Today Moscow Exchange announced the results of the quarterly review for MOEX indices. All changes were made upon recommendations from the Index Committee and will be implemented from 20 March 2026. The Exchange has also set free floats and additional weighting factor for several companies. The MOEX Russia Index and the RTS Index will be modified by ordinary shares of Lenta IPJSC being added to the constituent list of the Index. The Broad Market Index will be modified by the ordinary shares of PJSC "GC "BASIS" being added to the constituent list of the Index, while preferred shares of MGTS PJSC will leave the Index. The SMID Index will be modified by the ordinary shares of PJSC "LC "Europlan" being removed from the constituent list of the Index. The Information Technologies Index will be modified by the ordinary shares of PJSC "GC "BASIS" being added to the constituent list of the Index. The Telecommunications Index will be modified by the preferred shares of MGTS PJSC being removed from the constituent list of the Index. Since the index calculation base will only include shares of two issuers, while the methodology provides for a minimum number of issuers of three, the calculation of the Telecommunications Index will be suspended from March 20, 2026. The following shares will be under consideration to be added to the MOEX Russia Index and the RTS Index: ordinary shares of PJSC "Samolet Group" and ordinary shares of IPJSC "Rusagro Group". Ordinary shares of PJSC "PIK SHb" will be under consideration to be excluded from the MOEX Russia Index and the RTS Index.The Exchange has set the following free floats coefficients: Code Name New free-float BAZA PJSC "GC "BASIS", ordinary shares 17% CNRU IPJSC Cian, ordinary shares 40% DATA PJSC "ARENADATA GROUP", ordinary shares 20% ETLN IPJSC Etalon Group, ordinary shares 21% KLVZ PJSC "AGC", ordinary shares 12% OZPH PJSC "Ozon Pharmaceuticals", ordinary shares 20% PIKK PJSC "PIK SHb", ordinary shares 15% VTBR PJSC VTB Bank, ordinary shares 44% YDEX IPJSC YANDEX, ordinary shares 26% New values of additional weighting factor LW for several companies are available here Read more on the Moscow Exchange: https://www.moex.com/n97956

On 14 December 2025, ASX committed to provide ASIC a plan on how we will deliver the strategic package of actions that were agreed following delivery of the Inquiry Panel’s Interim Report (“Commitments Plan”). Today ASX submitted the Commitments Plan. This Plan is designed to support a reset of ASX as a trusted and active steward of Australia’s critical market infrastructure.   ASX Chair David Clarke said: “We agree with the Panel’s Interim Report and we see this as a critical inflection point for ASX to transform and rebuild confidence. As a steward of critical market infrastructure, we are held to high standards and we acknowledge we have not always met them. We are fully invested in turning this around and delivering lasting change.   “The submission of our Plan today marks an important step in demonstrating changes we are making. But we also understand it will be our delivery of sustainable outcomes, not words, that will ultimately build confidence.”   Key elements within the Commitments Plan   Governance and independence: ASX committed to strengthening governance and enhancing independence of the clearing and settlement functions (CS); and ASX has delivered a key milestone by ensuring fully independent boards for the CS facilities. This follows the resignation from the CS facility boards of the ASX CEO and two ASX Limited non-executive directors in early February. ASX will implement a new organisational model that establishes an expanded Clearing and Settlement division with dedicated resourcing in key areas while still receiving support from ASX Group.   Leadership: Strong and accountable leadership at all levels will be central to ASX’s transformation. The Board is overseeing the appointment of a new CEO with the expertise and mindset required for this next phase. Delivery of actions under both the Commitments Plan and the Accelerate program now forms part of executive scorecards.     Reset Accelerate program: We are redefining the Accelerate program to ensure it is an integrated, enterprise-wide initiative that will deliver lasting improvement aligned with our stewardship responsibilities. We have added governance and independence as a new stream and we will elevate the focus on leadership and culture.   Strategy, investment and capital: ASIC imposed an additional capital charge of $150 million in net tangible assets on ASX to reflect the elevated risk profile arising from the issues identified in the Interim Report. ASX has committed to accumulate the additional capital by 30 June 2027. Immediate steps taken to address the capital charge include reducing the 1H26 dividend payout ratio to 75% (from 85%) of underlying net profit after tax and operating a discounted dividend reinvestment plan.   Beyond meeting the additional capital requirement, ASX recognises our investment decisions must reflect our position as an operator of critical market infrastructure and our most recent revision to our FY26 operating expenses demonstrates our commitment to investing in our transformation.   Next steps As part of our commitment to transparent engagement with our regulators, the Board intends to obtain independent assurance on the delivery of the reset Accelerate program. The external assurer will review our progress against agreed milestones.   As we work to finalise our Commitments Plan, we note it will need to reflect any findings from the ASIC Inquiry Panel’s final report.   Mr Clarke said: “As a Board, we are acutely aware of the need to be highly active and involved with ASX’s transformation. We have substantially increased and deepened engagement by holding additional meetings and leveraging specific director expertise. We will continue our active oversight, particularly in relation to the Commitments Plan and Accelerate.   “The Board and management are resolute in the turnaround at ASX. What we’ve provided to ASIC today sets out clear objectives for how ASX must transform, and the specific steps we will take to meet the commitments we’ve made

The FSA published the Japanese version of "FSA Analytical Notes (2026.2) ". full text Analysis of Human Resource Support by Regional Banks and Shortages of Managerial Talent at Firms An English version will be published shortly. Back to the table of contents Contact Macro-financial Stability and Data Strategy Office, Risk Analysis Division, Strategy Development and Management Bureau, Financial Services Agency Tel +81-(0)3-3506-6000(main) (ext. 2819, 2828)E-mail datastrategyoffice[at]fsa.go.jp

ASIC has extended conditional short selling relief for appointed market makers to support market liquidity in exchange-traded options (ETOs) listed over Global X Physical Gold Structured and specified structured products referencing precious metals. The relief extends existing market maker short selling relief for similar exchange traded products where settlement failure risk is low. With effect from 3 February 2026, the ASIC Corporations (Amendment) Instrument 2026/24 amends the ASIC Corporations (Short Selling) Instrument 2018/745 to: allow market makers of specified structured products that reference precious metals to short sell these products during the course of market making on the same conditions that currently apply to ETF market makers, include Global X Physical Gold Structured as an approved product that an appointed ETO market maker can short sell to hedge risks arising from making a market in the listed option, extend the covered short sale transaction reporting relief for ETF market makers to also include market makers of specified structured products, and reflect current naming conventions for exchange traded products and use market neutral language. Market markets that intend to rely on the conditional exemption should review the amended instrument to understand how it applies to their market making activities. Further information about the short selling provisions of the Corporations Act 2001 and the Corporations Regulations 2001 is set out in Regulatory Guide 196: Short selling.

The UK venture capital (VC) market recorded a year-on-year (YoY) decline in both deal volume and funding value in January 2026, reflecting a more selective investment environment at the start of the year. The total number of VC deals announced during the month fell 20.9% YoY, while corresponding aggregate funding value declined 13.2%, reveals GlobalData, a leading intelligence and productivity platform. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The relatively moderate fall in terms of deal value compared to deal volume suggests that investors are prioritizing quality over quantity and backing proven scalable models. In fact, the average size of VC deals announced in the UK increased from $14 million in January 2025 to $15.4 million in January 2026.” An analysis of GlobalData’s Financial Deals Database revealed that the UK remained among the top five global markets for VC activity in January 2026. The country accounted for approximately 6.2% of total VC deals announced worldwide, marginally up from 6% a year earlier. However, in value terms, the UK’s share declined more noticeably to 1.3%, compared with 4.7% in January 2025, underscoring the relative shift in global capital allocation. Bose adds: "This decline in share is less a reflection of UK-specific weakness and more an outcome of exceptional value expansion in the US, where capital deployment surged dramatically and lifted the global aggregate.” It is noteworthy that total global VC funding value YoY increased by more than 200% in January 2026, primarily driven by the US that registered more than fourfold (4x) jump in funding value. Bose concludes: “With average deal sizes rising and investors concentrating capital into scalable, defensible models, GlobalData expects activity to remain disciplined in the near-term. A gradual rebound in volumes is likely as macro visibility improves, and growth-stage confidence strengthens.” Note: Historic data may change in case some deals get added to previous months because of a delay in disclosure of information in the public domain.

CUSIP Global Services (CGS) today announced the launch of a direct request mechanism enabling individual voluntary carbon market (VCM) registries to request CUSIPs for carbon credits. EcoRegistry, a leading registration platform for environmental assets, has become the first to integrate the VCM CUSIP request process allowing all VCM projects listed on its platform to be linked to a CUSIP. This direct integration of VCM CUSIPs improves the transparency, interoperability and traceability of VCM carbon credits throughout their lifecycles. The initiative builds on CGS’ alliance with BeZero Carbon, the independent carbon ratings agency, to create unique identifiers for carbon credits. These VCM CUSIPs operate in a similar fashion to the nine-character, alphanumeric CUSIP security identifiers that capture the unique attributes relevant for financial securities. Now, through a direct integration to the CUSIP request mechanism, VCM projects listed on EcoRegistry will be able to request VCM CUSIPs for their carbon credit initiatives. “The foundation of every financial transaction, whether it is a stock sale, a bond issue or a carbon credit, is being able to accurately, consistently and instantly identify the underlying asset and its core structure. We deliver that standardized transparency to global financial markets every day, and we are honored to share that expertise with VCM participants,” said Darren Purcell, CGS Regional Head – EMEA. “By incorporating VCM CUSIPs into the core registration workflow, EcoRegistry is helping to set a new standard for transparency and institutional rigor in the VCM ecosystem.” “Interoperability is the key that unlocks true transparency,” said Juan Dura, CEO, EcoRegistry. “By working together with CGS, we are bridging the critical gap between environmental assets and global financial markets, making it possible to verify, track and validate VCM projects with the same robust infrastructure and end-to-end traceability used in traditional securities markets.” For more information on CUSIP identifiers for VCM projects, please click here.

Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed a rule that, if finalized, would sever MBaer Merchant Bank AG (MBaer’s) access to the U.S. financial system as a result of its financial support to illicit actors linked to Russia and Iran.  If finalized, the proposed rule would prohibit covered U.S. financial institutions from opening or maintaining a correspondent account for, or on behalf of, MBaer.  “MBaer has funneled over a hundred million dollars through the U.S. financial system on behalf of illicit actors tied to Iran and Russia,” said Secretary of the Treasury Scott Bessent. “Banks should be on notice that the U.S. Treasury will aggressively protect the integrity of the U.S. financial system using the full force of our authorities.” Since its inception, MBaer and its employees have enabled money laundering and illicit finance activities, including by facilitating corruption linked to Russian money laundering and money laundering and terrorist financing on behalf of Iran-aligned foreign terrorist organizations, including the Islamic Revolutionary Guard Corps and its Quds Force.  MBaer is a critical access node to the U.S. dollar for a wide variety of illicit actors, putting U.S. national security at risk and undermining the integrity of the U.S. financial system. Under section 311 of the USA PATRIOT Act, FinCEN, upon finding that reasonable grounds exist for concluding that a financial institution operating outside of the United States is of primary money laundering concern, may require covered financial institutions to take certain “special measures.”  Today, FinCEN published a notice of proposed rulemaking (NPRM) setting out this finding and proposing to impose special measure five, which would prohibit covered domestic financial institutions from opening or maintaining a correspondent account for or on behalf of MBaer.   Written comments on the NPRM may be submitted within 30 days of its publication in the Federal Register. Whistleblower Program  FinCEN maintains a whistleblower incentive program for violations of the Bank Secrecy Act and certain sanctions and national security laws.  Individuals who provide actionable information may be eligible for awards if their tip leads to a successful enforcement action.  FinCEN encourages individuals with relevant information to submit whistleblower tips and learn more about FinCEN’s Whistleblower Program on its website: https://www.fincen.gov/whistleblower-program.

Comptroller Jonathan V. Gould today testified on the Office of the Comptroller of the Currency’s (OCC) priorities and activities before the U.S. Senate Committee on Banking, Housing, and Urban Affairs. Excerpts from Comptroller Gould’s testimony are below. The full written testimony can be found here. On risk tolerance: “In the years since the 2008 financial crisis, Washington too often sought to eliminate rather than manage risks, resulting in a less relevant and diverse banking system. Unelected bureaucrats discouraged prudent risk-taking, stifled innovation, and drove credit out of reach for small businesses and communities. The Dodd-Frank Act, far from ending too big to fail, created a ‘moat’ around the very largest banks and introduced ‘too-small-to-succeed.’ Community banks with less than one billion dollars in total assets have since seen their numbers cut in half.” On debanking: “No American should be denied access to banking products and services because of political or religious beliefs or lawful business activity. We are implementing President Trump’s Executive Order on Guaranteeing Fair Banking for All Americans by, among other things, reviewing the activities of the largest national banks and investigating complaints of alleged debanking. We have also proposed a rule to eliminate reputation risk from supervision, a tool too often used to debank politically disfavored individuals or groups. We are intent on ensuring banks provide access to banking products and services based on individualized, objective, risk-based criteria, not politics or ideology.” On supervision: “The OCC is strengthening its supervision by returning to a risk-based approach rooted in law with an emphasis on examiner judgment, not arbitrary checklists. Examiners will focus on issues that materially affect banks’ safety and soundness. We are also codifying reforms to the ‘Matters Requiring Attention’ process, clarifying enforcement standards, and ensuring supervisory tools are used proportionately and predictably.” On regulatory reform: “The OCC is working with our interagency partners to repropose the Basel III capital rulemaking, and evaluating opportunities to improve the Community Reinvestment Act framework. These efforts share a common principle: regulation should safeguard the system, not smother it. We are also advancing BSA/AML modernization, and targeted burden relief for community institutions. Taken together, these actions will make our regulatory architecture simpler, stronger, and more accountable.” On innovation: “The GENIUS Act is this Congress’s effort to advance American innovation through payment stablecoins, and we look forward to comments on our proposal to implement it. We also welcome applicants for bank charters. Their renewed interest is a return to the norm and a sign of a healthy banking system. We will continue to evaluate applications on a case-by-case basis and in an even-handed fashion, consistent with the statutory factors and our high supervisory standards. We will also work with OCC-supervised banks to clarify new ways for banks to conduct the very old business of banking and embrace new technologies like AI, ensuring these opportunities are available to all banks that wish to take advantage of them rather than a privileged few.”

Good morning, Chairs Krueger, Pretlow, Bailey, Weprin, Baskin, Serrano, Stirpe, Buttenschon, and Kim; Ranking Members O’Mara, Palmesano, Murray, Tedisco, Friend, Norber, and Gray; and all distinguished Members of the New York State Senate and Assembly. My name is Kaitlin Asrow, and I am the Acting Superintendent of the New York State Department of Financial Services (DFS). Thank you for inviting me to address you at today’s Joint Legislative Budget Hearing. I appreciate the opportunity to discuss Governor Hochul’s fiscal year 2027 (FY27) Executive Budget. I also am proud to highlight the Department’s work over the past year, thanks to the support of the Governor and the Legislature. Before I begin, I want to thank Governor Hochul for trusting me to lead DFS into its next chapter. Since taking on the role of Acting Superintendent, I have had the opportunity to meet with some of you. I look forward to meeting and working with those of you who I have not yet had the chance to meet, and I am hopeful that my participation in this year’s Joint Legislative Budget Hearings will provide you with some important background on who I am and my priorities for the Department – affordability, innovation, and stability. I look forward to sharing how we will continue to advance these priorities through Governor Hochul’s FY27 Executive Budget. I have been fortunate to work across the financial services industry in public and private sector roles for more than 15 years. I started my career working in the Middle East supporting economic development projects. Through the introduction of new products to markets, such as crop insurance, I saw the impact of financial services helping families and small businesses directly. I then moved on to do consulting and research at what is now called the Financial Health Network, the nation’s leading authority on consumer financial health. Before joining DFS, I served as a Senior Policy Advisor for both the Bank of San Francisco and the Board of Governors within the Federal Reserve System. In this role, I led novel supervision and innovation policy initiatives across the 12 district banks and the Federal Reserve Board, coordinating closely with the other federal regulators, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation. During my time at the Federal Reserve, I focused on addressing emerging risks as it related to fintechs, data governance and management, artificial intelligence, and data privacy. I brought all of these experiences to DFS in 2022, serving as the head of the Research and Innovation Division for four years. During this time, I led Department-wide work in innovation policy, economic research, financial inclusion, and data governance. I was also responsible for the licensing and supervision of virtual currency companies. In this oversight work, I was intentional about building the right infrastructure to support comprehensive and efficient regulation and policy. Under my leadership, we tripled the headcount of our virtual currency regulatory team, revamped and strengthened supervision, issued 11 pieces of nation-leading guidance, and collected more than $200 million in enforcement actions. Today, New York’s virtual currency regime is regarded as the strongest in the world. I was deeply honored when Governor Hochul entrusted me to lead DFS last October. As a member of the Department’s executive team for four years, I came into this position with a deep understanding of our staff, our systems, our needs, and our biggest challenges. Every day since I began in this role, I have worked to advance our mission to protect and empower our fellow New Yorkers. Affordability Core to the work we do is ensuring that regulation creates more affordable and accessible financial services for New Yorkers. Consistent with Governor Hochul’s affordability agenda, DFS is focused on ensuring access to affordable, quality financial products and delivering meaningful cost savings for the people of New York. DFS has adopted a proactive approach to expanding consumer access to safe, affordable banking products and services, particularly in underserved communities. Under Governor Hochul’s leadership, the Department has approved nine new Banking Development Districts and branches, including three credit unions, to bring affordable banking services to the communities where New Yorkers live and work. In the past year, DFS has expanded New York’s Community Reinvestment Act to non-bank mortgage lenders to ensure they provide fair and equitable access to home loans and issued guidance encouraging continued investment into Community Development Financial Institutions that expand access to affordable housing, small business financing, and other vital services within communities. We also returned more than $134 million directly to new Yorkers through restitution. My initial focus in this role – and the first meeting I convened – was on addressing the cost and availability of insurance in New York. At that time, I directed my team to update the DFS website and develop a campaign on insurance discounts available to New Yorkers, so that policyholders can take advantage of programs that can lower their premiums and access incentives that put money back in their pockets. This website is now live, and I look forward to partnering with you on this initiative. The Governor’s Executive Budget builds on this foundational work. DFS was proud to support and implement actions by Governor Hochul and the Legislature to eliminate out-of-pocket costs for insulin, inhalers, and lung cancer screenings, and to protect critical vaccine access across New York State. Furthering these efforts to keep New Yorkers safe, Governor Hochul will advance legislation to ensure New York can set its own immunization standards based on accepted medical science and public health needs. With health care costs continuing to place pressure on family budgets, DFS has taken targeted action to reduce barriers to care and eliminate unnecessary out-of-pocket expenses. In 2025, the Department adopted and implemented new rules to increase access to mental health care and substance abuse treatment. New Yorkers are now entitled to an initial appointment for mental health or substance use disorder care within 10 days of request. Where those standards cannot be met with in-network providers, insurers must offer out-of-network coverage at in-network prices. To expand on this work, the Department, in coordination with the Office of Mental Health, has launched a consumer education campaign to ensure New Yorkers are aware of their rights under the state’s behavioral health regulations. Last year, the Department also adopted regulations requiring commercial insurers to collect voluntarily disclosed demographic data from policyholders. This data will be a powerful means to develop long-term policy solutions to combat discrimination, address health inequities, and direct resources where they are most needed to ensure New Yorkers have access to the care they are entitled to. Another tool for reducing long-term health costs is access to preventive and primary care to improve overall health outcomes and avoid high cost services. To that point, in January, DFS issued a formal request to insurers for data on primary care spending and to identify effective incentives, programs, and methods that increase utilization of these services. A key part of the Governor’s affordability focus is around auto and homeowners’ insurance. Across the country, auto insurance premiums are increasing. Nationwide, the total value of personal auto claims increased approximately 60% for auto liability and collision coverage between 2020 and 2024. New Yorkers pay some of the highest car insurance rates in the nation, driven by a combination of factors, including increasing cost of repairs, frequent litigation, and persistent fraud. Governor Hochul has proposed a comprehensive approach to lower insurance rates by taking on trends that are driving rate increases. She is proposing expanding access to and adoption of loss mitigation tools like telematics, dashboard cameras, and defensive driving courses that reduce losses and will directly and immediately lower New Yorker’s insurance rates. She is also proposing significant reforms for law enforcement and insurers to better stop insurance fraud and limit damages paid out to bad actors. Together, these proposals will prevent avoidable costs that are passed on to New Yorkers in their premiums. The Governor’s agenda includes safeguards to ensure that savings from these reforms are passed on to New Yorkers – not insurers. The Governor has directed the state to commission a study to update the methodology used to measure excess auto insurer profits and return any excess profits back to policyholders. DFS will also use its existing authority to closely monitor insurers and hold them accountable for their rates as losses are reduced. Nationwide, homeowners’ insurance markets are facing extreme uncertainty and rising risks, which is increasing premiums for policyholders. In the U.S., total claims costs have increased 45 percent from 2012 to 2022 and claim severity has increased by 107 percent. This is driven by a combination of factors: the increasing frequency and severity of catastrophes due to climate change, the rising costs of materials and repairs driven by inflation, and the effects of social inflation. These pressures are reshaping the residential property insurance landscape nationwide, including here in New York. I have engaged with several of you on this issue – including recently at a Senate hearing on the topic – because affordability and continued access to coverage are critical to New York homeowners. As we all discussed then and in follow-up meetings, there are no easy fixes, but we will continue to dig in together. While state insurance regulators cannot directly address external factors driving claims, DFS plays a critical role in ensuring that rates are actuarily sound, that markets remain competitive, and that New Yorkers receive every discount and protection they are entitled to under law. Last year, DFS issued guidance to insurers reminding them of their obligation to provide discounts to homeowners who install storm shutters and hurricane-resistant glass and encouraging discounts for the installation of additional loss mitigation devices. Incentivizing retrofits or the adoption of other risk reduction tools is a proven way to reduce losses to the benefit of policyholders and insurers. As part of her FY27 agenda, Governor Hochul will expand upon these mandatory premium discounts. The Executive Budget proposes new mandated discounts for homeowners and commercial policyholders who implement measures to reduce the risk of roof damage from wind-related weather events and property damage from fire, theft, and water leakage. In order to build a central location for New Yorkers to find all available discounts and compare plans, the Governor has also proposed that insurers file information with the Department on the discounts they offer, provide utilization data showing how often these discounts are applied, and include information on available discounts in their policies. Expanding on the foundational information my team developed, DFS will launch a public education campaign to help homeowners understand how to reduce their costs through discounts and savings. This transparency and education initiative is critical to empowering consumers and ensuring that cost-savings measures translate into real affordability. To ensure the money saved from these reforms goes to homeowners, and not insurers, the Governor has introduced an initiative to establish a first-in-the-nation profitability benchmark loss ratio for determining excess insurance company profits. This policy establishes clear standards to reassure New Yorkers that rates are tied to real risk and costs, and would provide direct financial relief to consumers by ensuring that homeowners’ rates do not include excess profits. These policy proposals build upon a series of actions DFS has taken under Governor Hochul to address market challenges and improve affordability in the property insurance market. In 2021, the Department issued guidance to insurers on managing material financial and operational risks associated with climate change. We are currently analyzing how to effectively incorporate climate and catastrophe data into filings to better model credible and actuarially sound loss projections in light of increasingly frequent and severe climate events. DFS also worked with the Governor and the Legislature to develop solutions to help address the increasing costs of insurance for affordable housing developments, including guidance prohibiting discrimination in insurance based on tenants’ source of income or the existence of affordable dwelling units within a building. Moving forward, meaningful solutions will continue to require coordinated action across local, state, and federal government, as well as engagement with the private sector. We at DFS are committed to continuing this important conversation with the Legislature and other stakeholders to find sustainable solutions to insurance affordability and access for New Yorkers. Innovation Even as we advance affordability, we are mindful that the challenges facing New Yorkers and the entities we regulate are growing more complex, and more interwoven with technology. Traditional regulatory tools and approaches are no longer sufficient to keep pace with evolving financial services, emerging risks, and consumer expectations. To ensure stability and affordability, DFS must continue to evolve how we regulate, supervise, and engage with the industries we oversee and the New Yorkers we are responsible for protecting. That brings me to my second priority: innovation. My approach to innovation and technology oversight is grounded in a respect for what existing systems have taught us, combined with iterating, and pushing teams to find new approaches and efficiencies. Staying abreast of emerging technologies and their deployment by financial institutions is essential to effective regulation, and a key educational tool in technology is deploying it ourselves. To that end, I have accelerated our modernization efforts, prioritized the recruitment of subject matter experts, and updated the Department’s internal policies so that our teams can responsibly use and understand the very technologies we are charged with regulating. A key component of our modernization effort is DFS Connect, a modern interface that is making DFS a more streamlined and effective regulator. DFS Connect reduces administrative burdens on regulated entities, improves transparency for consumers, and equips DFS with real-time data to identify and respond to risks and better protect financial markets in New York and around the world. In 2025, we expanded DFS Connect to allow consumers to file and track complaints related to prescription drug prices and pharmacy benefit managers in real time. We also introduced the tool to the insurance industry, enabling insurers to submit filings, manage license renewals, and communicate directly with the Department. This week, we launched banking and virtual currency exams through DFS Connect, providing a single portal for entities to engage with our teams. Across the Department, we also continue to make progress in our data governance and entity risk management efforts which will uplift our supervision and research efforts across teams. At the end of 2025, I introduced the Department’s first ever AI use policy. This policy paves the way for us to responsibly use AI internally – from supervision, to research, to investigatory work – while maintaining critical safeguards around data protection, accountability, and risk. Through our review and approval process, we are enabling the DFS team to test and use AI in for our own process uplifts, which in turn is helping us to understand its risks and limitations to better set policy in this area. The adoption of this policy builds on work I did previously to stand up an internal AI Steering Committee focused on the policy implications of AI. Through supervision, DFS has also set clear expectations of how regulated entities should use AI. AI presents tremendous opportunities for operational efficiency but also creates risks that could harm consumers. DFS has made clear that entities must adapt their risk frameworks to address AI risks. In 2024, I developed three pieces of guidance on the use of AI in underwriting and pricing, virtual currency customer service and complaints processing, and cybersecurity risks. Cybersecurity remains another critical area of innovation for the Department. In November 2025, DFS completed the two-year roll out of amendments to our first-in-the-nation cybersecurity regulation, ensuring entities incorporate the most effective cybersecurity standards, controls, and practices to address new and increasing threats. We also issued new guidance addressing the cybersecurity risks associated with reliance on third-party service providers – an area of growing importance as financial service companies become increasingly interconnected. This is a space DFS will be closely monitoring as the financial ecosystem evolves. Finally, I want to emphasize that innovation must always be paired with strong consumer protections. As fintech shapes how New Yorkers save, spend, and borrow their hard-earned income, DFS remains focused on ensuring new financial products do not create new harms. To that point, last year, the Legislature and Governor enacted a licensing and supervision regime for Buy Now, Pay Later (BNPL) loans at DFS. This week, the Department introduced comprehensive regulations to implement the law, establishing nation-leading consumer protections around BNPL interest rates, disclosure requirements, dispute resolution, late fee limits, consumer data privacy standards, and underwriting guidelines. Protecting consumers also means protecting them online. New Yorkers should be able to trust technology and the online tools they use to work, pay bills, and connect with friends and family. An initiative in the FY27 Executive Budget expands on Governor Hochul’s commitment to online safety by establishing the Office of Digital Innovation, Governance, Integrity, and Trust (DIGIT) to serve as a central, authoritative body for digital safety and technological governance. This will be a stand-alone office supported by DFS that will protect New Yorkers, while reinforcing New York’s position as a state that values and invests in cutting edge innovation. By modernizing our tools, adapting our oversight, and setting clear expectations, DFS can support innovation while maintaining a stable and fair financial system. I look forward to continuing that work in FY27 through the initiatives being outlined today. Stability Ultimately, my foremost priority for the Department and for the people of New York is stability. At a time of sustained change across the financial services and health care sectors, maintaining continuity and confidence is critical. The Department’s mission explicitly states our responsibility to “protect the stability of the global financial system.” This mandate informs how we operate, how we regulate the industries under our supervision, and how we partner across government to serve New Yorkers. I am committed to ensuring the Department remains strong, focused, and forward-looking with clear emphasis on market stability and consumer protections. Despite challenges and uncertainty at the federal level, we will remain a stable presence. While changes at the federal level may require a response from New York, from a regulatory perspective, entities can feel confident that our expectations will not waver and New Yorkers can rest assured knowing their protections will remain in place. In the United States, the property insurance market is at an inflection point. Central to stabilizing this market is addressing insurance fraud, which drives up costs for consumers and undermines confidence in the system. Over the past year, DFS has transformed its approach to combating financial fraud by rebuilding and modernizing our Insurance Frauds Bureau. We have hired new, experienced leadership and subject-matter experts, increasing headcount by 28% over the past 6 months. This team is investing in modern technology solutions, securing essential resources, and strengthening partnerships with law enforcement statewide. Combating insurance fraud will remain a top priority in the year ahead. As part of an all-of- government approach to addressing auto insurance fraud, Governor Hochul’s Executive Budget enhances the state’s capacity to investigate and prosecute these crimes. These initiatives include convening a dedicated cross-agency task force that brings together DFS, the Department of Motor Vehicles, the Division of Criminal Justice Services, the New York State Police, and district attorney’s offices across New York to stop insurance and vehicle registration fraud; strengthening insurers’ anti-fraud programs; and additional measures to deter fraudulent activity. The Governor’s Executive Budget also advances key initiatives to ensure New Yorkers have a stable health care provider through insurance coverage changes. The Executive Budget proposes expanding New York’s continuity of care protections to ensure that New Yorkers who change carriers can continue seeing their existing provider for 90 days, or through the completion of post-partum care, for all health care services regardless of health condition or stage of pregnancy. In addition, the Department is focused on simplifying processes so New Yorkers can access care when they need it. The Executive Budget includes a proposal to eliminate frequent and repetitive prior authorizations for medically necessary treatments for chronic conditions requiring ongoing care. DFS will also launch a public education campaign to help consumers better understand the health insurance claims process, exercise their rights, reduce avoidable disputes, and promote more timely and efficient resolution of claims. The Department remains committed to preserving stability across the broader financial services landscape. In light of recent federal changes to student loan repayment options, New York State is stepping up to protect borrowers. The Executive Budget includes several initiatives to that end, including enhanced refinancing disclosures, strengthened co-signer release protections, expanded grant funding to the Education Debt Consumer Assistance Program, and increased education and outreach on student loan protections. In addition to the policies outlined in the Executive Budget, stability depends on the dedication and shared purpose of the public servants charged with carrying out this work. This requires an institution grounded in expertise, collaboration, and a responsibility to the people we serve. In leading DFS, I am focused on fostering that sense of community and uplifting our roles as public servants. The Department’s history dates back to 1851 with the establishment of the Banking Department, followed by the creation of the Insurance Department in 1859. Today, every member of the DFS team carries forward that long-standing legacy of public service. That responsibility is especially meaningful at a time when many New Yorkers are struggling to afford basic necessities from housing to health care. Our work, and our commitment to stability, has never been more important. Conclusion Affordability, innovation, and stability are not separate goals. They are mutually reinforcing, and central to how DFS serves New Yorkers. Thank you again for the opportunity to highlight these priorities today. I look forward to discussing the Governor’s FY27 Executive Budget in greater detail and answering any questions you have about the Department’s work and my priorities in leading DFS. I am also eager to hear about your areas of focus for the year ahead and how we can work together on behalf of the people and businesses of New York State. Thank you.

The Basel Committee has published a consultation on a consolidated version of its guidelines and sound practices. The consolidated version aims to improve accessibility and substantially streamline guidance materials. Comments on the consultation are requested by 26 June 2026. The Basel Committee on Banking Supervision today launched a new section of its website that sets out a consolidated version of its guidelines and sound practices for banks and supervisors. The consolidated guidelines and sound practices aim to improve the accessibility of the Committee's outputs by setting them out in a more user-friendly format. The website has been published, initially in draft form, together with a consultative document to gather feedback from stakeholders. Guidelines and sound practices are currently published on the Committee's section of the Bank for International Settlements (BIS) website, as a series of pdf documents. The consolidated guidelines reorganise the contents of existing guidelines and sound practices into a modular format. This format replicates the approach used by the Committee in the development of its consolidated set of standards (the Basel Framework), which was launched in December 2019 and was well received by stakeholders. The publication of the guidelines and sound practices in this new format has focused on reorganising existing materials. There was no intention to introduce new expectations through the current exercise. As part of this process, the Committee has also taken the opportunity to remove content that it considers to be outdated, duplicative, or superseded. Through this exercise, the Committee has substantially reduced the volume of its guidance materials by approximately 75%. The final output reflects a more streamlined and evergreen set of expectations. The Committee intends to periodically review its guidelines and sound practices as standards, supervisory practices and the financial system evolve. The Committee welcomes comments on the three questions set out in the consultative document. Comments should be uploaded here by Friday 26 June 2026. All comments will be published on the Bank for International Settlements website unless a respondent specifically requests confidential treatment. Background: The Basel Committee is the primary global standard setter for the prudential regulation of banks and provides a forum for cooperation on banking supervisory matters. Its mandate is to strengthen the regulation, supervision and practices of banks worldwide with the purpose of enhancing financial stability. The Committee reports to the Group of Central Bank Governors and Heads of Supervision and seeks its endorsement for major decisions. The Committee has no formal supranational authority, and its decisions have no legal force. Rather, the Committee relies on its members' commitments to achieve its mandate. The Group of Central Bank Governors and Heads of Supervision is chaired by Tiff Macklem, Governor of the Bank of Canada. The Basel Committee is chaired by Erik Thedéen, Governor of the Sveriges Riksbank. More information about the Basel Committee is available here.

The Payments Vision Delivery Committee (the Committee) has published the Payments Forward Plan (the Plan). Read the Plan on GOV.UKLink is external  The Committee comprises: HM Treasury Bank of England Financial Conduct Authority Payment Systems Regulator The Plan sets out upcoming initiatives across retail and wholesale payments, including elements of digital assets. Recent publications on open banking, stablecoins and contactless limits, alongside the initiatives in the Plan, show the high level of activity across the sector. The Plan provides clarity on what is coming and when, helping firms plan ahead and focus on innovation. The Plan sets out actions to deliver the Government’s National Payments VisionLink is external of a trusted, world-leading payments ecosystem built on next-generation technology, offering consumers and businesses a choice of payment methods. The Committee will continue to consider our collective impact on firms and support competition, innovation and economic growth. Going forwards, the Committee has agreed to add an enhanced focus on payments to the Regulatory Initiatives Grid in its first 2027 publication.

New York Stock Exchange member firms that conduct business with the public reported a fourth-quarter 2025 after-tax profit of approximately $16 billion and revenues of approximately $124 billion, compared with approximately $13 billion after-tax profit on revenues of about $122 billion in the fourth-quarter of 2024. NYSE MEMBER FIRMS DEALING WITH PUBLIC ($ in Millions) Note: Data is from NYSE member firms that conduct business with the public. 4th QTR 20254th QTR 20243rd QTR 2025YTD 2025YTD 2024 Revenue $124,523 $122,446 $135,484 $510,487 $484,450 Expense $107,120 $108,114 $118,174 $445,408 $435,590 After Tax Profit Loss $16,004 $13,241 $15,872 $60,799 $45,138 After Tax Annualized Return on Capital 15% 14% 16% 15% 12% Assets $5,560,453 $4,712,868 $5,496,380 $5,560,453 $4,712,868 Capital and subordinated liabilities $417,286 $378,212 $405,013 $417,286 $378,212 Commission Revenues $7,215 $5,760 $6,498 $26,253 $21,705 Firms 158 131 146 161 134 Profitable Firms 126 102 126 143 114 Aggregate PreTax Earnings of Profitable Firms $17,523 $14,656 $17,464 $66,935 $51,098 Unprofitable Firms 32 29 20 18 20 Aggregate PreTax Loss of Unprofitable Firms ($120) ($324) ($154) ($591) ($1,211)   LinksNYSE Member Firms Dealing with Public (Financial Summary)Statement of Income (Loss) and Expense UnconsolidatedStatement of Financial Condition

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today published a supervisory briefing to support consistent supervision of algorithmic trading across the EU.  The briefing provides National Competent Authorities (NCAs) with practical tools and clarified expectations for supervising firms engaged in algorithmic trading under MiFID II. It focuses on key areas where supervisory practices have diverged, including pre-trade controls, governance arrangements, testing frameworks and outsourcing of algorithmic trading systems.   Given the extended use of artificial intelligence in algorithmic trading, the briefing also touches upon these emerging technological developments, outlining considerations for the use of AI. This section aims to help supervisors assess new risks and ensure that firms adopt robust and responsible approaches when deploying advanced technologies in their trading operations.   As a nonbinding convergence tool, the briefing complements the existing requirements and supports NCAs in taking a harmonised approach to oversight.  Next steps ESMA will share the supervisory briefing with NCAs to support day to day supervision. ESMA will continue to monitor market and technological developments and may update the briefing or develop further convergence tools as needed.  Related Documents DateReferenceTitleDownloadSelect 26/02/2026 ESMA74-1505669079-10311 Supervisory briefing on algorithmic trading in the EU

The Securities and Exchange Commission today announced it will hold a roundtable on March 4 to discuss private market valuations and responsible retailization. The roundtable will be hosted by the Division of Investment Management from 1 p.m. to 3 p.m. ET at the SEC’s Washington D.C. headquarters and streamed live on the SEC website. “With retail exposure to alternative investments becoming more common, we want to help everyday investors understand the different valuation approaches used in these products,” said Brian Daly, Director of the SEC’s Division of Investment Management. The two-panel roundtable will include panelists from the private market industry and will be moderated by officials from the Division of Investment Management. The roundtable includes the following panels: Panel 1: When two worlds collide Asset classes historically offered in the private markets continue to migrate into publicly offered vehicles as the lines between public and private continue to blur. What are the opportunities and challenges this presents for managers, investors, and regulators? What should the investing public consider? Moderator: Brian Daly, Director of the Division of Investment Management Panelists: Cliff Asness, Founder, Managing Principal and Chief Investment Officer of AQR Capital management Katie King, Partner, PwC John Finley, Senior Managing Director and Chief Legal Officer, Blackstone Marc Pinto, Managing Director, Global Head of Private Credit, Moody’s Ratings Panel 2: Fund Governance As managers seek innovative ways to deliver exposure to private market assets in response to retail demand, what challenges does this present from a governance perspective? What opportunities does the industry have for improving fund governance? This panel will explore the perspective of the practitioner, including compliance with 2a-5, challenges presented by the asset class, and best practices. Moderators: Blair Burnett, Branch Chief, Investment Company Regulation Office, SEC’s Division of Investment Management Michael Republicano, Assistant Chief Accountant, SEC’s Division of Investment Management Panelists: Pete Driscoll, Partner, PwC John Mahon, Partner, Cleary Gottlieb Steen & Hamilton LLP Jamila Abston Mayfield, Chief Regulatory Services Officer, Comply Bryan Morris, Partner, Deloitte Blake Nesbitt, Chief Investment Officer, Cliffwater Please register in advance for in-person attendance. Registration is not required to view the webcast online. The livestream as well as roundtable agenda and panelists will be available on the event webpage.

  As the Financial Conduct Authority (FCA) prepares to implement its new Consumer Composite Investments (CCI) disclosure framework, Broadridge Financial Solutions, Inc. (NYSE: BR) has expanded the capabilities of its regulatory disclosure platform to help fund manufacturers and distributors quickly, confidently and efficiently adapt to the new requirements.   The FCA’s move to replace the PRIIPs regime and UCITS disclosure requirements in the UK, reflects a broader regulatory shift toward simpler language, more flexible presentation and digital-first delivery of investor information. For many firms, meeting these expectations requires more than incremental document updates; it calls for changes to how disclosures are created, managed and delivered across the investment lifecycle.   “Regulatory change is constant, but firms shouldn’t have to start over every time requirements evolve,” said Stephen Johnston, Broadridge’s Head of Asset Management Regulatory Communications Solutions for Europe. “We help firms turn regulatory complexity into operational efficiency, combining proven technology with deep regulatory experience to support both compliance and better investor outcomes.”   The enhanced platform enables firms to create, manage and digitally distribute FCA-compliant Product Summary Documents (PSDs) from a single environment, supported by automated data sourcing and validation from an established network of administrators. This helps firms maintain consistency, accuracy and timeliness across all their disclosures. The platform also supports clearer, more consumer-focused disclosures through plain-language content and flexible presentation as opposed to rigid templates. These capabilities align with the FCA’s objective of improving consumer understanding while giving firms flexibility in how information is presented.   Working closely with the FCA, clients and industry stakeholders, Broadridge identified where existing disclosure processes create operational strain. The result is an evolved regulatory reporting platform to support the CCI framework, enabling firms to respond to regulatory change without having to redesign their disclosure infrastructure from scratch.   More broadly, the enhancements reflect Broadridge’s proactive approach to regulatory change: engaging early with regulators and industry groups, extending proven infrastructure rather than introducing untested solutions, and designing capabilities that can evolve as rules and market expectations continue to develop.   For a full overview of Broadridge’s regulatory disclosure platform, visit our Consumer Composite Investments information page.    

Click here to download HKEX's 2025 consolidated financial statements.

The European Banking Authority (EBA) today published its Opinion in response to the European Commission’s amendments to the draft Regulatory Technical Standards (RTS) specifying what constitutes an equivalent legal mechanism to ensure the completion of a residential property under construction within a reasonable timeframe, as laid down in the Capital Requirements Regulation (CRR). On 9 January 2026, the Commission informed the EBA of its intention to endorse, with amendments, the final draft RTS submitted by the EBA on 5 August 2025. The EBA considers that two of the Commission’s proposed amendments introduce substantive changes that are not consistent with the prudential safeguards underpinning the preferential treatment for residential property exposures. First, the Commission proposed to increase the cap on the risk weight applicable to the protection provider from 20% to 30% under the Standardised Approach. The EBA considers that maintaining the original 20% threshold is important to preserve consistency within the overall prudential framework. As a general principle, the capital treatment of an exposure should not be more favourable than what is justified by the credit quality of the counterparty providing the protection. Allowing eligibility for protection providers attracting a 30% risk weight could, in certain cases, lead to a preferential capital treatment that is not fully aligned with this principle. In the EBA’s view, retaining the 20% cap is therefore essential both to safeguard the coherence of the capital framework and to ensure that the mechanism offers a sufficiently robust level of assurance for the effective completion of the property. Second, the Commission proposed to remove the requirement that the completion guarantee be mandated by the law of the Member State where the residential property is being built. The EBA considers this requirement fundamental to ensuring that the mechanism qualifies as a legal mechanism, rather than a purely private contractual arrangement. Its removal could reduce legal certainty and dilute the robustness of the framework. With this Opinion, the EBA reaffirms its commitment to safeguarding a harmonised and prudent application of the preferential treatment for residential property exposures. Legal basis and background This Opinion is issued under Article 10(1) of Regulation (EU) No 1093/2010, which requires the EBA to submit an opinion where the European Commission intends to endorse draft regulatory technical standards (RTS) with amendments. The relevant provisions governing the prudential treatment of exposures secured by mortgages on immovable property under the Standardised Approach are laid down in Article 124 of Regulation (EU) No 575/2013 (Capital Requirements Regulation – CRR). That provision sets out the conditions and risk-weight parameters applicable to such exposures, including the circumstances under which exposures to residential property under construction may benefit from the preferential treatment (Article 124(3), point (a)(iii)(2)). On 5 August 2025, the EBA submitted its final draft RTS to the Commission. On 9 January 2026, the Commission notified the EBA of its intention to endorse the RTS with amendments and shared a revised version. This Opinion constitutes the EBA’s formal response to these amendments.  Documents Opinion on the Commission’s amendments to the final draft RTS on equivalent legal mechanism (406.62 KB - PDF) Letter to Mr Berrigan on the submission of Opinion on RTS on equivalent legal mechanism (174.3 KB - PDF) Related content Draft Regulatory Technical StandardsFinal draft RTS/ITS adopted by the EBA and submitted to the European Commission Regulatory Technical Standards on equivalent mechanism for unfinished property Topic Credit risk

London Stock Exchange Group plc (the "Company") announces today that, further to its announcement today of the Company's preliminary results for the financial year ended 31 December 2025, the Company will commence a share buyback programme to purchase ordinary shares of 679/86 pence each in the Company ("Shares") with an aggregate value of up to £750,000,000 million (the "Buyback Programme"). In connection with the Buyback Programme, the Company has entered into an agreement with Morgan Stanley & Co. International Plc ("Morgan Stanley") in relation to the purchase of Shares by Morgan Stanley, acting as riskless principal and in accordance with certain pre-set parameters, under which the Company has instructed Morgan Stanley to purchase Shares with a value of up to £750,000,000. Purchases will commence immediately and will end no later than 29 May 2026. Morgan Stanley will make trading decisions in relation to the Buyback Programme independently of, and uninfluenced by, the Company. Any purchase of Shares by Morgan Stanley contemplated by this announcement will be carried out on the London Stock Exchange and/or on Turquoise Equities Trading. Shares purchased by Morgan Stanley will be on-sold by Morgan Stanley to the Company, and any purchases of Shares by the Company from Morgan Stanley will be carried out on the London Stock Exchange, with the Shares purchased by the Company to be cancelled upon settlement. The arrangements between the Company and Morgan Stanley are subject to customary termination rights in favour of the Company and Morgan Stanley. The purpose of the Buyback Programme is to reduce the share capital of the Company.    Any purchases under the Buyback Programme shall take place in accordance with (and subject to the limits prescribed by) the Company's general authority to repurchase Shares granted by its shareholders at the annual general meeting on 1 May 2025 (the "2025 Authority") and any further authority to repurchase Shares as may be granted by its shareholders from time to time under Chapter 9 of the UK Listing Rules. The maximum number of Shares that the Company is authorised to purchase under the 2025 Authority is 28,112,224. Purchases of Shares by Morgan Stanley shall take place in accordance with the Market Abuse Regulation (EU) No 596/2014 (including the delegated and implementing acts adopted under it) and the Commission Delegated Regulation (EU) No 2016/1052 with regard to regulatory technical standards for the conditions applicable to buyback programmes and stabilisation measures (in each case as they form part of the law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as implemented, retained, amended, extended, re-enacted or otherwise given effect in the United Kingdom from 1 January 2021 and as amended or supplemented in the United Kingdom thereafter). The Company will make further regulatory announcements to shareholders in respect of purchases of Shares under the Buyback Programme as they occur.

ETFGI reported today that assets invested in the actively managed ETFs industry globally reached a new record of US$2.04 trillion at the end of January. During January the actively managed ETFs industry globally gathered record monthly net inflows of US$76.43 billion, according to ETFGI's January 2026 Active ETF industry landscape insights report, an annual paid-for research subscription service. ETFGI is a 14 year old leading independent research and consultancy firm renowned for its expertise in subscription research, consulting services, events, and ETF TV on global ETF industry trends (All dollar values in USD unless otherwise noted.) Highlights Assets invested in actively managed ETFs globally reached a record US$2.04 trillion at the end of January, exceeding the previous record of US$1.92 trillion set at the end of December 2025. Assets rose 5.8% year‑to‑date in 2026, increasing from US$1.92 trillion to US$2.04 trillion. January net inflows totaled US$76.43 billion, the highest on record, surpassing January 2025 (US$51.71 billion) and January 2024 (US$24.71 billion). January marked the 70th consecutive month of net inflows into the actively managed ETFs industry. Actively managed equity ETFs and ETPs gathered US$42.81 billion in net inflows during January.  “The S&P 500 rose 1.45% in January. Developed markets excluding the US gained 6.15% in, 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 actively managed ETFs industry as of end of January The actively managed ETFs industry globally has 4,747 ETFs, with 6,342 listings, assets of $2.04 Tn, from 674 providers listed on 46 exchanges in 36 countries at the end of January. Dimensional is the largest provider of actively managed ETFs globally, with US$272.31 billion in assets under management, representing a 13.4% market share. J.P. Morgan Asset Management ranks second with US$259.78 billion in assets and a 12.8% market share, followed by iShares with US$122.65 billion and a 6.0% market share. Collectively, the top three providers account for 32.1% of global actively managed ETF assets, highlighting a moderate level of industry concentration. The remaining 671 providers, out of 674 globally, each hold less than 6% market share. Net flows Investor demand for actively managed ETFs remained robust across asset classes in January Equity‑focused actively managed ETFs/ETPs listed globally attracted US$42.81 billion in net inflows during January, well above the US$26.38 billion recorded in January 2025. Fixed income‑focused actively managed ETFs/ETPs reported US$28.50 billion in net inflows, higher than the US$21.20 billion gathered in January 2025. Substantial inflows can be attributed to the top 20 active ETFs by net new assets, which collectively gathered $23.02 Bn during January. BNY Mellon Municipal Opportunities ETF (BMOP US) gathered $1.86 Bn, the largest individual net inflow. Top 20 actively managed ETFs by net new assets January   Source: ETFGI data sourced from ETF/ETP sponsors, exchanges, regulatory filings, Thomson Reuters/Lipper, Bloomberg, publicly available sources and data generated in-house. Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional data becomes available Investors have tended to invest in Equity actively managed ETFs during January.

Financial services firms are underprepared for a surge in transaction volumes, with compliance failures, operational losses and revenue risk on the line. New research from AutoRek reveals that 85% of firms say their current operational processes already struggle, or would struggle, to keep pace as volumes grow, and with a 28% increase expected over the next two years, the pressure is only mounting. AutoRek’s 2026 Investment Capital Markets Survey, based on 250 interviews with senior finance sector managers across the UK and U.S., reveals a widening gap between growth expectations and operational readiness. Average daily transaction volumes now exceed 460,000 per firm, while digital assets, identified as the most operationally challenging asset class, add new layers of complexity. “According to our data, firms are short of operational alignment,” said Jack Niven, Vice President of North America at AutoRek. “When volumes are rising and digital assets are introducing new layers of complexity, then manual processes and spreadsheet workarounds simply cannot scale. The organizations that will lead over the next five years are those investing in AI-enabled automation built on clean, normalized data foundations. That’s what allows operations teams to move from firefighting to forward planning.” Growth ambitions collide with operational reality Despite ongoing transformation efforts, 82% of firms acknowledge that a substantial proportion of operational processes remain manual, and more than half still rely on spreadsheets to some extent for reconciliations. As transaction volumes climb and product offerings expand, legacy systems and fragmented data environments are limiting firms’ ability to scale efficiently. The consequences are tangible. Compliance risk, operational inefficiency and data integrity concerns persist across operations, particularly as regulatory expectations intensify in both the UK and U.S. markets. Manual workarounds drain budget and constrain innovation On average, firms spend nearly 16% of their operational budgets correcting issues caused by manual processes. Rather than investing in scalable automation, many organizations remain locked in cycles of remediation, allocating time and resources to fix preventable errors instead of enabling growth. With digital assets increasing operational complexity and regulatory scrutiny showing no signs of easing, firms face mounting pressure to strengthen data foundations and modernize reconciliation processes. The research indicates that automation is no longer a forward-looking ambition but an operational necessity. Firms that prioritize scalable data management and intelligent automation will be better positioned to absorb volume growth, reduce risk and support innovation, while those reliant on manual controls risk falling further behind.