Following the successful launch of the Women in Clearing Network, in March 2024 we launched EACH’s Women in Clearing Series, an initiative with the objective of featuring a key female leader on a regular basis to inspire other professionals in the industry. This month’s leader is Froukelien Wendt. Froukelien has a career in financial market infrastructures of more than 25 years, of which 20 in the public sector. She is currently responsible for the supervision of CCPs, developing ESMA’s supervisory program and supervisory data and risk analysis, as well as for ESMA’s validation of CCP risk models and the supervisory CCP stress test. Previously, she worked at the IMF, World Bank, De Nederlandsche Bank, and Euronext NV. She holds a master in Economics from the RijksUniversiteit Groningen, and a master in Financial and Investment Analysis from the Vrije Universiteit Amsterdam. Froukelien has kindly shared the following insights about her personal and professional journey by responding to three questions: What was the aspect of yourself that you had to work on the most to get where you are now? There have been many areas in which I developed during my career, both in terms of soft and hard skills. One that I like to mention is 'overcoming prejudices' both within myself as well as from others. Especially my view on leadership developed, where I learned that leadership is not something exclusively for tall, loud, assertive people but may also manifest itself effectively in many other ways. Leadership can appear, for example, in asking questions, in caring for people, and in showing respect and honesty. What key tip would you give for professionals to successfully develop in their careers? Most important: do what you like! And in addition: work hard. Do the things that you have to do well. And try to step into new areas where you feel that you can bring it to the next level. In everything you do, try to see how you can contribute to the well-being of your environment. Financial markets, and particularly CCPs, are so versatile that they kept on intriguing me and triggering me to better understand their workings. This made it easy for me to work hard and sometimes enter unchartered territories. Working hard includes taking good care of yourself and others. Taking rest and enjoying life with your loved ones will help to stay healthy, motivated and happy at work and to do your job with renewed ideas and energy. How do you see the future of clearing in 10 years? There is no crystal ball to look into. However, given the substantial added value that CCPs bring to markets I expect that we will still have central risk managers with a guarantee function. As we saw over the last decades, the clearing landscape continuously changes, and I expect that it will continue to do so. Especially for CCPs that clear securities, a shortened settlement cycle and new technologies are expected to change the current practices. Also AI will impact existing systems and procedures, as will climate risks. Even the product coverage (more green, crypto) and governance of CCPs may be subject to developments.   You can learn more about Froukelien by reading the attached document and using this link. We would like to thank Froukelien for her insightful contribution, and we look forward to continuing this EACH’s Women in Clearing Series by hosting many skilled women leaders to inspire other professionals in the clearing sector! The Women in Clearing network takes the form of a LinkedIn group that participants may use to connect with each other.

Duco, the leading enterprise platform for data automation, today announces the launch of its end-to-end reconciliation capability for unstructured data. This addresses a major pain point for capital markets firms by enabling them to automate the extraction and processing of unstructured data formats. Doing so will unlock enormous efficiencies and cost savings by removing the need for multiple point solutions and slow, risk-prone manual keying of data between systems. Duco’s Adaptive Intelligent Document Processing (AIDP) uses proprietary AI to power customised, supervised models, trained on clients’ specific document types and improved through human interaction. The AI learns from context to interpret layout and text. It does not simply memorise data, instead it continually learns from human interaction to avoid making the same mistakes over and over again. It comprises an innovative multi-task learning model which allows clients to use one model across multiple projects, avoiding the need to train on hundreds of documents for each project. Data is extracted from PDFs, scanned images, emails, Word documents and more. It can then be amalgamated with structured data with Duco’s data preparation capability and fed into reconciliations, removing manual rekeying and ETL point solutions. Michael Chin, Chief Executive Officer, Duco, commented: “I am very excited about reaching this first major milestone in our integration plan following the acquisition of adaptive Intelligent Document Processing innovator Metamaze in February this year. Our integrated platform strategy will unlock significant value for our clients. We’re solving a huge problem for the industry, one that clients have repeatedly told us lacks a robust and efficient solution on the market. They can now ingest, transform, normalise, enrich and reconcile structured and unstructured data in Duco, automating data processing throughout its lifecycle. They also benefit from Duco’s true no-code, SaaS advantage, as well as our security credentials. Our clients have been very enthusiastic about this new offering, with some already signed-up to automate complex reconciliation use cases and who are going live this summer ”.

Fund Channel, leading B2B fund distribution platform jointly owned by Amundi and CACEIS announce it enhanced its KYC/AML (Know Your Customer/Anti-Money Laundering) capabilities through a partnership with Finologee. Thanks to the collaboration, a digital onboarding tool will be jointly developed to complete the oversight services offer. Fund Channel will integrate Finologee’s KYC Manager, a compliance platform for digital client data and risk management to further streamline and automate onboarding process, optimize connectivity with end customer, front-office and compliance departments and ensure highest standards for regulatory adherence through a personalized customer experience. “We are glad to collaborate with Finologee as we are always looking to reinforce our KYC/AML capabilities,” said Regis Veillet, Head of Business Development Fund Channel. “The integration of KYC Manager exemplifies a proactive approach to strengthen our platform's single-entry point for AML/KYC and distribution due diligence. We aim at digitalizing our service for the benefit of our clients and ultimately simplify the process with a secured operational flow”. "Finologee’s KYC Manager simplifies internal processes, and assists to efficiently meet regulatory obligations in fund distribution. Additionally, it enables Fund Channel to provide a “KYC Managed Services” offering in the future”. We are excited about this cooperation," said Jonathan Prince, CSO and co-founder at Finologee.

The EU's MiCA regulation sets transparency requirements for crypto asset service providers. They will be obliged to publish sustainability figures for the cryptocurrencies they offer. In view of this, Boerse Stuttgart Group is now expanding its market data offering to include ESG data for cryptocurrencies. The data is calculated and provided by Crypto Risk Metrics as part of a cooperation. Boerse Stuttgart Group distributes the data through its existing network of data providers. Their clients can obtain the ESG data through a simple feed extension, which minimizes their internal effort. "Through our offering of ESG data for cryptocurrencies, every bank, broker and crypto provider can easily and cost-effectively obtain the data required by regulation. We are directly connected to all major data vendors who can redistribute the ESG data to their clients,’ says Sabine Guske, Head of Data & Analytics at Boerse Stuttgart Group. Tim Zölitz, CRO of Crypto Risk Metrics, adds: ‘Our cooperation with Boerse Stuttgart Group ensures that every provider of crypto services can fulfil its ESG reporting obligations in the best possible way. We were particularly pleased that our internal compliance framework, which systematically excludes possible influences from blockchain protocols in the calculation of ESG figures, was taken into account." At the start, Boerse Stuttgart Group offers ESG data for around 30 cryptocurrencies. The offering will be continuously expanded in line with demand.

Tappit, the global payment, rewards and data ecosystem for travel, retail, sports, events, stadiums, and Journey Mentor, the leading travel-tech SaaS company that have created proprietary easy-to-use solutions to solve the travel industry’s challenges, announce a five-year partnership to design and deliver a data-driven loyalty and customer experience programme. The collaboration marks a significant milestone in the travel industry as Journey Mentor and Tappit join forces to revolutionise customer engagement through cutting-edge technologies and data-driven strategies. Partnering with Tappit, a proven leader in seamless payment solutions, Journey Mentor aims to enhance consumer loyalty in the travel industry and deliver unparalleled travel experiences. Under the terms of the partnership, Tappit’s white label technology will allow Journey Mentor customers to make purchases using their mobile phones, paying for their transactions quickly and efficiently - without the need for a physical wallet or cards. The data and insights around customer behaviour deliverable only via Tappit’s real-time data suite will give Journey Mentor unprecedented clarity of view.  Features, designed to increase revenues and customer loyalty, offered to Journey Mentor’s clients and their customers include the ability to: charge a wallet from a credit card in an approved currency and /or an IBAN transfer; hold a balance in various agreed currencies and transfer between currencies in a single user’s wallet; pay from a single/multiple currency (per the requirements of the user) in a wallet to a payment gateway and/or an IBAN account; maintain the balances in wallets in a currency with minimal currency risk (e.g. USD, EUR, etc.); pay an invoice or transfer a balance from one user’s wallet to another user’s wallet; use multiple users’ wallets to pay a single invoice; and transfer an amount from a user’s wallet to the user’s credit card or IBAN account.   "We are delighted about our collaboration with Journey Mentor, leveraging their exceptional vision and world-class infrastructure. With the integration of Tappit's seamless payment and loyalty solution and the invaluable actionable data and insights it provides, Journey Mentor is poised to revolutionise its customer experience capabilities”, remarked Jon Romm, Global Chief Executive Officer of Tappit. “This partnership promises an unrivalled visitor experience, ensuring each interaction is personalised and optimised. Our combined efforts aim to establish a holistic solution that will be the start of a new era of customer satisfaction," concluded Jon Romm, Global Chief Executive Officer of Tappit. Paul Sies, Chief Executive Officer of Journey Mentor, stated: “When selecting a partner to drive our loyalty platform, Tappit was the clear and strategic choice. Among a competitive field, Tappit stood out as the sole entity capable of uplifting Journey Mentor's visionary digital strategy. Our pursuit is to establish a foremost customer experience throughout our entire network, harmoniously interfacing with our extensive technological framework. Leveraging the innovative hybrid cashless technology of Tappit alongside its invaluable analytical capabilities, we are poised to revolutionise the customer experience and set new benchmarks and re-create loyalty in our industry.”

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One of the top 500 industry leaders driving the global Islamic economy  Islamic finance and climate change expert and influencer Track record delivering Net Zero-oriented solutions   XTCC, the pioneer in exchange-listed, high-integrity carbon credit investment assets, is pleased to announce that Mujtaba Khalid, a thought leader and influencer in global Islamic finance, has joined its advisory team.  A highly experienced finance professional who has worked with governments, education, non-profit and private organisations in the UK, Middle East, Central Asia and Africa, Mujtaba is recognised as one of the top 500 industry leaders driving the global Islamic economy and brings a wealth of experience to XTCC.   Mujtaba is co-founder of Bagh-e, a specialist app (part of Harvard Innovation Labs) created to address financial inclusion and low farm yields among small-scale farmers with the longer term goal of becoming the world’s first Shariah-compliant digital agriculture bank, Mujtaba was previously Head of the Islamic Finance Centre at the Bahrain Institute of Banking and Finance (BIBF).  The Islamic Finance Center (IFC) is one of the world's oldest professional qualification providers in Islamic Finance; in his leadership role, Mujtaba’s role encompassed government and private sector advisory, establishing effective governance frameworks, for Islamic capital market products and conducting Islamic finance training and capacity building programmes. Specifically, Mujtaba launched the world’s first education-linked NFTs and held the first-ever Islamic finance seminar in the Metaverse and grew the IFC’s global footprint with new projects in Europe, Central Asia, Africa, South Asia, and the Middle East. Mujtaba also worked for the UK-based Islamic Finance Council where he was involved in developing Islamic finance governance frameworks for central bank bodies, conducting research for the Scottish government on the viability of Sukuks to fund alternative energy projects, structuring Islamic finance products for one of the UK’s largest credit unions and providing investment strategy for Islamic Relief International’s Waqf (trust) fund. Scott Levy said: “We are delighted to have the opportunity to benefit from Mujtaba’s extensive knowledge and direct experience of bringing together Islamic finance and climate change initiatives. He is an eminent and welcome addition to the prestigious team of advisors globally that inform and support our continuing innovation in the delivery of quality investment assets linked to high integrity carbon credits”. Mujtaba Khalid added: “I’m excited to be joining XTCC in an advisory role and very much looking forward to contributing to their efforts to make a meaningful impact to Net Zero goals through the creation of investment opportunities - including Shariah-compliant assets - associated with vetted, validated high-integrity carbon credit projects around the world.  I will be part of an impressive lineup of expert advisors supporting XTCC’s growing presence and influence on the global Net Zero stage.” Mujtaba has a BSc (Hons) from the London School of Economics and Political Science and an MPA from the Harvard Kennedy School of Government, where he was an Edward Mason Fellow. He also holds several professional Islamic finance qualifications, including the CIMA Islamic Finance Diploma, the Islamic Banking and Finance qualification from the State Bank of Pakistan, and the CIFP from INCEIF, based in Malaysia.

Singapore Exchange (SGX Group) is reporting its full-year results for Financial Year 2024 (FY2024) after the market closes on 7 August 2024. The announcement will be posted on www.sgx.com and the details of the results briefing are as follow: Event : FY2024 Results Briefing  Presented by : Loh Boon Chye, CEO     Ng Yao Loong, CFO Date : 7 August 2024, Wednesday Time : 6.00 pm Singapore time (GMT+8 hours) A “live” video webcast of the briefing will be available at www.sgx.com/shareholders. You may register for the results briefing nearer to the date. The webcast will also be archived on the website. Note: SGX Group’s FY2024 is from 1 July 2023 to 30 June 2024.

The Monetary Authority of Singapore (MAS) and the Singapore FinTech Association (SFA) today announced the global call for nominations for the 2024 Singapore FinTech Festival (SFF) FinTech Excellence Awards (the Awards) [1] . In its ninth year, the Awards, supported by PwC Singapore, seeks to recognise innovative FinTech solutions by corporates [2] and individuals who are leaders in spearheading the use of new technologies to transform industry practices and the delivery of financial services, create new growth opportunities, and promote financial inclusion.2  There will be a total of six award categories, and eight Award winners [3] will be announced at SFF 2024 [4] . The categories for this year have been revamped to be more outcome-focused, with the inclusion of a thematic category. Entries can be submitted based on the following categories: Awardee  Category  Corporates  Emerging FinTech Award  Financial Inclusivity Award  Regulatory Leader Award  Sustainable Innovator Award  Thematic – Artificial Intelligence, Quantum Champion  Individuals  FinTech Mentor Award  3  Applications for the 2024 SFF FinTech Excellence Awards can be submitted here  . The deadline for submission is 8 August 2024. Please refer to the Annex for details of the Awards. ***  [1] The Awards was formerly known as Singapore FinTech Festival Global FinTech Awards. [2] FinTech companies, financial institutions and technology companies. [3] One winner will be selected from each of the five corporate categories, and three winners will be selected from the individual category. [4] SFF 2024 will be held from 6 to 8 November. Resources About the SFF FinTech Excellence Awards 2024  (114.3 KB)

ASIC today issued its 2023-24 Cost Recovery Implementation Statement (CRIS). The CRIS outlines estimated regulatory costs and levies for each industry subsector to help entities plan and budget for levies and fees to be charged. ASIC publishes this statement each year to provide information on how it implements its industry funding model, introduced by the Australian Government in 2017. The statement’s figures are a guide only. Final levies are published in December 2024 and invoiced between January and March 2025. Background Regulated entities receive an invoice each year for ASIC’s regulatory services under laws introduced by the Australian Government on the back of recommendations from the Financial System Inquiry. The levies organisations pay reflect ASIC’s costs of regulating the subsectors they operate in. Each year ASIC details how its costs will be recovered from each regulated subsector through industry funding levies and via fees for service. ASIC’s industry funding model ensures that costs of regulatory activities are borne by the entities ASIC regulates, rather than Australian taxpayers. For more information, see: How the government’s industry funding model for ASIC works The 2023-24 cost recovery implementation statement, which includes a summary of estimated costs and levies for industry sectors and subsectors, plus a detailed breakdown of estimated costs and focus areas for each subsector.   To address recommendations outlined in the 2023 Review of ASIC’s Industry Funding Model, ASIC and Treasury have a five-yearly consultation process with industry to examine policy settings within the industry funding model.   ASIC is Australia’s corporate, markets and financial services regulator.

The Singapore FinTech Festival (SFF) 2024 will be back for its 9th edition from 6 to 8 November, preceded by the Insights Forum™ [1] from 4 to 5 November. Attended by over 66,000 participants from 150 countries in 2023, SFF 2024 will offer a distinguished lineup of global central bankers, regulators, industry leaders, entrepreneurs, investors, innovators, and influencers to collaborate and shape the future of the global financial ecosystem through aligning regulation, innovation and technology.2.  Organised by the Monetary Authority of Singapore (MAS), Elevandi, and Constellar, in collaboration with The Association of Banks in Singapore, SFF 2024 will examine the transformative potential of Artificial Intelligence (AI) and Quantum Computing in revolutionising financial services and to deliver sustainable and inclusive economic growth. As the world continues to deal with the challenges of climate change, SFF 2024 will also highlight the role of FinTech in driving sustainable finance.3.  With rapid advancements and unprecedented investments in AI by corporations and governments [2] , SFF 2024 will convene regulator-industry dialogues to facilitate greater alignment of policy approaches that can create an enabling environment for AI innovation and adoption. SFF 2024 also aims to foster the development of a responsible AI ecosystem in financial services, with strong international public-private sector collaboration to ensure that AI brings transparency, trust, and inclusion to the financial ecosystem.4.  With global public investments in quantum technology exceeding US$42 billion [3] , SFF 2024 will also spotlight quantum computing, underscoring the urgency of harnessing this groundbreaking technology to enhance performance in financial services, future-proof encryption, and optimise efficiency. The Festival will also address the challenges of applying quantum systems and their impact on the financial services tech stack.5.  Sopnendu Mohanty, Chief FinTech Officer of MAS and Chairman of Elevandi Board said, “The financial services sector is at a critical inflection point, with AI and Quantum Computing poised to revolutionise the global financial ecosystem. SFF 2024 will seek to align technology, innovation, and regulation so that these transformative technologies are deployed with strategic foresight, collaboration, and adaptability to unlock new opportunities for economic and industry growth and resilience. Harmonising global FinTech regulations that support innovation, fostering cross-border collaboration on payments and credit, and ensuring a secure, inclusive, and sustainable financial ecosystem powered by responsible adoption of AI and Quantum Technologies will be the primary focus of SFF 2024.”6.  SFF will also feature the following highlights: Invitation-only Dialogues and Signature Side Events such as the Insights Forum™ will convene 1,500 senior policymakers, top industry executives, and investors for leadership dialogues and collaboration discussions. Held on 4 and 5 November at the Sands Expo & Convention Centre, the Forum aims to foster discussions on aligning critical stakeholders’ views on the conditions needed to grow and realise industry applications of AI, quantum computing, and other cutting-edge technologies. Hosted at the Insights Forum™ is the Asia-Pacific Chapter of The Capital Meets Policy Dialogue™, which will gather senior policymakers and leaders from both the private and public sectors to debate solutions to the most urgent issues in capital investment, value creation and policymaking. This year, the Global FinTech Hackcelerator, organised by MAS and in partnership with Elevandi, is looking for innovative solutions to address problem statements centred on Improving Financial Health. Up to 20 finalists will be shortlisted and paired with a Corporate Champion [4] to pitch their solutions on Demo Day at SFF on 6 November. All finalists will also receive a S$20,000 cash stipend and a startup kiosk at SFF to showcase their solutions. The top three winners will be announced at a gala on 7 November, and stand to win S$50,000 each in prize money. More information is available here. Blockchain Guardians Programme is a new skills-based learning initiative that will commence on 2 September 2024. Launched by Elevandi Education, the 10-week programme addresses the growing demand and skills gap for talent in the areas of digital assets, data, and compliance in both the public and private sectors. The programme, co-curated by web3 and digital assets industry stakeholders, includes an online course, mentorship, and industry immersion. It will culminate in a ceremony for 30 graduating students, who will receive digital certificates, at the SFF Talent Zone. Five Thematic Zones – Technology Zone, ESG Zone, Regulation Zone, Founders & Investors Zone, and Talent Zone – where attendees can participate in dialogues, workshops, and explore an international showcase of the latest FinTech solutions. We will also be introducing founder- and investor-focused mentorship sessions, masterclasses such as The Art of Storytelling, a spotlight on women entrepreneurs, mental health and wellness workshops, and an alumni meet-up for past participants of The Founders Peak™ at the Founders & Investors Zone. SFF MeetUp [5] , a new networking initiative, is expected to facilitate 20,000 meetings at the Festival, with half an exhibition hall dedicated to simultaneous one-on-one meetings. SFF MeetUp will help individuals and organisations meet, collaborate and conduct business efficiently, foster new partnerships and drive growth opportunities.   Cultivating Agility, Innovation and Inspiration, and Fostering Connections at SFF 20247.  Paul Lee, Chief Executive (Markets), Constellar, said, “As the premier platform convening the world's largest annual gathering of the FinTech community, SFF is committed to becoming a truly global marketplace. This year, we expect to expand to over 40 international pavilions represented by 30 countries, alongside regional and local associations and industry partners. We will also be launching SFF MeetUp, a first in Asia and at the Festival, introducing a transformative tech-based networking experience that has proven to deliver at least five times more efficient and effective engagement opportunities for attendees. By driving greater access to markets and amplifying the Festival’s collaborative potential, SFF 2024 will play a key role in fostering connections between leading industry players, regional trade visitors, innovators and start-ups to catalyse growth for the FinTech ecosystem at an unprecedented scale."8.  Registration for SFF 2024 is now open at www.fintechfestival.sg  . Complimentary passes are available for policymakers, regulators, think tanks, academics, coders and students. Start-ups also enjoy discounted tickets. *** [1] The Insights Forum™ fosters public-private dialogues to address the challenges of scalable and sustainable technology adoption for global prosperity through tangible commitments from participants. Discussions are held under Chatham House rules to encourage open and honest exchange.  [2] Stanford University's Artificial Intelligence Index Report 2024 [3] McKinsey report found global public investments in quantum technology reached US$42 billion in 2023. [4] Corporate Champions are teams from financial institutions or organisations that mentor finalists during the Hackcelerator, working with them to refine and contextualise the solution. [5] Learn more about SFF MeetUp at https://www.fintechfestival.sg/sff-meetup .

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Tehran Securities Exchange (TSE)'s Annual General Assembly Meeting was held on Saturday 6 July 2024 with more than 74% of the shareholders attending the session. Dr. Mahmoud Goudarzi, the Exchange's CEO presented the board of directors' report to the assembly. The financial statements for the fiscal year ended 19 March 2024 was reviewed and approved in TSE’s AGM and it was ratified to pay IRR 50 dividend per share to TSE's shareholders. The new board members of TSE were elected as below: Tadbir Investment, Stock Exchange Brokers' Association, Ahdaf Investment, Bank Employees' Pension Fund, Ghadir Financial Group, National Development Investment, and Saba Tamin Financial Group. In addition, Kosar Bahman Investment Management, Sarmaye Saba Development and Management and Isatis Pooya Brokerage Co. were elected as the alternate members of the board of directors.  Furthermore, “Etelaat newspaper” was determined as TSE's official newspaper. “Tadvin and colleagues Auditing Institute” was appointed as the independent auditor and main legal auditor. “Hoshyar Momayez Auditing Institute” was also appointed as the alternate legal auditor. https://old.tse.ir/en/news/newsPages/news_N74657.html

A total turnover of 2.259 billion shares worth N31.166 billion in 42,851 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 2.651 billion shares valued at N49.976 billion that exchanged hands last week in 41,610 deals.  Click here for full details.

Today, U.S. Secretary of the Treasury Janet L. Yellen held a call with United Kingdom Chancellor of the Exchequer Rachel Reeves. During the call, Secretary Yellen congratulated Chancellor Reeves on her historic appointment as the first female Chancellor of the Exchequer and highlighted the importance of the U.S.-UK bilateral relationship. Secretary Yellen and Chancellor Reeves discussed their governments' respective economic strategies, and Secretary Yellen highlighted the success of a modern supply side economic approach to generating strong economic growth through historic investments in the United States. Secretary Yellen also emphasized continued close coordination between the United States, the United Kingdom, and the G7 on a range of shared priorities, including collective efforts to unlock the value of immobilized Russian sovereign assets to support Ukraine’s continued resistance and long-term reconstruction, work together in the Indo-Pacific, and a shared approach to addressing the situation in the Middle East. 

ISDA’s Digital Regulatory Reporting (DRR) solution uses the open-source Common Domain Model (CDM) to transform an industry-agreed interpretation of new or amended regulatory reporting rules into unambiguous, machine-executable code, making implementation more efficient and cost effective. Key Benefits The ISDA DRR significantly reduces the time, resources and cost needed to implement reporting regulations in multiple jurisdictions. Rather than interpreting and implementing each set of rules individually, and then repeating that work in future if changes are necessary, firms can implement code that has been validated and tested by industry participants and will be updated as new rules emerge or are amended, enabling resources to be reassigned to other projects. As the DRR is based on a mutualized industry interpretation of rules in multiple jurisdictions and will be fully accessible to regulators, the potential for regulatory penalties due to incomplete or misreported data is substantially reduced. ISDA is committed to supporting 11 core regulatory reporting regimes across nine jurisdictions: the US (under Commodity Futures Trading Commission (CFTC) rules), the EU (under the European Market Infrastructure Regulation (EMIR) and the Markets in Financial Instruments Regulation (MIFIR)), the UK (under UK EMIR and UK MIFIR), Japan, Australia, Singapore, Hong Kong, Canada and Switzerland. The ISDA DRR is freely available to all firms. Click here for full details.

9th listing of 2024 on Euronext Growth Milan 27th listing on Euronext in 2024 The company raised €7.9 millioni   Borsa Italiana, part of the Euronext Group, today congratulates Distribuzione Elettrica Adriatica (DEA) on its listing on Euronext Growth Milan. DEA is a leading operator in the distribution of electric power and management of public lighting in Central and Northern Italy. DEA’s listing represents the 9th listing this year on Euronext Growth Milan, Borsa Italiana’s market for small and medium-sized companies, and it is Euronext’s 27th listing of the year.  In the placement phase, Distribuzione Elettrica Adriatica raised €7.9 million. Massimiliano Riderelli Belli, General Manager of DEA, said: “Today we have reached a significant milestone, which inaugurates a new era for our company. The success of this IPO confirms the validity of our strategy and prepares us for new growth opportunities. The public listing provides us with new capital, necessary to consolidate our position among market leaders and finance development, allowing us to continue our acquisition path and enter the élite top ten national infrastructure players, qualifying us for the electricity distribution concession tenders from 2030. In recent years, we have made the most of the opportunities in a dynamic market, increasing our growth. We are excited and proud of the success of the IPO, and we are ready to create long-term value together with our new shareholders." Massimiliano Riderelli Belli, General Manager of DEA, rang the bell during the market opening ceremony this morning to celebrate the company’s listing

The Federal Reserve Act requires the Federal Reserve Board to submit written reports to Congress containing discussions of "the conduct of monetary policy and economic developments and prospects for the future." This report⁠—called the Monetary Policy Report⁠—is submitted semiannually to the Senate Committee on Banking, Housing, and Urban Affairs and to the House Committee on Financial Services, along with testimony from the Federal Reserve Board Chair. 2024 March: Testimony | HTML | PDFJuly: PDF 2023 March: Testimony | HTML | PDFJune: Testimony | HTML | PDF 2022 February: Testimony | HTML | PDFJune: Testimony | HTML | PDF 2021 February: Testimony | HTML | PDFJuly: Testimony | HTML | PDF 2020 February: Testimony | HTML | PDFJune: Testimony | HTML | PDF 2019 February: Testimony | HTML | PDFJuly:  Testimony | HTML | PDF 2018 February: Testimony | HTML | PDFJuly: Testimony | HTML | PDF 2017 February: Testimony | HTML | PDFJuly: Testimony | HTML | PDF 2016 February: Testimony | HTML | PDFJune: Testimony | HTML | PDF 2015 February: Testimony | HTML | PDFJuly: Testimony | HTML | PDF 2014 February: Testimony | HTML | PDFJuly: Testimony | HTML | PDF 2013 February: Testimony | HTML | PDFJuly: Testimony | HTML | PDF 2012 February: Testimony | HTML | PDFJuly: Testimony | HTML | PDF 2011 March: Testimony | HTML | PDFJuly: Testimony | HTML | PDF 2010 February: Testimony | HTML | PDFJuly: Testimony | HTML | PDF 2009 February: Testimony | HTML | PDFJuly: Testimony | HTML | PDF 2008 February: Testimony | HTML | PDFJuly: Testimony | HTML | PDF 2007 February: Testimony | HTML | PDFJuly: Testimony | HTML | PDF 2006 February: Testimony | HTML | PDFJuly: Testimony | HTML | PDF 2005 February: Testimony | HTML | PDFJuly: Testimony | HTML | PDF 2004 February: Testimony | HTML | PDFJuly: Testimony | HTML | PDF 2003 February: Testimony | HTML | PDFApril: TestimonyJuly: Testimony | HTML | PDF 2002 February: Testimony | HTML | PDFJuly: Testimony | HTML | PDF 2001 February: Testimony | HTML | PDFJuly: Testimony | HTML | PDF 2000 February: Testimony | HTML | PDFJuly: Testimony | HTML | PDF 1999 February: Testimony | HTML | PDFJuly: Testimony | HTML | PDF 1998 February: Testimony | HTML | PDFJuly: Testimony | HTML | PDF 1997 February: Testimony | HTML | PDFJuly: Testimony | HTML | PDF 1996 July: Testimony | HTML | PDF

The European Banking Authority (EBA) today published a statement for the attention of persons issuing to the public, offering to the public, or seeking admission to trading of asset-referenced tokens (ARTs) and e-money tokens (EMTs) and for consumers. The EBA also sets out key topics for supervisory attention across the European Union for issuers of ARTs/EMTs in 2024/2025. Both documents are intended to promote the timely and consistent application of MiCAR.  The regime for ARTs and EMTs established by the Regulation on Markets in Crypto-assets Regulation (MiCAR) has now entered into application. In this light, the EBA reminds persons who are issuing, or intend to issue, to the public, to offer to the public, or to seek admission to trading ARTs and EMTs of the new requirements under MiCAR, and draws attention to the technical standards and guidelines available on its website. The EBA draws attention to factors consumers can check before deciding whether to acquire an ART, EMT or other type of crypto-asset and reminds consumers of the risks of acquiring crypto-assets that have not be issued in accordance with the applicable provisions of MiCAR. As MiCAR brings into the scope of regulation ART/EMT activities, the EBA , with the aim of driving supervisory convergence, shares with the competent authorities a single set of supervisory priorities for implementation in 2024/2025 in four areas: internal governance and risk management; financial resilience (including, where applicable, own funds requirements and reserve of assets); technology risk management; and  financial crime risk management.   A high level of holder protection and financial stability remain as overarching objectives to consider for all priority areas. Background and next steps The EBA has been actively engaging with industry to encourage a ‘compliance by design’ approach pending the application of MiCAR (see in particular the EBA’s July 2023 transition phase statement), and is continuing these actions with a view to ensuring prompt compliance with the ART and EMT regime that entered into application on 30 June 2024. Additionally, the EBA has been actively engaging with competent authorities further to its mandate to promote supervisory convergence, in order to build a common supervisory culture and consistent supervisory practices regarding ART and EMT issuance activities. The goal is to ensure effective supervision under MiCAR and to promote the best practices that are being adopted by supervisors. The EBA will continue promoting cooperation and coordination between competent authorities and strives to promote high standards of holder protection in the context of ART and EMT activities and other activities within the EBA‘s scope of action. The EBA’s technical standards and guidelines under MiCAR are available here. Documents EBA statement on the application of MiCAR to ARTs and EMTs (146.03 KB - PDF) Download Priorities for the supervision of for ART and EMT issuers (181 KB - PDF) Download Related content Page Markets in Crypto-assets Topic Asset-referenced and e-money tokens (MiCAR)

The European Banking Authority (EBA) has today published for informal consultation its draft methodology, templates, and guidance for the 2025 EU-wide stress test. This step marks the beginning of the dialogue with the banking industry and builds upon the methodology used in the 2023 exercise, with improvements reflecting new insights and regulatory changes. Some important changes are introduced, notably the integration of the upcoming Capital Requirements Regulation (CRR3), set to be implemented on January 1, 2025. It also considers the Commission’s announcement to postpone the application date of the fundamental review of the trading book (FRTB). Other enhancements include the centralisation of net interest income (NII) projections and advancements in the market risk methodology to increase risk sensitivity. 68 banks from the EU and Norway, including 54 from the euro area, will participate in the exercise, thus covering 75% of the EU banking sector. The expanded geographical reach and incorporation of proportionality features aim to boost efficiency while ensuring the relevance and transparency of the results. This forward-looking exercise will assess the resilience of EU banks in the face of adverse economic conditions, providing essential data for the 2025 Supervisory Review and Evaluation Process (SREP). The EBA will maintain a primarily constrained bottom-up approach, complemented by supervisory top-down models that will offer net fee and commission income projections, as well as the newly centralised NII projections to the participating banks. The methodology will further leverage on the breakdown of credit risk by sector of economic activity. The introduction of CRR3 into the methodology means that risk exposure amount (REA) will need to be restated for the risk areas, while the output floor will be computed on the total REA. Considering the Commission's announcement to postpone the implementation of the CRR3 market risk rules (FRTB) until January 1, 2026, the EBA has adjusted the draft methodology to align with the current market risk REA regulations, effective as of the start date of the exercise. The EBA remains prepared to update this methodology to accommodate any further information or changes following the adoption of Commissions’ Delegated Act. Proportionality will be emphasised for smaller and less complex banks to promote efficiency and transparency. Instead of a single capital threshold, banks will be evaluated against the relevant supervisory capital ratios within a static balance sheet assumption. The results from the stress test will play a crucial role in informing the SREP, thereby influencing decisions on bank capital resources and future capital planning. The EBA has also focused on aligning the process with the needs of banks and supervisors by considering adjustments to submission dates and the banks' FAQ process, to accommodate the transition to CRR3. The EBA expects to publish the final methodology at the end of 2024, launch the exercise in January 2025 and release the results by the end of July 2025. Background The EU-wide stress test is designed to provide a common analytical approach to evaluate the stability of EU banks and the wider banking system when subjected to economic stress, challenging their capital adequacy. The 2025 EU-wide stress test is coordinated by the EBA, working in conjunction with the European Systemic Risk Board (ESRB), Competent Authorities, including the Single Supervisory Mechanism (SSM), and the European Central Bank (ECB). The EBA's Board of Supervisors will finalise scenarios, methodologies, quality assurance practices, templates, and guidelines, in coordination with the ESRB and ECB who will develop the adverse macroeconomic scenario and associated risk parameters. The preliminary methodology and templates are now open for informal discussion with banks, allowing for input that will be considered in finalising these documents. Annex I of the methodological note contains a preliminary list of institutions included in the sample. To account for potential exclusions prior to the launch of the exercise, three euro area banks have been provisionally added to the sample. If no changes to the sample occur by mid-December, these banks will be automatically excluded. Documents 2025 EU-wide stress test - Methodological Note (2.05 MB - PDF) Download 2025 EU-wide stress test - Template Guidance (1.37 MB - PDF) Download 2025 EU-wide stress test - Templates (19.91 MB - Excel Spreadsheet) Download Related content EU-wide stress testing