization on the condensed consolidated statements of income. (3) This amount represents certain business realignment costs related to announced business realignment initiatives. For the three months ended March31, 2026, the costs included $1.6 million in compensation and benefits, $1.8 million in technology support services, $1.5 million in professional feesand outside services, and $0.2 million in other expenses, respectively, on the condensed consolidated statements of income. For the three monthsended March 31, 2025, the costs included $0.3 million in compensation and benefits on the condensed consolidated statements of income. (4) This amount represents the CEO sign-on long-term equity awards granted in 2025 with a grant date value of $6.0 million (comprised of a mixture oftime and performance-based awards) that are subject to a 3-year cliff vesting requirement associated with the hiring of Craig Donohue as ChiefExecutive Officer, which is included in compensation and benefits on the condensed consolidated statements of income. This amount does not includethe CEO's annual long-term equity incentive awards that were prorated for 2025. (5) This amount represents net gains and losses associated with the PYTH token intangible assets and from the Company's minority investments in AbaxxSingapore Pte and American Financial Exchange, LLC, which are included in loss on investments, net on the condensed consolidated statements ofincome. (6) These amounts represent the tax impact related to resolution of uncertain tax positions for the three months ended March 31, 2026. (7) The company sponsors deferred compensation plans held in a trust. The expenses or income related to the deferred compensation plans are includedin compensation and benefits ($0.4 million and $12.4 million in expense for the three months ended March 31, 2026 and 2025, respectively) and aredirectly offset by deferred compensation income and expenses included in loss on investments, net, and dividends included in other income, net ($0.4million and $12.4 million in income, expense, and dividends in the three months ended March 31, 2026 and 2025, respectively) on the condensedconsolidated statements of income. The deferred compensation plans' expenses are not excluded from adjusted operating expenses and do not havean impact on income before income taxes. (8) Adjusted operating margin represents adjusted operating income divided by revenues less cost of revenues. EBITDA Reconciliations EBITDA (earnings before interest, income taxes, depreciation and amortization) and Adjusted EBITDA are widely used non-GAAP financial measures of operating performance. These metrics are presented as supplemental information that the company believes are useful to investors to evaluate the company's results because they exclude certain items that are not directly related to the company's core operating performance. Operating EBITDA is calculated by adding back to operating income depreciation and amortization. Adjusted Operating EBITDA is calculated by adding back to Operating EBITDA relevant adjustments. Operating EBITDA margin represents Operating EBITDA divided by revenues less cost of revenues. Adjusted Operating EBITDA margin represents Adjusted Operating EBITDA divided by revenues less cost of revenues. EBITDA is calculated by adding back to net income interest (income) expense, net, income tax expense, and depreciation and amortization. EBITDA margin represents EBITDA divided by revenues less cost of revenues. Adjusted EBITDA is calculated by adding back to EBITDA relevant adjustments. Adjusted EBITDA margin represents Adjusted EBITDA divided by revenues less cost of revenues. Relevant adjustments are detailed in the reconciliations that follow. Operating EBITDA, Adjusted Operating EBITDA, EBITDA, and Adjusted EBITDA should not be considered as substitutes either for net income, as an indicator of the company's operating performance, or for cash flow as a measure of the company's liquidity. In addition, because Operating EBITDA, Operating EBITDA margin, Adjusted Operating EBITDA, Adjusted Operating EBITDA margin, EBITDA, EBITDA margin, Adjusted EBITDA, and Adjusted EBITDA margin may not be calculated identically by all companies, the presentation here may not be comparable to other similarly titled measures of other companies. Table 6 Three Months Ended (in millions, except percentages) March 31, Reconciliation of Operating Income to Operating EBITDA and Adjusted Operating EBITDA(Per Table 1) 2026 2025 Operating income $           505.6 $           353.9 Depreciation and amortization 29.5 30.3 Operating EBITDA $           535.1 $           384.2 Operating EBITDA Margin 73.4 % 68.0 % Non-GAAP adjustments not included in above line items Acquisition-related costs $                — $               0.2 Business realignment costs 5.1 0.3 Executive compensation adjustment 0.6 — Adjusted Operating EBITDA $           540.8 $           384.7 Adjusted Operating EBITDA Margin 74.2 % 68.1 % Reconciliation of Net Income Allocated to Common Stockholders to EBITDA andAdjusted EBITDA (Per Table 1) 2026 2025 Net income allocated to common stockholders $           384.1 $           249.4 Interest (income) expense, net (4.4) 4.4 Income tax provision 129.8 99.6 Depreciation and amortization 29.5 30.3 EBITDA $           539.0 $           383.7 EBITDA Margin 73.9 % 67.9 % Non-GAAP adjustments not included in above line items Acquisition-related costs — 0.2 Business realignment costs 5.1 0.3 Executive compensation adjustment 0.6 — Non-operating investment adjustments, net (0.1) (0.4) Adjusted EBITDA $           544.6 $           383.8 Adjusted EBITDA Margin 74.7 % 67.9 % Table 7 (in millions) March 31, December 31, Reconciliation of Cash and Cash Equivalents to Adjusted Cash 2026 2025 Cash and cash equivalents $        2,134.4 $        2,216.5 Financial investments 35.9 36.1 Less deferred compensation plan assets (35.4) (35.8) Adjusted Cash $        2,134.9 $        2,216.8 Table 8 (in millions) Three Months EndedMarch 31, Reconciliation of GAAP Net Revenue to Net Revenue in Constant Currency                                                     2026 2025 Europe and Asia Pacific net revenue $             84.9 $             64.1 Constant currency adjustment (8.2) — Europe and Asia Pacific net revenue in constant currency1 $             76.7 $             64.1 (1) Net revenue in constant currency is calculated by converting the current period GAAP net revenue in local currency using the foreigncurrency exchange rates that were in effect during the previous comparable period.   View original content to download multimedia:https://www.prnewswire.com/news-releases/cboe-global-markets-reports-results-for-first-quarter-2026-and-continued-execution-of-strategic-realignment-302759891.html SOURCE Cboe Global Markets, Inc.

Global Fintech leader Broadridge Financial Solutions, Inc. (NYSE: BR), announced today that it has completed its acquisition of CQG, a leading global provider of futures and options trading, execution management, and market connectivity. The acquisition enhances Broadridge’s trading and connectivity capabilities by adding complementary execution management, algorithmic trading, and analytics solutions to its existing order management and client connectivity platform. Together, the combined offering delivers an integrated, end-to-end trading solution across futures and options markets globally. CQG’s capabilities expand Broadridge’s ability to serve a broad range of clients, including FCMs, institutional investors, retail brokers, proprietary trading firms, CTAs, and hedge funds, with flexible and scalable solutions designed to support growth, accelerate speed to market, and improve the overall trading experience. The acquisition further advances Broadridge’s multi-asset innovation strategy including FX and Digital assets. By combining CQG’s agile development capabilities with Broadridge’s global scale, the company is positioned to accelerate the delivery of new functionality and drive sustained value creation for clients worldwide.

Our objective has been, and remains, to ensure consumers receive fair compensation as quickly as possible and to maintain a healthy motor finance market. An industry-wide scheme is the fastest, simplest route for consumers and the most efficient way for firms to put things right and give certainty to their investors. Alternative approaches would be slower and much more costly for firms. We engaged widely in designing the scheme. While being clear not everyone would get everything they would like, we made changes to reflect feedback from both consumer groups and lenders. The final scheme is fair to consumers and proportionate for firms. We welcome the broad support for the scheme and the commitment from most lenders to implement it. They have taken a pragmatic approach, recognising that introducing a scheme on this scale promptly has required us to make judgements to simplify in a reasonable and lawful way some complex legal and operational issues.  We recognise that for some lenders this has been a difficult decision. We appreciate that they have ultimately decided to put a resolution for their customers first, many of whom have been waiting for more than two years for an answer. They have also chosen to provide certainty for investors and to help rebuild trust in the market. However, we have received four legal challenges: one from Consumer Voice (a limited company), represented by Courmacs Legal Ltd; and three from lenders - Volkswagen Financial Services, Mercedes Benz Financial Services, and Crédit Agricole Auto Finance. We respect the right of any party that the Courts decide has standing to challenge the scheme. We also note that none of the claims received are expressly in the name of individual consumers. We will defend the scheme robustly as lawful and the best way to resolve such a widespread, long-running and complex issue.  These legal challenges create fresh uncertainty for millions of consumers and for the second-largest consumer credit market, with £39bn borrowed in 2024. We are therefore engaging at pace with lenders and consumer groups to understand the breadth of views as we determine next steps for the scheme, including contingency planning.  We will provide further advice to firms next week. Our current advice to consumers remains that the best step, if you have concerns, is to complain directly to your lender. This is free - we explain how to do it and the contact details for lenders. You do not need to use a law firm or claims management company, which may charge over 30% of any compensation. 

The following notification is made in accordance with Rule 5.6 of the FCA's Disclosure Guidance and Transparency Rules. As at close of business on 30 April 2026, London Stock Exchange Group plc (LSEG) confirms that its share capital consists of a total 514,674,092 ordinary shares made up of: (i) 493,222,493 ordinary shares of 6 79/86 pence each (excluding treasury shares); and (ii) 21,451,599 ordinary shares held in treasury. Therefore, the total number of voting rights in LSEG on 30 April 2026 is 493,222,493. The above figure of 493,222,493 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, LSEG under the FCA's Disclosure Guidance and Transparency Rules.  

The Securities and Exchange Commission today announced that Jason Burt, Deputy Director of the Division of Enforcement (Specialized Units), will depart the agency on May 1, 2026, after more than 22 years of public service. “Jason’s exceptional leadership and judgment have been invaluable assets to the SEC throughout his distinguished career,” said SEC Division of Enforcement Acting Director Sam Waldon. “I am grateful for his commitment to the agency’s mission and his ability to lead the Division of Enforcement’s most complex investigations and litigations. I deeply appreciate everything he has done to help the agency accomplish its mission and wish him the best in his future endeavors.” “Serving at the SEC for more than two decades has been an honor and a privilege,” said Mr. Burt. “I am grateful for the opportunity to have worked with so many people across every division and office at the Commission. I will forever be in awe of the exceptionally talented, highly-motivated staff of this agency, and indebted to each of them for shaping my career. I appreciate Chairman Paul Atkins, former Acting Chairman Mark Uyeda, Commissioner Peirce, and current and former directors of the Divisions of Enforcement and Examinations for giving me the opportunity to help advance the SEC’s mission throughout the years.” In April 2025, Mr. Burt was appointed to serve as the Deputy Director for Specialized Units. In that role, he supervised enforcement investigations and litigations of the Asset Management, Complex Financial Instruments, Cyber and Emerging Technologies, Market Abuse, and Public Finance Abuse units. Mr. Burt also supervised the Office of the Whistleblower and the Commission’s recently established Cross-Border Task Force. Mr. Burt began his SEC career in Washington, D.C., as an attorney advisor in the Division of Examinations and then as an investigative attorney in the Division of Enforcement, where he investigated and litigated matters involving market structure, complex trading strategies, investment adviser fraud, and accounting disclosure and audit failures. He served as Regional Director of the Denver Regional Office from October 2022 through April 2025, supervising more than 125 investigative and trial attorneys, accountants, analysts, securities compliance examiners, and other staff while leading the examination and enforcement programs for Colorado, Kansas, Nebraska, New Mexico, North Dakota, South Dakota, Utah, and Wyoming. Prior to that role, he served as an Associate Director in the Division of Enforcement and as an Assistant Director supervising staff in the Asset Management and Market Abuse units. Mr. Burt received the Chairman’s Award for Excellence in 2010, the Analytical Methods award in 2015, the Chairman’s Award for Serving the Interests of Main Street Investors in 2019, and the Scott W. Friestad award in 2024. He received his bachelor’s degree magna cum laude in business administration from James Madison University, and his juris doctorate with honors from the University of North Carolina at Chapel Hill. 

Martina Cheung, President and Chief Executive Officer of S&P Global (NYSE: SPGI), will participate in the Barclays 18th Annual Americas Select Franchise Conference on May 5, 2026 in London, UK. Ms. Cheung is scheduled to speak from 11:30 a.m. to 12:10 p.m. British Summer Time (6:30 a.m. to 7:10 a.m. Eastern Daylight Time). The "fireside chat" will be webcast and may include forward-looking information. Mark Grant, Senior Vice President of Investor Relations and Treasurer, will join for investor meetings. Webcast Instructions: Live and ReplayThe webcast (audio-only) will be available live and in replay through the Company's Investor Relations website http://investor.spglobal.com/Investor-Presentations. The webcast replay will be available within 12 hours after the end of the presentation and will remain accessible for one year, ending on May 4, 2027. Any additional information presented during the session will be made available on the Company's Investor Presentations web page.

The final results from the annual survey of foreign portfolio holdings of U.S. securities at the end of June 2025 were released today on the Treasury website at /data/treasury-international-capital-tic-system/us-liabilities-to-foreigners-from-holdings-of-us-securities. The survey was undertaken jointly by Treasury, the Federal Reserve Bank of New York, and the Board of Governors of the Federal Reserve System. The next survey will cover holdings at the end of June 2026; preliminary data are expected to be released by February 26, 2027. Complementary surveys measuring U.S. holdings of foreign securities are also carried out annually. Data from the most recent survey, reporting on securities held at year-end 2025, are currently being processed. Preliminary results are expected to be reported by August 31, 2026. The survey measured the value of foreign portfolio holdings of U.S. securities as of June 30, 2025, to be $35,349 billion, with $19,860 billion held in U.S. equities, $13,840 billion in U.S. long-term debt securities [/1] (of which $1,626 billion are holdings of asset-backed securities (ABS) [/2] and $12,214 billion are holdings of non-ABS securities), and $1,649 billion held in U.S. short-term debt securities. The previous survey, conducted as of June 30, 2024, measured the value of total portfolio foreign holdings of U.S. securities at $30,881 billion, with holdings of $16,878 billion in U.S. equities, $12,688 billion in U.S. long-term debt securities, and $1,314 billion in U.S. short-term debt securities (see Table A). Table A.   Foreign holdings of U.S. securities,  by type of security, as of selected survey dates (Billions of dollars)   June 30, 2024 June 30, 2025 Long-term securities 29,566 33,700 Equities 16,878 19,860 Long-term debt 12,688 13,840 Asset-backed 1,588 1,626 Other 11,100 12,214 Short-term debt securities 1,314 1,649 Total 30,881 35,349 Of which: Official 6,598 6,907   Table B. Foreign holdings of U.S. securities, by country and type of security,  for the major investing countries into the United States, as of June 30, 2025 (Billions of dollars)   Country or category Total Equities Long-term debt Short-term debt           Treasury Agency Corporate   1 United Kingdom 3,462 2,057 768 56 489 91   2 Cayman Islands 3,180 2,160 286 56 519 158   3 Canada 2,900 2,065 405 160 230 39   4 Japan 2,883 1,169 1,024 250 315 125   5 Luxembourg 2,641 1,357 308 77 739 160   6 Ireland 2,222 1,469 220 34 296 204   7 Switzerland 1,377 939 239 8 128 62   8 China, Mainland [i]  1,279 344 657 186 17 75   9 Belgium 1,181 135 349 16 600 81   10 Singapore 1,118 759 239 17 90 14   11 Norway 1,109 826 195 0 87 0   12 France 1,082 601 354 37 70 20   13 Taiwan 854 172 304 185 188 5   14 Australia  804 694 53 7 40 10   15 Korea, South 804 592 120 34 50 8   16 Germany 800 572 77 5 124 23   17 Netherlands 644 461 79 18 82 4   18 Hong Kong 608 263 190 12 91 52   19 Kuwait 495 377 57 6 44 11   20 Bermuda 466 150 53 30 189 44   21 Sweden 454 396 48 0 10 0   22 Saudi Arabia 361 215 103 4 11 27   23 British Virgin Islands 354 190 56 45 40 23   24 United Arab Emirates 333 231 38 1 5 59   25 Israel 314 183 75 5 25 27   Other 3,622 1,481 1,366 96 353 326   Total 35,349 19,860 7,665 1,344 4,831 1,649     of which: Official 6,502 2,230 3,500 524 249 405     * Less than $500 million but more than zero. [i] Excludes Hong Kong and Macau, which are reported separately. [/1] Long-term debt securities have an original term-to-maturity of over one year. [/2] Asset-backed securities are backed by pools of assets, such as pools of residential home mortgages or credit card receivables, which give the security owners claims against the cash flows generated by the underlying assets. Unlike most other debt securities, these securities generally repay both principal and interest on a regular basis, reducing the principal outstanding with each payment cycle. 

Good morning and welcome back to day two. I hope you’re ready for another packed day of conversation, debate and analysis. Thanks to all our speakers and panelists for giving us such a strong start yesterday, and huge thanks to ICE for sponsoring a great evening at the Museum of Science last night. I spoke yesterday about the changes that are underway in the financial sector and ISDA’s role in ensuring we maintain safe and efficient derivatives markets. It’s incredibly exciting to be a part of this transformation, and to know that the decisions we make now could have big consequences for the shape of our industry in the decades to come. There’s no doubt we have a lot of work to do – from developing a sound legal and regulatory framework for tokenized collateral to automating key market processes and pursuing a well-calibrated capital framework. But as we begin day two, I want to briefly take a step back and think about the bigger picture. To talk about why derivatives markets exist, rather than how they function. It’s important to remember that our markets have a massive impact on the world around us. From the moment you switched on the light by your hotel bed and had your first coffee, your day has been profoundly shaped by derivatives. By enabling electricity providers, agricultural companies and countless others to lock in their costs, derivatives provide certainty and deliver valuable signals on supply and demand. They reduce risks across the real economy, even as markets rise and fall due to economic fundamentals and geopolitical developments. Events in the past few months have given us a stark reminder of that. Just look at the rollercoaster ride oil prices have had since the end of February, when the Strait of Hormuz effectively closed. Meanwhile, US Treasuries saw an initial flight to safety at the start of the conflict, before yields started rising in the middle and longer end of the curve, reflecting revised inflation and interest rate expectations. Equity markets have also been volatile, with the S&P 500 selling off as the conflict began, before rallying on news of the ceasefire. This volatility has been reflected in the VIX index, which has had a bumpy couple of months. Imagine being a corporation or financial institution left completely exposed to these price swings. Unable to hedge energy or commodity prices. Struggling to raise financing for fear of future interest rate hikes or worries over inflation. For these entities, growth could be stunted by an inability to effectively manage risk. The derivatives market serves to smooth over these rapid pricing shifts, but the availability of these products is not always a given. Derivatives trading is still dominated by developed markets and is mostly executed in a handful of traditional financial centers – London, New York, Hong Kong, Singapore, Tokyo. However, growth and capital are likely to come from elsewhere, with emerging markets set to drive around 65% of global economic growth by 2035, according to estimates by S&P Global. China is already an economic superpower, while India is expected to be the world’s third largest economy within 10 years. Despite these shifts, China and India each account for less than 1% of global OTC interest rate derivatives turnover. Enabling firms in these economies to fully access the benefits of a robust, local derivatives market is a key strategic priority for ISDA. A critical starting point is having reliable legal foundations based on the enforceability of close-out netting. ISDA has published netting opinions for 90 jurisdictions and close-out netting is now legally recognized in all G-20 jurisdictions. This is a significant milestone in ISDA’s long-running law reform efforts. But we need to go further than that. Earlier this month, I was in India speaking with market participants and regulators about further developing the local derivatives market. There are three key areas where changes could be made that would strengthen risk management and benefit the Indian economy. The first is the pensions sector. India’s vast workforce is a source of significant strength, but there will be almost 250 million retirees by 2050 who will need a reliable source of income. As it stands, pension funds are barred from using OTC derivatives to hedge against shifts in interest rates, inflation and other market moves. Linked to this, liquidity in India’s interest rate derivatives market is largely concentrated at the short end of the curve, making it difficult to hedge long‑dated exposures. Complementing the available tool set with over-the-counter (OTC) derivatives and expanding liquidity in longer‑tenor derivatives would give pension funds the ability to prudently manage long‑dated liabilities. Second, India has seen significant growth in its bond market, but credit derivatives are not available outside of a handful of AAA-rated credits. Given India’s economic outlook, growing the debt market beyond state-backed firms and other highly rated names is essential. Having a risk management instrument like credit derivatives could help. Third, I met with several large companies with massive exposures to commodities, but India does not have an onshore OTC commodity derivatives market, limiting the ability of many domestic firms to hedge these risks efficiently and precisely. Expanding the suite of onshore OTC derivatives to include energy and metals and changing legislation to allow banks to act as market-makers in these products would give these companies a vital risk management tool. In the 18 years since the global financial crisis, we’ve focused on building a comprehensive global regulatory regime that has made the derivatives markets safer and more efficient. We need to spend the next decade building deep and liquid derivatives markets around the world to enable local companies to manage risk and diversify portfolios, and to support economic development. Thank you.

Christopher Edmonds, president, fixed income & data services, at Intercontinental Exchange, speaks with Scott O’Malia, ISDA CEO, about how market volatility, regulatory change and technological transformation are reshaping global markets. The discussion explores what recent volatility has meant for participation, liquidity and trading strategies and how preparations are progressing for US Treasury clearing.

Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology, announced today that Yakima Federal Savings and Loan—the first financial institution to deploy CashFlow Central® within Fiserv’s Experience Digital (XD) environment—is equipping its small and midsize business members (SMB) to manage incoming and outgoing payments more efficiently through a modern, unified digital experience that brings Accounts Payable (AP) and Accounts Receivable (AR) together. With AP and AR delivered through XD, Yakima Federal is reducing the need for multiple tools and giving SMBs greater visibility into cash flow — helping simplify day-to-day financial management while minimizing manual, administrative tasks. “Our small business clients are looking for simpler, more connected ways to manage their finances and reduce manual administrative tasks,” said Melanie Kimm, Senior Vice President and Chief Retail Banking Officer, Yakima Federal Savings and Loan. “By delivering these capabilities through a modern digital experience, we’re making it easier for our SMBs to stay on top of cash flow and focus on running their businesses.” Built for Real-World SMB Workflows   Yakima Federal’s implementation delivers AP and AR capabilities built around how small businesses operate day to day, including: A single interface for AP and AR workflows, reducing tool switching and operational complexity Automated invoicing and payment reminders to help accelerate receivables and reduce administrative burden Flexible electronic payment options that improve convenience and support healthier cash flow Mobile access, enabling business owners to manage finances on the go Real‑time visibility and tracking to support better decision‑making and reduce payment‑related service inquiries “Small businesses increasingly expect financial tools to match the intuitive, connected digital experiences they rely on in other parts of their lives,” said Justin Jackson, Head of CashFlow Central, Fiserv. “By integrating CashFlow Central into Experience Digital (XD), Yakima Federal is uniting two best-in-class solutions to deliver a modern, end-to-end banking and payments experience purpose-built for SMBs.”

The market opened for four trading days this week as the Federal Government declared  Friday 1st May 2026 as Public Holiday to commemorate 2026 Workers’ Day celebration.  Meanwhile, a total turnover of 4.842 billion shares worth ₦287.756 billion in 332,453 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 3.805 billion shares valued at ₦213.955 billion that exchanged hands last week in 297,202 deals.  Click here for full details.

Thank you, everyone, and thank you for that kind introduction, Scott.  Before I begin, as is customary, I must note that the views I share today are my own as Chairman and do not necessarily reflect those of the Commission. It’s a privilege to be invited to speak at the ISDA annual meeting here in Boston. Since its founding in 1985, ISDA has played a vital role in promoting safe, efficient, and well-functioning derivatives markets. And as someone who spent many hours burning the midnight oil negotiating over-the-counter derivatives transactions as a junior lawyer, I can personally attest that ISDA’s work in developing the ISDA Master Agreement and related swap documentation has significantly reduced legal and credit risk for thousands of swap counterparties across the globe. Now, it’s fitting to be discussing American leadership in financial markets here in Boston as we approach our nation’s 250th anniversary. Boston is known as the “Cradle of Liberty.” It’s the birthplace of the American Revolution. The Sons of Liberty tossed hundreds of casks of British tea into the harbor not far from where we are today. Just a day after the Boston Tea Party, John Adams wrote in his diary that “there was no other Alternative but to destroy [the tea] or let it be landed. To let it be landed, would be . . . subjecting ourselves and our Posterity forever to Egyptian Taskmasters—to . . . Oppression, to Poverty and Servitude.”[1] A few years later, on July 4, 1776, the United States declared its independence from the British Empire based on the premise that governments are instituted to secure certain unalienable rights and derive their powers from the consent of the governed.[2] As our founders stated in the Declaration of Independence, “whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government.”[3] Our founding fathers believed deeply in individual rights. And importantly, the right to disagree—or the freedom to innovate. Because it is those exceptional few—who choose to reject orthodoxy, create something new, and compete against the establishment—that raise the bar for the whole of society. Over the course of our country’s nearly 250-year history, Americans have rejected dogmatic ideas, explored new frontiers, developed cutting-edge technologies, and invented novel financial instruments. Consider the first over-the-counter swap that took place in 1981 between the World Bank and IBM. High oil prices in the aftermath of the Iranian Revolution had caused global inflation, creating large gaps in interest rates between currencies.  The U.S. had inflation rates around 17 percent, while Swiss rates were at 8 percent. But currency controls around the Deutschemark and the Swiss franc blocked the World Bank from raising additional funds in those currencies. In response, the World Bank engaged Salomon Brothers to swap $205 million worth of payment obligations with IBM, in exchange for taking over IBM’s West German and Swiss obligations. With this simple transaction, an entirely new financial market was born. By 1983, the World Bank had lowered its average borrowing rate by more than a full percent and increased its notional aggregate swap transactions to $1.7 billion. By 1985 that number rose to $5.2 billion.  ISDA was founded and published its first master agreement that year as the over-the-counter derivatives market continued to grow. In the years since, we have seen derivatives on a wide range of underlying assets—from interest rates to fine art to crypto.  The drafters of the Commodity Exchange Act, the Commodity Futures Trading Commission’s (CFTC) authorizing statute, presciently envisioned that a derivative contract could be structured on virtually any underlying asset. The Act defines the term “commodity” to include all goods, articles, services, rights, and interests, except for onions and motion picture box office receipts.[4] And the statute’s principles-based approach to regulation has allowed market participants to innovate quickly within a comprehensive regulatory framework that prohibits fraud, manipulation, and other abuses. Consistent with American values, the Act is designed to maximize the individual’s freedom to transact in a wide range of contracts while protecting market participants from bad actors. This has made our markets the envy of the world. American Leadership in Financial Markets Today, the derivatives markets sit at the core of the global financial system. Data from the Bank for International Settlements (BIS) and the Futures Industry Association (FIA) show that for the first time, global notional outstanding exceeds $1 quadrillion—and these markets are where price formation and discovery now take place. Across interest rates, agricultural commodities, metals, credit, and equities, derivatives set the reference prices underpinning real economic activity. They determine borrowing costs, define credit spreads, anchor commodity pricing, and enable risk transfer while transmitting signals across markets and jurisdictions with speed and force. In this context, the CFTC is centrally overseeing, directly and through cross-border frameworks, approximately 35% of global derivatives activity. We are the world’s largest derivatives regulator. The implication is clear: if these markets are where prices are formed and risk is transferred, then leadership in derivatives is leadership in global finance. My priority as CFTC Chairman is simple: keep these markets efficient, resilient, and innovative—and keep them in the United States. Right-Sizing Regulation to Maintain American Market Dominance By now, many of you have likely heard me express my philosophical view that the government should administer the minimum effective dose of regulation. There are probably not many people in this room who would argue that the regulations implementing the Dodd-Frank Act meet this standard. Quite to the contrary. Today, I want to touch on several unworkable rules that are ripe for an overhaul. Basel III Endgame But first, I want to commend the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency for their release of revised proposals addressing the regulatory capital requirements for banks, including a revised Basel III Endgame proposal.[5] The proposed Basel III Endgame revisions update methodologies for credit, market, and operational risk,[6] and the Federal Reserve Board’s re-proposal refines the scoring methodology to better capture systemic risk.[7] This audience has invested significant time and energy over the past several years to promote the development of a rationalized framework for bank capital. With the Commission’s support, the prudential regulators have worked together to streamline capital requirements, better align regulatory capital with risk, and maintain the safety and soundness of the banking system. Specifically, noteworthy improvements include: Mitigating concerns about a major increase in capital requirements for client clearing activities; Recognizing worries about the disproportionate impact of high capital requirements on agriculture, energy and other end-users; Lowering the market risk charge by excluding derivatives exposures arising from client clearing from the Credit Valuation Adjustment framework and lowering the G-SIB surcharge by excluding clearing; Reducing the operational risk charge by adopting a more appropriate indicator for futures commission merchants; Lowering the credit risk charge by eliminating the requirement for an investment grade obligor to be publicly traded—this is particularly beneficial for agriculture and energy producers and other end-users; Revising the Standardized Approach for Counterparty Credit Risk to permit the netting of settled-to-market and collateralized-to-market swaps; and Enhancing the viability of the internal model approach for market risk, providing critical support for swap dealers. Swap Data Reporting At the CFTC, we are also working to streamline, reduce burdens, and provide clarity to market participants. I know that one area in which the CFTC has fallen short is in the context of reporting. To date, problems with the CFTC’s reporting requirements have been addressed through a patchwork of no-action letters that are continually extended. It is long past time to address those issues with clarity and finality through notice and comment rulemaking. This audience has been telling the Commission for years that the ownership and control reports (OCR) rule contains problematic requirements that prevent compliance. The OCR rule,[8] which was finalized in 2013, has been the subject of a rulemaking petition filed by the industry, not once, but twice, seeking Commission action.[9] And yet, market participants are still operating pursuant to no-action relief.  It is time to remedy the rule. Similarly, as markets evolve and our data capabilities improve, we should evaluate whether legacy reporting regimes remain necessary in their current form. In that context, it is reasonable to consider whether certain requirements—such as those under Part 20—should finally be sunset. This recognizes that every reporting obligation carries real costs. Market participants must build, maintain, and continuously update complex systems to comply with our rules. Ensuring that these requirements are justified, efficient, and aligned with clear regulatory objectives is part of our responsibility. Commission regulations currently require swap execution facilities (SEFs), designated contract markets (DCMs), and reporting counterparties to submit swap reporting error notifications for all errors that cannot be corrected in a timely fashion. Without some sort of materiality threshold, I do not believe this requirement serves the CFTC or the market. Last year, Commission staff issued no-action relief saying that the Division of Market Oversight will not recommend an enforcement action against a reporting counterparty that fails to submit a swap data error correction notification, if the reporting counterparty makes a reasonable determination that the number of reportable trades affected by the error does not exceed five percent of the reporting counterparty’s open swaps for the relevant asset class.[10] I have directed CFTC staff to assess the impact of this no-action relief and to consider whether our regulations should be amended to add this materiality threshold. Relatedly, CFTC regulations currently require SEFs, DCMs, and reporting counterparties to correct errors in the swap transaction and pricing data they report to swap data repositories. Market participants have noted challenges with the error correction requirements and have highlighted instances where the costs and burdens of error correction requirements are not proportionate to their benefits. The Commission must properly calibrate the error correction requirements so that the benefits outweigh the costs. And finally, we must revise our regulations to clarify which entities have which reporting obligations when a swap is submitted for clearing to a derivatives clearing organization (DCO) that is exempt from registration with the Commission. Currently, firms are operating subject to no-action relief.[11] We must address this outstanding issue with certainty and finality. Swaps Trading There are also outstanding issues in connection with swaps trading. For example, more than a decade of experience shows that there is little appetite for using a SEF’s Order Book[12] to execute Permitted Transactions.[13] Why, then, do CFTC regulations continue to require that SEFs offer this functionality for those transactions?[14] A no-action letter issued last year effectively relieves SEFs of that obligation.[15] We will look to codify that relief via notice and comment rulemaking. Market participants have been relying on no-action relief when trading a package transaction where at least one individual component is subject to the trade execution requirement and all other components are futures contracts.[16] I have directed staff to provide a recommended path forward to permanently address this long-standing issue, without having to rely on perpetual staff no-action. Comparability Determinations Because so many of you operate global businesses, I would like to note that substituted compliance determinations are another way to right-size regulation. The Commission can reduce costs and burdens while still holding entities to robust standards through these determinations. We have issued four comparability determinations and orders allowing swap dealers domiciled in Japan, Mexico, the European Union, and the United Kingdom to satisfy CFTC capital and financial reporting requirements by meeting home country regulatory requirements. We are currently considering additional substituted compliance determinations for swap dealers. These determinations will involve capital and financial reporting requirements applicable to smaller investment firms under relevant EU and UK laws. The Commission is also undertaking efforts to provide additional appropriate substituted compliance regarding margin requirements for uncleared swaps and certain business conduct requirements, including swap trading relationship documentation. Margin for Uncleared Swaps Additionally, we plan to soon finalize a rule that was proposed in 2023,[17] arising out of the work done by the CFTC’s Global Markets Advisory Committee, amending the margin requirements for uncleared swaps. This rule will increase collateral flexibility by eliminating the “asset transfer restriction” that disqualifies otherwise eligible money market fund (MMF) shares from serving as initial margin collateral solely because the MMF engages in repos, securities lending, or similar transactions. The rule will also specify the haircuts relevant to MMF securities. And finally, the rule will provide an exception for seeded funds that will effectively relieve swap dealers from the obligation to exchange initial margin with seeded funds for an initial period of up to three years. This modified approach will increase a fund’s access to uncleared swaps in its early life and align CFTC regulations with approaches taken in other jurisdictions. Treasury Clearing The CFTC has also been hard at work in preparation for the implementation of the Treasury clearing mandate. Earlier this month, the Commission issued an exemptive order providing relief necessary for the Fixed Income Clearing Corporation (FICC) and the Chicago Mercantile Exchange (CME) to extend their cross-margining arrangement to customers.[18] This cross-margining arrangement recognizes that the risks of positions held at each of the two clearinghouses can offset each other and, therefore, warrant lower margin requirements. The CFTC exemptive order, combined with corresponding action by the SEC, provides a framework for appropriately offsetting correlated Treasury positions. This will result in more efficient collateral and capital allocation, while also retaining the key elements of customer protection and the segregation of funds. Streamlining the Registration Process CFTC staff has been reviewing many applications for new or amended registration orders. So far this year, we have approved a new DCM registration order and an amended DCM registration order. We have approved an amendment to one DCO’s registration order to permit that DCO to expand its business and clear futures contracts on a margined basis. We also issued a new registration order to a DCO that plans to clear fully collateralized contracts on both a direct and intermediated basis. And we issued our sixth order of exemption from DCO registration. I expect the CFTC staff to continue apace in reviewing applications. We are incorporating new software systems and instituting new policies to enhance efficiency in our review of applications so that well-prepared applications move more quickly than in the past. Tokenization Not only is the Commission committed to advancing swaps market reforms, it is also enthusiastic about the opportunities presented by tokenization. Over the course of America’s history, we have witnessed our financial markets evolve from gatherings under a buttonwood tree to physical trading pits to electronic platforms. And now blockchains present an entirely new way of transacting value across peer-to-peer infrastructure. Tokenization can make markets more efficient by improving how assets move, how transactions settle, and how risk is managed. If we take a step back, it becomes clear that two of the world’s most prominent digital commodities, bitcoin and ether, laid the foundation for the shift towards tokenization. They demonstrated that value can be transferred and stored onchain via programmable systems. Market participants quickly took note. In August 2017, just two years after the Ethereum mainnet launched, ISDA published a whitepaper on smart contracts and distributed ledgers, and how they might be used in the derivatives markets.[19] In 2023, ISDA launched its Digital Asset Derivatives Definitions—an important step toward integrating tokenized assets into the existing market framework.[20] One of the clearest opportunities presented by tokenization is the ability to create more efficient collateral. Tokenized collateral, which can move in real time and achieve near-atomic settlement, has the ability to reduce counterparty risk, enhance capital efficiency, and promote global participation. The ability to use tokenized collateral as margin for innovative products is another exciting prospect.  I recognize, however, that these opportunities require a corresponding shift in how we think about risk management. If markets operate 24 hours a day—powered by onchain, tokenized assets—then risk management must operate on that same continuous basis. A world of 24/7 markets demands 24/7 risk management. And while that may seem like a meaningful shift, it is, in many respects, simply the next step in a long arc of market innovation. Not too long ago we moved from paper certificates to electronic systems, from multi-day settlement cycles to T+1. Each step required us to adapt. But each step ultimately strengthened our markets, shaping them into the gold standard that they are today. SEC-CFTC Harmonization Another opportunity that I have stressed is SEC-CFTC harmonization. For too long, market participants were forced to navigate regulatory boundaries that become barriers to entry and encouraged regulatory arbitrage rather than productive investment. Next month, I anticipate the Commissions will be issuing joint requests for comment as the first step to complete rulemakings in the areas of portfolio margining and swap data reporting. ISDA has been active on these topics for many years. We have heard what this group has said, and we think we have a great opportunity to respond to some of your concerns right out of the gate. In addition to harmonizing rulesets, we have an opportunity to reduce the fragmentation that exists today across SEC and CFTC-regulated product markets. One of the strengths of modern markets is that investors have more choices than ever to gain investment exposure and manage risk. These products are often economically similar instruments subject to different regulatory regimes. And, as a result, liquidity is fragmented across venues, investor types, and financial instruments. This is why substituted or alternative compliance can bring long-term benefits to investors and end-users. By allowing market participants to comply with a single regulatory framework under a primary regulator, we can unlock more efficient markets where investors are better able to pool liquidity and hedge risk across product types. This can enable market participants to offer what SEC Chairman Paul Atkins has referred to as “super-apps,” where a wide range of cross-jurisdictional financial products and services can be offered within a single platform without two agency registrations. I look forward to continuing to work together with Chairman Atkins to harmonize the CFTC’s and SEC’s regulatory frameworks to deepen liquidity, improve execution outcomes for investors, and unleash innovation in American financial markets. Conclusion Under my leadership, the Commission will continue to fulfill its vital mission and ensure America remains home to the most transparent, robust, and well-regulated financial markets in the world. America is, and will remain, the global leader in derivatives. Our leadership is not just domestically focused; we know that consistency and collaboration always bear fruit with our overseas partners. Principles-based regulation works for everyone. If we do it right, we will open up a new frontier in finance, at least as large, and possibly larger than we saw in the 1980s with the development of the swaps market. Whatever challenges we face as a nation, economic freedom must win out, or we will lose our place as the greatest financial market in the world. It’s the job of government to embrace innovation and adapt regulations accordingly, not to strangle them through neglect or over-enforcement. As Chairman, I’m committed to developing policies that help ensure innovation takes root on American soil, under American law, and in the service of American investors, businesses, and consumers. We are the beneficiaries and the progeny of freedom that began as a spark 250 years ago. Our founders firmly believed in the individual’s right to think, to speak, to invent, to discover, to transact, and to choose. Our derivatives markets are an expression of this freedom. As we move forward, it is our responsibility to preserve and strengthen these principles so that our markets continue to thrive for future generations. Thank you very much. [1] “Something Notable and Striking”: John Adams Writes about the Boston Tea Party, 1773, American Battlefield Trust https://www.battlefields.org/learn/primary-sources/something-notable-and-striking-john-adams-writes-about-boston-tea-party-1773. [2] Declaration of Independence: A Transcription, National Archives (Nov. 1, 2015), https://www.archives.gov/founding-docs/declaration-transcript. [3] Id. [4] 7 U.S.C. § 1a(9). [5] See Regulatory Capital Rule (Regulation Q): Risk-Based Capital Surcharges for Global Systemically Important Bank Holding Companies; Systemic Risk Report (FR Y-15), 91 FR 14908 (Mar. 27, 2026); Regulatory Capital Rule: Category I and II Banking Organizations, Banking Organizations with Significant Trading Activity, and Optional Adoption for Other Banking Organizations, 91 FR 14952 (Mar. 27, 2026); Regulatory Capital Rules: Regulatory Capital and Standardized Approach for Risk-Weighted Assets, 91 FR 15332 (Mar. 27, 2026). [6] See 91 FR 14952 [7] See 91 FR 14908. [8] See Ownership and Control Reports, Forms 102/102S, 40/40S, and 71, 78 FR 69178 (Nov. 18, 2013). [9] See Petition for Amendment of the Ownership and Control Reports Rule (June 26, 2025), available at https://www.fia.org/fia/articles/fia-asks-cftc-amend-ocr-rule; Petition for Amendment of the Ownership and Control Reports Rule (June 14, 2018), available at https://www.fia.org/fia/articles/fia-and-cmc-petition-cftc-amend-ocr-rule. [10] CFTC Letter No. 25-25 (July 31, 2025), available at https://www.cftc.gov/csl/25-25/download. [11] CFTC Letter No. 25-18 (July 9, 2025), available at https://www.cftc.gov/csl/25-18/download. [12] An Order Book means: (i) an electronic trading facility, as that term is defined in section 1a(51) of the Commodity Exchange Act; (ii) a trading facility, as that term is defined in section 1a(51) of the Commodity Exchange Act; or (iii) a trading system or platform in which all market participants in the trading system or platform have the ability to enter multiple bids and offers, observe or receive bids and offers entered by other market participants, and transact on such bids and offers.  See 17 C.F.R. § 37.3(a)(3).  [13] A Permitted Transaction is any transaction not involving a swap that is subject to the trade execution requirement in section 2(h)(8) of the Commodity Exchange Act.  See 17 C.F.R. § 37.9(c)(1). [14] See 17 C.F.R. § 37.3(a)(2).  [15] CFTC Letter No. 25-24 (July 30, 2025), available at https://www.cftc.gov/csl/25-24/download. [16] CFTC Letter No. 25-33 (Sep. 22, 2025), available at http://www.cftc.gov/csl/25-33/download.  [17] See Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants, 88 FR 53409 (Aug. 8, 2023). [18] See Order Providing Exemptive Relief to Facilitate Cross-Margining of Customer Positions Cleared at Chicago Mercantile Exchange, Inc. and Fixed Income Clearing Corporation, 91 FR 20880 (Apr. 20, 2026). [19] See ISDA, Whitepaper: Smart Contracts and Distributed Ledger—A Legal Perspective (Aug. 3, 2017), available at https://www.isda.org/a/6EKDE/smart-contracts-and-distributed-ledger-a-legal-perspective.pdf. [20] See ISDA, ISDA Digital Asset Derivatives Definitions (Jan. 26, 2023), available at https://www.isda.org/book/isda-digital-asset-derivatives-definitions/.

The Ontario Securities Commission (OSC) today published for comment proposed amendments to its fee rules. The proposed changes are designed to deliver fee relief to most market participants, encourage capital formation, enhance fee predictability, and recalibrate fees to support proportionality amongst market participants. Under the proposed changes, the small issuers and registrant firms that comprise the majority of entities regulated by the OSC would see reduced fees, with approximately 57% paying the lowest annual participation fee of $750 or less. To encourage capital formation and economic growth, the OSC also proposes to reduce the fee for filing a prospectus by approximately 21%. The OSC has also reviewed its fee structure with a view to addressing imbalances that have occurred over time. The proposed amendments include an emphasis on proportionality to introduce additional fee tiers to collect higher fees from those market participants whose fees have not increased in many years despite an evolution of the regulatory landscape. The proposed changes also recalibrate fees for crypto-asset trading platforms, whose fees have not kept pace with the increased level and complexity of regulatory oversight required by the OSC. The OSC also proposes introducing an annual Consumer Price Index (CPI) based adjustment to participation fee rates for issuers and registrants. In addition, tier thresholds will also be indexed to CPI to ensure fairness and maintain proportionality among market participants. For a complete overview of the proposed changes, please see the related Notice on the OSC website. Stakeholders are invited to provide comments in writing by July 29, 2026. The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at www.osc.ca. Background: The OSC has not comprehensively amended its fees in over a decade. The OSC charges two main types of fees: Participation fees – cover a broad of services not practicably attributable to individual activities or entities. These fees are intended to serve as a proxy for market participants’ use of the Ontario capital markets, and to support oversight activities by the OSC. Activity fees – relate to specific functions and actions, for example, specific filings and request for service. Additional details about types of fees charged by the OSC are available on the Fees section of the OSC website.

The Canadian Securities Administrators (CSA) has published Coordinated Blanket Order 33-930 Exemptions from Requirements to Submit Certain Personal Information, which provides temporary exemptions under National Instrument 33-109 Registration Information.  NI 33-109 sets out requirements for registered firms and individuals acting on their behalf to submit certain personal information when applying for individual registration or seeking review as a permitted individual. This information is used by the CSA to assess an individual’s identity and fitness for registration or permitted individual status. The coordinated blanket order removes certain requirements to provide personal information that the CSA has determined is not required for identification in this context. The coordinated blanket order will come into effect on May 1, 2026, and will act as an interim measure until NI 33-109 is formally amended. In Manitoba and Ontario, similar relief relating to the collection of certain personal information will also be granted concurrently under commodity futures legislation in their respective jurisdictions. In Québec, similar relief relating to the collection of certain personal information will also be granted contemporaneously under derivatives legislation. The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.