Today, ACER releases its report on the Slovak gas transmission tariffs directed at Eustream, Slovakia’s transmission system operator (TSO). The report assesses the compliance of the proposed reference price methodology (RPM) with the requirements of the EU Network Code on Harmonised Transmission Tariff Structures (NC TAR). What is the proposed tariff methodology? The Slovak TSO proposes to: Change the current methodology to introduce new tariffs in the middle of the ongoing tariff period, which would result in a tariff increase of more than 70%. The TSO cites exceptional circumstances (a large drop in cross-system flows) as the reason for this change. Apply a uniform postage stamp reference price methodology with an ex-ante entry-exit split for 2026-2027. Continue recovering transmission revenues through a mix of capacity-based and commodity-based charges. Adjust capacity tariffs at all entry and exit points (including domestic points) through benchmarking, using a wide set of European TSO tariffs as a reference. Keep two commodity-based charges in place: a flow-based charge paid in kind and a complementary revenue recovery charge. What are ACER’s key findings? After analysing the consultation document, ACER concludes that: The proposed methodology meets the EU requirement on non-discrimination. Compliance with other NC TAR requirements (including transparency, cost-reflectivity, avoidance of cross-subsidisation, volume risk and the prevention of cross-border trade distortions) cannot be confirmed. The proposed commodity-based charges are also non-compliant. Read more about ACER findings and recommendations.

Good morning.  I regret that I cannot be with you.  Today’s meeting is the first one since the departure of Stacey Bowers, who served as Advocate for Small Business Capital Formation.  I would like to acknowledge her contributions to the efforts of this committee. Before diving into today’s agenda, I would like to acknowledge some recent work by our staff.  The first item is the 2025 Staff Report from the Office of the Advocate for Small Business Capital Formation.  This report provides a comprehensive snapshot of the state of small business capital formation, including a wealth of information on crowdfunding, Regulation A, and Regulation D offerings. The second item to highlight is work by the Division of Corporation Finance’s Office of Small Business Policy to provide much needed regulatory guidance for small businesses.  During the Biden administration, the SEC expended tremendous amounts of staff resources focusing on environmental, social, and political projects that had a weak, if any, nexus to financial markets, rather than focusing on capital formation.  Division leadership has refocused on its traditional work on capital formation and investor protection, particularly with respect to smaller businesses. Recently, SEC staff published frequently asked questions (FAQs) on Form D.[1]  Since Regulation D plays a significant role in capital formation for U.S. small businesses, we should continue to improve clarity and predictability for issuers seeking to rely on that regulation.  These FAQs consolidate existing guidance and are designed to be a “one-stop shop” to quickly address frequent questions posed to the staff about Form D.  The Division of Corporation Finance has also published new compliance and disclosure interpretations (C&DIs), including ones that address “new” questions about Regulation D.  For example, one C&DI clarifies that when taking reasonable steps to verify accredited investor status in Rule 506(c), issuers can use different verification methods for different purchasers in the same offering.[2]  Some of the changes update our guidance to reflect the adoption of new rules and their impact on issues such as transactional integration.[3]  Other C&DIs formalized longstanding interpretive positions.  For example, under Regulation Crowdfunding, the staff described how to switch from one crowdfunding platform to another before making a sale.[4] Additionally, the staff advised that certain guidance and relief specific to registered companies also applies in the Regulation A context, such as extending the non-public filing and review accommodation to Regulation A issuers.[5] Lastly, the staff answered certain offering questions that come up periodically in the Regulation A space, such as that a company cannot accept any money or other consideration before qualification.[6] Our staff stands ready to provide additional guidance and interpretations.  If you have questions or believe that additional guidance is needed, I encourage you to reach out to them. Turning to today’s agenda, I am pleased that the Committee will continue its “deep dive” into the topic of finders.  A regulatory solution in this area is long overdue.  A key consideration is whether the regulatory burdens can be minimized given the limited role such persons play.  Sound regulation practices recognize that rules should be appropriately tailored to the specific risk being addressed.   If an intermediary serves in a limited role, such as simply providing introductory services, the full panoply of broker-dealer regulation would not appear to provide additional investor safeguards.  Instead, they can deter useful and productive capital formation efforts.  Thus, we should consider what regulatory requirements, if any, are so fundamental that they should apply irrespective of the limited transactional roles.  These rules are likely to encompass only a small fraction of the broader SEC and FINRA rulebooks applicable to broker-dealers. Thank you to the participants, presenters and attendees for joining us today.  Have a good meeting. [1] Frequently Asked Questions and Answers on Form D (Jan. 23, 2026), available at https://www.sec.gov/about/divisions-offices/division-corporation-finance/frequently-asked-questions-answers-form-d. [2] Compliance and Disclosure Interpretations, Securities Act Rules, Question 260.39. [3] For example, a number of C&DIs about integration were updated to account for the adoption of Rule 152 in 2021. [4] Compliance and Disclosure Interpretations, Regulation Crowdfunding, Question 100.03. [5] Compliance and Disclosure Interpretations, Securities Act Rules, Question 182.24. [6] Compliance and Disclosure Interpretations, Securities Act Rules, Question 182.31. 

Good morning, ladies and gentlemen, and welcome to our first Committee meeting of the year.[1] I want to start by saying how glad I am that we are able to reconvene (if only virtually) after the government shutdown forced us to cancel in the fall. That disruption only reminded me how valuable this forum is, for I have long believed that involving industry practitioners in the regulatory process makes government smarter, more responsive, and less burdensome. Indeed, your contributions bring both rigor and market insight to the SEC’s role in facilitating capital formation. So, I am grateful that this Committee can return to its regular cadence and thank you for your flexibility in light of the wintry weather conditions. *** In just a few moments, the Committee will build on a discussion that it began last summer regarding a regulatory framework for finders. As staff in the Division of Trading and Markets emphasized at our previous meeting, identifying potential investors remains one of the most persistent challenges for small businesses, especially those seeking capital below the range that typically attracts investment from venture capital firms or registered broker-dealers. Regulatory uncertainty only compounds those barriers by deterring individuals from serving as finders—and companies from engaging them. The perspectives shared at our previous meeting underscored the need to address ambiguity in this space and I look forward to hearing the Committee’s recommendations on how we might foster greater clarity. *** Later this afternoon, meanwhile, the Committee will turn to the private secondary market and its increasingly critical role in meeting liquidity needs. As more firms stay private, two related pressures have intensified: demand for investment opportunities in private companies and the need for liquidity among existing investors, especially early investors and employees for whom compensation includes equity. Several platforms have emerged to address these pressures. But I understand that our existing regulatory framework has, in some respects, made that work challenging. Many privately issued securities remain restricted from resale under our rules for at least a period of time. Issuers may also impose additional transfer restrictions to maintain visibility into their shareholder base. Layered atop of these frictions is the further complication that secondary trading of private securities is almost always subject to state blue sky laws. Individual investors can sometimes navigate this patchwork through the so-called “manual exemption,” which generally permits secondary transactions of securities listed in designated securities manuals. But complying with state manual exemptions can be costly and time consuming for both investors and issuers. Of course, this Committee has examined blue sky laws before. Last year, it recommended that the Commission preempt state blue sky laws for off-exchange secondary trading in companies that make available robust, publicly accessible, and timely public disclosures, such as those required by Regulation A Tier 2. That recommendation reflects a sound instinct as many of the limitations on secondary trading in private markets are designed to protect investors. Private companies generally do not provide ongoing disclosures, which means that investors are not as easily able to make a reasoned investment decision. One way to address this, as the Committee’s recommendation recognized, is to consider allowing secondary trading in companies that provide some sort of ongoing disclosure. Of course, that approach would not necessarily resolve the separate issue of company-imposed transfer restrictions beyond what current law requires. So, more structurally, another way to overcome these concerns is to encourage larger, later-stage private companies—the kind of companies that historically would have undergone an initial public offering earlier in their life cycle—to again go public sooner. Which brings me to a broader point—and to my priority to reinvigorate an IPO pipeline that has diminished by roughly 40 percent in recent decades. As I recently testified before Congress, this trajectory tells a cautionary tale that the SEC is working to rectify, first, by re-anchoring disclosures in materiality so that investment decisions can turn on economic signals rather than on regulatory noise; second, by de-politicizing shareholder meetings and restoring their focus to significant corporate matters; and third, by allowing public companies to have litigation alternatives so that we shield innovators from the frivolous and investors from the fraudulent. With that context, I am grateful that we will be hearing from a distinguished group of guest speakers to continue our discussion on finders and to begin exploring the private secondary market. This Committee’s insights, rooted in the real-world experience of its members, will be essential in enhancing capital formation for America’s small businesses. So thank you once again for your continued service, and for the thoughtful guidance that you provide. I look forward to a productive and engaging meeting ahead. Thank you. [1] The Chairman’s views expressed in these remarks do not necessarily reflect those of the SEC as an institution or of the other Commissioners

A steep 49% year-on-year (YoY) fall in mergers & acquisitions (M&A) activity weighed heavily on the Asia-Pacific (APAC) deal activity in January 2026, pulling the overall transaction volumes (M&A, private equity and venture financing) down 36%. This reflects a more cautious environment among the corporates and investors amid the persistent macro uncertainty and tighter funding conditions, according to GlobalData, a leading intelligence and productivity platform. An analysis of GlobalData’s Financial Deals Database reveals that all the deal types under the coverage registered YoY decline in volume during January 2026. The impact of decline in M&A is notable given that it accounted for more than half of the total number of deals announced in the APAC region during January 2025. Meanwhile, venture financing deal volume declined by 20%, whereas the number of private equity deals was down by 75%, pointing continued investor selectivity, extended diligence cycles, and a preference for clearer-path-to-profitability opportunities. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “APAC deal activity saw a slow start in 2026, with both acquirers and investors prioritizing valuation discipline. It indicates that decision-making cycles are lengthening and risk appetite remains constrained.” Most of the countries in the APAC region experienced weak deal activity in January 2026. For instance, China, which is the top APAC market by deal volume, registered a YoY fall in the number of deals by 17% during January 2026. India, South Korea, Japan, Australia, Singapore, Hong Kong, Malaysia and India also saw their respective deal volume fall by 24%, 35%, 76%, 23%, 45%, 21%, and 33% YoY during the same period. Bose concludes: “Looking ahead, while near-term activity may remain subdued, strategic investors with strong balance sheets and sector conviction are likely to capitalize on the pricing recalibrations, setting the stage for a more fundamentals-driven and selective recovery in the quarters ahead.” Note: Historic data may change in case some deals get added to previous months because of a delay in disclosure of information in the public domain.

Capital.com, a global fintech group operating in the regulated online trading sector, today published its 2025 trading platform activity summary, reporting $3.42 trillion in client trading volume for the year. Trading volumes increased 92.1% year-on-year, rising from $1.78 trillion in 2024 to $3.42 trillion in 2025. The number of trades executed grew 87%, from 120.2 million to 224.8 million.  The results reflect accelerated trading activity alongside continued investment in structured risk management, platform resilience and decision-support tools, reinforcing the Group’s ambition to build a platform ‘Built for Better Decisions.’ Trading volumes are influenced by prevailing market conditions and do not indicate future performance. Rupert Osborne, CEO, Capital.com UK, said: “2025 was marked by sustained macroeconomic uncertainty and cross-asset repricing. In that environment, our priority was not simply scale, but strengthening operational resilience and deepening a structured decision-support framework within a regulated setting. Access to markets should be accompanied by tools that promote disciplined engagement, clear risk definition and ongoing review. As activity increased, we continued embedding structured risk discipline directly into the platform’s architecture. Capital.com does not aim to stimulate trading frequency; our focus is on building infrastructure that helps reduce cognitive bias, reinforces predefined risk parameters and supports more deliberate execution under volatile conditions.” Key Highlights $3.42 trillion in client trading volume in 2025, up 92.1% year-on-year (2024: $1.78 trillion) 224.8 million trades executed, up 87.0% from 120.2 million in 2024 Middle East accounted for approximately 50% of total trading volume Europe was the second-largest region, with volumes rising 73% year-on-year 22.59% of global positions were opened with a stop-loss attached. Platform coverage expanded to over 5,000 markets (up from 4,500+) Market environment and activity drivers Trading activity during the year coincided with monetary policy divergence across major economies, commodity price volatility and heightened sensitivity to macroeconomic data releases. Millennials and Gen X accounted for the largest share of trading volumes, followed by Zoomers and Boomers. Gold was the most actively traded instrument globally by both volume and trade count during the period, reflecting its established role during episodes of macroeconomic uncertainty and commodity price fluctuation. Behaviourally, gold trading in 2025 was characterised by heightened sensitivity to short-term price moves. 73.8% of gold trades were closed within one hour, and 95.9% within 24 hours, indicating a strong bias toward intraday decision-making. This concentration is consistent with intraday trading patterns typically observed during periods of elevated volatility. Elevated market participation required sustained platform stability during peak trading windows. Systems performance and service continuity were maintained across regulated entities, including during periods of heightened cross-asset volatility. Globally, 22.59% of all positions had a stop-loss attached, compared with 22.01% in 2024 Stop-loss usage is monitored as a proxy for predefined risk parameters and disciplined trade structuring.  Usage was highest among Zoomers and Millennials. The increase suggests broader adoption of structured risk parameters during a year marked by volatility across asset classes.  All clients operate within the same regulated framework, risk disclosure standards and suitability requirements.  “Increasing the use of predefined risk parameters remains a structural objective, not a marketing metric. Our priority is to embed risk configuration into the decision-making process before execution, so that structured discipline becomes an integral part of how the platform is used, particularly during periods of heightened volatility,” added Osborne. Decision-support tools and AI development Throughout 2025, Capital.com continued to strengthen its structured decision-support environment and platform resilience. Key developments included: Expanded charting and analytical tools to improve price context and multi-timeframe analysis Enhanced trade journaling to support structured post-trade review and behavioural awareness Continued development of risk architecture, including stop-loss enhancements to reinforce predefined risk parameters Infrastructure and monitoring upgrades to maintain execution stability during peak trading periods The Group’s product roadmap incorporates behavioural analytics and AI-assisted tools designed to support risk definition before execution, enable real-time exposure monitoring and facilitate structured review of trading patterns. AI is being embedded not as a predictive signal, but as behavioural infrastructure intended to help narrow the gap between trading intention and execution in volatile market conditions. Looking ahead to 2026 While trading activity increased materially during 2025, Capital.com does not define progress by scale alone. Strategic priorities for 2026 include: Increasing stop-loss adoption rates Expanding AI-driven behavioural safeguards Enhancing transparency around decision-quality metrics Continuing measured geographic expansion within regulatory frameworks Expanding multi-asset capabilities across equities, digital assets and long-term investment products Capital.com operates under multiple regulatory licences across several jurisdictions and added authorisation from the Capital Markets Authority of Kenya in 2025. The Group’s long-term focus remains the development of a global platform designed to improve decision quality within a regulated and governed structure.

As of today, Sirma Group Holding (ISIN: BG1100032140) is listed in the Prime Standard of the Frankfurt Stock Exchange. The company is already listed on the Bulgarian Stock Exchange (BSE) where it was added to the EuroBridge segment. This trading segment was developed together with Deutsche Börse and for the first time enables Bulgarian companies to trade their shares simultaneously in Sofia and on the German market, providing access to a wider international investor base. The IPO was accompanied by Wolfgang Steubing AG Wertpapierdienstleister, which also acts as designated sponsor on Xetra and as Specialist on Deutsche Börse Frankfurt. Sirma Group Holding was founded in 1992. According to its own information it is a software technology partner with over 33 years of experience and more than 800 employees. The company specializes in custom software development, systems integration, and IT consulting. Located in Sofia, the company is listed on the Bulgarian Stock Exchange. Sirma operates globally with offices in the US, UK, Germany, Albania, Romania, Brazil and the United Arab Emirates. Further information can be found in our primary market statistics.

Broadridge Financial Solutions, Inc. (NYSE: BR) today announced the appointment of Frank Troise as President, Global Capital Markets, effective immediately. He will report to Tom Carey, President, Global Technology & Operations at Broadridge, and join Broadridge’s Executive Leadership Team.  A proven industry innovator, Troise steps into the role at a pivotal moment as issuance, trading, financing, data and post-trade services converge across traditional and digital ecosystems.  Since Troise joined Broadridge in 2024 as Head of Trading and Connectivity Solutions, he has strengthened Broadridge’s platform capabilities, driven strategic growth initiatives, and expanded its front-office offerings across execution management, algorithmic trading, and analytics.  “Broadridge operates at the intersection of scale, trust and innovation - a combination clients and regulators rely on every day, and Frank’s deep market expertise, disciplined execution, and bold strategic vision make him the right person to lead this business,” said Tom Carey, President, Global Technology & Operations at Broadridge. “As we build on our strong foundation and position of leadership in capital markets, Frank will accelerate our strategy and lead the next wave of innovation in global capital markets transformation.”  Prior to Broadridge, Troise was CEO and Board Member of Pico Quantitative Trading and previously served as CEO, President, and Board Member of Investment Technology Group (ITG). He earlier led J.P. Morgan’s global Execution Services business, overseeing a cross-asset trading organization spanning global markets.  “Capital markets are converging around integrated platforms that seamlessly connect trading, financing, data, and post-trade," said Troise. "By combining our leadership in tokenized real assets with AI-powered front to back capabilities and globally scaled infrastructure, Broadridge is uniquely positioned to help clients innovate with confidence - unlocking efficiency, transparency, and new growth opportunities across traditional and digital markets." Broadridge connects more than 2,200 buy- and sell-side firms and 200+ trading venues globally, supporting daily average trading of over $15 trillion in securities, with integrated multi asset class, front to back capabilities, underpinned by a robust data architecture and AI-powered capabilities. Building on this foundation, Broadridge has successfully established a leading position in digital market infrastructure and is accelerating institutional adoption of digital markets. Its industryleading distributed ledger-based repo platform, the largest institutional platform for tokenized real assets, is supporting over $7 trillion in monthly volume.  With financial markets evolving and the need for digital and traditional assets to coexist, Broadridge is committed to helping clients and the industry transform operations, reduce risk, and enhance the client experience. Broadridge will continue investing in integrated multi-asset class capabilities that extend established trading and post-trade infrastructure into digital markets - enabling innovation at scale while preserving resiliency, governance and regulatory strength.  

TRG Screen, the leading provider of market data and subscription cost management technology solutions, announced the results of an independent return-on-investment (ROI) study examining the impact of proactive market data management. Building on the findings, the company has launched an interactive ROI calculator that enables firms to quantify their own savings potential. The research was conducted by Hobson & Company, an independent firm specialising in ROI analysis, and is based on interviews and real-world client data. The findings show that firms adopting purpose-built market data management technology achieved triple-digit ROI, including one example delivering 224% ROI over three years with a 5.3-month payback period. Across the organizations studied, firms reduced market data spend by an average of 10% and reference data spend by 25%. The research also highlighted significant efficiency gains, with internal administrative effort reduced by up to 50% and exchange compliance workloads by as much as 90% in some cases ─ allowing employees to focus on higher-value activities. “Market data is one of the largest and fastest growing expense categories for financial institutions, yet it is often managed with limited visibility and manual processes,” said Nadine Scott, Chief Customer Strategy Officer at TRG Screen. “This independent research validates what we see across our client base every day. When firms gain end-to-end visibility and control, the impact shows up quickly in reduced spend, reclaimed time and lower risk.” The hidden cost of market data The research highlights common challenges faced by market data teams, including unused or duplicate subscriptions, renewals defaulting without proper oversight, missed credits and pricing changes, and significant internal time consumed by manual administration. In many cases, firms were paying for services long after users had changed roles or left the organization. While these issues are rarely visible in isolation, together they create substantial financial drag and operational risk. The analysis quantified the financial and operational impact of addressing these challenges through proactive management of market data spend, usage and compliance. In addition to direct cost reductions, firms created meaningful internal capacity by reducing time spent on renewals, reconciliations, reporting and exchange compliance. This allows teams to focus on higher-value work such as vendor negotiations and strategic data planning. Turning research into action: self-service ROI calculator To make the findings actionable, TRG Screen translated the research methodology into a new interactive ROI calculator. Based on the same assumptions used in the study, the tool allows organizations to input their own market data environment and model potential savings, efficiency gains and risk reduction. "The calculator gives firms a realistic way to explore what proactive market data management could mean for them, based on their own data consumption,” added Scott. The independent research report is available here and ROI calculator here.

Digital asset products recorded US$288m in outflows, the 5th consecutive weekly decline, with cumulative outflows reaching US$4.0bn; trading volumes fell to US$17bn, the lowest since July 2025. Regional divergence remains pronounced: the US saw US$347m in outflows, while Europe and Canada saw US$59m in inflows. Bitcoin drove the bulk of weakness with US$215m in outflows, while short-bitcoin products saw the largest inflows at US$5.5m; minor inflows into select altcoins. The full research features in CoinShares’ weekly newsletter, can be found here.

Next-generation wealth holders now pursue multi-dimensional gains including financial gains, resilience against volatility, portfolio flexibility, environment and social impact, and solid family reputation As younger heirs assume greater influence, investment strategies are evolving towards private markets, artificial intelligence, sustainability and impact, alongside traditional return objectives Wealth advisers must blend financial expertise, tech fluency and strong relationships to help families manage and adapt their wealth across generations Report underscores how Dubai is not only responding to shifts in global wealth, but actively shaping the environment in which private and family capital can thrive Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, today launched the first report in its 2026 Future of Finance series. Titled Global Wealth Outlook: Rethinking growth in a changing world, the report examines how global wealth is being reshaped by volatility, demographic change and shifting capital flows. The world’s high-net-worth individual (HNWI) population of nearly 23mn individuals who collectively hold close to USD 87trn in wealth reinforces the scale and influence of this cohort on global capital markets. Against this backdrop, the report underscores Dubai’s emergence as a destination of choice for HNWIs, family offices and global private capital as investors actively seek portfolios and markets that can deliver diversification, flexibility and resilience. Global realignment of wealth strategies The report highlights a structural realignment in global wealth management. In an environment marked by persistent market volatility, geoeconomic uncertainty and increasingly uneven investment outcomes, wealthy individuals and families are rethinking both how and where capital is deployed. Geography is increasingly treated as a portfolio consideration alongside asset allocation, as jurisdictional risk becomes a defining factor in long-term wealth preservation. A central force behind this shift is the USD 124trn intergenerational wealth transfer expected to take place by 2048. As younger heirs assume greater influence, investment strategies are evolving towards private markets, artificial intelligence, sustainability and impact, alongside traditional return objectives. Next-generation wealth holders now pursue multi-dimensional prosperity – financial gains alongside resilience against drawdowns and inflation, portfolio flexibility for unexpected events, family unity across generations, tangible environmental and societal impact, and a solid family reputation. The report mentions that women, who now represent over a tenth of ultra-high-net-worth individuals (UHNWIs), are poised to capture 95 per cent of USD 54trn in inter-spousal transfers. Female heirs typically prioritise investments that reflect their ethics and social impact interests, such as sustainable, philanthropic or innovative projects. HNWIs are also increasingly drawn to AI’s potential to deliver tangible societal progress, particularly in healthcare, education and resource use. Following AI, renewable energy is poised for the fastest growth trajectory in the coming years with sustainable investments featuring more prominently in UHNWI portfolios, according to the report. The ultra-wealthy are moving beyond the rhetoric on sustainability and backing their convictions with significant financial investments. Wealth advisers are now expected to go beyond understanding valuations and portfolio construction. They must master private deal structures, identify credible venture and growth-stage partners and integrate data-driven analytics and insights into their own advisory practices. The report also finds that despite technological advancements, wealth management remains a people-centric business. Advisers must build trust, navigate complex family dynamics and understand the unique goals and values of each family. His Excellency, Arif Amiri, Chief Executive Officer of DIFC Authority, said: “The global wealth landscape is undergoing a structural shift. In an environment of volatility, regulatory divergence and generational change families are thinking about risk, resilience and long-term growth. Increasingly, geographical allocation is becoming as important as how wealth is invested. Dubai, and in particular DIFC, has anticipated this shift and offers a stable and globally connected environment with regulatory clarity in which families and private investors can make long-term decisions with confidence.” Dubai’s private and family wealth advantage The outlook underscores Dubai’s position as a leading global hub for private and family wealth by combining the institutional depth of established financial centres with the agility, stability and tax efficiency sought by globally mobile investors. Henley & Partners estimates that the UAE attracted approximately 9,800 new millionaires in 2025 – most of those in Dubai – representing the highest net inflow globally amidst shifting tax and policy environments in traditional financial centres. With more than 1,289 family-related entities, representing the largest family wealth ecosystem in the UAE, DIFC underpins Dubai’s rise as a magnet for private wealth. Supported by a comprehensive ecosystem spanning private banking, wealth and asset management, legal and advisory services, this growth is in direct alignment with the UAE’s designation of 2026 as the Year of Family, reflecting the increasingly pivotal role families play in global wealth stewardship. The report also highlights the rapid professionalisation of family offices and wealth managers, as clients demand deeper private market access, AI-enabled analytics and more sophisticated governance and advisory capabilities. DIFC is continuing to expand its wealth infrastructure to meet these needs, most notably through the DIFC Family Wealth Centre, a world-first initiative dedicated to supporting multi-generational families. The Centre serves as a hub for thought leadership, peer networking and next-generation engagement, reinforcing DIFC’s role as more than a financial centre, but a long-term partner to families. The Global Wealth Outlook: Rethinking growth in a changing world report underscores how Dubai is not only responding to shifts in global wealth, but actively shaping the environment in which private and family capital can thrive. To learn more, please visit the following link.

Bursa Malaysia Berhad (“Bursa Malaysia” or the “Exchange”) will be enhancing investor segments data to provide greater granularity on trading participation across the market. The enhancements will involve distinguishing nominee accounts held by institutional and retail investors, thereby providing a clearer representation of each investor segment’s trading participation. Additionally, investment flows of foreign owned companies incorporated in Malaysia will be reclassified based on source of investment fund rather than ownership, to better reflect domestic investment activity. The updated investor categories will be reflected in Bursa Malaysia’s data packages from 6 April 2026. In line with the Exchange’s usual practice, the upcoming changes were communicated to Bursa Malaysia’s data subscribers.  This initiative is in response to the growing use of nominee structures and reflects the Exchange’s ongoing commitment to ensure that information remains relevant, transparent and reflective of current trading behaviours and market dynamics. 

Tokyo Commodity Exchange, Inc. (TOCOM) has today approved The Hokuriku Bank, Ltd. as a TOCOM Broker Member. The Hokuriku Bank has also been approved by Japan Securities Clearing Corporation for an Energy Futures Clearing Qualification on the same date. The Hokuriku Bank will be the 11th Broker Member of TOCOM and the 12th Energy Futures Clearing Member starting from the scheduled Membership acquisition date of March 16, 2026, and will become able to offer services from brokerage to clearing of TOCOM’s Electricity (Power) Futures to market participants. The Hokuriku Bank will be the first regional financial institution in Japan to acquire a Broker Member qualification from TOCOM. New Broker Member Overview Company Name: The Hokuriku Bank, Ltd. Scheduled Membership Acquisition Date: Monday, March 16, 2026 Comment from The Hokuriku Bank We are very honored and pleased to be able to offer a new type of transaction as a TOCOM Broker Member. As one of only five banks in Japan with a license to engage in the commodity derivatives business, we already provide our customers with hedging tools to address price fluctuation risks across various commodities, including crude oil and non-ferrous metals such as copper and aluminum, thereby supporting companies’ stable operations. By entering into the electricity futures market, we will leverage the extensive knowledge and experience we have cultivated in the commodity futures trading business. By improving domestic market liquidity and increasing the number of market participants, we will help stabilize power prices and expand risk management options in the energy sector. As a regional bank, we believe that contributing to the development of the regional economy and the realization of a sustainable society is an important mission. Our entry into the electricity futures market will also support regional companies and local governments conduct business operations under stable power prices, and contribute to the revitalization of the regional economy and the promotion of renewable energy and decarbonization by stabilizing the electricity market. We will continue to meet the various needs of our customers and build a sustainable future together with the region. Comment from Tokyo Commodity Exchange We are pleased to welcome The Hokuriku Bank to our TOCOM market as a new Broker Member. The Hokuriku Bank’s participation will be the first case of a Japanese regional financial institution in the listed commodity futures market. We expect The Hokuriku Bank to develop comprehensive new financial services, including electricity futures trading, and drive innovation for customers not only in the Hokuriku region but also in other regions. Regarding the TOCOM electricity futures market, due to growing hedging needs against electricity price fluctuations, the annual trading volume in 2025 reached approximately 4,583 GWh, about five times higher than the previous year, setting a new all-time high. Additionally, TOCOM is actively engaged in developing the electricity market ecosystem by improving investor convenience. We will contribute to this by listing new Chubu-area products in April and transitioning to Phase 2 of the linkage services for spot and futures trading (JJ-Link) this summer. We believe that the expansion of the TOCOM electricity futures market will contribute to the stabilization of the price of electricity—an essential element of daily life—which will ultimately lead to the stability of people’s livelihoods. We are confident that The Hokuriku Bank’s participation in the TOCOM electricity futures market will further diversify investor participation and improve market liquidity. Contact Tokyo Commodity Exchange, Inc.　Business OperationsTEL:+81 3-3666-1361 (Operator)

CoinShares International Limited ("CoinShares" or "the Group") (Nasdaq Stockholm: CS; US OTCQX: CNSRF), a global leading asset manager specialising in digital assets and European leader, today announced the launch of the CoinShares Physical Hyperliquid Staking ETP, providing investors with regulated, institutional-grade exposure to Hyperliquid's native HYPE token at 0% management fee with a 0.5% annual yield. The launch reflects CoinShares' conviction-led approach to product development: building investment products around protocols that demonstrate exceptional fundamentals and embody the firm's hybrid finance thesis — the convergence of decentralised innovation with institutional-grade infrastructure. Product Details Attribute Details Product Name CoinShares Hype ETP Ticker LIQD ISIN GB00BVBJQ593 Exchange Xetra Management Fee 0% Staking Yield 0.5% p.a. Backing 100% physically backed   Why Hyperliquid: The Data Behind the Conviction Hyperliquid has emerged as the leading decentralised perpetual futures exchange, processing over $3 trillion1 in trading volume and capturing approximately 70% of on-chain perpetual futures market share. The protocol has achieved what many considered impossible: matching — and in some cases exceeding — the performance metrics of centralised exchanges while maintaining fully decentralised execution. Key performance indicators supporting CoinShares' investment thesis include: $3.8 trillion2 in perpetual futures trading volume 30%3 market share of on-chain derivatives trading 41% seven-day price appreciation during a period when Bitcoin declined 38% from its October 2025 peak Ripple Prime integration (4 February 2026), providing 300+ institutional clients access to on-chain perpetuals — the first institutional prime brokerage integration for any decentralised exchange Hyperliquid's performance during the current market correction has led analysts to characterise HYPE as a "defensive play" within digital assets, demonstrating resilience typically associated with traditional safe-haven sectors. The main reason for this characterisation is how HYPE is benefiting from volatile periods through trading fee revenues. Hybrid Finance in Practice Jean-Marie Mognetti, CEO and Co-Founder at CoinShares, commented: "CoinShares builds products around protocols we believe in. Hyperliquid represents exactly the kind of infrastructure we've anticipated since we launched the world's first Bitcoin ETP in 2015: decentralised systems performing at institutional scale, with the transparency and composability that traditional finance cannot replicate. "The future isn't TradFi versus DeFi. It's hybrid finance,  the best of both worlds. Hyperliquid exemplifies this convergence, and our Hype ETP gives investors a regulated pathway to participate." James Butterfill, Head of Research at CoinShares, added: "Our approach has always been to develop products for projects we genuinely believe in and have a sound fundamental investment thesis. Hyperliquid's fundamentals speak for themselves: it has matched centralised exchange volumes while remaining fully on-chain. The 0% management fee and 2% yield structure reflect our confidence in this protocol's long-term positioning."   [1] https://dune.com/queries/4078319/6867133 [2] https://dune.com/queries/4078319/6867133 [3] https://dune.com/queries/4078319/6867133

The Financial Markets Authority – Te Mana Tātai Hokohoko (FMA) is conducting a series of surveys as part of its thematic review of operational resilience, supporting the FMA’s regulatory priority of identifying emerging risks and opportunities, to promote market integrity, transparency, and resilient markets and providers, as set out in the 2025 Financial Conduct Report. The purpose of these surveys is to understand the overall level of operational resilience maturity and to support continuous improvement in a constructive and collaborative way. It is also designed to deepen our understanding of risks and potential harm associated with weaknesses in operational resilience and gain a better understanding of current practices. By voluntarily sharing experiences and practices, those who participate are demonstrating a genuine desire to strengthen operational resilience for the benefit of their organisation, their customers, and New Zealand’s financial markets. Peer-to-Peer lending sector The FMA conducted a survey of the Peer-to-Peer lending sector between 9 and 30 September 2025. The resulting report, operational resilience thematic: findings and insights – Peer-to-Peer lending sector, outlines the sector’s strengths, identifies areas for improvement, and provides practical recommendations to support further development. Download operational resilience thematic: findings and insights – peer-to-peer lending sector [248KB] Crowdfunding service providers The FMA conducted a survey of the crowdfunding service providers sector between 9 and 30 September 2025. The resulting report, operational resilience thematic: findings and insights – crowdfunding service providers sector, outlines the sector’s strengths, identifies areas for improvement, and provides practical recommendations to support further development. Download operational resilience thematic: findings and insights – crowdfunding service providers [258KB]

CFTC's Weekly Swaps Report has been updated, and is now available: http://www.cftc.gov/MarketReports/SwapsReports/index.htm.Additional information on the Weekly Swaps Report. Archive Explanatory Notes Swaps Report Data Dictionary Release Schedule Released: Weekly on Mondays at 3:30 p.m.

The attached option classes will begin trading on the MIAX Options Exchange, MIAX Pearl Options Exchange, MIAX Emerald Options Exchange, and MIAX Sapphire Options Exchange on Tuesday, February 24, 2026.Market Makers can use the Member Firm Portal (MFP) to manage their option class assignments.  All LMM and RMM Option Class Assignments must be entered prior to 6:00 PM ET on the business day immediately preceding the effective date.  All changes made after 6:00 PM ET on a given day will be effective two trading days later.MIAX Options and MIAX Emerald Options Primary Lead Market Maker (PLMM) assignments and un-assignments will not be supported via the MFP. Please contact MIAX Listings with any questions at Listings@miaxglobal.com or (609) 897-7308. MIAX Options® Exchange MIAX Pearl® Options Exchange MIAX Emerald® Options Exchange MIAX Sapphire™ Options Exchange

Please refer to the Regulatory Circulars listed below for newly added symbols and the corresponding market for the underlying security used for openings on the MIAX Exchanges. The newly listed symbols will be available for trading beginning Tuesday, February 24, 2026. MIAX Options Regulatory Circular 2026-24 MIAX Pearl Options Regulatory Circular 2026-24 MIAX Emerald Options Regulatory Circular 2026-23 MIAX Sapphire Options Regulatory Circular 2026-24 Please direct questions to the Regulatory Department at Regulatory@miaxglobal.com or (609) 897-7309. 

Tokenization has the potential to bring much-needed efficiency and flexibility to collateral management. Sandy Kaul from Franklin Templeton and the DTCC’s Joseph Spiro talk about the opportunities and the path to broader adoption. Please view this page via Chrome to access the recording.

Commodity Futures Trading Commission Chairman Michael S. Selig today announced four senior staff appointments in his office. Brooke Nethercott as Director, Office of Public Affairs Brooke Nethercott joins the CFTC as director, Office of Public Affairs. “I’m excited to welcome Brooke to the CFTC as director of public affairs,” Chairman Selig said. “Her extensive congressional experience and commitment to advancing President Trump’s vision for making America the crypto capital of the world will be invaluable as we drive innovation forward. “I also thank Taylor Foy for his service as acting director of the Office of Public Affairs.”  “It’s an honor to join Chairman Selig’s team at this important moment for emerging technologies,” Nethercott said. “I look forward to supporting the Commission’s pro-innovation agenda and ushering in a Golden Age for our markets.” Nethercott most recently served as deputy communications director for the House Financial Services Committee under Chairman French Hill (R-Ark.), having previously been Chairman Hill’s communications director. Earlier, she was a senior consultant in strategic communications at FTI Consulting and worked in digital media for WebMD and Pandora Music. She holds a B.A. in Communication from the University of Hartford. Emma Johnston as Senior Agriculture Advisor  Emma Johnston joins the CFTC as senior agriculture advisor to the Chairman. “I’m excited to have Emma join our team here at the CFTC,” Chairman Selig said. “The U.S. agriculture industry is the foundation of this agency. Emma’s expertise will help guide us as we create more efficient and transparent markets for farmers across this great country.” “I’m thrilled to join Chairman Selig’s team to advise on agricultural issues in our commodity markets,” Johnston said. “It’s an honor to serve the Trump Administration and our nation’s agricultural producers in this role, especially as the CFTC works to increase efficiency and access to risk hedging tools for the agricultural community.” Johnston joins the CFTC after serving as senior policy advisor to Sen. Tommy Tuberville (R-Ala.), where she managed a portfolio including agriculture, trade, energy, and environment, and supported his work on the Senate Agriculture Committee. She brings nearly a decade of Capitol Hill experience, including roles in the offices of former Sen. David Perdue (R-Ga.) and Rep. Elise Stefanik (NY-21). A Georgia native, Johnston earned her B.S. in Food Science from the University of Georgia, M.S. in Agricultural Economics from Purdue University, and M.B.A. from Indiana University. Meghan Tente as Senior Advisor Meghan Tente serves as a senior advisor to the Chairman. Tente has served in multiple leadership roles at the CFTC, including most recently as chief of staff to acting Chairman Caroline D. Pham and acting general counsel. She previously served as acting director of the CFTC’s Division of Market Oversight. Tente joined the CFTC in the Division of Clearing and Risk in 2012 and has worked with exchanges, derivatives clearing organizations, swap data repositories, and market participants on issues ranging from registrations and data reporting to international standards and novel derivatives products. Tente is a graduate of Brown University and Cornell Law School. Elizabeth (Libby) Mastrogiacomo as Senior Advisor  Libby Mastrogiacomo serves as a senior advisor to the Chairman. Mastrogiacomo previously served as senior counsel to former CFTC Commissioners Summer Mersinger and Dawn Stump. In those roles, she advised the commissioners on agency rulemakings, enforcement actions, litigation, proposed legislation, examinations of registered entities, and registration applications. Before joining the CFTC, Mastrogiacomo practiced law in the derivatives group of Skadden, Arps, Slate, Meagher & Flom LLP. There, she counseled CFTC-registered trading platforms, clearing organizations, swap dealers, and swap data repositories, as well as banks, asset managers, pension funds, and end users of derivatives. She holds a B.B.A. from the College of William and Mary and a J.D. from The George Washington University Law School.

The European Banking Authority (EBA) today published the follow-up to its 2022 peer review report on ICT risk assessment under the supervisory review and evaluation process (SREP). The follow-up Report shows that competent authorities have made notable progress in strengthening ICT risk assessment, driven largely by the implementation of the Digital Operational Resilience Act. At the same time, further work and continued investment remain necessary to ensure consistent and effective ICT risk supervision across the European Union (EU). The follow-up exercise reviewed the recommendations issued to competent authorities in 2022, including a targeted follow-up on relevant benchmarking questions. It assessed progress in light of the application of DORA since January 2025, and the forthcoming integration of the ICT SREP Guidelines into the revised SREP Guidelines - one of the key recommendations of the 2022 report. In conducting this review, the EBA primarily relied on related supervisory convergence work. The findings confirm that competent authorities are enhancing their ICT supervisory capacity and expertise, increasingly using horizontal analyses, and systematically applying supervisory tools. In relation to benchmarks, improvement was observed in the use of the ICT risk sub-categories, which are now broadly implemented by almost all authorities. More broadly, the Report encourages competent authorities to fully integrate ICT risk methodologies and ICT risk sub-categories into supervisory processes, along with continued efforts to enhance supervisory convergence and operational resilience across the EU. Legal basis and background The follow-up Peer Review has been conducted in accordance with Article 30 of the EBA Regulation (Regulation (EU) No 1093/2010), which requires a review committee to prepare a follow report two years after the publication of the initial peer review and submit it to the Board of Supervisors. The follow-up report shall include an assessment of, but not be limited to, the adequacy and effectiveness of the actions undertaken by the competent authorities that are subject to the peer review in response to the follow-up measures of the peer review report.  Documents Follow up Peer Review Report on ICT Risk Assessment under SREP (650.49 KB - PDF) Related content Page Peer Reviews Topic Supervisory Review and Evaluation Process (SREP) and Pillar 2