In a new milestone underscoring the rapid development of Qatar’s debt capital market and QNB Group’s continued leadership in local currency funding, Qatar Stock Exchange (QSE) today announced the successful listing of QNB Group’s bonds, representing the largest Qatari riyal–denominated bond issuance in the history of the local market. The bonds were offered exclusively to international investors and were fully subscribed by a diversified investor base, reflecting strong confidence in QNB Group’s financial strength, credit profile, and regional leadership, as well as  in the resilience and stability of Qatar’s financial system. The issuance totals QAR 1 billion, with a one-year tenor and an annual coupon rate of 4%. The transaction forms part of QNB Group’s broader funding diversification strategy, reinforcing its prudent liquidity management and ability to access international capital in local currency. This listing marks a significant milestone in the ongoing development of QSE’s debt instruments market, demonstrating the local market’s capacity to accommodate large-scale issuances in local currency within a robust regulatory framework and advanced trading, clearing, and settlement infrastructure, thereby enhancing market efficiency and transparency. Commenting on the occasion, Mr. Abdulla Mohammed Al-Ansari, Chief Executive Officer of Qatar Stock Exchange, said: “The listing of the largest Qatari riyal–denominated bond issuance in market history represents a key milestone in the development of Qatar’s capital market. It underscores QSE’s pivotal role in deepening the debt market and expanding the range of investment products available to investors. This achievement also reflects growing confidence in the local market and its ability to attract international investment into instruments denominated in the national currency, enhancing market liquidity and supporting the diversification of funding sources.” He added that the listing reflects the high level of coordination and integration across Qatar’s national financial ecosystem, including Qatar Stock Exchange, Qatar Central Bank, the Qatar Financial Markets Authority, and EDAA (Qatar Central Securities Depository), in alignment with the objectives of the Third Financial Sector Strategy and Qatar National Vision 2030. QNB Group Chief Executive Officer, Abdulla Mubarak Al-Khalifa, added: “This landmark issuance reflects QNB Group’s disciplined funding strategy and our continued commitment to deepening Qatar’s capital markets. The strong demand from international investors underscores confidence in QNB’s credit fundamentals and in Qatar’s economic outlook. We remain focused on maintaining a well-diversified funding base that supports sustainable growth while contributing to the development of the local currency debt market.” The listing of QNB’s bonds follows a series of notable developments in QSE’s debt market in recent years, including the listing of the first corporate bonds, the first Islamic sukuk, the first sustainable bonds, and the first green sukuk, culminating in the listing of the largest Qatari riyal–denominated bond issuance in the market’s history. These developments highlight QSE’s commitment to deepening the market and enhancing product diversification to meet the needs of both local and international investors. The listing represents a qualitative addition to Qatar’s capital market, contributing to the deepening of the domestic debt market and enhancing liquidity in local currency instruments. It also supports the development of a benchmark yield curve, improving pricing efficiency for future issuances. For investors, the listing offers a short-term investment instrument with clear returns within a regulated and transparent framework, supporting portfolio diversification and efficient liquidity management. At the broader ecosystem level, the transaction demonstrates the market’s ability to accommodate large-scale issuances and attract a diversified base of international investors, reinforcing QSE’s role as an integrated platform for capital formation in line with Qatar National Vision 2030 and the objectives of financial sector development. At the financial ecosystem level, the listing enables issuers to access a sophisticated domestic market capable of attracting international capital into local currency instruments, enhancing funding flexibility and long-term sustainability. For investors, the issuance provides a transparent and tradable short-term instrument within a regulated market environment, supporting effective liquidity management and portfolio diversification. Qatar Stock Exchange reaffirms its commitment to continuing its collaboration with regulators and issuers to further develop the debt market and enhance the attractiveness of the local market, supporting Qatar’s position as a leading regional hub for capital markets.

Main Market, SMEs Market, Global Depository Receipts (GDRs), treasury bills and bonds and local shares conversions trading session will be from 10:00 am to 1:30 pm, preceded by a discovery session at 9:30 am.- The Closing Auction & Adjustment: The closing auction starts at 1:15 pm for 10 minutes, to be closed randomly from 1:23 pm to 1:25 pm. The adjustment starts from the closing of the auction's session to 1:25 pm. Trading session according to the closing price starts from 1:25 pm to 1:30 pm. - Orders recording (Deals Market) for volume transactions; 9:15 am to 9:45 am. - Omnibus Accounts from 1:30 pm to 2:00 pm- Trading session for non-listed securities (Orders Market, OTC); Monday and Wednesday; 11:30 am to 12:00 pm.- Trading session for non-listed securities (Deals Market, OTC) from 09:30 am to 11:00 am. 

PIMFA WealthTech, the market network and technology platform for fintech firms in the wealth, advice and planning sector, and Morningstar, a leading provider of independent investment insights, have launched a new AI Tech Sprint inviting fintech providers to apply to showcase their AI-driven solutions. The selected winner will present their technology to an audience of industry peers and decision-makers at the Morningstar Investment Conference UK on 7th May 2026. Participants will demonstrate how their tech solution leverages AI to create measurable business impact and improve problem solving. On 22nd April 2026, selected fintechs will present their solutions to an expert judging panel, comprised of senior industry representatives from the PIMFA WealthTech Advisory Group. The AI Tech Sprint will examine: “AI in wealth and advice - from experimentation to ROI: how can firms turn their application of AI into measurable business impact?”. This will concentrate on two key areas. Firstly, the successful embedding of AI implementations. Fintechs will be asked to present solutions that deliver measurable enhancements in productivity within wealth management and the broader financial services sector. This includes demonstrating: Client centric AI: Elevate client experience and personalisation through AI driven insights and interactions. Portfolio performance and risk management: Optimising portfolio and risk management. Adviser empowerment: Augment client and financial adviser support to reduce administrative tasks, allowing more time for strategic advice. Operational efficiency: Automate and enhance compliance processes to improve back and middle office efficiency. Secondly, fintechs will explore pushing boundaries with AI. Examples involve: Next-generation innovations that push beyond basic automation, highlighting the future potential of AI in wealth management and advice. Advice quality: AI checks reports, sources, cashflows, and documents for policy compliance, Gold Standards, PROD, and Consumer Duty to quickly identify inconsistencies and risks. Competence testing and T&C enhancement: AI runs scenario-based and data-driven assessments using file records and meeting notes to score responses against technical accuracy and rationale quality. This supports fair, scalable, evidence-based T&C oversight. Prachi Kodlikeri, Chair, PIMFA WealthTech Advisory Group and Chief Technology Officer, LGT Wealth, said: “PIMFA WealthTech was founded with a clear purpose: to champion pioneering technological thinking and to unlock new opportunities that can genuinely advance the wealth management and advice sector. As Chair of the Advisory Group, I can think of no greater embodiment of that vision than the AI‑driven Tech Sprint we are proud to launch today.” This sprint invites fintechs to imagine what’s possible - to explore powerful AI use cases and develop visionary solutions that could meaningfully elevate the way our industry serves clients. I am excited to see the creativity and ingenuity this challenge will inspire, and I look forward to sharing the insights and breakthroughs that emerge with the wider community.” Anastasia Georgiou, Director of Market Expansion, Morningstar commented: “Innovation flourishes when bold ideas meet real-world application. The AI Tech Sprint will showcase AI solutions that are not only imaginative, but can deliver measurable impact across client experience, adviser support, risk management and operational efficiency. We’re excited to showcase the winning entry at the Morningstar Investment Conference UK, bringing the next generation of AI-driven tools to advisers, to strengthen the long-term success of the industry.” If you are a fintech firm and can demonstrate how your product can benefit the industry with the above criteria in mind, please register here to enter the AI Tech Sprint. Entries will close on 16th March at 5pm GMT.

It is a pleasure to join you again this year for the American Bankers Association Community Bankers Conference. As a former community banker, I always enjoy taking time to learn from your experience to inform my work at the Federal Reserve.1 Today, I would like to discuss a concerning trend in our financial system that has significant implications for the banking industry, the stability of the mortgage market, and consumers. Whether due to a conscious decision in response to the regulatory environment or other factors, we have seen a significant migration of mortgage origination and servicing out of the banking sector. The data tells a clear story. In 2008, banks originated around 60 percent of mortgages and held the servicing rights on about 95 percent of mortgage balances. Since that time, the contraction has been extraordinary. As of 2023, banks originated only 35 percent of mortgages and serviced about 45 percent of mortgage balances.2 Taking a step back to understand the magnitude of this change, as regulators, we have a responsibility to determine whether prudential regulations have driven this shift. We should also consider whether the regulations are appropriately calibrated to the risk that mortgage origination and servicing pose to the banking system. This out-migration of origination and servicing has been costly for banks, consumers, and the overall mortgage system. In part, this results from over calibration of the capital treatment for these activities, resulting in requirements that are both disproportionate to risk and that make mortgage activities too costly for banks to engage. I see a path forward that incorporates both renewed bank participation in the mortgage market and a safe and sound banking system. Why This Migration MattersFor Banks: Mortgages are an important component of the business model. This is not only from a revenue perspective, but because banking is fundamentally a relationship business. The purchase of a home is a major life milestone, and banks should be able to offer this service to their customers. In addition, most banks prefer to retain mortgage servicing in-house to ensure positive customer experiences. We know that servicing creates customer loyalty when done well but can create significant frustration when done poorly. The relationship benefits that the mortgage business offers are substantial. Customers with strong bank connections naturally turn to that bank for other financial needs, from checking accounts to investment services. This can create a virtuous circle—good customer service in the mortgage business can lead to a stronger relationship with customers and result in improved bank financial resiliency. Mortgage servicing also offers distinct financial benefits. The fee income from mortgage servicing diversifies a bank's revenue stream from an over-reliance on lending income, providing more stable income independent of the interest rate environment. Banks also have structural advantages in servicing. The customer relationships built through mortgage lending may be more valuable for banks than nonbanks because they can cross-sell more products and services than nonbanks. Escrow balances must be held in insured accounts, providing banks with funds to support lending activities as they would those in any other deposit account. Many servicing contracts require the servicer to advance principal, interest, and other payments on behalf of delinquent borrowers. Banks can more easily comply with these requirements than nonbanks because banks have access to stable, low-cost sources of funding. For Consumers: Turning next to consumers, fewer banks engaged in mortgage origination and servicing has reduced the consumer choice and competition that drives down costs. In addition, borrowers that experience financial distress seem to fare worse during financial downturns with nonbank servicers. During COVID-19, borrowers with bank servicers were more likely to receive forbearance on their mortgage payments than those with nonbank servicers.3 For Financial Stability: Nonbank servicers face other vulnerabilities, as described in a recent report issued by the Financial Stability Oversight Council.4 Perhaps the greatest risk they present is that the regulatory and resolution frameworks for these mortgage companies have not kept pace with their growth. When a large bank servicer fails, regulators have tools to ensure core servicing functions continue—requiring that borrower mortgage payments are credited correctly and that borrowers in financial distress receive appropriate modifications. Nonbank servicers are subject to far fewer safeguards. The Capital Treatment ChallengeWe can clearly see from academic research and industry feedback that the 2013 change in capital treatment of mortgage servicing rights was a factor in the withdrawal of banks from the mortgage market.5 When a financial institution securitizes a mortgage by selling it to a securitization trust, the institution receives a "mortgage servicing right," or MSR, as a byproduct of the sale. That MSR represents the expected present value of the net servicing income that the institution will receive over the life of the mortgage—including the anticipated servicing fees minus the expenses. These changes to the MSR capital treatment were two-fold. First, most banks experienced modest to moderate increases in their risk weights for MSRs, depending on how the banks accounted for the MSRs on their balance sheets.6 Second, banks holding significant amounts of MSRs faced an even more stringent capital treatment, in that any MSRs exceeding a certain percentage of capital (called the "deduction threshold") received disproportionately high risk weights. Reconsidering the BalanceAt the time, regulators tightened MSR capital treatment for sound reasons. MSR valuations can be challenging to calculate because they are not based on transaction prices in liquid markets. Instead, they are derived from models that depend on subjective assumptions about mortgage prepayment and the likelihood of default. This makes the valuations volatile, especially during interest rate swings, and we have observed that during periods of high defaults, some MSR markets can experience stress or seize up. These are legitimate concerns, and I want to be clear that holding MSRs is not the right choice for every bank. Successfully managing the volatility in MSR valuations as interest rates change requires sophisticated hedging capabilities or an effective borrower retention strategy during refinancing waves. Servicing can also carry substantial operational risk and compliance responsibility. Banks that engage in mortgage servicing must have sufficient expertise and resources to manage these risks and the associated responsibilities in a safe and sound manner. That said, regulators are much more familiar with MSRs since the 2013 regulations were put in place, and we have also learned a great deal about how the capital treatment of MSRs has affected bank decisions about mortgage origination and servicing. Turning first to origination, when banks decide whether to originate and how to price mortgages, they consider the value of the MSR that they receive after the securitization sale. The capital treatment makes that MSR less valuable. Since banks securitize roughly 75 percent of their mortgage originations to low- to-moderate income, or LMI, borrowers, the capital treatment may particularly affect mortgage availability and affordability for these borrowers.7 Turning next to servicing, we have learned that the deduction threshold may impede a bank's ability to build a profitable servicing business. This effect may be more consequential for smaller banks. Mortgage servicing requires substantial fixed investments in personnel and technology, making it more cost-effective at larger volumes. However, smaller banks may not be able to build a servicing portfolio of that size without creating an MSR in excess of the deduction threshold. Risk weights for mortgages held in bank portfolios also affect bank decisions about mortgage market engagement and pricing. Are these risk weights calibrated appropriately to the underlying risk? Consider a mortgage's loan-to-value ratio, or LTV. Capital rules impose the same risk weight regardless of LTV, but default probability and the severity of losses vary substantially with LTV. Low-LTV mortgages carry low expected losses—borrowers have strong incentives to protect their equity, and collateral values well exceed the bank's credit exposure. Further, the risk of a mortgage default decreases over time as the principal is paid down and the mortgage migrates to lower LTV buckets. This misalignment between capital requirements and actual risk has important consequences. Banks hold substantial numbers of mortgages with low loan-to-value ratios. By requiring disproportionately high capital, we reduce a bank's ability to deploy capital to support the needs of their community. In light of these considerations, I am open to revisiting whether the capital treatment of MSRs and mortgages is appropriately calibrated and is commensurate with the risks. Proposed Path ForwardWhile there are many rules that govern bank mortgage origination and servicing, my discussion today focuses on the bank regulatory capital treatment, which represents only a small part of the broader mortgage problem. Comprehensively addressing mortgage market challenges would also require revisiting Consumer Financial Protection Bureau rules and legislative requirements. Let me highlight a few areas within the Basel framework that could effectively address some challenges and that we are considering for potential modification. Two regulatory proposals will soon be introduced that, among other broader changes to the regulatory capital framework, would increase bank incentives to engage in mortgage origination and servicing. First, the proposals would remove the requirement to deduct mortgage servicing assets from regulatory capital while maintaining the 250 percent risk weight assigned to these assets. We will seek comment on the appropriate risk weight for these assets. This change in the treatment of mortgage servicing assets would encourage bank participation in the mortgage servicing business while recognizing uncertainty regarding the value of these assets over the economic cycle. Second, the proposals would also consider increasing the risk sensitivity of capital requirements for mortgage loans on bank books. One approach would be to use loan-to-value ratios to determine the applicable risk weight for residential real estate exposures, rather than applying a uniform risk weight regardless of LTV. This change could better align capital requirements with actual risk, support on-balance-sheet lending by banks, and potentially reverse the trend of migration of mortgage activity to nonbanks over the past 15 years. These potential changes would address legitimate concerns about mortgage market structure while maintaining appropriate prudential safeguards. I look forward to receiving feedback from industry and other stakeholders as we consider these modifications. Closing ThoughtsBy creating a resilient mortgage market that includes robust participation from all types of financial institutions, we can deliver affordable credit and high-quality servicing to borrowers regardless of economic conditions. Strengthening bank participation in these activities does not threaten the safety and soundness of the banking system. These goals are consistent. I look forward to working with my fellow regulators to consider options for creating pathways to return banks to their traditional and core business services, including in the retail mortgage space. Thank you again for the invitation to join you today, and I look forward to our discussion. 1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. I thank Karen Pence for her assistance with these remarks.  2. Statistics are tabulated from Home Mortgage Disclosure Act (HMDA) data (originations) and Inside Mortgage Finance (servicing). HMDA tabulations are for closed-end, first-lien purchase mortgages collateralized by owner-occupied, site-built one-to-four family properties. Banks include commercial banks, thrifts, and credit unions. Bank market share in 2008 was a bit high by historical standards because some large nonbanks went out of business in 2007 and 2008. The Financial Stability Oversight Council (FSOC) has published a report on nonbank mortgage servicing that provides a longer time series. See FSOC, Report on Nonbank Mortgage Servicing 2024 (PDF).  3. See Susan Cherry, Erica Jiang, Gregor Matvos, Tomasz Piskorski, and Amit Seru, "Government and Private Household Debt Relief during COVID-19 (PDF)," Brookings Papers on Economic Activity (Fall 2021); You Suk Kim, Donghoon Lee, Tess Scharlemann, and James Vickery, "Intermediation Frictions in Debt Relief: Evidence from CARES Act Forbearance," Journal of Financial Economics 158 (2024), https://doi.org/10.1016/j.jfineco.2024.103873.  4. See https://home.treasury.gov/system/files/261/FSOC-2024-Nonbank-Mortgage-Servicing-Report.pdf.  5. Greg Buchak, Gregor Matvos, Tomasz Piskorski, and Amit Seru, "Fintech, Regulatory Arbitrage, and the Rise of Shadow Banks," Journal of Financial Economics 130 (2018), https://doi.org/10.1016/j.jfineco.2018.03.011.  6. For more information on the changes in MSR capital treatment, see Report to the Congress on the Effect of Capital Rules on Mortgage Servicing Assets (PDF) (Board of Governors, June 2016).  7. Calculation is from HMDA data for owner-occupied, first-lien fixed-rate purchase mortgages. 

The FCA has fined Richard Howson £237,700 for his part in misleading statements being issued by Carillion plc. As group chief executive, Mr Howson was aware of serious financial troubles in Carillion’s UK construction business. He failed to reflect this in company announcements or alert its board and audit committee, leading to poor oversight. The fine was imposed after Mr Howson withdrew his challenge to the FCA’s decision. Mr Howson was one of two executive directors on Carillion’s Board. His responsibilities included working closely with the group finance director (the other executive director on the board) to ensure Carillion communicated effectively with investors and had appropriate internal control processes.   Primary responsibility for ensuring the financial information disseminated to the market was accurate and not misleading lay with the group finance director. However, Mr Howson played an important role as the Board member with the most expertise on construction and contracting matters.  The FCA found that Mr Howson acted recklessly and was knowingly concerned in breaches by Carillion of the Market Abuse Regulation and the Listing Rules. Steve Smart, executive director of enforcement and market oversight at the FCA, said: 'Carillion’s failure was significant. Jobs were lost, public sector projects put at risk and investors, who trusted the company to give them accurate information, suffered large scale losses. That’s why the FCA worked diligently to hold the company and its senior leaders to account.' During the period in question, Carillion’s group finance director was first Richard Adam and then Zafar Khan. They were fined £232,800 and £138,900, respectively, in January 2026. Background Richard Howson Final Notice (PDF). Press release for Mr Adam and Mr Khan's Final Notices. Carillion plc (in liquidation) Final Notice (PDF). Mr Howson was the Chief Executive of Carillion from 1 January 2012 to 10 July 2017. He received an initial Decision Notice (PDF) dated 24 June 2022. Mr Adam was finance director of Carillion from April 2007 to 31 December 2016.  Mr Khan was finance director of Carillion from 1 January 2017 to September 2017. The FCA has imposed the financial penalty on Mr Howson for being, in the period 1 July 2016 to 10 July 2017, knowingly concerned in breaches by Carillion of: Article 15 of MAR (prohibition of market manipulation) by disseminating information that gave false or misleading signals as to the value of its shares in circumstances where it ought to have known that the information was false or misleading. Listing Rule 1.3.3R (misleading information must not be published) by failing to take reasonable care to ensure that its announcements were not misleading, false or deceptive and did not omit anything likely to affect the import of the information. Listing Principle 1 (procedures, systems and controls) by failing to take reasonable steps to establish and maintain adequate procedures, systems and controls to enable it to comply with its obligations under the Listing Rules; and Premium Listing Principle 2 (acting with integrity) by failing to act with integrity towards its holders and potential holders of its premium listed shares.

As part of their constituent meetings, the Exchange Councils of the Frankfurt Stock Exchange (FWB) and Eurex Deutschland elected their Chairmen and Deputy Chairmen. Both Councils had been elected in rotation at the beginning of December 2025.The members of the FWB Exchange Council re-elected Matthias Zieschang as Chairman. Georg Stocker was confirmed as Deputy Chairman. Zieschang is a Member of the Executive Board and serves as Executive Director Controlling and Finance at Fraport AG. He has been Chairman of the FWB Exchange Council since July 2020. Stocker is Chief Executive Officer at DekaBank Deutsche Girozentrale and has been Deputy Chairman of the Exchange Council since June 2021.Tobias Vogel was re-elected as the Chairman of the Exchange Council of Eurex Deutschland. Vogel is the Chief Executive Officer of UBS Europe SE and Head of Wealth Management. He joined the Exchange Council in 2023 and has been its Chairman since then. Christoph Hock, Head of Tokenisation and Digital Assets at Union Investment, was confirmed as Deputy Chairman. Hock has been a member of the Exchange Council since January 2023 and was elected Deputy Chairman in December 2023.“I congratulate the elected members of the Exchange Councils of Frankfurt Stock Exchange and Eurex and the elected chairs and vice-chairs. With Matthias Zieschang and Georg Stocker continuing their leadership at FWB, and Tobias Vogel and Christoph Hock at Eurex Deutschland, both Exchange Councils are ideally positioned to drive progress and innovation in the years ahead. Their experience and vision will help us strengthen market resilience and seize new opportunities in a rapidly evolving environment,” emphasizes Thomas Book, Member of the Executive Board of Deutsche Börse Group and responsible for Trading & Clearing.The Exchange Councils of FWB and Eurex Deutschland were elected in rotation on December 1, 2025 for a term of office of three years. The FWB Exchange Council consists of 16 members, that of Eurex Deutschland of 17 members. Both Councils are an important control and supervisory body of the respective exchange. Key tasks include appointing and supervising the management of the exchange as well as issuing the rules and regulations of the exchange.The following members are new to the FWB Exchange Council: Dominik Heuer, Managing Director Finovesta GmbH Tobias Löschmann, Member of the Management Board of Amundi Deutschland GmbH The following member is new to the Eurex Deutschland Exchange Council: Benon Janos, Member of the Executive Board and Chief Financial Officer of flatexDEGIRO AG

Since inception, Nasdaq Dubai has listed more than USD 245 billion in cumulative bonds and Sukuk issuances, including USD 177 billion in Sukuk. Nasdaq Dubai’s Sukuk market has achieved an eightfold increase since 2013. Supported by robust international issuances, outstanding listings have climbed from USD 12.6 billion to over USD 100 billion. Total value of outstanding debt securities listed across DFM and Nasdaq Dubai reached USD 150.9 billion in 2025, with Nasdaq Dubai accounting for USD 146.1 billion. Nasdaq Dubai attracted a record number of Sukuk listings in 2025, supported by sustained issuance activity from regional and international issuers and continued global investor demand for Sharia-compliant debt instruments. By the end of 2025, the total value of outstanding debt securities listed across Dubai Financial Market (DFM) and Nasdaq Dubai reached USD 150.9 billion, with Nasdaq Dubai accounting for USD 146.1 billion of the total. The exchange’s Sukuk market has expanded significantly over the past decade, with the value of outstanding listings increasing eightfold since 2013, from USD 12.6 billion to more than USD 100 billion. Since inception, Nasdaq Dubai has hosted more than USD 245 billion in cumulative bonds and Sukuk issuances, including USD 177 billion in Sukuk. The growth aligns with the United Arab Emirates’ National Strategy for Islamic Finance and Halal Industry, which targets Islamic banking assets of AED 2.56 trillion and aims to increase Sukuk listings to more than AED 660 billion domestically and AED 395 billion internationally by 2031.1 Record Listings Activity in 2025 In 2025, Nasdaq Dubai recorded USD 30.6 billion in new debt listings across 60 issuances, marking record levels of strong and diversified listings activity. Debuts from Ajman Bank, OMNIYAT, Mashreq, China Development Bank and the New Development Bank, alongside repeat issuances under established programmes, further strengthened the exchange’s continued appeal to sovereign, supranational, financial and corporate issuers. Sovereign and government-related issuers continued to represent a significant share of activity during the year. Issuances by the Republic of Indonesia, the UAE Federal Government, and the governments of Ras Al Khaimah and Sharjah reinforced Dubai’s standing as a trusted gateway for global capital flows. Corporate and financial institution issuers also listed a diverse range of instruments, spanning conventional bonds, Sukuk, Additional Tier 1 capital securities, and sustainability-linked structures, highlighting the depth and flexibility of Nasdaq Dubai’s fixed income market. Leadership in Sustainable Finance Nasdaq Dubai advanced its position as a regional leader in sustainable finance during 2025. By year-end, the total outstanding value of ESG-linked debt instruments listed on the exchange reached USD 30.08 billion across 41 issuances. This included: USD 18.38 billion in green bonds across 27 issuances USD 9.05 billion in sustainability bonds across 9 issuances USD 2.55 billion in sustainability-linked bonds across 4 issuances USD 100 million blue bond across 1 issuance Global Gateway for International Issuers Global issuer participation has been a defining pillar of Nasdaq Dubai’s growth. Over the years, the exchange has attracted landmark debt listings from sovereign, supranational and institutional issuers across Asia and the Middle East, reflecting sustained international confidence in its market infrastructure. Sovereign issuers such as the Governments of Indonesia, Turkey, China, Hong Kong, Philippines, and supranationals including Islamic Development Bank, Islamic Corporation for the Development of the Private Sector and New Development Bank as well as a Policy Bank like China Development Bank, have chosen Nasdaq Dubai as their listing venue, underscoring its role as a trusted international gateway for cross-border debt and sukuk issuance. Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: “2025 has been a milestone year for Nasdaq Dubai. Surpassing USD 100 billion in outstanding Sukuk listings and achieving record levels of debt issuance reflects the strong confidence placed in our market by issuers and investors worldwide. These milestones underscore Dubai’s position as a trusted, globally connected hub for Islamic finance, fixed income and sustainable investment.” Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), said: “Crossing USD 100 billion in outstanding Sukuk listings is a landmark achievement for Nasdaq Dubai and reflects the strong and sustained confidence of international and domestic issuers in our market. This momentum was supported in 2025 by USD 30.6 billion in new debt listings across 60 issuances, underscoring our role as a leading international listing venue for Sukuk and fixed income instruments. As we look ahead, our focus remains on deepening global connectivity, expanding multi-currency and ESG Sukuk offerings, and attracting new issuers from emerging and frontier markets.” Building on a record-breaking year and historic milestones achieved in 2025, Nasdaq Dubai enters 2026 with continued activity across Sukuk, ESG and multi-currency debt instruments. The exchange remains focused on supporting issuers and investors through a diversified fixed income offering, contributing to Dubai’s capital markets ecosystem and reinforcing Dubai’s position as a leading global hub for fixed income and Islamic finance. [1] Dubai Media Office (2025), UAE Cabinet Approves UAE Strategy for Islamic Finance and Halal Industry.

New German law exempts non-EU market makers from licensing rules. Reform is set to increase liquidity and competition on Eurex. The change follows long-standing Eurex efforts to lower market access barriers. Eurex, Europe's leading derivatives exchange, today highlights a significant enhancement of access to its markets following the enactment of Germany's Financial Centre Promotion Act ("Standortfördergesetz"). The new legislation refines the regulatory framework applicable to third country Regulatory Market-Makers (RMMs), a move that will reduce entry barriers, boost international participation, and increase liquidity in the European derivatives market. Effective immediately, the legislation exempts RMMs based outside the European Union from the previous requirement to establish a physical entity or seek an individual exemption in Germany. This reform streamlines the process for providing liquidity on German-regulated exchanges like Eurex, eliminating what was a significant operational and financial hurdle for many global firms.  The new framework is set to enhance market efficiency, increase competition, and reduce bureaucracy. The reform addresses barriers that Eurex, as part of Deutsche Börse Group, has consistently worked with market participants and policymakers to highlight as crucial for strengthening Germany's position as a leading global financial hub and ensuring a level playing field with other major European jurisdictions. Robbert Booij, CEO of Eurex: "This is a landmark development that directly reflects our long-term strategy of lowering access barriers and boosting liquidity. By removing a significant regulatory hurdle, we are opening the door for additional liquidity providers to access our exchange. This is not just a win for Eurex, but for all market participants who will benefit from more efficient and competitive markets." This legislative enhancement is a key component of Eurex's broader commitment to market accessibility. It complements established initiatives such as the Sponsored Access model and comprehensive liquidity provider programs, all designed to foster global participation and improve market efficiency. Eurex is now actively engaging with firms in the UK, Switzerland, North America, and Asia to ensure they can swiftly capitalize on this new opportunity to access Europe's leading derivatives markets.

The Exchange's markets are closed today, February 16, 2026 (Family Day).

KEY POINTS TFEX announced the “TFEX Best Award 2025”, recognizing member companies for excellence in the areas of investor base expansion, market maker performance and active trading. Seven awarded brokers were MTSGF, PI, KGI, KKPS, YUANTA, CAF, and INVX Thailand Futures Exchange pcl (TFEX) announced the recipients of the TFEX Best Award 2025, an annual recognition program honoring member companies for their excellence and outstanding performance across key areas of the derivatives market. TFEX Managing Director Triwit Wangvorawudhi emphasized that the strong cooperation and continued support from all members have been instrumental in driving the development and growth of Thailand’s derivatives market. The “TFEX Best Award of Honor 2025” was presented to brokers that have demonstrated exceptional and consistent excellence for at least three consecutive years. The following companies received this distinction: MTS Capital Co., Ltd. (MTSGF) - Market Maker Best Performance Pi Securities pcl (PI) - Active Agent KGI Securities (Thailand) pcl (KGI) - Most Active House and Active Prop-Trading For the “Best of the Year Award 2025”, the following brokers were recognized for their outstanding achievements based on trading performance and investor base expansion in each category: Kiatnakin Phatra Securities pcl (KKPS) - Most Active House Award Yuanta Securities (Thailand) Co., Ltd. (YUANTA) - Active Agent Award Classic Ausiris Investment Advisory Securities Co., Ltd. (CAF) - Active Prop-Trading Award InnovestX Securities Co., Ltd. (INVX) - Popular Agent Award KGI Securities (Thailand) pcl (KGI) - Market Maker Best Performance Award For more information, please visit www.TFEX.co.th.

The National University of Singapore (NUS) and the Monetary Authority of Singapore (MAS) have jointly appointed Professor Arvind Krishnamurthy as the MAS Distinguished Term Professor in Economics and Finance from 18 to 28 February 2026. Professor Krishnamurthy will be hosted by the NUS Business School’s Department of Real Estate and the Economic Policy Group of MAS during the term of the Professorship.2  Professor Krishnamurthy is currently John S. Osterweis Professor of Finance at the Stanford Graduate School of Business, Research Associate at the National Bureau of Economic Research, the Stanford Institute for Economic Policy Research, and the Asian Bureau of Finance and Economic Research. He is a co-editor of the Journal of Finance – Insights & Perspectives and was formerly an associate editor at the Journal of Finance, as well as top journals in macroeconomics.3 Professor Krishnamurthy is widely recognised for his work on finance, macroeconomics and monetary policy. He has studied the causes and consequences of banking crises in emerging markets and developed economies, and the role of government policy in stabilising crises.  He has published numerous journal articles and received awards for his research, including the Smith Breeden Prize for best paper published in the Journal of Finance, and the Swiss Finance Institute’s Outstanding Paper Award.4  Professor Andrew Kenan Rose, Dean of NUS Business School, said, “Professor Arvind Krishnamurthy abundantly satisfies the requirement of MAS Distinguished Term Professor; he is an eminent scholar working at the interface of finance and economics whose expertise extends across academic and policy spheres.  His work is celebrated and his insights are keen and valued.  We are delighted that he will be able to visit us, and am confident that our faculty and the broader Singapore academic community will benefit immensely from this engagement.”5  Mr Edward Robinson, Deputy Managing Director (Economic Policy) and Chief Economist, MAS, said, “Professor Krishnamurthy is widely recognised for his research at the intersection of financial economics and monetary policy, including his work on the demand for and pricing of safe assets such as United States (U.S.) Treasury securities. His research has fundamentally shaped our understanding of how government debt pricing affects financial conditions and the broader economy. His recent work on the economic forces underlying reserve currency status has gained significant traction amongst scholars and policymakers, at a time of ongoing discussions about the future of the international monetary system. It is our great privilege to welcome him as the 25th MAS Term Professor.” 6  Professor Krishnamurthy will deliver a public lecture at NUS on 24 February 2026 titled, "Dollar Dominance”. In his lecture, he will discuss how the dollar’s central role in global finance, contracting, and trade shapes the financial structure and macroeconomic outcomes of both the U.S. and the rest of the world, and examine the historical forces that give rise to and sustain reserve currency. In addition, Professor Krishnamurthy will engage in dialogue sessions with NUS faculty members to discuss his latest research findings. 7  Professor Krishnamurthy will also give a talk at MAS and engage senior policymakers and economists on international economics, finance and monetary policy issues. About the MAS Term Professorship in Economics and FinanceFirst established in 2009, the MAS Term Professorship in Economics and Finance is awarded to distinguished scholars, who are appointed as Visiting Professors at the Department of Economics at the NUS Faculty of Arts and Social Sciences, the NUS Business School, or the Lee Kuan Yew School of Public Policy. It aims to strengthen Singapore’s financial and economics research infrastructure and contribute to a vibrant research community and culture at local universities. Since its inception, the MAS Term Professorship in Economics and Finance has been awarded to 25 distinguished scholars over the last 15 years.

Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, today announced its Board of Directors has declared a quarterly cash dividend of $0.72 per share of common stock for the first quarter of 2026. The first-quarter 2026 dividend is payable on March 13, 2026, to stockholders of record as of February 27, 2026.

CME Group, the world's leading derivatives marketplace, today announced its event contracts reached a new milestone of 100 million contracts traded since launch in December. Designed for today's retail trader, event contracts provide a simple, intuitive, low-cost way for investors to express their views on the day's biggest stories across financial indicators, cultural moments and sports. "We are pleased to hit this significant milestone after just eight weeks of trading," said CME Group Chairman and Chief Executive Officer Terry Duffy. "Given the strong early support, we look to build on this momentum as we further expand the distribution and reach of these products to new market participants and the next generation of potential traders." For more information on these products, please visit cmegroup.com.

The current reports for the week of February 10, 2026 are now available. Report data is also available in the CFTC Public Reporting Environment (PRE), which allows users to search, filter, customize and download report data. Additional information on Commitments of Traders (COT) | CFTC.gov Historical Viewable Historical Compressed COT Release Schedule CFTC Public Reporting Environment (PRE) PRE User Guide PRE Frequently Asked Questions (FAQs)

A total turnover of 4.652 billion shares worth ₦193.326 billion in 286,751 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 3.860 billion shares valued at ₦128.581 billion that exchanged hands last week in 240,463 deals. Click here for full details.

The European Banking Authority (EBA) today published its final Guidelines on proportionate retail diversification methods under the Capital Requirements Regulation (CRR). The Guidelines provide a harmonised framework to assess whether their retail portfolios are sufficiently diversified, while ensuring a proportionate application for smaller institutions. To benefit for the preferential 75% risk weight for retail exposures, the Guidelines outline an approach whereby institutions demonstrate that retail portfolios are sufficiently granular. As a starting point, no single exposure to a counterparty or group of connected clients should exceed 0.2% of the total eligible retail portfolio. Recognising that not all institutions, particularly smaller ones, can consistently meet this benchmark, the Guidelines introduce an additional approach: institutions may still apply the preferential risk weight even if they exceed the baseline benchmark, provided that no more than 10% of their eligible retail portfolio is above the 0.2% threshold. In the consultation paper, the EBA presented two alternative approaches for assessing diversification: an iterative method proposed as the baseline option, and a one-step alternative. In the final Guidelines, the EBA opted for the one-step approach to ensure proportionality and reduce the operational burden for institutions. The diversification threshold has also been raised from 5% to 10% compared with the consultation proposal, reflecting industry feedback and easing the impact on small and medium-sized institutions while maintaining sound prudential safeguards. The Guidelines also clarify the treatment of securitised retail exposures, distinguishing between the diversification assessment applicable when institutions act as originators and when they act as investors. For investor institutions, a limited and temporary derogation is introduced when obligor‑level information is not available under the applicable transparency templates, allowing the diversification condition to be deemed fulfilled. Legal basis and background The Guidelines have been developed pursuant to Article 123(1) of Regulation (EU) No 575/2013 (CRR), which mandates the EBA to specify proportionate diversification methods for retail exposures under the Standardised Approach for credit risk.  Documents Final Report on Guidelines on retail diversification (537.91 KB - PDF) Related content GuidelinesFinal and awaiting translation into the EU official languages Guidelines on proportionate retail diversification methods Topic Credit risk  

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published today its latest edition of the Spotlight on Markets Newsletter. This edition opens with ESMA’s Digital and Data Strategies, outlining how enhanced data use and improved digital tools will strengthen effective and risk-based supervision. Top news highlights include the launch of the selection process for the Consolidated Tape Provider (CTP) for OTC derivatives, an important step toward greater post-trade transparency. ESMA has also signed a Memorandum of Understanding with the Reserve Bank of India, and another with UK regulators under DORA to enhance cooperation on oversight of critical ICT third-party providers. Key publications featured in this edition include: A thematic note on ESG strategy claims to promote clear and accurate sustainability-related communications Principles on Risk-Based Supervision, supporting proportionality and simplification A report on cross-border marketing of funds, presenting notification trends and insights on marketing communications Joint Guidelines on ESG stress testing Other updates include the launch of ESMA’s Instagram account, the ESMA Chair vacancy (deadline 3 March), and a recap of the recent visit by Commissioner Albuquerque. The newsletter also provides an overview of upcoming events. For regular updates, follow ESMA on LinkedIn, X and Instagram. Related Documents DateReferenceTitleDownloadSelect 13/02/2026 ESMA newsletter Newsletter January and February 2026

The Securities and Exchange Commission will host the agency’s 45th Annual Government Business Forum on Small Business Capital Formation at SEC headquarters in Washington, D.C., on March 9 from 1 p.m. to 5 p.m. ET. The event will be webcast live. Registration information and an agenda are available on the event page. The forum brings together members of the public and private sectors to discuss and provide suggestions to improve policy affecting how entrepreneurs, small businesses, and smaller public companies raise capital from investors. "The annual Small Business Forum is a unique opportunity for innovators, investors, advisors, and policymakers to come together and help identify challenges in capital raising,” said SEC Chairman Paul S. Atkins. “I encourage members of the public to join us to share ideas and have their voices heard on ways to improve capital formation." The event will feature appearances by SEC Commissioners and discussions with thought leaders from across the small business ecosystem on capital raising by early- to late-stage private companies and smaller public companies. Both in-person and online participants will have the opportunity to submit policy recommendations in advance by emailing smallbusiness@sec.gov by noon ET on March 5. Online voting to prioritize recommendations to be included in the report for the Commission and Congress will open to the public at the end of the event.

ETFGI, reported today that assets invested in the ETFs industry in Canada reached a new record of US$615.85 billion at the end of January. During January the ETFs industry in Canada gathered a record net inflows of US$19.49 billion, according to ETFGI's January 2026 Canadian ETFs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. ETFGI is a leading independent research and consultancy firm with 14 years of experience, recognized for its expertise in subscription research, consulting services, industry events, and ETF TV, covering global ETF industry trends. (All dollar values in USD unless otherwise noted.)Highlights Canadian ETF assets reached a new record of $615.85 billion at the end of January, surpassing the previous high of $584.47 billion set in December 2025. ETF assets grew 5.4% year‑to‑date in 2026, rising from $584.47 billion at year‑end 2025 to $615.85 billion in January. January net inflows totaled $19.49 billion — the highest monthly inflows on record. This surpasses the previous January records of $7.43 billion in 2025 and $4.40 billion in 2022. January marked the 43rd consecutive month of net inflows into Canadian ETFs. “The S&P 500 rose 1.45% in January. Developed markets excluding the US gained 6.15% in January and are up 6.15%, with Korea (+26.73%) and Luxembourg (+18.64%) posting the strongest increases among developed markets. Emerging markets climbed 5.50% in January, led by Peru (+26.23%) and Colombia (+23.24%).” According to Deborah Fuhr, managing partner, founder, and owner of ETFGI. Growth in assets in the ETFs industry in Canada as of the end of January The ETFs industry in Canada has 1,496 ETFs, with 1,871 listings, record $615.85 Bn in AUM, from 49 providers listed on 2 exchanges at the end of January. RBC iShares is the largest provider in Canada with US$168.44 billion in assets, representing a 27.4% market share. BMO Asset Management ranks second with US$124.43 billion and a 20.2% share, followed by Vanguard with US$100.21 billion and 16.3%. Together, the top three providers account for 63.8% of total Canadian ETF AUM. The remaining 46 providers each hold less than a 6% share of the market. ETFs industry in Canada gathered a record $19.49 billion in net inflows during January.  Equity ETFs: $9.71 billion in inflows, up from $2.72 billion in January 2025.  Fixed Income ETFs: $2.33 billion in inflows, compared with $538.73 million in January 2025.  Active ETFs: $6.51 billion in inflows, higher than $3.86 billion in January 2025.  Crypto ETFs: $12.08 million in inflows, down from $73.59 million in January 2025.  Currency ETFs: $33.47 million in inflows, below the $61.73 million recorded in January 2025. Investors have tended to invest in Equity ETFs during January.

ETFGI reported today that assets invested in the ETFs industry in the United States reached a new record of US$13.96 trillion at the end of January.  During January, the ETFs industry in the United States gathered record net inflows of US$166.65 billion, according to ETFGI's January 2026 US ETFs and ETPs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. ETFGI is a leading independent research and consultancy firm with 14 years of experience, recognized for its expertise in subscription research, consulting services, industry events, and ETF TV, covering global ETF industry trends (All dollar values in USD unless otherwise noted.) Highlights Assets invested in U.S. ETFs climbed to a record $13.96 trillion at the end of January, surpassing the previous high of $13.43 trillion set in December 2025. Industry assets rose 4.0% year‑to‑date, increasing from $13.43 trillion at year‑end 2025 to $13.96 trillion at the end of January 2026. January net inflows reached an all‑time monthly record of $166.65 billion, exceeding the $90.25 billion gathered in January 2025 and the prior third‑highest January inflows of $78.78 billion in 2018. January marked the 45th consecutive month of net inflows for the U.S. ETF industry. “The S&P 500 rose 1.45% in January. Developed markets excluding the US gained 6.15% in January and are up 6.15%, with Korea (+26.73%) and Luxembourg (+18.64%) posting the strongest increases among developed markets. Emerging markets climbed 5.50% in January, led by Peru (+26.23%) and Colombia (+23.24%).” According to Deborah Fuhr, managing partner, founder, and owner of ETFGI. Growth in assets in the ETFs industry in the United States as of the end of January The ETFs industry in the United States has 4,947 products, assets of $13.96 Tn, from 462 providers listed on 3 exchanges at the end of January. iShares is the largest provider in terms of assets with $4.13 Tn, reflecting 29.6% market share; Vanguard is second with $3.99 Tn and 28.6% market share, followed by State Street SPDR ETFs with $1.90 Tn and 13.6% market share. The top three providers, out of 462, account for 71.8% of AUM invested in the ETFs industry in the US, while the remaining 459 providers each have less than 6% market share. During January, ETFs attracted a record $166.65 billion in net inflows. Equity ETFs saw strong demand, gathering $78.14 billion—more than triple the $24.55 billion recorded in January 2025. Fixed income ETFs brought in $29.02 billion in net inflows, up from $20.28 billion a year earlier. Commodities ETFs recorded $3.68 billion in net inflows, a sharp reversal from the $1.06 billion in net outflows in January 2025. Active ETFs also experienced significant growth, attracting $64.71 billion in net inflows compared to $44.03 billion in January 2025. Investors have tended to invest in Equity ETFs during January.