The latest reports for May 2025 are now available. Additional information on Financial Data for FCMs market reports: Historical FCMs Reports

The Ontario Securities Commission (OSC) today published its draft Action Plan for Truth and Reconciliation (APTR) for engagement and is seeking feedback from interested or affected parties, including rightsholders in Ontario, Indigenous organizations, market participants, regulators, investors and investor advocates. Further to the Calls to Action from the Truth and Reconciliation Commission of Canada, the OSC is developing the APTR as part of its vision to ensure that Ontario’s capital markets are inviting, thriving and secure for everyone. The APTR will serve as a roadmap for how the OSC can build a culturally aware, safe and more inclusive workforce, while working collaboratively with Indigenous peoples and partners and communities to foster a culture of inclusion and investor confidence for the benefit of all. “The OSC is committed to pursuing truth and reconciliation and in supporting equitable access to the capital markets by, with and for Indigenous Peoples in Ontario,” said Grant Vingoe, CEO of the OSC. “We look forward to engaging with and receiving feedback that we will consider when we publish our inaugural Action Plan for Truth and Reconciliation.” While the OSC is always open to ongoing engagement, feedback and response letters are due by October 31, 2025, so that the OSC can consider them as it prepares its inaugural APTR for publication. Feedback can be provided by: Attending a roundtable discussion session. Session dates and registration information will be posted shortly on the OSC’s website. Requesting a meeting with the OSC via email to comments@osc.gov.on.ca A written response letter. Response letters should be submitted electronically in PDF or Word format via email at comments@osc.gov.on.ca Attending the final Ontario-wide roundtable discussion session on October 21, 2025. 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 https://www.osc.ca.

The European Banking Authority (EBA) today launched a public consultation on the draft Guidelines on the sound management of third-party risk. The draft Guidelines focus on third-party arrangements in relation to non-ICT related services provided by third-party service providers and their subcontractors with a particular focus on the provision of critical or important functions. These Guidelines revise and update the previous EBA Guidelines on outsourcing, published in 2019, in line with the Digital Operational Resilience Act (DORA). The consultation runs until 8 October 2025. The draft Guidelines specify the steps to be taken by financial entities for the life cycle of third-party arrangements (i.e. risk assessment, due diligence, contractual phase, sub-contracting, monitoring, exit strategies and termination processes) to ensure consistency with the requirements under the DORA framework to the extent possible. The draft Guidelines provide specific criteria for the application of the proportionality principle. In addition, the draft Guidelines ensure consistency with the DORA register by allowing financial institutions to store consistent information for both ICT and non-ICT services, including the possibility of using one single register. Taking into account the application of proportionality, the level of information to be documented has been limited to reduce the burden on both financial entities and competent authorities. To ensure a smooth and efficient transition, financial entities falling under the scope of the updated Guidelines have a transitional period of two years to review and amend their existing third-party arrangements (TPA) and to update the register for non-ICT TPA. Consultation process Comments to the consultation paper can be sent by clicking on the "send your comments" button on the EBA's consultation page. The deadline for the submission of comments is 8 October 2025. The EBA will hold a virtual public hearing on 5 September from 09:00 to 13:00 - Paris time. The EBA invites interested stakeholders to register using this link by 1 September (16:00 CEST). The dial-in details will be communicated to those who have registered for the meeting. All contributions received will be published following the end of the consultation, unless requested otherwise. Legal basis The draft Guidelines have been developed in accordance with Article 74 of Directive 2013/36/EU which mandates the EBA to further harmonise institutions' governance arrangements, processes and mechanisms across the EU. Article 11 of Directive (EU) 2015/2366/EU (PSD2), Article 26 of Directive 2019/2034/EU (IFD), Article 16 of Directive (EU) 2014/65 (MiFID II), Article 34 of Regulation (EU) 2023/1114 (MiCAR) and Article 16 of Regulation (EU) No 1093/2010 have also been taken into account.   Documents Consultation paper on draft Guidelines on the sound management of third-party risk (922.69 KB - PDF) Related content GuidelinesUnder consultation Guidelines on outsourcing arrangements Consultation8 OCTOBER 2025 Consultation on draft Guidelines on the sound management of third-party risk  

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, published today its first Climate Transition Plan, an important milestone in aligning ESMA’s own operations with the European Union climate objectives.  Under this plan, and in line with the Paris Agreement, ESMA commits to reducing its gross greenhouse gas (GHG) emissions by 15.4% in 2027 and 31.4% in 2030, compared to 2023.   Through the implementation of the Climate Transition Plan, ESMA aims to reduce the carbon footprint of its operations, particularly in relation to staff business travel, energy use, and food consumption.   In the short term, progress towards this goal will be achieved through:    introduction of an annual GHG budget to manage emissions from air travel,  optimising floor occupancy during certain periods of the year to reduce energy consumption, and  implementing incentives to lower-carbon practices in the purchase of goods and services.     This first plan has been put in place with the data currently available. It will be regularly reviewed, adapted, and improved.    Next Steps:  ESMA will implement decarbonisation levers and measures identified under this Climate Transition Plan and will report on the progress achieved annually, via its Annual Report and its Environmental Statement.  Related Documents DateReferenceTitleDownloadSelect 08/07/2025 ESMA36-1079078717-2989 Transition Plan to mitigate climate change impacts of ESMA's own operations

The European Energy Exchange (EEX), in cooperation with IncubEx, has launched the new futures contracts related to the EU Emissions Trading System 2 (EU ETS2), enabling companies to hedge their exposure well ahead of the start of the ETS 2 primary auction.  The first trade concluded on the first day of availability, between Macquarie and CFP Energy, brokered by Tradition.   Patrick Rodzki, Vice President within Macquarie’s Commodities and Global Markets business, comments: “Macquarie is pleased to have participated in the first trade of EU ETS 2 futures on the European Energy Exchange. This milestone reflects our commitment to supporting clients by using our expertise to help them navigate the EU ETS 2 scheme. With our global experience in environmental markets, we assist clients in managing risks and identifying opportunities within this important sector.” Tim Atkinson, Head of Carbon at CFP Energy, comments: “CFP Energy, an award-winning specialist in risk management solutions, is proud to have participated in the first EEX-hosted trade in the new ETS2 carbon market. While still in its early stages, the development of this market is vital — enabling us to support fuel suppliers and end users with robust compliance and risk management strategies under this emerging scheme. This milestone represents a significant step forward for CFP Energy, building on more than 15 years of active involvement and proven expertise in the EU ETS and broader carbon markets.” John Molloy, Head of Environmental Products at Tradition Energy and Commodities, comments: “We are delighted to have brokered the first ever ETS2 EEX cleared trade, vintage Dec 2028, and look forward to developing and supporting further opportunities in this trading space.” Alex Lewis, Managing Director at Tradition Energy and Commodities, adds: “This supports our commitment in the ongoing development of the Carbon Market and we are pleased to remain at the forefront as it continues to further evolve.” The EU Emissions Trading System 2 (EU ETS2) is expected to become fully operational in January 2027 to include emissions from buildings and road transport as well as additional sectors. The new contract suite by EEX comprises December and April maturities for the first three years of the new scheme, with the first expiry of December 2027. The EEX EU ETS2 futures contracts are available through order book trading as well as trade registration. Please find the press release in German in the document below. The European Energy Exchange (EEX) is a leading energy exchange which builds secure, successful and sustainable commodity markets worldwide – together with its customers and partners. As part of EEX Group, it serves international power, natural gas, environmental, freight and agricultural markets, and provides data, reporting and registry services. EEX is an enabler of the energy transition and decarbonisation, advancing renewables integration through dedicated products and services, including those related to guarantees of origin. IncubEx works with partners and stakeholders to design and develop new financial products, markets and trading solutions in global environmental, climate risk, and related commodity markets. The company collaborates with the European Energy Exchange (EEX) and its U.S. subsidiary, Nodal Exchange on listed environmental products and operates The Voluntary Climate Marketplace (TVCM).  IncubEx, a privately held company founded in 2016 with offices in Chicago and London, is uniquely positioned to capture these opportunities globally.

Dun & Bradstreet (NYSE: DNB), a leading global provider of business data and analytics, today released its Global Business Optimism Insights report, demonstrating the lowest level of optimism for the upcoming quarter since late 2023. The report reflects the weighted responses from a May/June 2025 survey of approximately 10,000 business leaders across 32 economies and 17 sectors. Following a 12.9% drop in optimism for Q1 and a modest 1.3% drop for Q2, the Global Business Optimism Index declined another 6.5% amid continued macroeconomic uncertainty and mounting supply chain concerns around the world. The report reveals 54% of business leaders expect trade tensions to either remain unchanged or intensify, while 46% anticipate de-escalation through formal agreements or informal arrangements. Although many central banks have begun cutting interest rates, rate reductions have yet to translate into better financial conditions for many businesses. "Geopolitical instability in the Middle East, persistent trade frictions and concerns about slowing global demand have contributed to a significant shift in business risk appetite among survey respondents," said Neeraj Sahai, President of Dun & Bradstreet International. "With global conditions remaining unsettled, many businesses are re-evaluating their investment priorities and reinforcing resilience strategies to navigate ongoing uncertainty." Sector-wise, the global decline in business sentiment was more pronounced in manufacturing(-8.3%) than services (-5.4%). The most affected segments were metal manufacturing, automotives and capital goods — all of which are exposed to shifts in trade policy and global supply chain dependencies. Across many industries, businesses are contending with margin compression driven by slowing demand and persistently high input costs. For some, the strategy of raising prices to protect margins is reaching its limits. For example, manufacturers of discretionary spending goods, such as textiles (-17.0%), electricals (-15.0%), metals (-12.7%) and automotives (-9.7%), were among the businesses reporting the largest quarterly declines in optimism with respect to operating margins. Key findings from the Q3 2025 report: The Global Business Optimism Index dropped 6.5% amid trade policy uncertainty, softening sales and slowing trade. With continued tariff risks and global demand softening, businesses across emerging and advanced economies are pivoting inward – turning to domestic markets.     – More than a third (34%) of businesses identified domestic growth as the top fallback strategy in the face of potential tariff escalations. The Global Supply Chain Continuity Index declined 9.7%, bringing optimism levels down 18.6% year-to-date. Decreases among both advanced and emerging economies suggest systemic global supply chain challenges.     – More than half of the businesses surveyed outside the U.S. are actively seeking alternative international markets or partners beyond the U.S. The EU, at 23%, and Asia – excluding the Chinese Mainland – at 15%, emerged as the preferred alternatives. Only 5% of businesses identified the Chinese Mainland as their top fallback for growth, suggesting the geopolitical considerations are now a significant factor in market selection decisions. The Global Business Financial Confidence Index contracted 3.4%, with 60% of businesses displaying optimism about cheaper borrowing costs, down from nearly 70% last quarter.     – Less than half of businesses expect to receive timely payment for their goods and services, implying that more businesses appear to be delaying outflows to manage working capital more tightly, in part due to reducing margins. The Global Business Investment Confidence Index fell 13.1%, the third straight decline. Uncertainty surrounding global trade, supply chains and geopolitics has dominated business capital expenditure decisions and pushed confidence lower, despite many major central banks lowering interest rates.     – 55.4% of businesses are expecting to raise long–term funds, a drop from 70% the previous quarter, signifying businesses are not only delaying capital expenditures but are also deleveraging their balance sheets in preparation for long-term disruption. The Global Business ESG Index, which captures ESG sentiment, held steady, but sharp contrasts emerged. Medium-sized businesses, particularly in emerging economies, posted strong ESG gains, while large businesses in advanced economies saw declines – likely reflecting compliance strain and evolving disclosure requirements. Large businesses in emerging economies made only marginal gains, while those in advanced economies saw an 8.4% drop, possibly reflecting regulatory fatigue or cost pressures.– Globally, one in six businesses placed ESG at the core of supplier selection, though it still trails traditional criteria such as cost competitiveness and geopolitical risk profile as primary decision drivers. "In response to this uncertain environment, businesses should look to accelerate strategic shifts in their supply chains. Trade frictions, tariff risks and regulatory volatility are reinforcing the case for friendshoring, nearshoring and multi-sourcing as essential risk-mitigation strategies," said Arun Singh, Global Chief Economist at Dun & Bradstreet. "At the same time, businesses are reassessing credit exposure and working capital cycles, with rising payment delays and tighter liquidity underscoring the need for stricter financial management. Agility — underpinned by real-time data and insights into capital structure, payment behavior, and supplier dependencies — will be essential for navigating the volatility ahead." Descriptions and information about the indices can be found on page 29 of the report. About the Global Business Optimism Insights Report The Global Business Optimism Insights report is a synthesis of data from a comprehensive survey encompassing 32 economies, covering approximately 10,000 businesses and 17 sectors, alongside insights from Dun & Bradstreet, leveraging the firm's proprietary data and economic expertise. The report is an amalgamation of five indices that reflect overall business optimism and expectations about supply chain continuity, financial and investment conditions and ESG initiatives. An index reading above 100 indicates an improvement in optimism relative to the base year, while an index reading below 100 signifies a deterioration in optimism. View the full report here.

Today, Clover, the world's smartest all-in-one point-of-sale system, and Sony Pictures Television (SPT), which produces the critically acclaimed, multi-Emmy Award-winning “Shark Tank,” announce legendary entrepreneurs, dealmakers, and brand builders from the Shark Tank universe as featured speakers for the first-ever live, Clover x Shark Tank Summit. Debuting in Las Vegas from September 28-30, 2025, the multi-day event is designed to give entrepreneurs the inspiration, access, and support they need to shift the odds in their favor and connect with top leaders in finance, tech, culture and entertainment. This first-of-its-kind partnership between Clover and Sony Pictures Television, announced earlier this year, aims to combat the astounding 50% small business failure rate (source: U.S. Chamber of Commerce). This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250708744955/en/ The first-ever Clover x Shark Tank Summit debuts in Las Vegas from September 28-30, 2025. This year’s Clover x Shark Tank Summit will feature renowned business tycoons – the “Sharks” from the hit reality TV show, including: Barbara Corcoran, real estate mogul Robert Herjavec, cyber-security technology innovator Daymond John, fashion and branding expert Kevin O’Leary, venture capitalist also known as “Mr. Wonderful” Daniel Lubetzky, philanthropist and founder of KIND Snacks These icons will take the stage to share the strategies, stories, and secrets behind their success — and how you can create your own luck in today’s small business landscape. The newly announced “Sharks” join an impressive lineup, which features previously announced speakers, including small business advocate, former "Shark Tank” investor and co-founder of Cost Plus Drugs, Mark Cuban; Clover’s Chief Empowerment Officer, Tabitha Brown; and social entrepreneur and digital community builder, Gary Vaynerchuk. The inaugural event will include exclusively curated “Shark Tank” activities, offering opportunities for participants to pitch on-site and receive expert feedback. Leading up to the Clover x Shark Tank Summit, small business owners can enter to win an Access Pass for a chance to participate in the event. The entry period runs through August 11. Entrepreneurs looking to elevate their businesses should visit Clover.com for complete details. To learn more about Clover and how the brand is providing solutions for small businesses, including the Clover x Shark Tank Summit, visit Clover.com and follow @clovercommerce on Instagram, X, Facebook, and LinkedIn with hashtag #CloverxSharkTankSummit. Since launching in 2001 as “Money Tigers” on Nippon TV in Japan and known around the world under titles including “Dragons’ Den,” “Shark Tank,” and “Lions’ Den,” the Sony Pictures Television-distributed format has become the world’s number one adapted business reality television show, in terms of the number of territories launched. Produced in territories on every continent, the format sees aspiring entrepreneurs pitch to secure investment from some of the top names in the business world.

Bank Rakyat Indonesia (Persero) Tbk, (IDX: BBRI), has attained another milestone in its international standing, earning top honors in the 2025 Fortune Southeast Asia 500 list. BRI ranks as the highest-performing financial institutions from Indonesia and claims the 4th position within Southeast Asia financial sector. BRI is placed 14th among Southeast Asia's 500 largest corporations by revenue. This achievement positions BRI alongside top-tier corporations in the region, even surpassing well-known names such as SEA and Singapore Airlines from Singapore, Charoen Pokphand Foods from Thailand, and Maybank from Malaysia. This accomplishment is a result of BRI's strong financial performance over the past year. According to Fortune's official publication, BRI recorded USD 17.68 billion in consolidated revenue for the fiscal year, marking an 18.6% year-on-year growth by the end of 2024. The Fortune Southeast Asia 500 2025 is the second edition of this annual ranking, which highlights the performance of the largest companies in Southeast Asia based on revenue ending on or before 31 December 2024. All data used has been rigorously verified with the support of global research institutions such as LSEG (London Stock Exchange Group), Bloomberg, and S&P Global Market Intelligence. This second edition also emphasizes Southeast Asia's growing strategic role in global supply chain shifts and the rapid growth of industries such as mining, electric vehicles (EVs), and artificial intelligence (AI). BRI President Director Hery Gunardi stated that this achievement is a clear testament to BRI's continued commitment to maintaining solid performance fundamentals amid global economic challenges and dynamics. According to him, this recognition further motivates the company to strengthen BRI's presence both nationally and globally. "BRI's transformation into a universal banking institution is the answer. BRI aims not only to be the best bank for the MSME segment but also to serve the full spectrum of customer needs, from individuals to large corporations, across all levels of society," he added. Hery Gunardi also expressed his appreciation to all Insan BRILiaN (BRI employees) and loyal BRI customers. "I am extremely proud, and we dedicate this achievement to all Insan BRILiaN for their outstanding contributions, and to our loyal customers for their unwavering trust in us," he concluded.

New trading service designed to allow retail investors to trade at the best available prices free of charge Service leverages Cboe's pan-European footprint to offer retail brokers single access point to equities and ETFs across 18 European markets Builds on Cboe's global leadership in serving retail investor community across multiple asset classes Cboe Europe, operator of the largest pan-European stock exchange by value traded and a division of Global Markets, Inc. (Cboe: CBOE), today announced its plans to launch a retail-focused trading service on its Lit order book designed to enhance execution outcomes for retail investors trading stocks and ETFs across Europe. The service is scheduled to go live on 8 September 2025, subject to receiving the required regulatory non-objections in the Netherlands and the UK. With Cboe Europe's extensive pan-European market coverage and customer base, this service will offer brokers free execution of retail orders at or better than the European Best Bid and Offer (EBBO)1 across 18 European markets2. The service will operate as part of Cboe Europe's trusted, transparent and regulated exchange environment, which offers access to over 8,000 European stocks and ETFs. To support this launch, Cboe Europe is also introducing a dedicated Retail Liquidity Provider (RLP) Programme, designed to enhance retail execution quality by incentivising market makers to post orders at the EBBO which are exclusively for interaction with retail order flow. Through this new service, retail customers will be able to access some of the best available Lit liquidity in European equities. In addition, retail orders will also be eligible to benefit from free execution on other Cboe Europe trading mechanisms, including its Dark and Periodic Auctions order books, offering potential price improvement opportunities. Alex Dalley, Head of European Cash Equities, Cboe Global Markets, said: "Cboe is committed to the ongoing evolution of our equity trading services to strengthen European equity markets through the development of a vibrant and inclusive on-exchange ecosystem that benefits all investors. This service is our latest innovation, developed through close collaboration with our retail broker participants seeking to trade at EBBO or better in a simple and cost-effective way. We look forward to leveraging our pan-European footprint, unrivalled range of trading mechanisms and strong industry relationships to enhance the trading experience for retail investors and the firms that support them." To participate in this service, brokers will be required to complete a Retail Order Attestation form, which enables designated retail orders to access retail-specific pricing and functionality. To support diverse and integrated Lit order books, these retail orders can interact with quotes from both RLPs and non-RLP participants, with executions occurring at the best available prices. When prices are equal, RLP quotes are given priority, and any remaining unmatched quantity may then interact with other available liquidity in the Lit order book. We will have separate market data feeds for RLP and non-RLP orders, enabling brokers the ability to consolidate their view of all orders on our Lit order books. Existing Cboe Europe participants can access the service through their current connectivity, with many already handling retail order flow and actively sending retail-attested orders.  Cboe operates 27 markets across five asset classes globally and continues to strengthen its competitive position in serving the global retail investor community. It has strong retail participation in its U.S. options and equities markets, and recently announced plans to introduce 24x5 trading for U.S. equities, subject to regulatory approval and industry developments, to meet growing demand from global investors to access U.S. markets.  Cboe Europe operates exchanges in both the UK (Cboe UK) and the Netherlands (Cboe NL) – with a combined market share of 25%3 - offering a comprehensive suite of equity trading services including Lit and Dark books, Periodic Auctions, Cboe BIDS Europe, Cboe BIDS VWAP-X, and Cboe Closing Cross (3C). For more information visit our retail trading service webpage, here.

The data cube is transforming the private equity landscape, enhancing decision-making, expediting due diligence and optimising exit strategies, according to expert insight from iFinance Director (iFD).  In an in-depth guide to the data cube, a multi-dimensional data model that organises and segments critical financial data, iFD highlights the key advantages of using the model and explains why it is essential in today’s data-rich environment.  Greg Eaton, Managing Director at iFD said of the model: “In today’s private equity landscape, the ability to access clear, segmented financial data is no longer a luxury; it is a necessity.   “Tools like the data cube allow investors to move beyond surface-level metrics, providing the depth of insight needed to make informed decisions quickly and with confidence.”   The data cube enhances financial analysis in several ways, including:  Granular analysis of profitability: The core advantage of a data cube is its ability to break down sales and margin data by customer type, product line, service or geography, giving businesses a flexible, detailed view of profitability across multiple dimensions.   Streamlining due diligence and reducing risk: Traditional due diligence can be time-consuming, especially if financial data is not readily available or does not provide the depth required.  Preparation for a smooth exit process: A data cube-ready setup gives buyers clear financial insights, reducing risk and making the company more attractive and valuable.   Alongside this, there are several key benefits that can aid private equity investors, such as:  Efficient and streamlined due diligence: A data cube significantly shortens the due diligence process by providing segmented sales and margin data in an easy-to-access format, allowing buyers to carry out financial analysis with minimal delay.  Consistent multi-year data alignment: Consistent data over time gives private equity investors a reliable view of the business’ financial health, past performance and outlook.   Cost-effective solutions for PE firms of all sizes: Cost-effective data cube models provide essential insights for smaller or mid-sized deals, supporting due diligence and business exit planning. This flexibility makes the data cube valuable for firms of all sizes, delivering timely, actionable insights tailored to each business’ goals.    

Scientific Beta released new research today that provides a new perspective on investment benefits of using ESG information (Environmental, Social, and Governance metrics). The study "Does ESG Information Deliver Investment Value? A High-Dimensional Portfolio Perspective" employs rigorous out-of-sample testing methods using 200+ ESG metrics, revealing important insights about the investment potential of ESG information. Unlike previous studies that focus on single ESG metrics and rely on backward-looking analysis, Scientific Beta's research combines hundreds of ESG characteristics and uses robust portfolio construction methods to evaluate ESG's investment potential. The findings have significant implications for how investors should use ESG information. Key findings: ESG information shows promise in traditional backtests with a 25% increase in Sharpe ratio in-sample. However, these performance gains completely vanished when removing the benefit of hindsight on which metrics outperform. The dramatic difference between out-of-sample and in-sample results suggests that ESG data not only introduces more information but also additional noise that may cancel any potential benefits. Optimal use of ESG information requires both tilts to ESG leaders on issues like human rights and tilts to ESG laggards on issues like vice activities, meaning ESG-informed investing doesn't necessarily imply positive sustainability. Alternative ESG metrics derived from systematic analysis receive substantial weight relative to traditional analyst opinion ratings, challenging conventional ESG rating approaches. The research addresses a critical gap in ESG evaluation by moving beyond traditional backtesting approaches that can suffer from hindsight bias. Instead, the study employs robust out-of-sample testing, providing a more rigorous framework for evaluating ESG's investment potential. "The findings highlight the critical importance of subjecting investment strategies to rigorous out-of-sample testing," said Felix Goltz, Research Director at Scientific Beta. "While ESG information may contain valuable insights, investors need realistic expectations about what can be achieved. Most importantly, any claims about the benefits of new investment metrics should be validated through proper out-of-sample testing rather than relying solely on traditional backtest frameworks." The research contributes to the ongoing debate about ESG investing by providing a more robust analytical framework. Rather than dismissing ESG information, the study calls for more rigorous evaluation standards and realistic expectations about ESG's financial benefits. About the Research: The study combines 222 ESG characteristics from multiple sources including traditional analyst ratings, academic research metrics, and systematic textual analysis of corporate documents and news. These are evaluated alongside 130 traditional financial characteristics using advanced portfolio construction methods that avoid overfitting to historical data. Full paper available at SSRN: Bruno, Giovanni and Goltz, Felix and Naly, Antoine. 2025. "Does ESG Information Deliver Investment Value? A High-Dimensional Portfolio Perspective". A research overview presenting key results is available at www.scientificbeta.com

Liquidnet, a leading technology-driven agency execution specialist, today announced the appointment of Michael Fidance as Head of CEEMEA Equity Markets. Based in London and reporting to James Whitehead, Head of Trade Coverage, EMEA, Fidance will be responsible for accelerating the firm’s growth across Central and Eastern Europe, the Middle East and Africa. His mandate includes expanding access to new markets and local liquidity, strengthening product and distribution, and deepening engagement with both local and international asset managers. James Whitehead, Head of Trade Coverage, EMEA, said: “Michael brings extensive regional insight and a proven track record in building client-focused businesses. His appointment reflects our ambitions to broaden our footprint across CEEMEA equity markets, where our Members are increasingly looking for trusted execution partners who can deliver scale, liquidity and local access.” Fidance brings over 25 years of experience in global equity and fixed income markets. The bulk of Fidance’s career to date has been at HSBC, where he held various senior roles in Sales and Trading across Emerging Market Equities.  Most recently, he served as Head of Sales for the newly established Execution Solutions business at State Street Global Markets, a firm he joined following its acquisition of CF Global Trading. Before that, Fidance served as Head of Sales for CF Global Trading in Europe, where he played a key role in preparing the firm for acquisition. He also held senior roles at the European Bank for Reconstruction and Development (EBRD) and Merrill Lynch, bringing deep expertise across emerging markets, execution strategy and client advisory. Michael Fidance, Head of CEEMEA Equities Market, commented: “In CEEMEA, tradeable liquidity is the single biggest variable affecting capital markets development, be it in asset allocation, index inclusion, or even in valuation.  Liquidnet is a market leader in the equity space worldwide. With this mandate in Emerging Markets being built globally, I truly believe we will help change the trajectory of CEEMEA equities to grow stronger and bigger than ever before.”

The FCA has fined Monzo Bank Ltd £21,091,300 for its inadequate anti-financial crime systems and controls between October 2018 and August 2020. Monzo also repeatedly breached a requirement preventing it from opening accounts for high-risk customers between August 2020 and June 2022.  Monzo's customer base has grown rapidly, increasing almost tenfold from around 600,000 in 2018 to over 5.8 million in 2022. However, Monzo's financial crime controls failed to keep pace with its customer and product growth. In particular, Monzo failed to design, implement and maintain adequate customer onboarding, customer risk assessment and transaction monitoring systems to mitigate the risk of financial crime. These systemic failings resulted in the FCA requiring a comprehensive, independent review of the firm's financial crime framework in August 2020.  Alongside the independent review, the FCA imposed a requirement preventing Monzo from opening new accounts for high-risk customers. However, between August 2020 and June 2022, it repeatedly failed to comply with the terms of the requirement, including signing up over 34,000 high-risk customers. Therese Chambers, FCA joint executive director of enforcement and market oversight, said: 'Banks are a vital line of defence in the collective fight against financial crime. They must have the systems in place to prevent the flow of ill-gotten gains into the financial system. Monzo fell far short of what we, and society, expect. 'Monzo onboarded customers on the basis of limited, and in some cases, obviously implausible information – such as customers using well known London landmarks as an address. This illustrates how lacking Monzo's financial crime controls were. This was compounded by its inability to properly comply with the requirement not to onboard high-risk customers.' Monzo has established and completed a financial crime change programme to remediate and enhance its wider financial crime control framework in line with recommendations made in the independent review. The FCA continues to supervise firms to improve standards and ensure that they have the right systems and controls to manage financial crime risks. This is the 10th fine the FCA has imposed on a bank for financial crime control failings in the last 4 years. The FCA highlighted financial crime as one of its priorities for retail banks in its 2024 supervisory strategy (PDF). Background Read the Final Notice for Monzo (PDF). Monzo would have been fined £30,130,475, but it agreed to resolve these matters and so qualified for a 30% discount under the FCA's processes. Read the FCA's previous review of financial crime controls at challenger banks. Find out more information about the FCA.

Union Investment, one of Germany's top asset managers with €500 billion in assets under management, has adopted Premialab's advanced platform to strengthen its approach to quantitative investment strategies (QIS), boost operational efficiency, and enhance its risk management practices. This collaboration reflects Union Investment's ongoing focus on innovation and evidence-based decision-making in a constantly evolving investment environment. "We chose to work with Premialab because of the depth and quality of their QIS data," said Sebastian Rohm, Head of Alternative Risk Premia at Union Investment. "Premialab's tools - particularly for portfolio construction, market analysis, and stress testing - play a key role in supporting our investment framework. The platform also helps us improve operational processes by simplifying data handling and reporting, which ultimately allows us to use our resources more efficiently." Premialab's platform is powered by a unique dataset collected directly from 18 major global investment banks. It supports institutional investors - including asset managers, wealth managers, pension plans, and sovereign wealth funds - in refining asset allocation, selecting top-performing strategies, and maintaining effective risk control. "Partnering with Union Investment is an exciting step forward for us as we continue to grow our presence in Germany and across Europe," said Neil Richards, Head of EMEA Business Development at Premialab. Adrien Géliot, CEO of Premialab, commented: "We're seeing a sharp rise in the adoption of QIS, as institutional investors increasingly turn to these strategies as liquid, transparent, and cost-efficient performance engines. Premialab sits at the heart of this transformation, uniquely positioned to deliver clarity and insight across a rapidly growing universe of systematic strategies. We are delighted to partner with Union Investment and bring our data and risk monitoring capabilities to one of the world's leading investment firms." Premialab's multi-asset, multi-region platform handles more than 10 million data points every day and analyzes over 6,000 investable systematic strategies. Serving clients with total AUM of around $20 trillion, the platform - along with Premialab Pure Factors® - enables comprehensive quantitative strategy selection, in-depth due diligence, advanced risk assessment, and enhanced regulatory reporting.

To support banks in accelerating their transition to real-time Swift payments ahead of the October 2025 European deadline, global fintech leader Broadridge Financial Solutions, Inc. (NYSE:BR) has announced the significant market adoption of its service for connectivity, message processing and workflow management for instant payments. This move follows robust take-up by European banks, reflecting Broadridge’s commitment to enhancing the speed and efficiency of financial transactions across the continent. "With instant payments now a regulatory necessity, financial institutions are actively looking for scalable and cost-efficient solutions that ensure seamless compliance and real-time payment readiness," said Kai Marzenell, Director, Swift Product Management at Broadridge. "Our solution not only minimizes onboarding complexity but also offers financial institutions a significant cost advantage, enabling them to better operate, innovate and grow.” Since launching the solution in the fall of 2024, Broadridge has successfully onboarded seven clients in just five months, enabling real-time payments through partnerships with key core banking solution providers, such as CPB SOFTWARE (formerly EFDIS), as well as instant payment application providers, such as Foconis. By providing seamless integration with the European Central Bank’s Target Instant Payment Settlement (TIPS) system, Broadridge has provided banks with a high-availability infrastructure that ensures transactions settle 24/7, with zero downtime. "Speed of onboarding was a game-changer in this collaboration," said Christian Wust, Managing Director at CPB SOFTWARE (GERMANY) GMBH. "While most providers require six months or more per institution, Broadridge helped our clients go live in just five months, covering multiple banks in that timeframe. This level of agility is a major advantage in today’s fast-moving payments environment." Broadridge’s instructing party model developed in collaboration with the European Central Bank’s TIPS system, has been a key factor in client adoption, significantly reducing costs, simplifying compliance and minimizing time to market. “With the October 2025 deadline for full compliance approaching, banks are under pressure to meet instant payment requirements,” said Heidi Dittmar, managing director of Swift Services, Broadridge. “Working with Broadridge has enabled our customers to integrate real-time payments efficiently and navigate the evolving regulatory landscape with confidence." Broadridge’s infrastructure offers “active-active” failover across two data centers ensuring uninterrupted service availability. This capability significantly reduces risk and enhances resilience by allowing banks to rigorously pre-test failover scenarios under real-world conditions, setting a new benchmark for instant payment infrastructure. Additionally, Broadridge’s partnerships with CPB SOFTWARE and Foconis have been instrumental in enabling rapid deployment for financial institutions. Broadridge’s service for instant payments is built for continuous operation, processing transactions in less than 10 seconds with no downtime, with SwiftNet Instant connectivity for enhanced efficiency. This allows banks to support high-volume transactions, not only for the current set of instant payment transactions, but also in readiness for the future transition of all payment types to the instant payment model.

The current reports for the week of July 01, 2025 are now available. Report data is also available in the CFTC Public Reporting Environment (PRE), which allows users to search, filter, customize and download report data. Additional information on Commitments of Traders (COT) | CFTC.gov Historical Viewable Historical Compressed COT Release Schedule CFTC Public Reporting Environment (PRE) PRE User Guide PRE Frequently Asked Questions (FAQs)

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 Office of the Comptroller of the Currency (OCC) today issued a proclamation allowing national banks, federal savings associations, and federal branches and agencies of foreign banks to close offices in areas of Texas affected by flooding. In issuing the proclamation, the OCC expects that only those bank offices directly affected by potentially unsafe conditions will close. Those offices should make every effort to reopen as quickly as possible to address the banking needs of their customers. OCC Bulletin 2012-28, “Supervisory Guidance on Natural Disasters and Other Emergency Conditions” (September 21, 2012), provides guidance on actions bankers could consider implementing when their bank or savings association operates or has customers in areas affected by a natural disaster or other emergency. Related Links Proclamation (PDF) OCC Bulletin 2012-28, Supervisory Guidance on Natural Disasters and Other Emergency Conditions OCC Major Disaster News Center

The European Banking Authority (EBA) today launched a public consultation on its draft Guidelines on Ancillary Services Undertakings (ASUs). The draft Guidelines set out clear, simple and consistent criteria for the identification of activities referred under the Capital Requirements Regulation (CRR). The consultation runs until 7 October 2025. The proper identification of ASUs is essential to ensure the consistent and effective application of the prudential framework. It plays a key role in determining the scope of prudential consolidation for banking groups, thereby enabling institutions to comply with the obligations laid down in the CRR on a consolidated basis. The draft Guidelines set the criteria for the identification of: (a) activities that should be considered a “direct extension of banking”; and (b) activities that should be considered “ancillary to banking”. They also outline the process to identify activities that the EBA may consider similar to those referred to in the CRR to ensure that the guidelines remain responsive to emerging sources of risks.  The objective of the draft Guidelines is to promote convergence in institutions and supervisory practices regarding the identification of ASUs, with the aim of ensuring a level playing field and enhancing the comparability of prudential requirements across the EU. Consultation process Comments to the consultation paper can be sent by clicking on the "send your comments" on the EBA's consultation page. The deadline for the submission of comments is 7 October 2025. The EBA will consider the feedback received to this consultation when finalising the Guidelines. All contributions received will be published following the end of the consultation, unless requested otherwise. The EBA will hold a virtual public hearing on the consultation paper on 2 September 2025 from 10:00 to 11:30 CET. The EBA invites interested stakeholders to register using this link by 26 August  2025 at 18:00. The dial-in details will be communicated to those who have registered for the meeting. Legal basis and background The draft Guidelines were developed as part of the planned EBA’s actions  for the implementation of the EU banking package. They deliver on the mandate laid down in Article 4(5) of the CRR, whereby the EBA shall issue guidelines specifying the criteria for the identification of activities that are performed by ancillary services undertakings, as referred to in points (a), (b) and (c) of Article 4(1)(18) of the CRR. Documents Consultation paper on draft Guidelined on Ancillary Services Undertakings (389.75 KB - PDF) Related content Consultation7 OCTOBER 2025 Consultation on Guidelines on Ancillary Services Undertakings Regulatory activityUnder consultation Guidelines on Ancillary Services Undertakings

The Athens Stock Exchange today welcomed representatives of AEGEAN’s management, executives, and partners to mark the commencement of trading for the company’s new bond on the Main Market. Mr. Michalis Kouveliotis, Deputy CEO and Chief Financial Officer of the company, rang the opening bell to launch today’s trading session. “The strong demand expressed for AEGEAN’s new bond issue represents a strong vote of confidence from investors in the company and its future prospects. More broadly, AEGEAN stands as an example of a company that consistently leverages the financing opportunities provided by the Stock Exchange to support its growth path. Over its 18 years as a listed company, it has raised a total of €645 million. We warmly welcome the AEGEAN team once again to the Athens Stock Exchange and wish them continued success” said Mr. Nikos Koskoletos, CFO of the Athens Exchange Group.  On his part, Mr. Michalis Kouveliotis, Deputy CEO and CFO of AEGEAN, noted: “The issuance of AEGEAN’s second corporate bond marks yet another important milestone in the company’s growth journey. Our goal is to strengthen our competitiveness, with a continued focus on our people, who are the driving force behind every success. Today signifies the evolution of a 19-year relationship, since 2007, between AEGEAN, the Athens Stock Exchange, and the Hellenic Capital Market Commission—partners who have consistently stood by us, supporting our development with transparency, consistency, and institutional trust.” Finally, the Vice President of the Hellenic Capital Markets Commission, Mr. Michalis Fekkas, emphasized, among other points: “The listing of AEGEAN’s new bond on the Athens Stock Exchange sends a strong message of confidence in the Greek capital market and the strength of healthy entrepreneurship. In an environment of geopolitical and economic volatility, AEGEAN demonstrates its operational readiness and institutional credibility by effectively utilizing market instruments to finance its strategic objectives. As the Supervisory Authority, we remain steadfastly committed to establishing a framework that enhances investor confidence, promotes transparency, and ensures the smooth functioning of the market for the benefit of the real economy.”