ASIC has issued a new information sheet for operators of employee entitlement schemes outlining our approach to regulation of these schemes under the Corporations Act 2001 (Corporations Act), commencing 1 April 2026.In November 2025, ASIC announced that operators of employee entitlement schemes will be subject to additional transparency and governance requirements and need to apply to ASIC for an Australian financial services (AFS) licence by 1 September 2026. Information Sheet 295 Employee entitlement schemes (INFO 295) explains: transitional relief that will be available for operators from 1 April 2026 until an AFS licence is granted by ASIC the process for an operator to apply for an AFS licence with the relevant authorisations by 1 September 2026, and obligations that will apply to operators under the Corporations Act and conditions of ASIC’s ongoing relief. ASIC will make a new legislative instrument in March 2026 to provide transitional and ongoing relief to operators of employee entitlement schemes from certain provisions of the Corporations Act. We will undertake targeted consultation with operators of existing schemes prior to finalising the instrument. Download Information Sheet 295 Employee entitlement schemes Background The primary objective of an employee entitlement scheme is to fund benefits payable to employees upon termination of employment, or long-service leave entitlements.Currently, operators of employee entitlement schemes have relief from the AFS licensing, managed investment and associated provisions of the Corporations Act under ASIC Corporations (Employee redundancy funds relief) Instrument 2015/1150 until 1 April 2026. ASIC is Australia’s corporate, markets and financial services regulator.

Commissioner Peirce: I am honored to be on stage today with Chairman Paul Atkins. Before we begin, let me remind you that my statements and his are our own in our official capacities and do not necessarily reflect the views of the Commission or our fellow Commissioner. Chairman Atkins needs little introduction, but let me give you a brief bio for him. Paul S. Atkins was sworn into office as the 34th Chairman of the Securities and Exchange Commission on April 21 of last year. Prior to returning to the SEC, Chairman Atkins was most recently chief executive of Patomak Global Partners, a consulting firm he founded in 2009. Chairman Atkins previously served as a Commissioner of the SEC from 2002 to 2008. During his tenure, he advocated for transparency, consistency, and the use of cost-benefit analysis at the agency. Chairman Atkins began his career as a lawyer in New York, focusing on a wide range of corporate transactions for U.S. and foreign clients, including public and private securities offerings and mergers and acquisitions. He was resident for 2½ years in his firm’s Paris office and admitted as conseil juridique in France. A member of the New York and Florida bars, Chairman Atkins received his J.D. from Vanderbilt University School of Law and his A.B., Phi Beta Kappa, from Wofford College in 1980. Originally from Lillington, North Carolina, Chairman Atkins grew up in Tampa, Florida. He and his wife Sarah have three sons. One other interesting fact about Chairman Atkins is that he speaks German and French fluently. He likely is looking for another language to add to his repertoire. Mr. Chairman, have you considered learning Solidity? Chairman Atkins: No need. Vibe coding works just fine. It is a big step up from the BASIC-PLUS and COBOL I used in college. Commissioner Peirce: Fair point, Mr. Chairman, but if the smart contract your AI writes starts saying everything is a security, we’ll suspect AI hallucination. A few years ago, if someone had told me that I would be standing at a crypto conference with the Chairman of the SEC, I would have thought that person was hallucinating. But we’re here, so let’s get to some substance. During the past year, the SEC under the leadership of Chairman Atkins and Acting Chairman Uyeda in the early part of the year has taken a lot of steps toward crypto clarity. We have: Sought and received written responses to multiple sets of difficult questions covering a wide range of crypto topics; Held several in-depth roundtables on discrete topics including the definition of a security, trading, custody, tokenization, DeFi, and privacy; Met with many developers and builders in Washington D.C., virtually, and in crypto-on-the-road meetings in cities across the country; Provided technical assistance to Congress as it works on crypto legislation; Launched a new initiative with the Commodity Futures Trading Commission (CFTC) to build a lasting basis for coordination and cooperation in regulating areas of joint interest, including crypto; Ended regulation by enforcement; Issued multiple staff guidance documents and frequently asked questions to help people understand what the SEC staff thinks is and is not within the SEC’s jurisdiction (including on issues like mining, staking, meme coins, and stable coins), and how regulated entities engaging with crypto can comply with our existing rules; Got rid of unhelpful staff guidance, such as SAB 121; Published a staff statement on the custody of crypto asset securities by broker-dealers; Issued a cross-divisional staff statement outlining a taxonomy for tokenized securities; Approved exchange generic listing standards for crypto ETPs; Issued staff no-action letters to several projects, including on tokenization and DePIN; and Began the process of designing rules, exemptive relief, and Commission interpretations, which will help to form the basis for a durable regulatory framework. Mr. Chairman, can you give us a preview of what to expect this year on the crypto regulatory front? Chairman Atkins: We have a lot on our plate. Not only will we continue to engage with Congress on its important efforts, but, as you noted, we will move forward with our regulatory work through Project Crypto, which is now a joint initiative with the CFTC. As you all know, one of our own, Mike Selig, who Hester brought to the SEC as Chief Counsel of the Crypto Task Force in my office, is now CFTC Chairman now. We are planning great things together – harmonization, joint rulemaking – a common, coordinated approach unlike anything seen before of these two, often sparring agencies. As for the SEC, I expect the Commission and staff to consider the following in the coming weeks and months: A Commission framework to explain how we think about crypto assets that are subject to an investment contract. How is such an investment contract formed? And how is it terminated?; An innovation exemption to facilitate limited trading of certain tokenized securities on novel platforms with an eye toward developing a long-term regulatory framework; A rulemaking proposal to establish common-sense pathways for people to raise capital in connection with the sale of crypto assets; No-action letters and exemptive orders to provide additional clarity, including to address wallets and other user interfaces that are not subject to registration under the Exchange Act; Rulemaking on custody of non-security crypto assets, including payment stablecoins, by broker-dealers; A transfer agent modernization rulemaking which will accommodate the role that blockchain can play in recordkeeping; and Additional guidance and no-action letters to help people understand how existing rules apply to their unique factual circumstances. Commissioner Peirce: Sounds like a lot of work, but for securities nerds like us, this experience is a bit like the Olympics. It’s nearly as exhilarating as hurtling downhill at 80 mph and doing acrobatics after getting big air off the ski jump or doing backflips after a quadruple lutz on ice. While not as dramatic as our talented Olympic champions, we have an unusual opportunity to consider many complex regulatory issues in light of this new technology. This task too will require some acrobatics, and we are not looking to hurt or break anything other than unwarranted regulatory impediments to technological progress. I want to talk for a minute about an innovation exemption, which has inspired hopes and fears that may need some moderation. Indeed, the way people talk about it now reminds me of the expectations that people have when they buy an abandoned storage unit; they are sure it will contain a rare work of art and a trunk full of gold bars. So too some people are certain the innovation exemption will cure all their regulatory headaches. Some people in TradFi, by contrast, seem to think that the soon-to-be-opened storage unit contains a monster that will swallow all of TradFi in one ugly bite. They fear the innovation exemption will let crypto firms ignore all the rules. Both groups are likely to realize that the innovation exemption is not as monumental as either faction anticipated. It would be an important step toward facilitating the integration of tokenized securities into our existing financial system, but it would not change the entire financial system overnight. We are working incrementally now, as we have always done. The goal is to facilitate the organic incorporation of new technology in a way that enhances the dynamism and resilience of the system so that it can serve investors, companies, and other users of capital effectively. Paul, please describe what you have in mind with the innovation exemption. Chairman Atkins: I would like to consider an innovation exemption to enable incumbents and crypto-native to experiment. For example, people trading certain tokenized securities through automated market makers, even though no one person or group of persons may be controlling that mechanism. In my view, market participants should be able to engage with decentralized applications on public, permissionless blockchains if they desire. But I expect, however, that many Americans will be more comfortable allowing intermediaries to custody and trade on their behalf. Individual investors, not the SEC, should make the decision. I also would like to consider whether there should be a safe harbor for participants who may be facilitating such trading. Specifically, I would like to consider how issuers that want to tokenize their securities could work with a transfer agent or other tokenization agent to tokenize their securities so that they can be traded onchain in AMMs or other trading systems, environments, or platforms that offer decentralized liquidity. Under this possible approach, the innovation exemption would limit trading volume and could provide relief from some of our rules and certain other requirements that may not be relevant in light of how this technology works. Buyers and sellers of the tokenized securities would go through a white-listing process. The exemption would be temporary but would last long enough for us to consider developing new rules and amending existing rules to allow such trading to continue under appropriate conditions in the future and to enable any parties that need to do so to register. I would welcome feedback on this potential approach. Commissioner Peirce: Thanks for giving us a peek into the storage locker. No Picassos, but no scary monsters either. Just an incremental step from which market participants can learn and which may help get us to a fit-for-purpose, long-term regulatory framework. Speaking of new things, you and I have both seen some demos to show us how some of this technology, such as decentralized trading, works. Has anything struck you about what you’ve seen? Chairman Atkins: One interesting aspect of the technology is the ability to embed compliance into the smart contract’s code. A company’s founders, for example, could code their commitment not to resell their securities for a certain period of time into the smart contract governing tokenized securities. Likewise, we can reimagine communications between issuers and their security-holders through the use of blockchain. And privacy-preserving technologies, such as zero-knowledge proofs, can revolutionize how we achieve the goals of the Bank Secrecy Act. Under this model, Americans would not have to relinquish their privacy wholesale to financial institutions, and these intermediaries would have lower compliance costs. Commissioner Peirce: That sounds promising. I worry a lot about how embedded financial surveillance is in our financial system. Americans have an opportunity to use this new technology to protect themselves from bad actors while also protecting our nation from our adversaries. We should take advantage of this moment to reacquaint ourselves with how important financial privacy is to the security of the American people. Now let’s address the elephant in the room: what do you think about the falling crypto prices of late? Is it time to focus our attention on this issue? Should regulators panic or even care that prices are down? Chairman Atkins: It is not the regulator’s job to worry about the daily swings of the markets; it’s our job to make sure market participants have the disclosures they need to make informed investment decisions. People whose only focus is on the number always going up are likely to be disappointed, whether they are buying stocks, precious metals, or crypto. Markets go up and markets go down in response to many factors. As regulators, the best thing we can do is to ensure that the rules governing the asset classes we regulate enable people to have the information they need to express their market sentiments through decisions about whether to buy the assets at issue. Commissioner Peirce: I agree. “Number go down” is the mantra of the moment, and some crypto critics are dancing in the streets. In German, we would call this reaction “Schadenfreude,” which translates as something like “happiness about destruction.” In this context maybe we should call their attitude Ethbelowthreeglee or Bitcoinunderseventylevity. But the best way to respond to these critics is not to look around desperately for some regulatory change that will cause the number to go up again. Sure, regulatory clarity in the form of legislation and regulation can help to create a conducive environment for building. But regulation is not the well from which value springs. You have to build stuff that people want and need. That is the best way to garner support on both sides of the aisle in Washington. If people are actually using something, government will be reluctant to take it away. Mr. Chairman, can you share some lessons from your many years of working in the capital markets about how innovators can successfully engage with the regulatory system? Chairman Atkins: I agree with you that building useful things that people want and need speaks volumes in Washington. This technology, if developed carefully, could have a transformative effect on the financial system as securities move onchain. Tokenization could transform the financial system as we know it by, for example, shortening settlement cycles, facilitating the movement of collateral and dividends, facilitating proxy voting, or making it easier for people to construct and manage bespoke, diversified portfolios of investments. We stand ready to work with entrepreneurs who are building for a better future. I hate to repeat an oft-mocked phrase from the last administration, but “Come in and talk to us.” We will not put our thumbs on the scale in favor of any particular asset or technology, nor will we become your spokesmen, but we want our markets to be open to people offering new products and services. Our rulebook should not be the barrier to innovation that would further our objectives of protecting investors, facilitating capital formation, and fostering fair, orderly, and efficient markets. Commissioner Peirce: You have captured the balance well. We are not cheerleaders of any new asset or technology, but we want our markets to welcome people who have ideas about how to improve them. The SEC has not always been very welcoming. Regulation, if done wrong, can deny the American people benefits they otherwise would enjoy. For example, an unwillingness to work productively with issuers of tokens led to the perverse result that tokens that gave no meaningful rights to their holders were less likely to attract negative regulatory attention than rights-bearing tokens. As a result, we now live in a world in which most tokens do not give their owners any rights. I would like to get to a place in which project developers would not fear to create tokens that carry some claim on revenue streams and thus are securities. Paul, what would it take to get to a place where people would create tokens that fall unashamedly into the securities bucket? Chairman Atkins: We need to continue doing what we are doing—providing clarity about how tokenized securities interact with existing regulation and how intermediaries dealing with tokenized securities can trade and custody them on behalf of their clients. This work can only be done in a collaborative fashion, and we welcome input from everyone, even crypto naysayers who are fully immersed in their Schadenfreude. I encourage people in the audience to think about what attributes a token should have to make it useful to people, and then work with us on a regulatory framework that accommodates these attributes without compromising our important regulatory objectives. But this process will take time, and innovators shouldn’t necessarily wait for these changes before they start building. While we have these bigger conversations about whether fundamental changes should be made to our rulebooks, talking to us to see if there’s a way to make the current rules work under your particular facts and circumstances may be a necessary interim step. Commissioner Peirce: Paul, you’re known for your good cheer even in the face of difficult circumstances. Any words of advice in closing for an audience that is in the throes of a challenging crypto market? Chairman Atkins: Put your nose to the grindstone and work to build things that matter. That is how you transform Schadenfreude to Freudenfreude – the sense of happiness we feel when others succeed. A little dark chocolate and Diet Coke might help too, but go easy on the Celsius and Zyn. Commissioner Peirce: Thank you, Paul.

The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for December 2025.  The next release, which will report on data for January 2026, is scheduled for March 18, 2026.  The sum total in December of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC inflow of $44.9 billion.  Of this, net foreign private inflows were $32.7 billion, and net foreign official inflows were $12.2 billion. Foreign residents increased their holdings of long-term U.S. securities in December; their net purchases were $62.9 billion.  Net purchases by private foreign investors were $55.7 billion, and net purchases by foreign official institutions were $7.2 billion. U.S. residents increased their holdings of long-term foreign securities, with net purchases of $34.9 billion. After including adjustments, such as estimated foreign portfolio acquisitions of U.S. stocks through stock swaps, overall net foreign purchases of long-term securities are estimated to have been $28.0 billion in December. Foreign residents increased their holdings of U.S. Treasury bills by $9.7 billion.  Foreign resident holdings of all dollar-denominated short-term U.S. securities and other custody liabilities increased by $12.1 billion. Banks’ own net dollar-denominated liabilities to foreign residents increased by $4.8 billion. Complete data are available on the Treasury website here. ###   About TIC Data The monthly data on holdings of long-term securities, as well as the monthly table on Major Foreign Holders of Treasury Securities, reflect foreign holdings of U.S. securities collected primarily on the basis of custodial data.  These data help provide a window into foreign ownership of U.S. securities, but they cannot attribute holdings of U.S. securities with complete accuracy.  For example, if a U.S. Treasury security purchased by a foreign resident is held in a custodial account in a third country, the true ownership of the security will not be reflected in the data.  The custodial data will also not properly attribute U.S. Treasury securities managed by foreign private portfolio managers who invest on behalf of residents of other countries.  In addition, foreign countries may hold dollars and other U.S. assets that are not captured in the TIC data.  For these reasons, it is difficult to draw precise conclusions from TIC data about changes in the foreign holdings of U.S. financial assets by individual countries. TIC Release for February       TIC Monthly Reports on Cross-Border Financial Flows       (Billions of dollars, not seasonally adjusted)                 12 Months Through                     2024 2025 Dec-24 Dec-25 Sep Oct Nov Dec     Foreigners' Acquisitions of Long-Term Securities                                             1     Gross U.S. Sales of Domestic U.S. Securities 70193.6 89246.6 70193.6 89246.6 7764.6 8103.8 7788.7 9088.2 2     Gross U.S. Purchases of Domestic U.S. Securities 69008.8 87695.0 69008.8 87695.0 7564.2 8052.9 7571.7 9025.3 3     Domestic Securities, net U.S. sales (line 1 less line 2) /1 1184.9 1551.7 1184.9 1551.7 200.3 50.9 217.1 62.9                             4       Private, net /2 1190.3 1541.9 1190.3 1541.9 203.5 61.0 153.0 55.7 5         Treasury Bonds & Notes, net 516.6 442.7 516.6 442.7 43.7 -35.3 45.0 -20.5 6         Gov't Agency Bonds, net 127.2 112.9 127.2 112.9 15.1 20.4 -10.9 13.2 7         Corporate Bonds, net 264.3 327.8 264.3 327.8 32.5 23.0 47.5 -2.5 8         Equities, net 282.2 658.5 282.2 658.5 112.2 53.0 71.4 65.5                             9       Official, net /3 -5.5 9.8 -5.5 9.8 -3.1 -10.1 64.1 7.2 10         Treasury Bonds & Notes, net -26.8 -34.0 -26.8 -34.0 -16.3 -24.8 33.2 -21.1 11         Gov't Agency Bonds, net -44.2 -57.1 -44.2 -57.1 -5.5 5.6 -2.6 -3.6 12         Corporate Bonds, net 40.2 39.2 40.2 39.2 2.8 1.7 10.3 0.5 13         Equities, net 25.3 61.6 25.3 61.6 15.9 7.3 23.1 31.4                             14     Gross U.S. Sales of Foreign Securities 18304.9 23186.0 18304.9 23186.0 2144.0 2137.6 2071.0 2244.6 15     Gross U.S. Purchases of Foreign Securities 18713.7 23515.6 18713.7 23515.6 2171.6 2158.8 2081.4 2279.5 16     Foreign Securities, net U.S. sales (line 14 less line 15) /4 -408.8 -329.6 -408.8 -329.6 -27.6 -21.2 -10.4 -34.9 17         Foreign Bonds, net -260.3 -213.6 -260.3 -213.6 -11.7 -36.6 -21.4 -19.7 18         Foreign Equities, net -148.5 -116.0 -148.5 -116.0 -15.9 15.4 10.9 -15.2                             19     Net Long-Term Securities Transactions (lines 3 and 16): 776.1 1222.0 776.1 1222.0 172.7 29.7 206.6 28.0                             20     Other Acquisitions of Long-Term Securities, net /5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0                             21   Net Foreign Acquisition of Long-Term Securities                           (lines 19 and 20): 776.1 1222.0 776.1 1222.0 172.7 29.7 206.6 28.0                             22   Increase in Foreign Holdings of Dollar-Denominated Short-Term                           U.S. Securities and Other Custody Liabilities: /6 196.5 199.7 196.5 199.7 -8.3 21.5 -0.5 12.1 23     U.S. Treasury Bills 222.3 142.3 222.3 142.3 -21.3 21.8 0.4 9.7 24       Private, net 165.3 60.7 165.3 60.7 18.6 7.0 1.0 6.8 25       Official, net 57.0 81.6 57.0 81.6 -40.0 14.8 -0.6 2.9 26     Other Negotiable Instruments                           and Selected Other Liabilities: /7 -25.8 57.4 -25.8 57.4 13.0 -0.4 -0.8 2.4 27       Private, net -27.8 63.6 -27.8 63.6 14.9 -0.5 0.0 3.6 28       Official, net 1.9 -6.2 1.9 -6.2 -1.9 0.1 -0.8 -1.2                             29   Change in Banks' Own Net Dollar-Denominated Liabilities 243.0 -69.8 243.0 -69.8 8.6 -73.0 -1.7 4.8                             30 Monthly Net Dollar-Denominated Portfolio Inflows (lines 21, 22, and 29) /8 1215.5 1351.9 1215.5 1351.9 173.0 -21.9 204.4 44.9     of  which                   31     Private, net 1084.3 1320.2 1084.3 1320.2 197.5 -2.6 159.6 32.7 32     Official, net 131.2 31.7 131.2 31.7 -24.5 -19.2 44.9 12.2                                                         /1     Net U.S. sales = Net foreign purchases of U.S. securities (+).                 /2     Includes international and regional organizations.                 /3     The reported division of net U.S. sales of long-term securities between net sales to foreign official institutions and net sales               to other foreign investors is subject to a "transaction bias" described in Frequently Asked Questions 7 and 10.a.4 on the TIC website.   /4     Net transactions in foreign securities by U.S. residents. Foreign purchases of foreign securities = U.S. sales of foreign securities to foreigners.           Thus negative entries indicate net U.S. purchases of foreign securities, or an outflow of capital from the United States; positive entries           indicate net U.S. sales of foreign securities.                 /5     Minus estimated unrecorded principal repayments to foreigners on domestic corporate and agency asset-backed securities (zero after Jan. 2023) +          estimated foreign acquisitions of U.S. equity through stock swaps - estimated U.S. acquisitions of foreign equity through stock swaps +           increase in nonmarketable Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries.      /6     These are primarily data on monthly changes in banks' and broker/dealers' custody liabilities. Data on custody claims are collected             quarterly and published in the TIC website.                 /7     "Selected Other Liabilities" are primarily the foreign liabilities of U.S. customers that are managed by U.S. banks or broker/dealers.     /8     TIC data cover most components of international financial flows, but do not include data on direct investment flows, which are collected           and published by the Department of Commerce's Bureau of Economic Analysis. In addition to the monthly data summarized here, the           TIC collects quarterly data on some banking and nonbanking assets and liabilities. Frequently Asked Question 1 on the TIC website           describes the scope of TIC data collection.    

During the week of 9 February, the global ETF industry recorded strong product activity, with 49 new ETF launches and four closures, resulting in a net increase of 45 products worldwide according to research from ETFGI. The United States led net growth with 22 new launches, followed by APAC (excluding Japan) with 13 and Europe with nine. Latin America added three products, while the Middle East and Africa saw a net increase of one. Canada recorded a net decline of three products, and Japan was unchanged. Newly launched products were predominantly actively managed and equity-focused ETFs, highlighting continued issuer demand for active and equity-based strategies. ETFGI, a prominent independent research and consultancy firm specializing in providing subscription research on trends in the global ETFs industry, reports there were 49 new product launches and 4 product closures last week in the global ETFs industry, resulting in a net increase of 45 new products.  Global ETF launches and closures: week of February 9th ETFGI is a leading independent research and consultancy firm with 14 years of experience, recognized for its expertise in subscription research, consulting services, 6 annual regional in person ETFGI Global ETFs Insights Summit  events that cover all ETFs listed globall on 81 exchanges in 63 countries, and ETF TV, covering global ETF industry trends. 

The Securities and Exchange Commission today proposed amendments to the form used by most registered investment companies to report portfolio-related information. The changes are designed to reduce reporting burdens without significantly affecting the SEC’s use of the data or the public’s ability to assess relevant information about a fund. The proposed amendments to Form N-PORT follow a review (in accordance with a Presidential Memorandum) of the amendments the Commission made to the form in 2024. The proposal considers developments that have occurred after the Commission’s adoption of those amendments. “Reducing unnecessary reporting burdens and increasing efficiency in disclosure requirements is a top priority of the Commission,” said SEC Chairman Paul S. Atkins. “This proposal provides registrants additional time to file the form, refines reporting items, and reduces the frequency of public reporting of fund portfolio holdings – all the while retaining insight into funds’ portfolio-related issues.” The proposed amendments to Form N-PORT would: Provide reporting funds with an additional 15 days to file monthly reports of portfolio-related information on Form N-PORT, which is designed to reduce the potential for errors and resubmissions Reduce the publication of reports from monthly to quarterly, a change designed to protect a fund’s shareholders by reducing the risks of more frequent public disclosure, such as external parties using information about a fund’s portfolio holdings in ways that increase costs for the fund and its shareholders Modify Form N-PORT reports to streamline or remove certain reported information, including removing “Names Rule” reporting, and add information about funds with share classes that operate as exchange-traded funds In connection with the proposed amendments, but by separate action, the Commission is extending the compliance dates for those Form N-PORT reporting requirements related to the “Names Rule” under the Investment Company Act of 1940, which addresses certain investment company names. This extension will provide additional time for funds and the Commission to consider the proposed amendments to Form N-PORT and avoid certain costs associated with regulatory requirements that the Commission is proposing to eliminate. The new compliance dates are Nov. 17, 2027, for fund groups with net assets of $10 billion or more and May 18, 2028, for fund groups with less than $10 billion in net assets as of the end of their most recent fiscal year. The proposing release for Form N-PORT amendments will be published in the Federal Register, and the public comment period will remain open until 60 days after the Federal Register publication date. Resources Fact Sheet Proposed Rule Compliance Dates Extension

The Federal Reserve on Wednesday released the minutes of the Federal Open Market Committee meeting that was held on January 27–28, 2026. The minutes for each regularly scheduled meeting of the Committee are generally published three weeks after the day of the policy decision. The descriptions of economic and financial conditions contained in these minutes are based solely on the information that was available to the Committee at the time of the meeting. The minutes can be viewed on the Board’s website.

n support of the President’s AI Action Plan, the U.S. Department of the Treasury today announced the conclusion of a major public-private initiative to strengthen cybersecurity and risk management for artificial intelligence (AI) in the financial services sector. Over the course of February, Treasury will release a series of six resources developed in partnership with industry and federal and state regulatory partners to enable secure and resilient AI across the U.S. financial system. “As this Administration has made clear, it is imperative that the United States take the lead on developing innovative uses for artificial intelligence, and nowhere is that more important than in the financial sector,” said Secretary of the Treasury Scott Bessent. “This work demonstrates that government and industry can come together to support secure AI adoption that increases the resilience of our financial system.” The Artificial Intelligence Executive Oversight Group (AIEOG), a partnership between the Financial and Banking Information Infrastructure Committee and the Financial Services Sector Coordinating Council, brought together senior executives from financial institutions, federal and state financial regulators, and other key stakeholders. Together, participants focused on addressing identified gaps in the financial sector’s use of AI, developing practical tools that financial institutions can use to manage AI-specific cybersecurity risks while unleashing innovation. “Treasury brought public- and private-sector partners together to develop practical tools that can effect real change in the financial sector through the AIEOG,” said Cory Wilson, Deputy Assistant Secretary of the Treasury for Cybersecurity and Critical Infrastructure Protection. “These resources are designed to help institutions, particularly small and mid-sized institutions, harness the power of AI to strengthen cyber defenses and deploy AI more securely.” Treasury will release the AIEOG deliverables in stages throughout February. The AIEOG workstreams provide a foundation for the use of AI in financial services, addressing governance, data practices, transparency, fraud, and digital identity in an integrated way. By focusing on practical implementation rather than prescriptive requirements, the resources are intended to help financial institutions adopt AI more confidently and securely, strengthening resilience and cybersecurity while supporting innovation across the sector. “Through our public-private partnership, FSSCC and Treasury have taken an important step to address complex challenges posed by AI” said William S. Demchak, PNC Chairman & CEO, and AIEOG executive member. “By clearly identifying and addressing the associated risks, financial institutions—regardless of size—are now positioned to harness the full power of this transformative technology, driving innovation and value for their clients while strengthening multiple facets of their organizations.” Through this work, Treasury advances the President’s AI Action Plan and the National Cybersecurity Strategy by strengthening the security of AI data, infrastructure, and models in the financial sector, promoting best practices for secure AI deployment, and driving adoption of American AI systems globally. 

The Canadian Investment Regulatory Organization (CIRO) is inviting applications for membership in its Investor Advisory Panel (IAP). The IAP is an independent advisory panel of experts in investor issues from across Canada that advises CIRO in the development of regulatory policy, annual priorities, strategic plans, and other regulatory initiatives. The mandate of the IAP is to assist CIRO in the effective fulfillment of its public interest mandate and to convey issues of concern to investors for consideration by CIRO. All members of the IAP are appointed for a minimum of two years. For more information visit: Investor Advisory Panel (IAP). Who should apply? We will take into consideration candidates’ relevant expertise, skills and experience on matters of investor protection, concerns, issues and/or rights. We seek members with diverse experiences, perspectives, backgrounds, knowledge, and geographic representation. Individuals who are employed by a CIRO Member or who serve on CIRO Hearing Panels are not eligible to apply. When submitting your application, please include: Experience with investor issues as it relates to your previous and/or existing role(s) (e.g., academic, investor/consumer advocate, financial educator, investor, public policy, retired industry members or regulators, etc.). Experience with investor issues as it relates to specific products and/or business models. (e.g. crypto, fintech) Any relevant regulatory experience. Specific skills or experience relating to investor issues or specific investor groups (e.g., legal, research, on-line trading, new or younger investors, underserved investors, vulnerable investors, etc.). Details regarding any existing or potential, actual or perceived conflicts of interest between your private interests and your potential future responsibilities as a member of CIRO’s IAP. We welcome and encourage applicants to self-identify if they belong to historically underrepresented and/or marginalized groups including those who identify as women or non-binary/gender non-conforming, Indigenous Peoples, persons with disabilities (visible or invisible) and, members of visible minorities, racialized groups and the 2SLGBTQ+ community. While this information will be helpful to us in trying to achieve diversity of representation on CIRO’s IAP, it is completely voluntary. Selection process Membership applications will be reviewed, and selected applicants will be interviewed. The decision on selection of the CIRO IAP members will be made by the CIRO Board Governance Committee. Where to send applications Interested parties are invited to submit their resume, indicating their relevant skills and experience. Applications will be accepted until March 31, 2026. Applications should be sent by email to: officeoftheinvestor@ciro.ca.

TSX Venture Exchange (TSXV) today announced the 2026 TSX Venture 50, an annual ranking of the top-performing companies over the course of 2025. The list showcases a historic year for junior mining and high-tech innovation, reflecting an increase in global investor demand and market confidence in the Canadian capital markets at a time when resource security, critical technologies, and domestic supply chains have become strategic priorities worldwide. TSX Venture 50 assesses TSXV issuers' year-long performance across three equally-weighted indicators—market capitalization growth, share price appreciation, and Canadian consolidated trading value. The companies on this year's ranking reached a combined market capitalization of more than $21.5 billion, representing a $17.9 billion increase during 2025—the largest since the program's inception in 2006. On average, these top performers grew their market value by 775% year-over-year and delivered a 431% share price increase for investors, outpacing the 333% average market cap growth and 207% average returns recorded on the 2025 list. "The 2026 TSX Venture 50 reflects a clear inflection point for early-stage finance, with a return of liquidity and capital that reinforces Canada's position as a world-leading centre for resource discovery, strategic innovation, and scale," said Andrew Creech, President, TSX Venture Exchange. "This year's ranking underscores the vital role TSXV plays in channeling capital to the mining sector and serving as the primary growth pipeline for the next generation of global mineral supply." Mining's Record Performance Reflects Supercycle Gains The 2026 ranking consists of 48 mining companies, accounting for a total market cap of $19.9 billion and a 443% average share price increase. The sector's exceptional performance reflects a new global financing cycle driven by geopolitical uncertainties and industrial policy shifts that have increased investor demand for metals and minerals. The majority of the ranked mining firms are focused on gold and silver, supported by record commodity prices, while the remaining mining companies are advancing critical minerals projects needed for complex technology and energy transition. Topping the list is British Columbia-based Santacruz Silver Mining Ltd. (TSXV:SCZ), which finished 2025 with a 1,137% market cap growth alongside a 1,103% appreciation in share price. Second-ranked Ucore Rare Metals Inc. (TSXV:UCU), a Nova Scotia-headquartered company focusing on supplying high-value light and heavy rare earths, achieved a 1,109% increase in market cap. The sector's dominance also reflects the essential role junior miners play as the primary pipeline for future producing assets, driving global exploration and discovery activity across key mining jurisdictions. Nearly 80% of the TSX Venture 50 mining companies operate in the tier-1 mining jurisdictions of the Americas, with 16 holding properties in Canada (concentrated in the Yukon and Ontario), 15 in the United States (primarily Nevada and Alaska), and 14 in Mexico. Technology Companies Highlight Innovation in Security and Defence While mining dominated returns, three Canadian technology companies on the 2026 ranking demonstrated how defence, security, and quantum innovation are also attracting growth capital. Ontario-based Volatus Aerospace Inc. (TSXV:FLT) led the way at 16th place with a market cap increase of 441% and a 279% share price appreciation as demand for integrated aerial solutions for commercial and defence applications accelerates. Quantum eMotion Corp. (TSXV:QNC), a cybersecurity solutions firm headquartered in Quebec, recorded the highest overall trading value on this year's list at over $1.9 billion and saw its market cap rise by 269%. Meanwhile, Gatekeeper Systems Inc. (TSXV:GSI), a BC-based provider of vehicle video safety solutions, saw its share price grow by 225%. Strong Financing and Trading Volumes Underpin Market Momentum This year's TSX Venture 50 cohort achieved the strongest liquidity metrics in the program's history, with 2025 trading volumes doubling year-over-year to exceed 13.2 billion shares traded. The robust trading activity supports company valuations on TSXV as global investors increasingly recognize Canada as the world's leading hub for junior mining and high-growth innovation financing. "Collectively, 43 of the TSX Venture 50 companies completed capital raises during 2025, totaling over $1.5 billion of equity capital raised," said Robert Peterman, Chief Commercial Officer, TSX & Global Capital Formation. "At the same time, we saw strong liquidity driven by global investor interest in the materials sector. This liquidity surge demonstrates that TSXV continues its position as the premier destination for early-stage public capital formation, particularly in the resource sector, cementing Canada's role as the foundation for global resource security and economic resilience." For detailed results and to ​​learn more about the ranking methodology, visit tsx.com/venture50. The 2026 TSX Venture 50 Ranking RankingCompany NameTicker 1 Santacruz Silver Mining Ltd. SCZ 2 Ucore Rare Metals Inc. UCU 3 Millennial Potash Corp. MLP 4 1911 Gold Corporation AUMB 5 TDG Gold Corp. TDG 6 OMAI Gold Mines Corp. OMG 7 Prospector Metals Corp. PPP 8 Silver X Mining Corp. AGX 9 NorthIsle Copper and Gold Inc. NCX 10 Goldgroup Mining Inc. GGA 10 Guanajuato Silver Company Ltd. GSVR 12 Silver Tiger Metals Inc. SLVR 13 Apollo Silver Corp. APGO 13 Integra Resources Corp. ITR 15 Silver Mountain Resources Inc. AGMR 16 Volatus Aerospace Inc. FLT 17 Banyan Gold Corp. BYN 18 Heliostar Metals Ltd. HSTR 18 Fuerte Metals Corporation FMT 20 Onyx Gold Corp. ONYX 21 Amarc Resources Ltd. AHR 22 Cerrado Gold Inc. CERT 23 White Gold Corp. WGO 24 Thesis Gold Inc. TAU 25 Blackrock Silver Corp. BRC 26 Golconda Gold Ltd. GG 26 GoldQuest Mining Corp. GQC 28 Capitan Silver Corp. CAPT 28 Southern Silver Exploration Corp. SSV 30 Argenta Silver Corp. AGAG 31 Sterling Metals Corp. SAG 32 Amex Exploration Inc. AMX 32 Galleon Gold Corp. GGO 34 Quantum eMotion Corp. QNC 35 Standard Lithium Ltd. SLI 35 West Point Gold Corp. WPG 37 Monument Mining Limited MMY 38 Luca Mining Corp. LUCA 38 Nevgold Corp. NAU 38 Thor Explorations Ltd. THX 41 Silver Viper Minerals Corp. VIPR 42 NeXGold Mining Corp. NEXG 43 Sierra Madre Gold and Silver Ltd. SM 44 Gatekeeper Systems Inc. GSI 45 K2 Gold Corporation KTO 46 Benz Mining Corp. BZ 46 Chesapeake Gold Corp. CKG 48 Trident Resources Corp. ROCK 49 Orosur Mining Inc. OMI 50 Vizsla Royalties Corp. VROY 50 Silver47 Exploration Corp. AGA   Source: TSX/TSXV Market Intelligence Group. / Note: The 2026 list contains 51 companies due to a tie for the 50th position.

We aim to be ready for a potential first issuance of the digital euro during 2029. This is based on a working assumption that the EU co-legislators will adopt the Regulation on the establishment of the digital euro in the course of 2026. Clicl here for full details.

  The European Banking Authority (EBA) today published the latest edition of its ESG risk dashboard, integrating data up to the second quarter of 2025. The dashboard reflects the latest changes in banks 'exposures to climate risks and aims to provide background information to support institutions and authorities in managing these risks. The new release confirms continued stability across major climate related risk indicators, broadly in line with the patterns observed in previous updates. Banks’ exposures to sectors that significantly contribute to climate change remained elevated at around 62%, reflecting the importance of climate-sensitive industries in their non-financial corporate portfolios, warranting continuous efforts to develop and maintain robust climate risk management tools and monitoring frameworks. Environmental data quality continued to improve. Exposures secured by immovable property showed strong energy-efficiency scores, while banks’ reliance on proxy indicators has declined by approximately 10 percentage points since December 2023, signalling better data coverage and more reliable sustainability assessments. Physical risk metrics remained heterogeneous across jurisdictions, likely due to methodological differences among institutions. This variability highlights the inherent  complexity of measuring physical risk across diverse European geographies and datasets. Background With this edition, the ESG Risk Dashboard becomes part of the Data Access Portal (EDAP), the EBA’s central hub for supervisory data in the EU/EEA. Publishing the Dashboard within EDAP represents a major step forward in transparency and accessibility, enabling users to access all supervisory data tools in a single, integrated environment. The ESG dashboard presents data from a representative sample of nearly 120 large EU/EEA banks, aggregating exposures and risk indicators at both country and anonymised bank level. The sample includes banks reporting under Pillar 3 ESG disclosure requirements, ensuring comparability across institutions. Following the issuance of the EBA no-action letter on 5 August 2025 (LINK) , the charts under the “Taxonomy Alignment” and “Beyond the GAR/BTAR” tabs have not been updated beyond Q4 2024 data. Related content Page ESG dashboard Link ESG Risk Dashboard data visualisation  

In 2025, Euronext delivered another year of double-digit growth, driven by the expansion of non-volume-related businesses, resilient trading, clearing revenues and cost discipline. Euronext will accelerate the execution of its strategic plan in 2026. Amsterdam, Athens, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 18 February 2026 – Euronext, the leading European capital market infrastructure, today publishes its results for the fourth quarter and full year 2025. Full year 2025 underlying revenue and income1 was up +12.1%2 to €1,823.2 million: Non-volume-related revenue and income represented 59% of total revenue and income and covered 157% of underlying operating expenses, excluding D&A3: Securities Services revenue grew to €330.7 million (+6.9%), driven by double-digit revenue growth in custody and settlement, supported by sustainable growth in assets under custody, dynamic settlement activity and strong growth of value-added services; Capital Markets and Data Solutions underlying revenue grew to €669.3 million (+12.1%), driven by the contribution from Admincontrol and continued growth in Advanced Data Solutions; Net Treasury Income grew to €69.6 million (+22.6%), demonstrating the benefits of the Euronext Clearing expansion. Volume-related revenue was driven by a resilient performance across asset classes: FICC4 Markets revenue grew to €342.8 million (+16.2%), driven by continued strong growth in fixed income and commodities trading and clearing; Equity Markets revenue grew to €410.0 million (+11.7%), driven by robust volumes and revenue capture in cash equity trading and clearing. Underlying operating expenses excluding D&A were at €680.1 million (+9.6%). This reflects underlying expenses in line with the revised guidance of €660 million (compared to €670 million announced initially) and the impact of Admincontrol and Athex Group (€19.8 million), acquired in May 2025 and November 2025. Adjusted EBITDA was €1,143.1 million (+13.6%) and adjusted EBITDA margin was 62.7% (+0.8pts). Adjusted net income was €736.5 million (+7.9%) and adjusted EPS was €7.27 (+10.3%). Reported net income was €642.9 million (+9.8%) and reported EPS was €6.34 (+12.2%). Net debt to EBITDA5 was at 1.5x at the end of December 2025, within Euronext’s target range. Key figures for full year 2025: In €m, unless stated otherwise FY 2025 FY 2024 % var % var Like for like at constant currencies Underlying revenue and income 1,823.2 1,626.9 +12.1% +9.5% Underlying operating expenses exc. D&A (680.1) (620.5) +9.6% +5.3% Adjusted EBITDA 1,143.1 1,006.4 +13.6% +12.1% Adjusted EBITDA margin 62.7% 61.9% +0.8pts +1.5pts Adjusted net income6 736.5 682.5 +7.9%   Net income6 642.9 585.6 +9.8%   Adjusted EPS (basic, in €)7 7.27 6.59 +10.3%   Reported EPS (basic, in €)7 6.34 5.65 +12.2%       Dividend proposal at the 2026 Annual General Meeting A dividend of €321.5 million will be proposed at the Annual General Meeting on 20 May 2026. This represents 50% of 2025 reported net income, in line with Euronext’s dividend policy. This dividend represents an increase of +9.8% compared to 20248. Euronext continues its cost discipline and invests in strategic growth 2025 was a year of investments with new hirings to support the delivery of the strategic growth initiatives. In 2025, Euronext reported underlying expenses (excl. D&A) in line with the revised guidance of €660 million. This compares to an initial guidance of €670 million, which did not take into account the impact of any acquisitions executed over the course of 2025. Including the acquisitions of Admincontrol and Athex Group, Euronext recorded €680.1 million of underlying expenses excluding D&A. Euronext expects its underlying expenses (excl. D&A) for 2026 to be stable compared to the normalised annualised Q4 2025 expenses, at around €720 million. In addition, Euronext expects around €35 million of operating expenses from Athex Group and plans to invest around €15 million of underlying expenses to deliver strategic growth projects. As a result, Euronext expects its total underlying expenses (excl. D&A) for 2026 to be around €770 million. Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said: "2025 was an excellent start to our ‘Innovate for Growth 2027’ strategic plan, with double-digit growth in revenue, EBITDA and EPS. Performance was driven by balanced contributions from volume and non-volume related activities, supported by disciplined capital allocation. At the same time, we continued to invest for the future. In 2025, Euronext delivered the first meaningful milestones of its strategic plan. We scaled up our SaaS offering and increased our footprint in the Nordics with the acquisition of Admincontrol. We successfully built the first integrated ETF market in Europe. This industry-led initiative received strong support from issuers, representing more than 90% of the European ETF Assets under Management, as well as major European brokers. We delivered value-creative M&A through the acquisition of Athex Group entirely in shares, in line with Euronext’s disciplined investment criteria and our vision of building more integrated European capital markets. In 2026, we will intensify the execution of our strategic initiatives. In March 2026, we will diversify our commodities franchise with the addition of power futures. We will complete our Repo offering to create a truly European Repo market by June 2026. In September 2026, Euronext Securities will start to settle cash equities traded in Amsterdam, Brussels and Paris, an important step in becoming the CSD of choice in Europe. We enter 2026 with confidence and determination. Confidence because we know that we have the right value proposition and talents to further expand our integrated value chain across Europe, and determination because our vision of a united, competitive European capital market has become more relevant than ever. We welcome the ambitious proposals of the European Commission to accelerate the delivery of the Savings and Investments Union. The proposals align with our ambition to serve as the backbone of deep and integrated European markets and to contribute actively to such a development.”2025 financial performance In €m, unless stated otherwise   FY 2025 FY 2024 % var % var (like-for-like, constant currencies) Underlying revenue and income 1,823.2 1,626.9 +12.1% +9.5% Reported revenue and income         1,818.8 1,626.9 +11.8% +9.5% Securities Services 330.7 309.5 +6.9% +4.6% Custody & Settlement 300.7 270.9 +11.0% +8.3% Other Post Trade 30.1 38.6 -22.0% -22.0% Capital Markets and Data Solutions (underlying)                      669.3 597.1 +12.1% +6.9% Primary Markets 187.2 181.2 +3.3% +2.9% Advanced Data Solutions 263.5 245.0 +7.5% +7.4% Corporate and Investor Solutions and Technology Services (underlying) 218.7 170.8 +28.0% +10.4% FICC markets 342.8 295.0 +16.2% +16.7% Fixed income trading & clearing 196.6 160.8 +22.3% +22.3% Commodities trading & clearing 112.8 102.7 +9.9% +9.8% FX trading 33.4 31.5 +6.0% +10.3% Equity markets 410.0 367.0 +11.7% +10.6% Cash trading & clearing 359.3 308.4 +16.5% +15.3% Equity derivatives trading & clearing 50.7  58.5 -13.4% -14.1% Net treasury income      69.6 56.8 +22.6% +22.6% Other income 0.7 1.6 -54.5% -56.6% Underlying operational expenses excl. D&A (680.1) (620.5) +9.6% +5.3% Adjusted EBITDA 1,143.1 1,006.4 +13.6% +12.1% Adjusted EBITDA margin 62.7% 61.9% +0.8pts +1.5pts Operating expenses excl. D&A (694.6) (651.3) +6.6% +5.6% EBITDA 1,124.2 975.6 +15.2% +11.9% Depreciation & Amortisation (199.9) (188.7) +5.9% +4.4% Total Expenses (incl. D&A) (894.5) (840.1) +6.5% +5.2% Adjusted operating profit 1,054.0 922.9 +14.2% +12.6% Operating Profit 924.2 786.8 +17.5%   Net financing income / (expense) (18.3) 17.5 N/A   Results from equity investments 35.4 34.7 +2.1%   Profit before income tax 941.3 839.1 +12.2%   Income tax expense (251.2) (218.4) +15.0%   Share of non-controlling interests  (47.2) (35.1) +34.3%   Net income, share of the parent company shareholders  642.9 585.6 +9.8%   Adjusted Net income, share of the parent company shareholders79  736.5 682.5 +7.9%   Adjusted EPS (basic, in €) 7.27 6.59 +10.3%   Reported EPS (basic, in €) 6.34 5.65 +12.2%   Adjusted EPS (diluted, in €) 7.20 6.56 +9.8%   Reported EPS (diluted, in €) 6.29 5.63 +11.7%   2025 revenue and income In 2025, Euronext’s underlying revenue and income was €1,823.2 million, up +12.1% compared to 2024. This resulted from solid organic growth in non-volume related businesses, a dynamic trading environment across asset classes, and the positive contribution of acquisitions. Following the final PPA assessment of Admincontrol, contract liabilities have been adjusted to fair value at the initial recognition. This fair value adjustment was recognised as non-underlying item, reducing reported revenue by €4.4 million, with no impact on cash and cash equivalents. On a like-for-like basis and at constant currencies, Euronext consolidated revenue and income was up +9.5% in 2025, at €1,776.6 million, compared to 2024. Non-volume related revenue accounted for 59% of underlying Group revenue in 2025, stable compared to 2024. This stable split reflects the strong growth in non-volume related revenue and income, underpinned by a dynamic trading environment. Non-volume-related revenue covered 157% of underlying operating expenses excluding D&A, compared to 156% in 2024. 2025 adjusted EBITDA Underlying operational expenses excluding depreciation and amortisation were at €680.1 million, up +9.6%. On a constant perimeter, underlying expenses were in line with the revised guidance of €660 million, and lower than the initial guidance of €670 million. In addition, Euronext recorded €20 million of underlying expenses excluding D&A from acquisitions performed over 2025. On a like-for-like basis at constant currencies, underlying operational expenses excluding depreciation and amortisation increased by +5.3% compared to 2024, which highlights the growth investments performed over 2025. Consequently, adjusted EBITDA for the year totalled €1,143.1 million, up +13.6% compared to 2024. This represents an adjusted EBITDA margin of 62.7%, up +0.8 points compared to 2024. On a like-for-like basis, adjusted EBITDA for 2025 was up +12.1%, to €1,127.4 million, and adjusted EBITDA margin was 63.5%, up +1.5 points compared to 2024. 2025 net income, share of the parent company shareholders Depreciation and amortisation accounted for €199.9 million in 2025, up +5.9%, resulting from acquisitions. PPA related to acquired businesses accounted for €86.9 million and is included in depreciation and amortisation. 2025 adjusted operating profit was €1,054.0 million, up +14.2% compared to 2024 adjusted operating profit. €125.4 million of non-underlying expenses, including depreciation and amortisation, were reported in 2025, related to acquisitions, integration costs and the PPA of acquired businesses. Net financing expense for 2025 amounted to €18.3 million, compared to a net financing income of €17.5 million in 2024. This decrease resulted from lower net interest income due to decreasing interest rates and new bond issuances with higher financing costs, as well as the non-cash interest expense related to the convertible bonds issued in May 2025. Results from equity investments amounted to €35.4 million in 2025, including €24.5 million of dividend received from Euroclear and €10.5 million of dividend from Sicovam. In 2024, Euronext reported €34.7 million of results from equity investments. Income tax for 2025 was €251.2 million. This translated into an effective tax rate of 26.7% for 2025. Share of non-controlling interests mainly relating to MTS and Nord Pool amounted to €47.2 million in 2025. As a result, the reported net income, share of the parent company shareholders, increased by +9.8% for 2025 compared to 2024, to €642.9 million. This represents a reported EPS of €6.34 basic and €6.29 diluted in 2025 (considering the convertible bonds under IAS 33), compared to €5.65 basic and €5.63 diluted in 2024. This increase reflects the strong results and a lower number of shares over 2025 compared to 2024 due to the share repurchase programmes performed. Adjusted net income, share of the parent company shareholders was up +7.9%to €736.5 million. Adjusted EPS (basic) was up +10.3%in 2025, at €7.27 per share, compared to an adjusted EPS (basic) of €6.59 per share in 2024. The weighted number of shares used over 2025 was 101,352,825 for the basic calculation and 103,070,023 for the diluted calculation, compared to 103,578,980 and 103,983,870 respectively over 2024. In 2025, Euronext reported a net cash flow from operating activities of €812.1 million, compared to €708.6 million in 2024. The difference results from higher profit before tax, higher income tax, and lower negative impact from changes in working capital. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 75.2% of EBITDA in 2025. Q4 2025 business highlights In €m Q4 2025 Q4 2024 % var % var l-f-l Underlying revenue and income 460.8 415.8 +10.8% +6.4% Securities Services 83.9 77.6 +8.1% +6.2% Capital Markets and Data Solutions (underlying)                           178.2                153.9 +15.8% +7.0% FICC Markets 82.6 75.7 +9.0% +10.1% Equity Markets 101.6 90.1 +12.8% +8.1% Net Treasury Income 14.4 17.9 -19.4% -19.4% Other income 0.1 0.5 -73.1% -80.7%   Non-volume-related revenue Securities Services In €m Q4 2025 Q4 2024 % var % var l-f-l Revenue 83.9 77.6 +8.1% +6.2% Custody & Settlement 76.7 70.0 +9.6% +7.6% Other Post Trade 7.2 7.7 -6.3% -6.4% Revenue from Custody and Settlement in Q4 2025 was at €76.7 million, +9.6% compared to Q4 2024. This strong performance reflects Euronext’s continued growth in assets under custody, resilient settlement activity and double-digit growth of value-added services, as well as the contribution from Athex CSD from 24 November 2025. Assets under custody in Euronext Securities reached €7.6 trillion at the end of the quarter, up +7.7% compared to the end of Q4 2024. Close to 37 million instructions were settled via Euronext Securities during the fourth quarter of 2025, up +9.6% compared to the fourth quarter of 2024. Other Post Trade revenue, which includes membership fees and other non-volume-related clearing fees, was €7.2 million in Q4 2025. The -6.3% decrease compared to Q4 2024 is mainly explained by the migration of Italian markets to a harmonised clearing framework, offering clients an optimised, efficient and resilient clearing system. Capital Markets and Data Solutions In €m Q4 2025 Q4 2024 % var % var l-f-l Revenue (underlying)                         178.2 153.9 +15.8% +7.0% Primary Markets 48.1 45.3 +6.2% +3.9% Advanced Data Solutions 67.0 62.0 +8.1% +7.6% Corporate and Investor Solutions and Technology Services (underlying)                           63.0 46.6 +35.2% +9.3% Primary Markets revenue was €48.1 million in Q4 2025, an increase of +6.2% compared to Q4 2024. This strong performance was supported by dynamic listing activity, Euronext’s growing ETF franchise and the contribution of Athex Group. Euronext sustained its leading position for equity listings with 16 new listings. Advanced Data Solutions revenue was €67.0 million in Q4 2025, up +8.1% compared to Q4 2024. This strong performance reflects growing client demand for diversified datasets (including for FICC and post-trade data) and increased interest from retail clients, as well as a catch-up in audit and compliance fees. Corporate and Investor Solutions and Technology Services underlying revenue grew by +35.2% in Q4 2025 to €63.0 million. This strong performance demonstrates the benefits from the integration of Admincontrol, continued expansion of Euronext’s colocation services and the contribution of Athex Group. Net Treasury Income Net Treasury Income was at €14.4 million, -19.4% compared to Q4 2024. This reflects lower average collateral posted to the CCP, interest adjustments and the migration of Italian markets to a harmonised clearing framework, offering clients an optimised, efficient and resilient clearing system.   Volume-related revenue FICC Markets In €m Q4 2025 Q4 2024 % var % var l-f-l Revenue 82.6 75.7 +9.0% +10.1% Fixed income trading & clearing 46.3 41.7 +11.0% +11.0% Commodities trading & clearing 28.8 25.5 +12.8% +13.0% FX trading 7.4 8.5 -12.7% -4.7% Fixed income trading and clearing revenue reached €46.3 million in Q4 2025, up +11.0% compared to Q4 2024, driven by double-digit growth in MTS Cash volumes, supported by the expansion in the Dealer-to-Client segment and international growth. Commodities10 trading and clearing revenue reached €28.8 million in Q4 2025, up +12.8% compared to Q4 2024. The strong growth mostly reflects a very strong performance of power trading, supported by continued double-digit growth in intraday trading volumes. FX trading revenue was down -12.7%, at €7.4 million in Q4 2025, reflecting lower volatility and the negative currency impact of the USD. Equity Markets In €m Q4 2025 Q4 2024 % var % var l-f-l Revenue 101.6 90.1 +12.8% +8.1% Cash equity trading & clearing 89.4 77.2 +15.7% +10.8% Financial derivatives trading & clearing 12.3 12.9 -5.0% -7.9% Cash equity trading and clearing revenue11 was €89.4 million in Q4 2025, up +15.7% compared to Q4 2024 driven by resilient activity and revenue capture. Euronext recorded average daily cash trading volumes of €12.0 billion, up +14.0% compared to Q4 2024. Euronext reached average revenue capture on cash trading at 0.52 bps for the fourth quarter of 2025. Euronext market share on cash equity averaged 64.2% in Q4 2025. The performance was also supported by a €3.7 million contribution from Athex Group. Financial derivatives trading and clearing revenue was €12.3 million in Q4 2025, -5.0% compared to Q4 2024. This mostly reflects lower volatility.     Q4 2025 financial performance In €m, unless stated otherwise Q4 2025 Q4 2024 % var % var l-f-l Underlying revenue and income 460.8 415.8 +10.8% +6.4% Reported revenue and income 456.4 415.8 +9.8% +6.4% Underlying operating expenses excl. D&A                       (185.8) (163.2) +13.8% +7.8% Adjusted EBITDA 275.0 252.6 +8.9% +5.5% Adjusted EBITDA margin 59.7% 60.7% -1.0pts -0.5pts Operating expenses excl. D&A (195.5) (174.4) +12.1% +9.3% EBITDA 260.8 241.4 +8.1% +5.5% Depreciation & amortisation (54.2) (49.6) +9.3% +8.6% Total expenses (249.8) (224.0) +11.5% +6.8% Adjusted operating profit 253.2 231.1 +9.5% +6.1% Operating profit 206.6 191.8 +7.7%   Net financing income / (expense) (4.3) 6.5 N/A   Results from equity investments 10.9 10.1 +8.4%   Profit before income tax 213.3 208.4 +2.3%   Income tax expense (56.8) (55.5) +2.4%   Minority interests (11.7) (8.2) +42.6%   Net income share of the parent company shareholders                        144.7 144.6 +0.0%   Adjusted net income 179.6 172.3 +4.2%   Adjusted EPS (basic, in €) 1.77 1.66 +6.6%   Reported EPS (basic, in €) 1.42 1.40 +1.4%   Adjusted EPS (diluted, in €) 1.75 1.66 +5.4%   Reported EPS (diluted, in €) 1.41 1.39 +1.4%     Q4 2025 adjusted EBITDA Underlying operating expenses excluding D&A12 were at €185.8 million (+13.8%). The increase compared to Q4 2024 reflects investments in growth and the impact of acquisitions performed in 2025. As a result of the double digit growth in revenue, adjusted EBITDA for the quarter reached €275.0 million, up +8.9% compared to Q4 2025. This represents an adjusted EBITDA margin of 59.7%, -1.0 pts vs. Q4 2024 mostly due to recruitments for the delivery of strategic growth projects and the impact of acquisitions. On a like-for-like basis at constant currencies, adjusted EBITDA grew by +5.5% compared to Q4 2024. Following the final PPA assessment of Admincontrol, contract liabilities have been adjusted to fair value at the initial recognition. This fair value adjustment was recognised as non-underlying item, reducing reported revenue by €4.4 million (compared to €0.0 million in Q4 2024), with no impact on cash and cash equivalents. Q4 2025 non-underlying operating expenses excluding D&A amounted to €9.8 million, mostly related to the Athex Group transaction and the integration of recent acquisitions. As a consequence, reported EBITDA was at €260.8 million, up +8.1% compared to Q4 2024.   Q4 2025 net income, share of the parent company shareholders Depreciation and amortisation accounted for €54.2 million in Q4 2025, +9.3% more than Q4 2024. The increase mainly relates to acquisitions. PPA related to acquired businesses accounted for €27.7 million. The ramp up reflects the integration of the PPA for Admincontrol from this quarter. Adjusted operating profit was €253.2 million, up +9.5% compared to Q4 2024. Euronext reported a net financing expense of €4.3 million in Q4 2025, compared to €6.5 million net financing income in Q4 2024. The variation reflects decreasing interest rates and the recognition of non-cash interest expense related to the convertible bonds, partly offset by the benefit of the tender offer and early redemption of a portion of the EUR 2026 bonds. Euronext received €10.9 million of results from equity investments in Q4 2025, mostly reflecting the dividend received from Sicovam. Income tax for Q4 2025 was €56.8 million. This translated into an effective tax rate of 26.7% for the quarter, compared to 26.6% in Q4 2024. Share of non-controlling interests amounted to €11.7 million, mostly correlated with the resilient performance of MTS and Nord Pool. As a result, the reported net income (share of the parent company shareholders) was stable compared to Q4 2024, at €144.7 million. This represents a reported EPS of €1.42 basic and €1.41 diluted. Adjusted net income, share of the parent company shareholders, was up +4.2% to €179.6 million. Adjusted EPS (basic) was €1.77 and adjusted EPS (diluted) was €1.75. The weighted number of shares used over the fourth quarter of 2025 was 101,352,825 for the basic calculation and 103,070,023 (including convertible bonds) for the diluted calculation, compared to 103,578,980 and 103,983,870 respectively over the fourth quarter of 2024. The difference in share count is due to the issuance of shares for the acquisition of Athex Group, the share repurchase programmes executed by Euronext and the consideration of the convertible bonds under IAS 33. In Q4 2025, Euronext reported a net cash flow from operating activities of €85.5 million, compared to €175.0 million in Q4 2024, mainly reflecting the negative impact of working capital from Euronext Clearing and Nord Pool CCP activities in Q4 2025. Excluding the impact of working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 60.3% of EBITDA in Q4 2025. Q4 2025 corporate highlights since publication of the third quarter 2025 results on 6 November 2025 Euronext successfully secured refinancing until 2028 On 18 November 2025, Euronext completed a successful €600 million13, 3-year senior unsecured fixed-rate bond issuance, offering a 2.625% annual coupon and rated “A-” by S&P. The bonds were issued in Euronext Securities Copenhagen and listed on Euronext Dublin, further demonstrating the strength of Euronext’s integrated European model and the market’s confidence in its credit profile. On 25 November 2025, Euronext announced the successful completion of a tender offer on its outstanding €600 million bonds maturing on 17 May 202614, with €214.5 million in principal amount validly tendered and accepted for purchase.€385.5 million of the bonds remained outstanding. Euronext announced the success of the voluntary share exchange tender offer to acquire Athex Group On 19 November 2025, Euronext announced the successful completion of its voluntary share exchange tender offer for Athex Group15, securing approximately 74.25% of Athex Group’s voting rights. Consequently, Euronext consolidated Athex Group financials from 24 November 2025. In 2025, Athex Group reported €72.1 million of adjusted revenues, +38% compared to 2024. Athex Group’s adjusted net profit grew by +72%, to €29.8 million16. Euronext has successfully started the integration process and has appointed a new Board of Directors for Athex Group at the Extraordinary General Meeting on 20 January 202617. The integration is expected to deliver €12 million in annual run-rate cash synergies by the end of 2028, with implementation costs to deliver those synergies of €25 million, and is anticipated to be accretive for Euronext shareholders within the first year after synergies are realised. Euronext reserves the right to use any legally permitted method to acquire the remaining Athex Group shares. With less than 90% of Athex Group’s voting rights tendered, Euronext considers all options to achieve this goal and optimise the structure of Athex Group within the Euronext Group. These options include, but are not limited to, the post-offer measures set out in the Information Circular. As of 31 December 2025, Euronext ownership stood at 75.62% of Athex Group’s voting rights.   Euronext accelerated European CSD expansion, driving choice, efficiency and innovation in European capital markets On 18 December 2025, Euronext announced further progress in its initiative to create a European CSD model18, developed in collaboration with leading financial institutions. This project aims to reduce costs, improve cross-border access and enhance liquidity across European markets, directly supporting the EU’s Savings and Investment Union. As part of its “Innovate for Growth 2027” strategy, Euronext Securities announced it is working with key issuing agents to build a European-wide issuance model, offering issuers greater choice, improved liquidity and broader investor access, while strengthening innovation and resilience in post-trade operations across Europe.   Euronext expanded its retail offering to meet growing demand across Europe Euronext is the largest aggregator of retail flows in Europe, with over €1 billion daily volumes on its platform in 2025. Part of these flows are executed on Euronext Best of Book (BoB), Euronext’s best execution service for retail investors, offering price improvement opportunities for retail brokers. Euronext BoB was expanded to Milan in November 2025, and strong volumes have been observed since then in Italy. As of the end of January 2026, volumes on BoB in Italy are now reaching above €100 million in daily volume. Furthermore, in 2025, Euronext expanded its Global Equity Market, a trading facility for pan-European and US stocks. Over 1,000 securities, including around 600 US single stocks, are available on Euronext Global Equity Market. In 2025, Euronext Global Equity Market average daily volumes grew by more than 30% year-over-year. Corporate highlights since 1 January 2026 Euronext confirmed readiness for power futures migration in March 2026 Euronext confirmed that the seamless technical launch of the power derivatives market took place on 2 February 2026. The technical launch allowed members to secure operational readiness to run at full speed from the date of migration. The migration of Nasdaq open interest to Euronext is planned on 14 March 2026. Euronext announced the completion of the 250 million share repurchase programme On 29 January 2026, Euronext announced that it has completed the share repurchase programme announced on 6 November 2025. Between 18 November 2025 and 27 January 2026, 1,967,993 shares, or approximately 1.90% of Euronext’s share capital, were repurchased at an average price of €127.03 per share. The General Meeting will be requested during the 2026 Annual General Meeting on 20 May 2026 to authorise the Managing Board of the Company to confirm the cancellation by way of withdrawal of the shares that were purchased under the share repurchase programme. If approved, the resolution to this effect of the Managing Board will be announced in the national newspaper and deposited at the trade register for an opposition period of two months following the announcement.   Euronext volumes for January 2026 The following volume statistics exclude Athex Group. In January 2026, Euronext Securities reported 14,273,735 settlement instructions, up +9.4% compared to the same period last year. The total Assets Under Custody reached a new record level of €7.9 trillion in January 2026, up +11.2% compared to the same period last year. MTS Cash average daily volumes were up +6.6% to €54.2 billion in January 2026. MTS Repo term adjusted average daily volume stood at €556.3 billion, up +19.0% compared to the same period last year. €2,995 billion of wholesale bonds were cleared in January 2026 (double counted), up +7.6% compared to the same period in 2025. 1,046,052 bond retail contracts were cleared in January 2026 (double counted), down -28.6% compared to January 2025. The average daily volume on Euronext FX’s spot foreign exchange market stood at $34.9 billion, up +25.9% compared to the same period last year. The average daily volume on Euronext commodity derivatives stood at 107,081 lots, down -5.3% compared to January 2025. Average daily day-ahead power traded was 3.69TWh, up +6.3% compared to the same period last year, and average daily intraday power traded was 0.56TWh, up +35.9% compared to January 2025. The average daily transaction value on the Euronext cash order book stood at €14.0 billion, up +21.5% compared to the same period last year. Euronext Clearing cleared 22,302,205 shares in January 2026, down -5.0% compared to January 2025. The average daily volume on Euronext equity derivatives stood at 479,726 lots, down -2.7% compared to January 2025. Results Webcast A webcast will be held on Thursday, 19 February 2026, at 09:00 CET (Paris time) / 08:O0 GMT (London time): For the live webcast, visit https://euronext.engagestream.companywebcast.com/2026-02-19-q4-fy2025-results The webcast will be available for replay after the call at the webcast link and on the Euronext Investor Relations webpage.

From February 19 to 20, 2026, we will be updating the FX (UATCUR_GATEWAY) market T0 dedicated test environment. Test trading system could be temporarily unavailable during that period. All trades concluded on that day in the test trading system will be reset. Please note that we do not guarantee the regular delivery of the end-of-day trading and clearing reports during the first days after the scheduled server maintenance. Additionally, please be aware that due to the maintenance, the following services will be unavailable in the test environment: Creation of new IDs, opening of new accounts and client codes, depositing funds and taking positions. Read more on the Moscow Exchange: https://www.moex.com/n97732

LSEG today announced a multi-year collaboration with Standard Chartered that will enable the Bank to adopt LSEG’s multi-asset class data, news and analytics at enterprise scale, with consistent rights management and delivery. The multi-year agreement supports Standard Chartered’s operating model by consolidating market-data access, improving catalogue and lineage, and streamlining governance and entitlements. Gianluca Biagini, Group Co-Head, Data & Analytics, LSEG, said:“We’re pleased to deepen our relationship with Standard Chartered. With broad coverage, transparent usage rights and flexible delivery via feeds, APIs and cloud channels, we’ll support the Bank’s efficiency today - and its future innovation.” Mark Price, Chief Operating Officer, Corporate & Investment Banking at Standard Chartered, commented:“This agreement gives our teams a single, governed pathway to high-quality multi-asset class content. Consolidating access and entitlements will help us simplify our data landscape, enhance controls and deliver new client value, faster.” By bringing together two trusted franchises with global reach, the collaboration strengthens control and auditability, supports regulatory requirements, and enables front-to-back workflows across markets, risk, finance and wealth. This helps the Bank deliver consistent, data-driven client experiences with greater speed.

The Disciplinary Committee of Nasdaq Stockholm (the “Exchange”) has found that Neovici Holding AB (publ) (the “Company”) has breached the rules of Nasdaq First North Growth Market (the “Rulebook”) and therefore ordered the Company to pay a fine of five annual fees, corresponding to an amount of SEK 667,525. The Disciplinary Committee concludes that the Company has violated Article 17.1 of the EU Market Abuse Regulation and Section 4.1.1 of the Rulebook by issuing a press release on 9 May 2025 regarding a financing and cooperation agreement that was not drafted in a manner that enabled a complete and accurate assessment of the significance of the information. The Disciplinary Committee further concludes that the Company breached Section 4.3.1 and Section 4.5 of the Rulebook by publishing its 2024 annual report too late and by failing to update its financial calendar correctly. The Disciplinary Committee considers the violations to be serious, and therefore a fine shall be imposed as a sanction. The Disciplinary Committee sets the fine at five annual fees. The Disciplinary Committee’s decision is available at: https://www.nasdaq.com/market-regulation/nordic/stockholm/disciplinary/decisions-sanctions

ASIC has commenced a new review of advice licensees using lead generation services as part of its ongoing program of work to address practices that inappropriately or unnecessarily encourage consumers to switch their superannuation. Lead generation is a marketing activity designed to create consumer interest in a product or service, with the goal of persuading consumers to purchase the product or service. These services use a range of marketing techniques to introduce consumers to financial services businesses – including some businesses that encourage consumers to switch their super. ASIC is concerned that certain practices associated with some lead generation services in financial advice and superannuation may expose consumers to a risk of significant losses. To help mitigate risks to consumers, ASIC has commenced a review to identify financial advice businesses that use lead generation services, to understand the nature of these arrangements and where appropriate, take disruptive or enforcement action. As part of the review, ASIC is publishing a list of known entities involved in lead generation, those acting as referral partners, and advice licensees or corporate authorised representatives that have acquired leads, since 1 July 2024. To improve transparency for consumers, ASIC will continue to update this list of businesses, websites, authorised representatives, financial advisers and financial services licensees involved in lead generation, acting as referral partners or engaging the services of lead generators throughout the course of this review. The naming of the entities in this list should not be construed as an indication by ASIC that a contravention of the law has occurred, nor should it be considered a reflection upon any person or entity. However, consumers should exercise additional caution when engaging with any business that uses lead generation and exhibits the features listed below, including by hanging up on unsolicited calls when feeling pressured into making a decision. Financial advisers and advice licensees should carefully consider whether they are able to comply with their legal obligations if engaging with lead generation businesses or undertaking lead generation activities that include these features. Superannuation trustees should review this list of features and compare it with their own internal data for indications of high-risk superannuation switching conduct. ASIC warns that lead generators that mislead consumers, utilise high pressure tactics or provide financial services without a licence will risk contravening the law. Licensed persons or entities that engage the services of lead generators acting in this way, share this risk. ASIC is putting participants on notice and will consider taking enforcement action where we detect evidence of contraventions of the law. Message for consumers Before making important decisions, ASIC encourages consumers to be cautious if someone calls about your super. Consumers may receive a call after clicking on an advertisement on social media, filling out a form on a super comparison website, or without solicitation. Lead generators may offer a free ‘super health check’ or to find your lost super. These can be sales tactics designed to pressure consumers into switching superannuation – even when a super fund is performing well. If you are feeling pressured or unsure, you should just hang up. Consumers should be wary of the following features: Being pressured to act immediately Claims that your existing fund is underperforming The touting of free superannuation ‘health checks’ and prizes (often via social media advertisements or websites) Offers to find and consolidate ‘lost super’ for free The involvement of unlicensed people in the advice process Predominant engagement over the phone with limited client contact with a financial adviser Poor or no product disclosure Promises of high or unrealistic returns Consumers can visit Moneysmart’s dedicated webpage for more information on how to protect their super from high-risk sales tactics. Consumers wishing to compare the performance of MySuper products or to find their lost superannuation accounts can do so on the ATO’s website. Known entities involved in lead generation, referral partners and advice licensees and/or corporate authorised representatives that have acquired leads The naming of the entities in Table 1 and 2 should not be construed as an indication by ASIC that a contravention of the law has occurred, nor should it be considered a reflection upon any person or entity. Tables 1 and 2 are not exhaustive and are based on the information available to ASIC as part of our review, at the time of publication (18 February 2026). The name or contact details may have changed since an entry was added. While this information relates to the period from 1 July 2024, some entities included in Table 1 and 2 may have ceased involvement in lead generation activities by or after the time of publication. Visit Moneysmart for updated list of known entities View Table 1 and 2 More information Exposing high-pressure cold calling tactics and social media click-bait leading to superannuation switching Protect your super from pushy sales calls Choosing a financial adviser Check an advisers credentials - Financial Adviser Register

KEY POINTS SET joins forces with Krungsri to advance the development of a sustainable finance ecosystem, leveraging SETCarbon as a central solution to elevate climate data for the business sector, and empower Thai entrepreneurs, particularly SMEs, to access sustainable finance. This collaboration enables Krungsri's corporate customers to use the SETCarbon system for standardized greenhouse gas (GHG) emissions data management, providing critical data for sustainable finance decisions, climate risk assessment, and the development of financial tools to support emissions reduction. The Stock Exchange of Thailand (SET), in collaboration with Bank of Ayudhya pcl (Krungsri), strengthens support for Thai SMEs to establish a foundation for sustainable growth through systematic development of a sustainable finance ecosystem. Starting upstream with education and understanding of the ESG framework, the partnership supports the use of the SETCarbon platform as a tool for managing and reporting corporate GHG emissions, while promoting the development of transition plans for concrete emissions reduction—a critical factor in enhancing capabilities and increasing access to sustainable finance in the future. SET Chief Strategy & Finance Officer Soraphol Tulayasathien stated that carbon data has become a foundational infrastructure in driving the transition to a low-carbon economy, as global trade regulations and environmental measures are increasingly embedded into market access conditions and supply chain requirements. At the same time, financial institutions and investors are placing greater emphasis on climate risk management in their capital allocation decisions. Therefore, developing quality data infrastructure that connects to the financial sector is a vital mechanism to strengthen the long-term readiness of Thai businesses. “This collaboration with Krungsri will support Thai entrepreneurs, particularly SMEs, which are a crucial part of supply chains, in preparing for increasingly stringent climate regulations and disclosure standards through access to systematic carbon data management tools,” he said. "The SETCarbon platform not only supports data reporting but also enables the data to be utilized for accessing funding sources and financial support for actual business transition. SET continues to advance technology development to make the system user-friendly and easily accessible. Currently, over 380 organizational accounts are using the platform, with user numbers increasing by more than 30 percent over the past six months, reflecting accelerating market adoption and rising demand for standardized carbon data management tools. Around 85 percent of users are listed companies, while the remaining 15 percent are non-listed organizations. Through this collaboration, SET and Krungsri have implemented the SETCarbon system with the bank's customers, bringing SET's total financial institution partners to three, with prospects for continued expansion of partnerships in the future," Soraphol added. Krungsri Head of SME Banking Group Duangkamol Limpuangthip said that "Krungsri is committed to supporting SME entrepreneurs in making tangible transitions to low-carbon business operations. Recognizing that many entrepreneurs need knowledge and clear practical guidance, we have continuously operated the Krungsri ESG Academy to enhance sustainable finance knowledge and support businesses in effectively developing emissions reduction plans. This year, Krungsri has received support from SET to utilize the SETCarbon platform, enabling entrepreneurs to systematically collect and manage GHG emissions data. This data can be verified and registered according to the Thailand Greenhouse Gas Management Organization (Public Organization) (TGO) standards, enhancing credibility and supporting future access to sustainable finance sources." "Additionally, Krungsri is ready to provide financial support to entrepreneurs seeking to improve their production processes and services to reduce GHG emissions, through special fixed-rate loans starting as low as 3.5 percent for the first two years, helping to ease cost burdens and enhance liquidity so that businesses can confidently invest in environmental initiatives," Duangkamol said. This collaboration between SET and Krungsri marks a significant step forward in integrating knowledge, tools, and financial support to enhance the capabilities of Thai entrepreneurs and drive long-term sustainable growth, while paving the way for the development of sustainable financial products and services that more comprehensively meet corporate customers' needs. Organizations interested in using the SETCarbon system, please contact SET’s Sustainability Service Development Department at Tel +66(0) 2009 9844 or +66(0) 2009 9597 for more information. Krungsri corporate customers may contact Krungsri Customer Service Center at Tel +66(0) 2626 2626, Monday to Saturday, 08:00-20:00 hrs., excluding public holidays and bank holidays.

The Commodity Futures Trading Commission for decades has overseen regulation of prediction markets—or event contracts, as we refer to them—that help market participants hedge risk, aggregate information and test hypotheses about future outcomes. In recent years, states have waged legal attacks on the CFTC’s authority to regulate these financial instruments. If they succeed, participants would be barred from access to federally regulated event-contract markets. So it should come as no surprise that the commission is filing a friend-of-the-court brief Tuesday supporting Crypto.com in the Ninth U.S. Circuit Court of Appeals. Well-known CFTC-registered exchanges used by tens of millions of Americans—including Kalshi, Polymarket, Coinbase and Crypto.com—face an onslaught of state-driven litigation across the country, with nearly 50 active cases presenting a range of legal challenges. The most common allegation is that these contracts are a form of gambling and therefore subject to state laws. The CFTC will no longer sit idly by while overzealous state governments undermine the agency’s exclusive jurisdiction over these markets by seeking to establish statewide prohibitions on these exciting products. Event contracts serve legitimate economic functions. They allow businesses and individuals to hedge event-driven risks, enable investors to manage portfolio exposure, and provide the public with information about the outcome of future events. Farmers can manage risk related to temperature changes that may affect crops, and small-business owners can hedge against tax increases or energy-price spikes, to name two examples. Markets that pay out based on the outcome of real-world events such as these emerged through academic and experimental platforms before moving into the commercial sector. In 1992 the CFTC issued its first official recognition of event contracts by granting relief to the Iowa Electronic Markets, a futures market at the University of Iowa in which traders can buy and sell contracts pegged to events such as presidential elections and corporate earnings. Years later, HedgeStreet, now known as Nadex, became the first marketplace to offer event-driven binary contracts that allowed retail traders to speculate on mortgage rates and gasoline prices. Under the plain language of the Commodity Exchange Act, event contracts are “swaps.” They are derivative instruments that allow two parties to speculate on future market conditions without owning the underlying asset. In the wake of the 2008 financial crisis, Congress expressly granted the CFTC comprehensive authority over any such contract based on a commodity. The statutory definition of “commodity” is extraordinarily broad and includes practically all goods, articles, services, rights and interests except for onions (due to a history of market manipulation) and movie box-office receipts (because of Hollywood lobbying). The CEA’s text is designed to account for financial innovation. Futures were novel at one point. So were swaps and exchange-traded funds. Even as derivatives markets have developed and grown, Congress has chosen to vest the CFTC with broad jurisdiction. That a derivative is novel or different is no excuse for a court to rewrite existing law. The CFTC has been overseeing the integrity of these markets the whole time, ensuring its rules remain durable and flexible in the face of rapid transformation. The public also benefits from these markets. For anyone tracking prediction markets ahead of the 2024 presidential election, the scale of President Trump’s victory was hardly unexpected. It’s clear that Americans like the product and want to participate. Noting the exponential growth of transactions in the last two years, one recent industry report estimates the global number of users has quadrupled to 15 million. Like all markets under the CFTC’s exclusive jurisdiction, event-contracts markets are subject to rules and regulations that ensure fair outcomes for market participants. Trading exchanges are required to conduct market surveillance to safeguard against fraud and manipulation. Bank Secrecy Act rules also apply, meaning that CFTC-registered entities must collect customer information to enforce anti-money-laundering measures and prevent insider trading. These exchanges aren’t the Wild West, as some critics claim, but self-regulatory organizations that are examined and supervised by experienced CFTC staff. America is home to the most liquid and vibrant financial markets in the world because our regulators take seriously their obligation to police fraud and institute appropriate investor safeguards. Any erosion of the CFTC’s ability to regulate transactions in commodity derivatives is a direct threat to the markets and investors Congress intended the agency to oversee. Mr. Selig is chairman of the U.S. Commodity Futures Trading Commission. This op-ed was originally published in the Wall Street Journal.

The Commodity Futures Trading Commission today filed an amicus brief in the U.S. Circuit Court of Appeals for the Ninth Circuit confirming its exclusive jurisdiction over the U.S. commodity derivatives markets, including event contract markets commonly referred to as prediction markets. The brief was filed in North American Derivatives Exchange, Inc. et al v. The State of Nevada on relation of the Nevada Gaming Control Board et al. “CFTC-registered exchanges have faced an onslaught of lawsuits seeking to limit Americans’ access to event contracts and undermine the CFTC’s sole regulatory jurisdiction over prediction markets. This power grab ignores the law and decades of precedent,” said CFTC Chairman Michael S. Selig. “Event contracts allow businesses and individuals to hedge event-driven risks, enable investors to manage portfolio exposure, and provide the public with information about the outcome of future events. These products are commodity derivatives and squarely within the CFTC’s regulatory remit. As I’ve said before, the CFTC has the expertise and responsibility to defend its exclusive jurisdiction over commodity derivatives, and that’s exactly what we’ll do.” The amicus brief outlines the legal history of the CFTC’s exclusive jurisdiction over all commodity derivatives markets, including prediction markets. Over the years, courts and Congress have established and affirmed the CFTC’s role in regulating these markets. States and other federal entities do not have the authority to further regulate markets within the CFTC’s exclusive jurisdiction, and attempting to do so would have destabilizing economic effects. The CFTC first officially recognized event contracts in 1992 when it allowed the Iowa Electronic Markets, a futures market at the University of Iowa in which traders can buy and sell contracts pegged to events such as presidential elections and corporate earnings. In the wake of the 2008 financial crisis, Congress expressly granted the CFTC comprehensive authority over any such contract based on a commodity, which is broadly defined in statute. The Commodity Exchange Act is designed to account for innovation in the financial markets, allowing for new and emerging use cases within CFTC-regulated markets. Related: CFTC Amicus Brief Chairman Selig’s commentary in the Wall Street Journal Chairman Selig on Fox Business Network X Post RELATED LINKS CFTC Amicus Brief Chairman Selig’s commentary in the Wall Street Journal Chairman Selig on Fox Business Network X Post

The Canadian Investment Regulatory Organization (CIRO) published its Annual Compliance Report, providing insight for dealers into emerging compliance challenges and how they can address them. CIRO’s Annual Compliance Report helps dealers focus their supervision and risk-management efforts to comply with CIRO’s regulatory requirements effectively while reflecting the realities of their individual business models. “CIRO’s Compliance Report helps dealers understand industry-wide trends in compliance matters so they can adapt their policies and procedures to meet emerging challenges and better protect investors from potential harm,” said Andrew J. Kriegler, President and CEO of CIRO. “As dealers continue to adopt innovative technologies and evolve their operations to meet the changing needs of Canadian investors, mitigating new risks is crucial to maintain the integrity and health of Canadian capital markets.” Managing the risks of emerging technologies while supporting innovation How dealers can effectively innovate while managing the risks of emerging technologies to protect investors was once again a key theme of this year’s report. Highlights include: Cybersecurity remains a key business risk. As we shared in August 2025, CIRO experienced firsthand a sophisticated cyber attack, which has become increasingly common. While the report warns of an increase in cybersecurity incident reports involving third-party service providers that have affected dealers, it also notes that substantial progress has been made in the remediation of cybersecurity-related findings. As personnel are the most valuable asset in managing cybersecurity risk, the report emphasizes the need for continuous training for all staff to enhance awareness and reduce vulnerability to attacks. Crypto Asset Trading Platforms (CTPs) continue to be onboarded into CIRO membership. On February 3, 2026, CIRO published Guidance Note 26-0033: Notice on CIRO's Digital Assets Custody Framework to support a framework for standardized crypto custody arrangements and segregation requirements. CIRO is also helping CTPs respond to evolving market and technology needs through InnovateSafe, a regulatory sandbox initiative that allows CIRO-regulated firms to safely test innovative products and technologies in a controlled environment with CIRO oversight. Artificial intelligence (AI) is becoming increasingly important in enabling dealers to manage complexity, improve efficiency, and strengthen decision-making. The report notes that CIRO will be inquiring about the use of AI in dealers’ operations and reviewing the operational controls implemented to ensure AI is working as designed as part of its Financial and Operations compliance examinations. Helping dealers maintain strong compliance frameworks The report encourages dealers to review the findings from the recent CSA-CIRO Client Focused Reforms (CFR) Phase 2 Sweep, which evaluated the implementation of CFR enhancements associated with Know Your Client (KYC) information collection, Product Due Diligence (PDD), Know Your Product (KYP) and Suitability Assessments. The most common deficiency identified for CIRO dealers was a failure to have policies and procedures that are tailored to the firm’s business model and are detailed and actionable. In addition, the report summarizes several notable observations made by CIRO Compliance teams during their recent examinations that may impact the effectiveness of dealers’ compliance systems. Common issues identified include: gaps in supervisory practices, including inadequate review of outside activities and insufficient identification of client communications through non-approved channels. gaps in how dealers identify, assess and disclose conflicts of interest. concerns about the adequacy of daily and monthly trade supervision systems. deficiencies in controls over referral arrangements. The report encourages dealers to review their policies, procedures and practices considering these findings to maintain strong compliance frameworks. Ensuring compliance with registration and proficiency requirements The report also provides an update on the delegation of registration functions to CIRO, noting that CIRO now handles the registration function for the majority of individuals who work in Canada’s securities industry. Dealers are reminded to submit complete registration information to CIRO in order to ensure timely decisions. Investment dealers should also ensure their approved persons are aware of CIRO’s new assessment-centric proficiency model and implement policies and procedures to ensure timely completion and reporting of training requirements. Read the full Annual Compliance Report 2026.