Following the chaotic week of Trump's Tariff's Policy, Cathie Wood, CEO and CIO at ARK Invest commented: “While many observers fear that the Trump tariff policy is a recipe for economic and geopolitical disaster, we believe that what looked at first glance like the largest and most regressive tax increase in US history could turn out to be quite the opposite. “Now that President Trump has asked Treasury Secretary Bessent to take the lead from Peter Navarro and Howard Lutnick in negotiating with US allies, what once seemed like a chaotic situation based on incomprehensible “reciprocity” calculations could have been a setup—premeditated or otherwise—for serious negotiations that will lead to lower tariffs and non-tariff barriers, neither of which would have been possible without the shock therapy that President Trump administered. “Still influential in the Trump Administration, Elon Musk has been a strong advocate for this solution to the tariff and non-tariff trade barriers that have evolved over the last 50 years. “During the past week of extreme volatility in the stock and bond markets, our working assumption was that President Trump has been aiming for robust economic growth and a strong stock market during the second half of this year, ahead of the midterm elections next year. How many times this week has he mentioned that the economy and stock market are going to boom. “Even before the tariff controversy, we had been expecting strong growth to begin sometime in the second half, because we do believe that the last leg of a three-year rolling recession will result in negative GDP growth for the first and second quarters. “During the past three years, as one cohort of the economy after another capitulated to the interest rate shock that started in 2022, high-end consumers and the government propped GDP up. Now, both are giving way, with the government entering its first recession in 30 years. As a result, the Administration and the Federal Reserve will have more degrees of freedom to stimulate than most investors have been expecting. “Now that much of the economy has seized up in response to the fear of tariffs, the drop in activity is likely to be more severe than otherwise would have been the case, a clarion call for tax cuts, deregulation, and lower interest rates.”

Taiwan Futures Exchange (TAIFEX) recorded a total trading volume of 80,471,989 contracts in the first quarter of 2025, with an average daily volume (ADV) of 1,463,127 contracts. Core TAIEX products continued to drive market activity: TAIEX Options (TXO): 678,268 contracts ADV  Mini TAIEX Futures (MTX): 251,257 contracts ADV  Micro TAIEX Futures (TMF): 153,564 contracts ADV  TAIEX Futures (TX): 122,596 contracts ADV Click here for full details.

Behran Oil Company’s executives joined Tehran Securities Exchange’s opening bell ceremony on Sunday 13 April 2025. It is a leading lubricant manufacturer in Iran with dominant market share in terms of different lubricants, and also one of the top thirty worldwide lubricant producing companies. On July 6th, 1962 a joint venture of a local group and Exxon was founded as a blending unit for motor oil with ESSO trade mark in Iran. Throughout the years, a number of different expansion and modification projects in Behran Oil Co. has improved manufacturing and marketing of more than 300000 T/Y of around 900 products including automotive oils, industrial oils, greases, petroleum waxes, process oils, engine coolants, antifreezes and furfural solvent in different packages from 1 to 1000 liter. The bell ringing ceremony by previously listed issuers has been initiated this year by TSE in order to provide a platform to the companies to network with their stakeholders during a less formal event, redefine their missions and designate their new goals.   The news link on the TSE website è https://www.tse.ir/en/news/details/95320

INTRODUCTION 1.   In January this year, MAS kept the Singapore dollar nominal effective exchange rate (S$NEER) policy band on a modest and gradual appreciation path, but reduced its slope slightly. There was no change to the width of the policy band or the level at which it was centred. Since then, the S$NEER has fluctuated within the upper half of the policy band in response to shifts in the macroeconomic outlook and shocks to global trade policies. Notwithstanding the volatility, the average level of the S$NEER over the last three months has been broadly unchanged from that in the preceding three months. Chart 1S$ Nominal Effective Exchange Rate (S$NEER) GROWTH BACKDROP 2.   Singapore’s key trading partners showed signs of weakening economic activity in the first quarter of 2025. Consumer and business confidence in major economies have fallen alongside escalating trade policy uncertainty. Concomitantly, retail sales and capex intentions have softened. In the region, export performances across economies have turned more uneven, reflecting the waning of temporary boosts to production and shipments from trade frontloading, even as underlying AI-driven demand for electronics saw some resilience. 3.   MTI’s Advance Estimates show that the Singapore economy expanded by 3.8% year-on-year in Q1 2025. At the same time, the growth momentum was weaker than expected, contracting by 0.8% on a quarter-on-quarter seasonally-adjusted basis, down from the 0.5% expansion a quarter ago. In tandem with the nascent slowdown in some major economies, activity in the external-facing manufacturing and modern services sectors declined. Meanwhile, the domestic-oriented sectors saw generally tepid activity. 4.   Prospects for global trade and GDP growth dimmed in early April. The US has imposed tariffs on imports from most countries in the world, with some of these countries announcing retaliatory tariffs. Economies that levy duties on imports will likely experience an increase in costs and this will weigh on their aggregate demand. At the same time, exporting countries which have been hit by tariffs will be confronted with weaker demand and pressure to lower prices for their output. In addition, global financial conditions have tightened as asset markets have begun repricing risks in the global economy. These factors will exert widespread and potentially reinforcing drags on production, trade, and investments in Singapore’s major trading partners. Global growth is expected to weaken this year, with trade possibly moderating to a greater extent. 5.   For 2025 as a whole, Singapore’s GDP growth is expected to slow to 0.0–2.0% from 4.4% last year. Given Singapore’s high trade dependency and deep integration with global supply chains, slowing global and regional trade as well as heightened policy uncertainty will weigh on the external-facing sectors, which could spill over into the domestic-oriented sectors. Consequently, the aggregate level of output will come in below the economy’s potential this year. 6.   The external environment remains uncertain. There are downside risks to Singapore’s economic outlook stemming from episodes of financial market volatility and a sharper-than-expected fall in final demand abroad. A more abrupt or persistent weakening in global trade will  have significant ramifications on Singapore’s trade-related sectors, and in turn, the broader economy. INFLATION OUTLOOK 7.   MAS Core Inflation[1] eased significantly to 0.7% y-o-y in Jan–Feb 2025, from 1.9% in Q4 2024. Inflation fell by more than expected across a wide range of goods and services. Soft consumer spending on F&B services and retail goods domestically, as well as moderating cost pressures, have dampened consumer price increases. Enhanced government subsidies also contributed to lower services inflation. The re-basing of the CPI in January this year accounted for only a small part of the step down in inflation. 8.   MAS Core Inflation is now forecast to average 0.5–1.5% in 2025, down from 1.0–2.0% in the January 2025 MPS. The downgrade reflects the lower-than-expected inflation outturns in Jan–Feb as well as an anticipated moderation in the pace of price increases amid the weakening economic outlook. On the external front, imported inflation should be modest, as slowing global demand and lower energy commodity prices dampen imported costs. Domestic unit labour cost increases are also expected to moderate due to easing nominal wage growth and improving labour productivity. Together with softer consumer spending, as well as enhanced government subsidies, these factors should temper inflation in the quarters ahead. 9.   CPI-All Items inflation in 2025 is similarly expected to average 0.5–1.5%, down from 1.5–2.5% previously. This reflects in part the low outturns in Jan–Feb as well as the downgrade to the MAS Core Inflation forecast range.   MONETARY POLICY 10.  Amid the weakening external outlook, Singapore’s output gap will turn negative. Consequently, imported and domestic cost pressures will remain low and MAS Core Inflation is forecast to stay well below 2%. The risks to inflation are tilted towards the downside. 11.  MAS will continue with the policy of a modest and gradual appreciation of the S$NEER policy band. However, the rate of appreciation will be reduced slightly. There will be no change to the width of the band and the level at which it is centred. 12.  MAS will closely monitor global and domestic economic developments, and remain vigilant to risks to inflation and growth. *** [1] MAS Core Inflation excludes the costs of accommodation and private transport from CPI-All Items inflation.   Related: Past Monetary Policy Decisions

Stewardship Code / List of institutional investors signing up to the Code Principles for Responsible Institutional Investors ≪Japan’s Stewardship Code≫ -To promote sustainable growth of companies through investment and dialogue- (Second revised version)(March 24, 2020) Clarification of Legal Issues Related to the Development of Japan’s Stewardship Code(February 26, 2014) List of institutional investors signing up to “Principles for Responsible Institutional Investors” ≪Japan’s Stewardship Code≫ -To promote sustainable growth of companies through investment and dialogue- (Appendix)The Guidelines for Investor and Company Engagement(June 1, 2018) Public Comments Draft revisions to the “Principles for Responsible Institutional Investors” «Japan’s Stewardship Code» - To promote sustainable growth of companies through investment and dialogue - for public consultation (March 21, 2025) Materials and Minutes The third meeting on February 26, 2025 information Material 1 Material 2  Material 3  The second meeting on November 18, 2024 information Material 1 Material 2 Appendix 1 Appendix 2 The first meeting on October 18, 2024 information Material 1 Material 2 Material 3 Material 4 Material 5 (Available only in Japanese) Material 6 (Available only in Japanese) Opinion 1(Submitted by Sisson Member) Appendix 1 Press Releasesv The Expert Panel on the Stewardship Code (2024) (October 18, 2024) (Appendix) “The Expert Panel on the Stewardship Code" (2024) Member list Meeting in 2019 for Revision The Council of Experts on the Stewardship Code  Finalization of the revised version Finalization of the Japan’s Stewardship Code (Second revised version)(March 24, 2020) Public Comments Publication of the draft of the “Principles for Responsible Institutional Investors” ≪Japan’s Stewardship Code≫ -To promote sustainable growth of companies through investment and dialogues- (in English)(December 20, 2019) Materials and Minutes The Third Council on December 11, 2019 information Minutes Material 1 Material 2 Opinion 1(Submitted by Sampei Member) Opinion 2(Submitted by Toyama Member) The Second Council on November 8, 2019 information Minutes Material 1 Material 2 Material 4 Appendix 1 Appendix 3 Opinion 1(Submitted by Shibasaki Member) Opinion 2(Submitted by Toyama Member) * Materials submitted by Matsuyama Member (material 3) and Mr. Mizuno (material 5) are only available in Japanese. * Appendix 2 & 4 are not uploaded here as it's a provisional translation of Appendix 1 & 3 to Japanese. The First Council on October 2, 2019 information Minutes Material 1 Material 2 Material 3 Material 4 Appendix 1 Appendix 2 Appendix 3 * Materials submitted by Oba Member (material 5) and Ogai Member (material 6) are only available in Japanese. Press Releases The Council of Experts on the Stewardship Code (2019)(September 25, 2019) (Appendix) “The Council of Experts on the Stewardship Code (2019) Member list(December 4, 2019) Meeting in 2017 for Revision The Council of Experts Concerning the Japanese Version of the Stewardship Code Finalization of the revised version Finalization of the Japan’s Stewardship Code (Revised version)(May 29, 2017) Public Comments Publication of the draft of the “Principles for Responsible Institutional Investors” ≪Japan’s Stewardship Code≫ -To promote sustainable growth of companies through investment and dialogues- (in English) (April 7, 2017) The summary of comments to the Japanese draft and the Council's view on them The summary of comments to the English translation and the Council's view on them Materials and Minutes The Third Council on March 22, 2017 Material (PDF:463KB) Minutes(PDF:485KB) * Material (Submitted by Ministry of Health, Labour and Welfare) is only available in Japanese. The Second Council on February 17, 2017 Material（PDF:313KB) Minutes(PDF:458KB) Opinion (Submitted by Waring Member) (PDF:208KB) Opinion (Submitted by Toyama Member) (PDF:111KB) * Material (Submitted by Ministry of Economy, Trade and Industry) is only available in Japanese. The First Council on January 31, 2017 Material 1 (PDF:261KB) Material 2 (PDF:115KB) Material 3 (PDF:546KB) Material 4 (PDF:2,401KB) Minutes(PDF:497KB) Reference (Effective Stewardship Activities of Institutional Investors) (PDF:276KB) * Opinion (Submitted by Hamaguchi Member) is only available in Japanese. Press Releases The Council of Experts on the Stewardship Code (PDF:138KB) (January 25, 2017) (Appendix) “The Council of Experts on the Stewardship Code” Member list (PDF:102KB) Meeting in 2014 for Establishment The Council of Experts Concerning the Japanese Version of the Stewardship Code Publication of the final version “Principles for Responsible Institutional Investors” ≪Japan’s Stewardship Code≫ -To promote sustainable growth of companies through investment and dialogue- (Final version, in English, April 7, 2014) Stewardship Code: Message from the FSA (PDF:114KB) (in English) (September 8, 2014) Public Comments Publication of the draft of the “Principles for Responsible Institutional Investors” ≪Japan’s Stewardship Code≫ -To promote sustainable growth of companies through investment and dialogue- (in English) (January 15, 2014) Publication of the draft of the “Principles for Responsible Institutional Investors” ≪Japan’s Stewardship Code≫ -To promote sustainable growth of companies through investment and dialogues- (in Japanese) (December 26, 2013) Materials and Minutes The Sixth Council on February 26, 2014  Minutes(PDF:183KB) * Materials 1-5 and reference material are only available in Japanese. The Fifth Council on December 26, 2013  Minutes(PDF:117KB) * Material is only available in Japanese. The Fourth Council on November 27, 2013  Minutes(PDF:542KB) * Materials 1-3 and reference material are only available in Japanese. The Third Council on October 18, 2013 Material 3(PDF:377KB) Minutes(PDF:655KB) * Materials 1 and 2, and reference material, are only available in Japanese. The Second Council on September 18, 2013 Material 1(PDF:506KB) Material 2(PDF:215KB) Minutes(PDF:249KB) * Materials 3-5 and reference material are only available in Japanese. The First Council on August 6, 2013 Material 1(PDF:108KB) Material 3(PDF:431KB) Minutes(PDF:181KB) * Materials 2, 4, and 5 are only available in Japanese. Press Releases The Council of Experts Concerning the Japanese Version of the Stewardship Code (PDF:107KB) (August 5, 2013) (Appendix) “The Council of Experts Concerning the Japanese Version of the Stewardship Code” Member list (PDF:107KB)

His Highness: Summit reflects Mohammed bin Rashid’s vision of establishing Dubai as a global financial powerhouse Summit to draw over 8,000 attendees and 300 speakers from more than 100 countries, and over 1,000 investors alongside top decision makers, thought leaders and experts Essa Kazim: Through the summit, DIFC continues to showcase the tremendous opportunities for AI, FinTech and innovation companies in Dubai Future Sustainability Forum will be incorporated into the summit for the first time FinTech World Cup gives start-ups a platform to display solutions to investors, venture capitalists, and strategic partners The Dubai International Financial Centre (DIFC) is set to host the third edition of the Dubai FinTech Summit on 12 and 13 May 2025, at the Madinat Jumeirah, Dubai, under the theme ‘FinTech for All’. The Summit, held under the patronage of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and President of DIFC, will bring together global industry leaders, innovators, and policymakers to explore the latest trends and insights driving the FinTech sector. His Highness Sheikh Maktoum bin Mohammed said: “The Dubai FinTech Summit reflects the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, of establishing Dubai as a global financial powerhouse. The Summit is set to attract over 8,000 attendees and 300 speakers from more than 100 countries, as well as over 1,000 investors alongside top decision makers, thought leaders and experts. This reflects Dubai’s pivotal role in shaping the future of finance globally, while reinforcing its status as the destination of choice for businesses and entrepreneurs worldwide. We are committed to supporting FinTech in line with the goal of the Dubai Economic Agenda D33 to position Dubai as a top four global financial centre by 2033.” Drivers of FinTech growth The FinTech sector continues to grow and by 2030 global revenues are expected to reach $1.5 trillion, representing an estimated 7% of the total financial services market. This growth is driven by advancements in artificial intelligence, blockchain and digital banking, creating new opportunities for financial institutions and technology companies worldwide. Dubai FinTech Summit is at the heart of these developments. Its agenda will address the future of finance, financial innovation and regulatory compliance, while highlighting the challenges and opportunities the sector presents. It will also cover the latest in key areas such as blockchain technology, AI-driven services, and digital banking. Furthermore, the summit will explore investment trends, global economic shifts, and cross-border regulations.  Attracting talent His Excellency Essa Kazim, Governor of DIFC said: “Through the Dubai FinTech Summit, DIFC continues to showcase the tremendous opportunities AI, FinTech and innovation companies can access when they establish in Dubai. As we relentlessly foster an environment of innovation and excellence, we are solidifying Dubai’s position as one of the world’s foremost destinations for FinTech talent and investment.” Accompanying exhibition and Future Sustainability Forum Providing a global platform for innovation, building partnerships and driving the next wave of FinTech advancements, the Summit will also feature an exhibition with 200 exhibitors.   The Future Sustainability Forum will be incorporated into the Dubai FinTech Summit for the first time, and the alignment is reflected in the Summit’s theme of ‘FinTech for All’. Associated sessions will highlight accessibility, inclusivity and empowerment in the financial sector.   Key speakers Amongst the distinguished lineup of speakers are His Excellency Marko Primorac, Deputy Prime Minister and Minister of Finance of Croatia; His Excellency Gilles Roth, Minister of Finance, Luxembourg; Timothy Adams, President and Chief Executive Officer, Institute of International Finance (IIF), USA; Tony O Elumelu, Chairman of United Bank for Africa and Founder of Tony Elumelu Foundation, Nigeria; and Vijay Shekhar Sharma, Founder & Chief Executive Officer, Paytm, India.  The Summit will feature start-up and country pavilions in the exhibition arena to showcase cutting-edge solutions from emerging and established players. Additionally, the FinTech World Cup will give promising FinTech start-ups a global platform to display their solutions to investors, venture capitalists, and strategic partners, and an opportunity for investors to find the next big idea.  Reflecting the continued importance of FinTech to the finance industry, the event is being supported by Emirates NBD as Premium Banking Partner, Commercial Bank of Dubai as Strategic Banking Partner; Relm as Strategic Partner; Presight as AI Industry Leader; Pay10 and Alibaba Cloud as Platinum Sponsors; Seoul FinTech Lab as a Pavillion Partner; and Business Sweden as the Country Partner. Registrations for Dubai FinTech Summit are now open at dubaifintechsummit.com.  

Click here to download Tehran Securities Exchange's weekly market snapshot.

The FCA has highlighted that banks and building societies can improve how they treat customers affected by bereavement or registering a power of attorney. Since the introduction of the Consumer Duty, some firms are making a real difference with clear policies and procedures and actively using data to better identify needs and support their customers. However, some firms’ staff are unclear on the actions they need to take and how quickly. In some cases, this meant some individuals and their representatives were unable to access funds to pay essential bills. There were examples of customers who struggled to get support during an emergency, such as a mental health crisis, adding to their distress.  The regulator has published good and poor practice to help firms provide the right support by being adaptable and putting consumers’ needs at the forefront of everything they do, which is consistent with the Consumer Duty. This multi-firm review fed into the wider work on how financial services firms are treating vulnerable consumers but also has specific findings that are relevant for banks and building societies.  Emad Aladhal, Director of Retail Banking, said: 'Dealing with a bereavement or setting up a power of attorney can often be stressful and emotional. When banks and building societies get it right for their customers they can make a real difference at a difficult time. But when they fail to recognise and respond to customers who need more help, it adds to the stress. All firms should consider where they can make improvements.  'Our message to consumers is this - if you need to notify your banking provider about a bereavement or a power of attorney, speak to them about how they can support you and meet your needs.' The FCA issued guidance to help financial services firms support consumers in vulnerable circumstances in 2021 and introduced the Consumer Duty in 2023, which requires firms to deliver good outcomes for all customers, including those in vulnerable circumstances. As part of our five-year strategy, the FCA will focus on helping consumers navigate their financial lives and make better informed financial decisions, and the Consumer Duty will be integral to how firms treat their customers.  Background Read Retail banks’ treatment of customers in vulnerable circumstances Multi-firm Review: good practice and areas for improvement. This builds on our review of life insurers’ bereavement claim processes. The FCA’s wider review on vulnerability. The FCA has written to individual firms involved in the review to provide specific feedback.   

Good afternoon and welcome everyone to the second installment of the Crypto Task Force’s Roundtables. Today, we focus on crypto trading. This topic is of particular interest to me because it wades into some of the practical implications, questions, challenges, and risks that impact actual investors who own – and, therefore, trade – crypto of all varieties. Any conversation about crypto trading quickly reveals the immense complexity and unique nature of these transactions. In thinking about these complexities, I can’t help but consider them from the perspective of a retail investor. What is a retail investor’s expectation for how their crypto investments move through a trading platform? What protections do they naturally assume they have based on crypto companies’ marketing and their experience with more traditional investments? Do they actually have the benefit of those protections in practice? In my view, they should. But… do they? And if they don’t, how are they warned of that? In addition to investor expectations, we, of course, have to consider how crypto trading platforms may (or may not) fit into our existing regulatory regime for national securities exchanges and alternative trading systems. Crypto trading platforms are unique because, among other reasons, they often perform multiple services under one roof, sometimes including brokerage, clearing, and custody. Each of these functions is vitally important to maintaining the safety and integrity of assets entrusted by investors to such entities. In traditional finance, they are typically performed by separate registered entities. That’s because of the high risk of conflicts of interest and risks for investors. Because many of these entities are not registered with any regulator (not the SEC, not the states, and not an SRO), they do not comply with laws designed to minimize these risks and potential conflicts. Though the SEC has urged investors to exercise caution,[1] in some instances, we have seen those risks materialize in a way that has caused significant market disruption and harm to investors. After those instances, we become painfully aware of the mismatch between investor expectations and reality.[2] Investors didn’t realize that their crypto may be held in a single wallet controlled solely by the exchange.[3] Investors didn’t realize that custodially held crypto would be treated as property of the exchange in a bankruptcy proceeding.[4] Investors didn’t realize that their investments were not covered by any FDIC or SIPC insurance.[5] Beyond the consequences to individual investors, these ongoing, unmitigated risks pose a larger threat to orderly functioning of the crypto markets and potentially also to the banking system and traditional finance. So, where do we go from here? That’s where you and this roundtable come in. How do we approach the question of crypto exchange registration? How do on- and off-chain transactions comply with broker-dealers’ best execution obligations? How can we address and minimize custody risks and conflicts of interest? Together, let’s explore answers to these difficult questions that can both protect investors and markets. Thank you all for your continued participation in these roundtables. [1] See S.E.C. Office of Investor Education and Advocacy, Exercise Caution with Crypto Asset Securities: Investor Alert (Mar. 23, 2023). [2] See Adam Levitin, Not Your Keys, Not Your Coins: Unpriced Credit Risk in Cryptocurrency, 101 Tex. L. Rev. 877 (2023) (arguing that the risks cryptocurrency exchanges and similar platforms pose for their customers are both substantial and poorly appreciated by many cryptocurrency investors). [3] Id. at 3. [4] Id. at 4. [5] Id. at 5.

The current reports for the week of April 08, 2025 are now available. Report data is also available in the CFTC Public Reporting Environment (PRE), which allows users to search, filter, customize and download report data. Additional information on Commitments of Traders (COT) | CFTC.gov Historical Viewable Historical Compressed COT Release Schedule CFTC Public Reporting Environment (PRE) PRE User Guide PRE Frequently Asked Questions (FAQs)

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

Please refer to the Regulatory Circulars listed below for newly added symbols and the corresponding market for the underlying security used for openings on the MIAX Exchanges. The newly listed symbols will be available for trading beginning Monday, April 14, 2025. MIAX Options Regulatory Circular 2025-26 MIAX Pearl Options Regulatory Circular 2025-26 MIAX Emerald Options Regulatory Circular 2025-26 MIAX Sapphire Options Regulatory Circular 2025-26 Please direct questions to the Regulatory Department at Regulatory@miaxglobal.com or (609) 897-7309.

Good afternoon, and welcome to the Crypto Task Force’s second roundtable, which is focused on crypto trading.   Over 200 years ago, a group of stockbrokers gathered under a buttonwood tree to establish basic rules for the trading of securities on an organized market in New York City.[1]  Today, we are at a similar point in time in the history of markets as we gather to discuss the regulation of crypto asset trading within the United States.  Like the early securities markets, organized markets for crypto asset trading developed organically in response to supply and demand for the emerging asset class.  The first crypto markets operated entirely outside of the regulatory perimeter.[2]  A number of state agencies exercised regulatory authority over crypto markets under the view that the platforms were akin to currency exchanges and subject to money transmitter licensing laws.[3] State regulation of crypto asset trading raises the potential for there to be a patchwork of state licensing regimes.  We should consider whether there may be a more efficient method of regulation.  Under an accommodating federal regulatory framework, some market participants would likely prefer to offer trading in both tokenized securities and non-security crypto assets under a single SEC license rather than offer trading solely in non-security crypto assets under fifty different state licenses. However, the federal securities laws and regulations may present challenges for broker-dealers and national securities exchanges seeking to offer trading in tokenized securities.  For example, national securities exchanges can only list registered securities and most tokenized securities in the market today are unregistered.[4]  Additionally, compliance with Rule 611 (the “order protection rule”) may not be possible with respect to customer orders for securities that trade in both tokenized and non-tokenized formats in on- and off-chain markets.[5] Incumbent crypto asset trading platforms seeking to offer trading in tokenized securities also face unique obstacles.  Unlike securities exchanges, crypto asset trading platforms are typically vertically integrated with custody, execution, and clearing all occurring on the same platform.[6] Blockchain technology offers the potential to execute and clear securities transactions in ways that may be more efficient and reliable than current processes.  For example, blockchains can be used to manage and mobilize collateral in tokenized form to increase capital efficiency and liquidity.[7]  Additionally, decentralized finance software protocols allow users to transact on a 24/7 basis via smart contracts.[8]  The drafters of the federal securities laws did not contemplate the use of blockchains or smart contracts to perform the functions of a transfer agent, facilitate the exchange of securities, or clear securities transactions. While the Commission works to develop a long-term solution to address these issues, a time-limited, conditional exemptive relief framework for registrants and non-registrants could allow for greater innovation with blockchain technology within the United States in the near term.  I encourage market participants that are developing new ways to trade securities using blockchain technology to provide input on where exemptive relief may be appropriate. Thank you to the Crypto Task Force and panelists for your time in preparing for this roundtable.  I look forward to the discussions to follow. [1]    Olivia B. Waxman, How a Financial Panic Helped Launch the New York Stock Exchange, TIME, May 17, 2017, available at https://time.com/4777959/buttonwood-agreement-stock-exchange/.   [2]    See Kashmir Hill, After Mt. Gox Implodes, Bitcoin CEOs and Lawmakers Scramble, Forbes, Feb. 25, 2014, available at https://www.forbes.com/sites/kashmirhill/2014/02/25/mt-gox-implosion-has-u-s-lawmakers-renew-call-for-oversight/. [3]    See Zachary Miller, The Right Side of the Coin: State Approaches to Regulating Virtual Currency, 45 Seton Hall Leg. J. 809, (Dec. 6, 2021), available at https://scholarship.shu.edu/cgi/viewcontent.cgi?article=1198&context=shlj. [4]    See 15 U.S.C. § 78l. [5]    See 17 C.F.R. § 242.611. [6]    See OICU-IOSCO, Policy Recommendations for Crypto and Digital Asset Markets Consultation Report, CR01/2023, May 2023, available at https://www.iosco.org/library/pubdocs/pdf/IOSCOPD734.pdf. [7]    DTCC, DTCC Announces New Platform for Tokenized Real-time Collateral Management, Apr. 2, 2025, available at https://www.dtcc.com/news/2025/april/02/dtcc-announces-new-platform-for-tokenized-real-time-collateral-management. [8]    See Fabian Schär, Decentralized Finance: On Blockchain- and Smart Contract-Based Financial Markets, Federal Reserve Bank of St. Louis, Apr. 15, 2021, available at https://www.stlouisfed.org/publications/review/2021/02/05/decentralized-finance-on-blockchain-and-smart-contract-based-financial-markets.

Notice Type: Exchange Notice ID: 1830.041125 2025 Pursuant to Section 5c(c)(1) of the Commodity Exchange Act, as amended (“Act”), and Section 40.6(d) of the regulations promulgated by the Commodity Futures Trading Commission (the “Commission”) under the Act (the “Regulations”), North American Derivatives Exchange, Inc. (“Nadex”, the “Exchange”) hereby provides notice that due to increased or decreased volatility, as the case may be, in the underlying markets upon which the Nadex contracts are based, Nadex made changes to the strike widths of various contracts during the week of April 7, 2025, as indicated in the Weekly Notice. Should you have any questions or require further information, please contact the Compliance Department. Should you have any questions or require further information, please contact the Compliance Department. Notice 1830 Weekly Notification

The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has published or updated the following Questions and Answers: European crowdfunding service providers for business (ECSPR): Bulletin Board - Disclosure obligations (point (b) of Article 25(3) of the ECSPR) (2501) Assessment of the entity to be considered as the project owner (2502) Markets in Crypto-Assets Regulation (MiCA) Registered AIFM and MICA (2397) Autotrading (2463) ▸ Questions and Answers section

A total turnover of 2.094 billion shares worth N52.967 billion in 64,612 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 1.183 billion shares valued at N28.868 billion that exchanged hands last week in 42,397 deals. Click here for full details.

Click here to download Malawi Stock Exchange's weekly summary report.

Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montréal Exchange will be closed on Friday, April 18, 2025, for Good Friday. The Exchanges will re-open and resume regular trading hours on Monday, April 21, 2025.

Multiplier: 2XReason: In maintenance of a fair and orderly market.Time: OPENING and INTRADAYSubject Summary: Please be advised, effective for trade dates April 7, 2025 through April 11, 2025, the MIAX Regulatory Department has granted 2 times OPENING and INTRADAY quote parameter relief for all symbols on MIAX Options and MIAX Emerald Options. Please note, standard quote width is $5 wide, two (2) times width is $10.  The quote width listed in the following will be two (2) times the listed width.https://www.miaxglobal.com/markets/us-options/miax-options/market-maker-requirementshttps://www.miaxglobal.com/markets/us-options/emerald-options/market-maker-requirementsFor questions or comments, please contact the Regulatory Department at regulatory@miaxglobal.com.

Due to the event that affects securities trading beginning to ease, the Stock Exchange of Thailand (SET) and Thailand Futures Exchange PCL (TFEX) will resume the normal trading regulations, with effect from April 16, 2025 onwards, following the end of the temporary measures, which have been implemented from April 8 to April 11, 2025. Nonetheless, SET and TFEX, if necessary, are ready to review and adjust trading rules as appropriate for evolving market conditions. Even though the temporary measures will be ended, to control price volatility and ensure continuous market stability, the Board of Governors (BoG) has approved two new additional measures as follows: Restricting eligible short-selling stocks to only SET100 stocks, with immediate effect from April 16, 2025 onwards. This measure has already passed the process of stakeholder hearings and seeking approval of the Securities and Exchange Commission (SEC). The uptick rule, accordingly, remains applicable to short-selling transactions of these stocks.    Restricting High Frequency Trading (HFT) activities to only SET100 stocks to reduce volatility in small and mid-cap stocks. This measure is expected to be implemented by this May after coordinating with relevant stakeholders to ensure proper preparation. The BoG has also approved maintaining the Minimum Resting Time (MRT) measure to prevent excessively rapid order placement and cancellation.