The Commission voted today to approve the 2026 budget for the Public Company Accounting Oversight Board (the “PCAOB” or “Board”) and the related accounting support fee. The 2026 PCAOB budget totals $362.1 million, reflecting a 9.4 percent ($37.6 million) decrease from the prior year.[1] I support this budget and recognize its importance as an initial step in refocusing the PCAOB on its core mission. Both during my time as a Commissioner and now as Chairman, I have recognized–and continue to recognize–the importance of driving improvements in audit quality. Nevertheless, all regulators, including the Commission and the PCAOB, must continually assess how and whether current approaches to fulfilling the Board’s responsibilities provide benefits to investors without imposing excessive burdens on businesses. For the Commission, its diligent oversight of the PCAOB is a crucial check on the considerable authority that the Board holds over audit firms and the risks of potentially excessive burdens. A significant aspect of this oversight is the Board’s budget. The PCAOB must exhibit a strong commitment to responsible stewardship of the accounting support fee, which is its primary source of funding and functions as a tax on public companies and broker-dealers. This includes being mindful of and transparent about material investments so that the Commission can appropriately exercise our budget oversight responsibilities. The decrease in this year’s budget does not detract from the significance of the PCAOB’s mission, which remains crucial; rather, it underscores that fiscal discipline and regulatory effectiveness complement each other. In 2007, during my final vote on a PCAOB budget before leaving the Commission, I highlighted two main concerns, which I will briefly revisit now. The first concern was the high salaries of the PCAOB Board members, prompting me to reject the budget that year. I highlighted then that “[t]he SEC can and must provide objective oversight with respect to the Board’s salaries. If we do not oversee those, nobody else can.”[2]This budget, I believe, addresses this first concern, reducing the chairman’s and other Board members’ compensation by 52 percent and 42 percent, respectively. This action demonstrates a clear commitment to aligning PCAOB Board pay more closely with the ethos of public service that reinforces trust, demonstrates fiscal responsibility, and affirms the honor of stewardship over the capital markets. My second concern stemmed from the PCAOB’s lack of a long-term strategic plan, which I firmly advocated for, and that the Commission required the PCAOB to develop starting in 2007.[3]I believed then and still believe today that a robust strategic plan is necessary to ensure that the PCAOB’s growth and budget aligns with its statutory role. Effective budgeting requires a strategic plan that considers the broader context, sets clear objectives, identifies gaps between goals and the current status, and provides an action plan with clear, transparent, and measurable benchmarks. The development of an updated strategic plan is a key priority for 2026. I look forward to working with the PCAOB Board and the Commission’s Chief Accountant to create a comprehensive strategic plan that will get the PCAOB back to basics: focusing on integrity and objectivity of the profession, reducing unnecessarily complex regulations, and re-centering this important institution on its core statutory responsibilities. The Commission remains committed to robust oversight of the PCAOB and to ensuring that its operations are transparent, justified, and worthy of the trust placed in it by investors and the public. I would like to thank PCAOB Acting Chairman George Botic, as well as PCAOB Board Members Kara Stein, Anthony Thompson, and Christina Ho, for their hard work in preparing this budget given the time constraints and delays caused by the government shutdown and for their responsiveness to the Commission’s feedback. I would also like to thank my colleagues at the SEC for their dedicated efforts on this matter, including: Kurt Hohl, Duc Dang, Anita Doutt, Shaz Niazi, Fariba Nasary, Taylor Pross, Greg Hillson, and Mark Jacoby from the Office of the Chief Accountant; Caryn Kauffman, Crystal Willis, and Adam Salazar from the Office of Financial Management; Bryant Morris, Dorothy McCuaig, and Eduardo Aleman from the Office of the General Counsel; and Greg Schulze and Bobby Sharma from the Office of Information Technology. [1] Order Approving Public Company Accounting Oversight Board Budget and Annual Accounting Support Fee for Fiscal Year 2026, Exch. Act Rel. 104653 (Jan. 22, 2026). [2] Paul S. Atkins, Commissioner, U.S. Securities and Exchange Commission, Statement at Open Meeting to Consider PCAOB’s Proposed 2008 Budget (Dec. 18, 2007), https://www.sec.gov/news/speech/2007/spch121807psa.htm. [3] Order Approving Public Company Accounting Oversight Board Budget and Annual Accounting Support Fee for Calendar Year 2008, Exch. Act Rel. No. 56986 (Dec. 18, 2007), https://www.sec.gov/files/rules/other/2007/33-8873.pdf.

The Securities and Exchange Commission is seeking candidates for appointment as members of the SEC’s Investor Advisory Committee, established pursuant to Section 39 of the Securities Exchange Act of 1934 to help protect investors and improve securities regulation. Candidates will be considered for open at-large membership positions on the committee, as well as for a position as the member who is representative of the interests of senior citizens, as provided in the statute. The purpose of the Investor Advisory Committee is to advise and consult with the Commission on: Regulatory priorities of the Commission; Issues relating to the regulation of securities products, trading strategies, and fee structures, and the effectiveness of disclosure; Initiatives to protect investor interests; and Initiatives to promote investor confidence and the integrity of the securities marketplace. Committee members represent the interests of investors, are knowledgeable about investment issues, and have reputations for integrity. “The Investor Advisory Committee is an indispensable partner in safeguarding investors and strengthening our markets,” said SEC Chairman Paul S. Atkins. “Qualified candidates who are interested in lending their time and expertise to further the agency’s efforts are encouraged to apply for the committee’s open roles. Working together, we can enact reforms to reinvigorate our capital markets and allow market participants to innovate, while adhering to the SEC’s mission of protecting investors.” Members of the public interested in serving on the committee as either an at-large committee member or as a member representative of the interests of senior citizens should promptly email a letter of interest to iac-candidates@sec.gov with applicable information about their relevant experience. The letter of interest should indicate whether the person submitting the letter seeks to serve as an at-large committee member or as the committee member representing the interests of senior citizens. The deadline for submission of a letter of interest is Feb. 23, 2026. Applicants who previously applied in 2025 for membership on the committee and who are interested in being reconsidered may submit an e-mail by the deadline requesting their prior application be reconsidered provided that the information furnished in the 2025 application remains accurate.

SIX welcomes Inyova SICAV as a new issuer of Exchange Traded Funds (ETFs). The impact-focused investment platform is expanding investors’ access to actively managed sustainability-oriented strategies at SIX Swiss Exchange with the listing of its first ETF, which is tradable in Swiss francs. The Inyova Impact Investing Active Equity Fund EUR UCITS ETF follows an actively managed strategy that invests globally in companies whose products and services contribute positively to sustainable development and generate measurable environmental and social impact alongside financial returns. While the fund is built on businesses advancing themes such as renewable energy, electromobility, medical technology, gender equality, and human rights, it goes beyond thematic exposure by focusing on active ownership and measurable impact. This leads to long-term value creation potential with clear impact objectives. With this launch, SIX further broadens its offering of actively managed and impact-oriented ETFs for Swiss and international investors. Inyova SICAV is the first new ETF issuer to join SIX Swiss Exchange in 2026, following a record-breaking 2025 with over 300 new products listed and seven new issuers onboarded. SIX Swiss Exchange now hosts 36 ETF issuers offering more than 2,100 ETFs, underscoring its position as one of Europe’s most dynamic and diverse ETF marketplaces. Ultumus, a SIX company, provides critical infrastructure services supporting the Inyova ETF's operational workflow for this launch. Dr. Tillmann Lang, chairman and co-founder of Inyova, elaborates: “With this ETF, we enable investors to pursue their financial goals while achieving sustainability impact and staying fully aligned with their values. By listing our ETF at SIX, we are making our active impact approach more accessible, giving private and professional investors a diversified, research-driven portfolio of companies that drive positive environmental and social outcomes with the potential for long-term value creation.” Danielle Reischuk, Senior ETFs & ETPs Sales Manager, SIX Swiss Exchange, adds: “We are delighted to welcome Inyova SICAV as a new ETF issuer at SIX Swiss Exchange. Their impact-driven, actively managed approach enriches the spectrum of sustainability-oriented investment solutions available on our marketplace. This listing underscores our commitment to offering a robust, efficient venue for innovative issuers and providing investors with access to differentiated strategies.” Inyova is a leading provider of sustainability-oriented impact investments. Founded in Zurich, the company enables private investors to build wealth with positive sustainable outcomes and real impact since 2019. Inyova offers diversified, easily accessible impact investment solutions in equities and fixed income.  Product NameTrading CurrencyISINMarket Maker Inyova Impact Investing Active Equity Fund EUR UCITS ETF CHF LU3075459852 Virtu Financial Ireland Ltd ETFs at SIX: A continued success story. For 25 years, SIX has been the one-stop shop for international ETFs, delivering an end-to-end value chain – from creation and redemption to listing, trading, custody, and high-quality data. Our integrated infrastructure enables efficient access, transparency, and growth for issuers and investors, while Switzerland’s ETF market continues to thrive. With over 7,000 tradable ETFs spanning asset classes, regions, sectors, themes, and strategies, investors gain flexible, cost‑efficient exposure to virtually any market.

GlobalData has announced the latest updates to its Financial and Legal Adviser League Tables, which rank advisers by the total value and volume of merger and acquisition (M&A) deals they advised on in the North American region during 2025. See the rankings and findings below. Financial Advisers JPMorgan and Houlihan Lokey top M&A financial advisers in North America by value and volume in 2025 JPMorgan and Houlihan Lokey were the top mergers and acquisitions (M&A) financial advisers in the North American region in 2025 by value and volume, respectively, according to the latest financial advisers league table by GlobalData, a leading intelligence and productivity platform. GlobalData’s Financial Deals Database revealed that JPMorgan achieved its leading position in terms of value by advising on $763.9 billion worth of deals. Meanwhile, Houlihan Lokey led in terms of volume, advising on a total of 210 deals. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Houlihan Lokey and JPMorgan were the clear winners, having outpaced their peers by a significant margin in terms of volume and value in 2025. Houlihan Lokey was also the top adviser by volume in 2024. “Meanwhile, JPMorgan improved its ranking by value from the second position in 2024, at there was more than a double-fold jump in the total value of deals advised by it due to involvement in big-ticket deals. During 2025, JPMorgan advised on 90 billion-dollar deals* that also included 17 mega deals valued more than $10 billion. It also held the second position by volume in 2025 with 168 deals.” An analysis of GlobalData’s Deals Database reveals that Goldman Sachs occupied the third position in terms of volume with 166 deals, followed by Morgan Stanley with 155 deals, and Jefferies with 115 deals. Meanwhile, Morgan Stanley occupied the second position in terms of value, by advising on $686.4 billion worth of deals, followed by Goldman Sachs with $581.5 billion, Evercore with $459.2 billion, and Bank of America with $432.4 billion. *Deals valued more than or equal to $1 billion   Legal Advisers Wachtell, Lipton, Rosen & Katz and Kirkland & Ellis top M&A legal advisers in North America in 2025 Wachtell, Lipton, Rosen & Katz and Kirkland & Ellis were the top mergers and acquisitions (M&A) legal advisers in North America in 2025 by value and volume, respectively, according to the latest legal advisers league table by GlobalData, a leading intelligence and productivity platform. GlobalData’s Financial Deals Database revealed that Wachtell, Lipton, Rosen & Katz achieved its leading position in terms of value by advising on $669.6 billion worth of deals. Meanwhile, Kirkland & Ellis led in terms of volume by advising on a total of 474 deals. Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Kirkland & Ellis, which was the top adviser by both value and volume in 2024, managed to retain its leadership position by volume in 2025 but lost the top spot by value to Wachtell, Lipton, Rosen & Katz. Kirkland & Ellis held the third position in 2025 deal value rankings. “Despite advising on relatively much lesser number of deals, Wachtell, Lipton, Rosen & Katz managed to lead the chart by value due to its involvement in big-ticket deals. During 2025, the company advised on 45 billion-dollar deals* that also included 15 mega deals valued more than $10 billion.” An analysis of GlobalData’s Deals Database reveals that Latham & Watkins occupied the second position in terms of value, by advising on $605.2 billion worth of deals, followed by Kirkland & Ellis with $585.1 billion, Skadden, Arps, Slate, Meagher & Flom with $475.1 billion, and Sullivan & Cromwell with $438.4 billion. Meanwhile, Latham & Watkins occupied the second position in terms of volume with 337 deals, followed by Gibson, Dunn & Crutcher with 170 deals, Paul, Weiss, Rifkind, Wharton & Garrison with 169 deals, and Skadden, Arps, Slate, Meagher & Flom with 140 deals. *Deals valued more than or equal to $1 billion

ETFGI reports Actively Managed ETFs Hit Record US$1.92Tr as 2025 Marks Highest‑Ever Inflows and 69th Consecutive Month of Growth. During December the actively managed ETFs industry globally gathered net inflows of US$56.23 billion, bringing 2025 net inflows to a record US$637.47 billion, according to ETFGI's December 2025 Active ETF industry landscape insights report, an annual paid-for research subscription service. (All dollar values in USD unless otherwise noted.) ETFGI is a leading independent research and consultancy firm renowned for its expertise in subscription research, consulting services, events, and ETF TV on global ETF industry trends. Highlights Global assets in actively managed ETFs reached a new all‑time high of $1.92 trillion at the end of December, surpassing the previous record of $1.86 trillion set in November 2025. Assets rose 64.5% year‑to‑date in 2025, increasing from $1.17 trillion at the end of 2024 to $1.92 trillion. December 2025 saw net inflows of $56.23 billion. Year‑to‑date net inflows of $637.47 billion set a new record, exceeding the prior highs of $373.54 billion in 2024 and $183.40 billion in 2023. December marked the 69th consecutive month of net inflows. Actively managed equity ETFs and ETPs attracted $33.31 billion in net inflows in December. “The S&P 500 rose 0.06% in December, finishing 2025 up 17.88%. Developed markets outside the United States gained 3.30% in December and increased 35.10% over the full year, with Korea (+10.98%) and Austria (+7.89%) posting the strongest monthly gains among developed countries.  Emerging markets advanced 1.63% in December and were up 24.39% in 2025, led by Peru (+9.87%) and South Africa (+9.49%), which recorded the largest increases among emerging markets during the month.” According to Deborah Fuhr, managing partner, founder, and owner of ETFGI. Growth in assets in the actively managed ETFs industry as of end of December The actively managed ETFs industry globally had 4,636 ETFs, with 6,152 listings, assets of $1.92 Tn, from 665 providers listed on 46 exchanges in 36 countries at the end of 2025. In December, globally listed, actively managed equity ETFs recorded $33.31 billion in net inflows, lifting total inflows for the year to $361.33 billion, significantly higher than the $211.34 billion accumulated in 2024. Actively managed fixed income ETFs also saw strong demand, bringing in $18.56 billion during December and reaching $237.93 billion in year‑to‑date inflows—well above the $139.69 billion recorded in 2024. Substantial inflows can be attributed to the top 20 active ETFs by net new assets, which collectively gathered $15.89 Bn during December. JPMorgan Active Bond ETF (JBND US) gathered $1.19 Bn, the largest individual net inflow. Top 20 actively managed ETFs/ETPs by net new assets December 2025 Name Ticker Assets ($ Mn)  Dec-25 NNA ($ Mn)  YTD-25 NNA ($ Mn) Dec-25 JPMorgan Active Bond ETF JBND US         5,442.01              4,236.20           1,187.48 Capital Group Dividend Value ETF CGDV US       26,596.71             10,364.07           1,128.24 ERShares Private-Public Crossover ETF XOVR US         1,487.21              1,240.03           1,098.34 iShares U.S. Equity Factor Rotation Active ETF DYNF US       31,041.99             13,640.67           1,063.15 JPMorgan Nasdaq Equity Premium Income ETF JEPQ US       32,616.08             10,448.94           1,054.63 MIRAE ASSET TIGER DECEMBER MATURITY ROLLOVER FINANCIAL BOND ACTIVE ETF 0139F0 KS            900.81                 887.40              887.40 JPMorgan Ultra-Short Municipal Income ETF JMST US         6,381.28              3,281.73              825.11 Neos Nasdaq-100 High Income ETF QQQI US         7,417.83              6,524.23              821.68 Avantis Emerging Markets Equity ETF AVEM US       16,042.25              6,096.54              815.46 Blackrock Flexible Income ETF BINC US       15,149.55              8,169.41              786.42 PGIM AAA CLO ETF PAAA US         6,197.21              4,503.75              683.13 Fidelity Total Bond ETF FBND US       23,443.69              6,073.07              681.65 AB US Equity ETF XCHG US            660.10                 658.82              658.82 Yuanta Global AI New Economy Active ETF 00990A TT            646.66                 646.66              646.66 PIMCO Multi Sector Bond Active ETF PYLD US       10,218.69              7,357.37              641.57 Goldman Sachs Technology Opportunities ETF GTOP US            622.42                 630.53              630.53 NEOS S&P 500 High Income ETF SPYI US         6,878.96              4,058.58              605.50 Fuh Hwa Taiwan Future 50 Active ETF 00991A TT            567.21                 567.21              567.21 Capital Group Growth ETF CGGR US       19,052.86              7,274.85              557.49 JPMorgan Core Plus Bond ETF JCPB US         9,322.25              4,228.57              549.41   Investors have tended to invest in Equity actively managed ETFs/ETPs during December.

To increase the effectiveness of equity market microstructure, MOEX establishes the new tick size and Decimals parameter for the following stocks starting 3rd February 2026 in the following trading modes: Main trading mode Т+ ("Т+1" order book) Odd lots trading mode Negotiated trades mode (NTM) NTM with CCP trading mode The new approach to setting the tick size was approved by the MOEX Securities Market committee. The methodology includes: The tick size equals (1,2,5)*10N, where N – integer; Increasing the number of price ranges to 25, and the ranges of liquidity - up to 7; For each liquidity range a recommended range price tick sizes in the spread is established; The maximum allowed relative tick size – 1%

LSEG announces it has purchased the following number of its ordinary shares of 679/86 pence each from Citigroup Global Markets Limited ("Citi") on the London Stock Exchange as part of its share buyback programme, as announced on 04 November 2025. Date of purchase: 21 January 2026 Aggregate number of ordinary shares purchased: 113,529 Lowest price paid per share: 8,748.00p Highest price paid per share: 8,952.00p Average price paid per share: 8,809.20p   LSEG intends to cancel all of the purchased shares. Following the cancellation of the repurchased shares, LSEG has 508,832,760 ordinary shares of 679/86 pence each in issue (excluding treasury shares) and holds 21,451,599 of its ordinary shares of 679/86 pence each in treasury. Therefore, the total voting rights in the Company will be 508,832,760. This figure for the total number of voting rights may be used by shareholders (and others with notification obligations) as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules. In accordance with Article 5(1)(b) of Regulation (EU) No 596/2014 (the Market Abuse Regulation) (as such legislation forms part of retained EU law as defined in 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), a full breakdown of the individual purchases by Citi on behalf of the Company as part of the buyback programme can be found at: http://www.rns-pdf.londonstockexchange.com/rns/8593P_1-2026-1-21.pdf This announcement does not constitute, or form part of, an offer or any solicitation of an offer for securities in any jurisdiction. Schedule of Purchases Shares purchased:       113,529 (ISIN: GB00B0SWJX34) Date of purchases:      21 January 2026 Investment firm:         Citi Aggregate information: Venue Volume-weighted average price Aggregated volume Lowest price per share Highest price per share London Stock Exchange 8,809.20 113,529 8,748.00 8,952.00 Turquoise        

Bursa Malaysia Berhad (“Bursa Malaysia” or the “Exchange”) today announced that the independently assessed Corporate Governance (CG) Ratings for Public Listed Companies (PLCs) on the MAIN Market and ACE Market are now published on the MyBURSA platform. This enhancement enables investors and market participants to access each PLC’s CG Rating, further advancing market transparency and strengthening the appeal of Malaysian companies.  The ratings are derived from assessments conducted by the Minority Shareholders Watch Group (MSWG), in its capacity as the Domestic Ranking Body, using the ASEAN Corporate Governance Scorecard (ACGS) methodology which is aligned with the G20/OECD Principles of Corporate Governance, and endorsed by the ASEAN Capital Markets Forum (ACMF). This will enable investors to compare governance standards across markets in line with international standards and best practices. Julian M Hashim, Chief Regulatory Officer of Bursa Malaysia said: “With the CG Ratings now accessible on MyBURSA, investors can evaluate the governance standards of PLCs alongside other key data points, enabling more holistic risk assessments and long‑term value analysis. For PLCs, the visibility of CG Ratings serves as a benchmark for continuous improvement and enhances their competitiveness in attracting domestic and global capital.” “By integrating the CG Ratings into MyBURSA, complementing the ESG Ratings already available on the platform, Bursa Malaysia aims to elevate governance standards, encourage continuous improvement among PLCs, and enhance the attractiveness of Malaysia’s capital market to investors through the provision of comprehensive, decision‑useful and comparable information,” he added. MSWG’s assessment is based on publicly disclosed information, including Annual Reports, Corporate Governance Reports, Sustainability Reports, and other relevant information available in the public domain. More information on the ACGS methodology and scorecard is available on MSWG’s website: https://mswg.org.my/analytics/.

SGX Stock Exchange today announced the successful listing of Toku Ltd. on Catalist under stock code “TKU”.   Toku Ltd. is a leading cloud-native AI-powered customer experience (CX) platform that enables enterprises to manage customer interactions across voice, chat, email and digital channels. Established in 2017 and headquartered in Singapore, the company has built a robust communications infrastructure that supports a composable suite of communications APIs, developer tools, end-to-end CX management solutions and its core AI products including Toku Transcribe, Toku Summarise, Conversation Analyst AI and Sentiment Analysis. Purpose-built for complex and fragmented markets, Toku serves major enterprises and government agencies across 32 countries in Asia Pacific, the Middle East and Latin America.  Thomas Laboulle, Founder & CEO, Toku Ltd., said, “Toku was built for markets where complexity is the norm, not the exception. Today’s listing is a celebration of that vision and the remarkable team and partners who have brought it to life. As enterprises worldwide seek to transform and scale customer experience across regulated, multilingual, and fragmented markets, we believe we are uniquely positioned to lead that change. This milestone fuels our ambition to build something enduring: a global platform that sets new standards for how businesses connect with their customers. We are just getting started.”  Koh Jin Hoe, Head of Capital Markets, Global Sales and Origination, SGX Group, said, “Toku’s listing reflects the growing depth and diversity of technology enterprises choosing SGX Catalist as their growth platform. With its strong capabilities in AI and communications infrastructure, Toku is well positioned to support digital transformation across diverse markets. We look forward to partnering the company as it scales its business and expands its presence in international markets.”  Toku Ltd. joins more than 200 enterprises that are listed on SGX Catalist. Toku Ltd. opened at S$0.26 today. 

Article (1) Pursuant to Article (38) of the ADX Listing and Disclosure Rules, the units of the Boreas S&P Absolute Luxury UCITS ETF – AED (Dist), will be listed on ADX effective Tuesday, 27 January 2026 with the trading symbol (LUXURY) and ISIN: IE000UK8D8Q4. Article (2) All heads of departments in ADX are to execute this resolution within their respective fields.   Article (3) This resolution shall be circulated to all departments in ADX, and all brokers accredited by ADX. A copy should be sent to SCA, AD CSD and AD CLEAR. The resolution is effective as from the date of issue. 

Allfunds shareholders to receive €8.80 per share, split into €6.00 in cash, €2.60 in Deutsche Börse Group shares, plus a €0.20 permitted dividend   Allfunds Directors unanimously intend to recommend the UK Court‑sanctioned scheme of arrangement; major shareholders have provided irrevocable undertakings  Allfunds and Deutsche Börse Group’s Fund Services segment show strong complementarity across product suites, client bases, partners, and core markets, supporting an expanded and integrated fund services offering  Deutsche Börse Group to start the previously announced share buy-back program in February 2026; repurchasing shares of up to €500 million  Deutsche Börse Group and Allfunds have jointly entered into a binding agreement on the terms of a recommended acquisition by Deutsche Börse Group (the “Acquisition”).  Under the terms of the Acquisition, each Allfunds shareholder will be entitled to receive €8.80 per Allfunds share to be delivered as follows:   €6.00 per Allfunds share in cash;   0.0122 new Deutsche Börse Group shares per Allfunds share, representing €2.60 per Allfunds share based on the volume-weighted average price of €213.40 per Deutsche Börse Group share for the ten-day period ended on 26 November 2025; and   a permitted cash dividend of up to €0.20 per Allfunds share (excluding those in treasury) for the financial year 2025.  In addition, Allfunds shareholders will also be entitled to receive certain further permitted dividends in respect of subsequent financial periods.  The consideration payable under the Acquisition values Allfunds at approximately €5.3 billion and represents a premium of 32.5 percent to the closing price of €6.64 per Allfunds share as at the close of business on 26 November 2025 and a premium of 40.3 percent to the volume-weighted average price for the three-month period ended 26 November 2025 of €6.27 per Allfunds share.  The Acquisition is to be effected by means of a Court-sanctioned scheme of arrangement between Allfunds and Allfunds shareholders under Part 26 of the UK Companies Act 2006, requiring the approval by a majority in number representing not less than 75 percent in value of Allfunds’ Scheme Shareholders present and voting, either in person or by proxy, at the Court meeting.  The Allfunds Directors unanimously support the Acquisition and intend to recommend unanimously that Allfunds shareholders vote in favor of the Acquisition.  Deutsche Börse Group has received irrevocable undertakings in support of the Acquisition in respect of 292,376,083 Allfunds shares in aggregate, representing approximately 48.9 percent of the issued share capital (excluding treasury shares) of Allfunds as at 20 January 2026.  Deutsche Börse Group has received irrevocable undertakings to vote in favor of the Scheme at the Court meeting and the resolutions to be proposed at the Allfunds general meeting from LHC3 Limited and BNP Paribas, who hold   215,907,812 and 76,441,271 Allfunds shares, respectively, representing approximately,   36.1 percent and 12.8 percent, respectively, of the issued share capital (excluding treasury shares) of Allfunds as at 20 January 2026.   Deutsche Börse Group has also received irrevocable undertakings to vote in favor of the Scheme at the Court Meeting and the resolutions to be proposed at the Allfunds general meeting from each of the Allfunds Directors, who hold 27,000 (or, on or prior to the Effective Date, will hold) Allfunds shares, in aggregate representing approximately 0.005 percent of the issued share capital (excluding treasury shares) of Allfunds as at 20 January 2026.  The Acquisition represents a highly compelling opportunity to create a truly global world class player in fund services that will combine the companies’ complementary global footprints with the distribution strength of Allfunds and the custody and settlement capabilities of Deutsche Börse Group’s Clearstream Fund Services segment.  Allfunds Group and Deutsche Börse Group bring excellent complementarity in their respective product suites, client bases, partners, and the key markets served by each of them and the combination is ideally placed to benefit from a number of robust secular growth trends and excel in an evolving industry.   The combination and its strategic rationale also align with the interest of Europe and the Savings- and Investments Union (SIU). It strengthens the demand side of the capital markets by bringing end investors closer to investment fund products in an efficient and seamless way and allowing for wider choice of products. The Acquisition is expected to deliver substantial benefits for the European investment fund industry and establish a harmonized platform with global reach, better positioned to support the allocation of retail savings into productive capital solutions such as investment funds.   Following the Acquisition, the combined group will benefit from a broader geographic footprint, enhanced reach and a complementary suite of products and expertise, strengthening its ability to serve clients across the fund value chain and supporting accelerated growth.   The two businesses also exhibit significant synergy potential which is expected to be delivered across the fund value chain, including fund distribution, custody, settlement and other value-added services such as data and regulatory reporting, enabling provision of best-in-class services to their clients and further enhancing the capacity for innovation, particularly in the digitalization of the fund value chain. Driven by strong secular industry trends, Deutsche Börse Group sees double digit revenue growth potential for the combined business in the mid- to long-term.  Annabel Spring, CEO of Allfunds said: “Over the past 25 years, Allfunds has democratised access to investment funds around the world and shaped the wealth management industry. We have grown to be a leading global distribution and dealing platform connecting distributors with fund partners across 66 countries. The combination of deep expertise and exceptional client service and innovation, from alternatives to blockchain, have made Allfunds what it is today. With Deutsche Börse Group, our complementary footprints and capabilities create a world-class player with global reach and local relationships, which will better support distributors and fund partners, and propel the wealth management industry forward. The board of Allfunds is confident that the offer represents a compelling opportunity for Allfunds shareholders to realise value, delivering an attractive premium, in cash and shares, allowing future participation in the benefits of the combination.”  Stephan Leithner, CEO of Deutsche Börse Group said: “We are very pleased to announce the acquisition of Allfunds, which is to be unanimously recommended by its Directors and is supported by its two largest shareholders. We believe that the combination of Allfunds Group's technical expertise and entrepreneurial drive with Deutsche Börse Group's capabilities within Clearstream Fund Services will create a leading business in the sector, which better serves the needs of clients, supporting the continuing development of the funds sector in Europe and around the world. This acquisition represents the next step in the development of Deutsche Börse Group as a European champion in providing critical infrastructure to the financial markets. It is a testament to our strategy of 'Leading the transformation’.”  Having analyzed the potential benefits of the Acquisition based on its deep experience of operating in the funds market, Deutsche Börse Group believes that the combined group will be able to achieve annual run rate pre-tax cost synergies of approximately €60 million, representing approximately 15 percent of the combined cost base of Allfunds and Deutsche Börse Group’s Clearstream Fund Service segment. In addition, Deutsche Börse Group expects to realize annual run-rate cash savings on capital expenditure of approximately €30 million.   These synergies will primarily be delivered through the implementation of the combined operating model across core services, a streamlined regulatory and IT set-up and simplifications of central functions.   Deutsche Börse Group expects to deliver approximately 50 percent of the total annual-run-rate synergies, including both cost and capital expenditure savings, by year-end 2028.   Reflecting the compelling financial rationale of the transaction, the Acquisition is anticipated to deliver on an annual run-rate basis high single-digit accretion to Deutsche Börse Group’s Cash EPS within the first full year following completion of the Acquisition, consistent with Deutsche Börse Group's disciplined approach to capital deployment and its key financial criteria for value-accretive M&A. Following completion, Deutsche Börse Group expects to maintain its AA- long-term rating at the Group level.   Deutsche Börse Group has fully committed funding in place to finance the cash portion of the consideration under the Acquisition.  Deutsche Börse Group plans to start the share buy-back program announced on December 9, 2025 in February 2026 shortly after the publication of the Preliminary Results Q4 and FY 2025. In the period up to end of July 2026, shares of the company at a total cost of up to €500 million will be repurchased.   Subject to the receipt of applicable regulatory approvals, the completion of the Acquisition is anticipated to occur in the first half of 2027.  Full text of the joint announcement made by Deutsche Börse Group and Allfunds Group today in connection with the Acquisition can be found here www.deutsche-boerse.com/allfunds-offer

CME Group, the world's leading derivatives marketplace, today announced that its natural gas complex reached a new single-day record of 2,576,346 contracts traded on January 20, up 15% from the previous daily record of 2,239,081 contracts traded on November 14, 2018. "As demand for heating increases across the U.S., clients are turning to our natural gas markets in record numbers to manage their price risk," said Peter Keavey, Global Head of Energy and Environmental Products at CME Group. "We continue to focus on providing market participants with the on screen deep liquidity they need to hedge their positions effectively in any environment." Other records achieved across the company's natural gas products included Henry Hub options, which traded 811,662 contracts, up 28% from the previous record. Dutch TTF options volume also reached a record 35,480 contracts, up 202% from the previous record. For more information on CME Group Natural Gas futures and options, please visit here.

Econoday, a leading provider of global economic intelligence and data-driven insights, today announced the expansion of its Sovereign Debt product with the addition of Japan to its country coverage. Japan’s inclusion reflects Econoday’s continued commitment to delivering comprehensive, high-quality fiscal data across major economies. With the world’s third-largest economy and the highest debt-to-GDP ratio among developed nations, Japan plays a critical role in global sovereign debt markets.  “Expanding our Sovereign Debt coverage to Japan is a natural and important step in meeting our clients’ growing need for global fiscal clarity. Japan issues some of the largest government bonds in the world. Each new issuance can influence bond yields, interest rates, and the yen, making it a key indicator in today's interconnected markets.” said Alana Kleinberger, Econoday’s CEO. “As sovereign debt dynamics continue to influence markets and policy worldwide, access to reliable and comparable data is essential. Japan’s addition enhances the analytical power of our platform.” Econoday’s Sovereign Debt Calendar provides live and historical tracking of sovereign debt issuance from 30 countries and 3 supra-national issuers. Developed in collaboration with institutional investors, it enables unified surveillance of debt auctions across multiple jurisdictions. For more information about Econoday’s Sovereign Debt product or to request a demonstration, please visit https://www.econoday.com/enterprise/sovereign-debt-data/ or contact info@econoday.com

The Canadian Securities Administrators (CSA) today published revised guidance in CSA Staff Notice 96-307 Frequently Asked Questions about Derivatives Trade Reporting (the FAQ).  The FAQ has been updated to include the CSA’s responses to additional questions received from market participants since it was first published in May 2025, and to clarify requirements under the CSA rules relating to derivatives data reporting. The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

Finansinspektionen withdraws the authorisation of the payment institution Get betal AB. The company has, in part, provided inaccurate information to FI in its application for authorisation. The decision applies immediately. Get betal AB (Get betal or the company) is a payment institution that is authorised to provide the payment service money remittance pursuant to Chapter 1, section 6 of the Payment Services Act (2010:751). The company offers money remittance services to, among other countries, Somalia, Djibouti, Ethiopia, Kenya, Uganda and Turkey, and has notified Finansinspektionen that it conducts cross-border operations in 15 countries within the EU/EEA.  In January 2025, Finansinspektionen opened an investigation into Get betal’s operations. As part of the investigation, the authority has reviewed the company’s compliance with several central provisions of the Payment Services Act and provisions in other regulations that govern the company’s business. The investigation shows that the company has been in violation of several of these provisions. Finansinspektionen also reviewed information the company submitted in conjunction with its application for authorisation to conduct business pursuant to the Payment Services Act. This review shows that the company at that time submitted inaccurate information which had a direct impact on the authority’s decision to grant the company authorisation.  Pursuant to Chapter 8, section 11 of the Payment Services Act, Finansinspektionen shall withdraw a payment institution’s authorisation if the institution has received the authorisation by submitting inaccurate information. If sufficient, the authority may instead issue the institution a warning. Finansinspektionen makes the assessment – in part due to the violations that otherwise were identified during the investigation – that a warning is not a sufficient measure. Get betal’s authorisation shall thus be withdrawn. This decision will go into effect immediately.

The December Chicago Business BarometerTM was revised by -0.8 point to 42.7 in December from 43.5, due to the annual seasonal adjustment recalculation. Growth in the first half of the year was slightly weaker than previously estimated as the Barometer in Q1 was revised 0.7 point lower led by weaker New Orders and Production indicators. In contrast, activity in the second and third quarters was a touch stronger than previously estimated. March saw the largest downward revision, with the Barometer revised lower 1.4 point to 46.2 from its initial estimate, while May recorded the highest upward revision of 1.7 points to 42.2. The Barometer remained below 50 for 25 consecutive months and, excluding November 2023, it has been in contraction territory since September 2022. On a quarterly basis, Q2 2025 was revised higher to 42.3 (+0.5 point) and Q3 was revised to 43.3 (+0.2 point), while Q4 was unrevised at 41.2. In December, Production saw the largest downward revision (-2.2 points) followed by New Orders (-0.4 point). Order Backlogs were revised higher (+1.9 points) and Employment was also revised up (+1.5 points). Supplier Deliveries were unchanged in December and was the only Barometer component in expansionary territory, where it has been for 11 consecutive months. All three Buying Policy indicators were also revised lower in December. Inventories were revised up (+0.3 point). Prices Paid expanded at a faster pace than previously estimated in the second half of the year, with the indicator revised higher by 2.3 points December. Overall, data from the Chicago Business Barometer™ survey saw minor revisions. All series in the Chicago Report™ are seasonally adjusted by the US Census X-13 procedure and the seasonal adjustment factors are recalculated annually every January.

The Securities and Exchange Commission is seeking candidates to fill a limited number of vacancies on the agency’s Small Business Capital Formation Advisory Committee, which provides advice and recommendations to the Commission on rules, regulations, and policy matters relating to small businesses, including smaller public companies. The committee was established by the SEC Small Business Advocate Act of 2016. Consistent with statutory requirements, committee members represent a diverse spectrum of leaders, investors, and advisors who work with early-stage private companies and smaller public companies. The committee advises and consults with the Commission on rules, regulations, and policies as they relate to: Capital raising by emerging, privately held small businesses and publicly traded companies with less than $250 million in public market capitalization; Trading in the securities of emerging companies and smaller public companies; and Public reporting and corporate governance requirements of emerging companies and smaller public companies. “The Small Business Capital Formation Advisory Committee serves the important function of advising the Commission on achieving its three-part mission,” said SEC Chairman Paul S. Atkins. “I am grateful to the committee for elevating the voices of America’s entrepreneurs. I look forward to welcoming new members and continuing to work with current members to improve pathways for small businesses to obtain the capital that they need to grow their companies in both the private and public markets.” Members of the public interested in serving on the committee should promptly email a letter of interest to smallbusiness@sec.gov with applicable information about their relevant experience. The deadline for submissions is Feb. 20, 2026. Relevant experience may include: Representing emerging companies engaging in private and limited securities offerings or considering an initial public offering (IPO), professional advisors of such companies (including attorneys, accountants, investment bankers, and financial advisors), and investors in such companies; Service as an officer or director of small businesses; Representing smaller public companies, the professional advisors of such companies (including attorneys, accountants, investment bankers, and financial advisors), and the pre-IPO and post-IPO investors in such companies; and Representing participants in the marketplace for the securities of emerging companies and smaller public companies, such as securities exchanges, alternative trading systems, broker dealers, and transfer agents.

ETFGI reports Canadian ETF Industry Surges to US$ 584.47Bn in AUM with Record US$109.59Bn in Net Inflows in 2025. The ETFs listed in Canada gathered net inflows of US$14.49 billion during December, bringing year-to-date net inflows toa record US$109.59 billion, according to ETFGI's December 2025 Canadian ETFs and ETPs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. (All dollar values in USD unless otherwise noted.) Highlights Assets invested in the Canadian ETF industry reached $584.47 billion at the end of December 2025, the second‑highest level on record, just below the $563.08 billion peak in November 2025. Assets rose 47.2% year‑to‑date, increasing from $397.15 billion at year‑end 2024. The industry recorded $14.49 billion in net inflows in December. Year‑to‑date net inflows totaled $109.59 billion, the highest annual figure on record, surpassing the previous records of $64.03 billion in 2024 and $49.55 billion in 2021. December marked the 42nd consecutive month of net inflows. “The S&P 500 rose 0.06% in December, finishing 2025 up 17.88%. Developed markets outside the United States gained 3.30% in December and increased 35.10% over the full year, with Korea (+10.98%) and Austria (+7.89%) posting the strongest monthly gains among developed countries. Emerging markets advanced 1.63% in December and were up 24.39% in 2025, led by Peru (+9.87%) and South Africa (+9.49%), which recorded the largest increases among emerging markets during the month.” According to Deborah Fuhr, managing partner, founder, and owner of ETFGI. Growth in Canadian ETF assets as of the end of 2025 The Canadian ETF industry had 1,473 ETFs, with 1,848 listings, assets of US$584.47 Bn, from 49 providers on 2 exchanges at the end of 2025. During December, ETFs attracted $14.49 billion in net inflows. Equity ETFs saw $6.87 billion in monthly inflows, bringing 2025 net inflows to $42.28 billion, up from $29.48 billion for 2024. Fixed income ETFs gathered $2.42 billion in December, lifting 2025 inflows to $17.03 billion, compared with $10.19 billion in 2024. Active ETFs gathered $4.62 billion over the month, pushing full‑year inflows to $45.82 billion, almost double the $23.49 billion recorded in 2024. Crypto ETFs experienced $103 million in net outflows in December, bringing 2025 outflows to $785 million, compared with $849 million in outflows in 2024. Currency ETFs recorded $9 million in inflows for December, increasing their year‑to‑date total to $52 million, up from $24 million in 2024. Substantial inflows can be attributed to the top 20 ETFs by net new assets, which collectively gathered $5.75 Bn during December. iShares S&P/TSX 60 Index Fund (XIC CN) gathered $611 Mn, the largest individual net inflow.Top 20 ETFs by net new assets December 2025: Canada Name Ticker Assets($ Mn)Dec-25 NNA($ Mn) YTD-25 NNA($ Mn)Dec-25 iShares S&P/TSX 60 Index Fund XIC CN 14792.60 (61.95) 611.30 iShares Core S&P/TSX Capped Composite Index ETF XEF CN 15953.19 2,064.09 540.73 iShares MSCI EAFE IMI Index Fund XEQT CN 12085.48 3,519.29 463.33 iShares Core Equity ETF Portfolio FBAL CN 8888.11 3,410.36 374.45 Fidelity All-in-One Balanced ETF HXS CN 4521.06 2,711.52 337.70 Global X S&P 500 Index Corporate Class ETF VEQT CN 4135.02 308.53 306.83 Vanguard All-Equity ETF Portfolio VFV CN 7469.22 2,149.86 304.74 Vanguard S&P 500 Index ETF ZMMK CN 20110.09 3,019.39 275.13 BMO Money Market Fund CIEI CN 4135.08 1,755.68 261.35 CIBC International Equity Index ETF VCN CN 330.54 274.46 254.88 Vanguard FTSE Canada All Cap Index ETF CSBI CN 9314.39 1,316.36 251.15 CIBC Canadian Short-Term Bond Index ETF VUN CN 258.50 242.77 233.90 Vanguard U.S. Total Market Index ETF ZSP CN 10492.32 1,480.67 212.98 BMO S&P 500 Index ETF ZDB CN 17764.61 (247.01) 203.47 BMO Discount Bond Index ETF ZGLD CN 839.19 292.23 201.14 BMO Gold Bullion ETF VIU CN 1124.64 319.27 191.64 Vanguard FTSE Developed All Cap EX North America Index ETF HISU/U CN 5659.79 1,200.16 186.82 US High Interest Savings Account Fund ZUCM CN 617.69 273.10 180.41 BMO USD Cash Management ETF ZEM CN 300.67 216.21 179.30 BMO MSCI Emerging Markets Index ETF FEQT CN 1483.69 400.60 177.71   Investors have tended to invest in Equity ETFs during December.

CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for December 2025. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity over the next quarter, found sharp monthly decreases in request volume for new corporate and municipal identifiers. On an annualized basis, total identifier request volume surged in 2025 versus 2024 totals. North American corporate CUSIP requests totaled 6,723 in December, which is down 21.6% on a monthly basis. On an annualized basis, however, North American corporate requests were up 7.1% over December 2024 totals. Requests for new U.S. corporate equity identifiers fell 3.9% and requests for new U.S. corporate debt identifiers declined 37.7% for the month of December. The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – fell 20.2% versus November totals. On a year-over-year basis, overall municipal volumes were up 14.6% through the end of December. Texas led state-level municipal request volume with a total of 105 new CUSIP requests in December, followed by New York (81) and California (60). “Monthly CUSIP request volume may have dropped off significantly in December, but when we take a look back at 2025 in total, we see a significant increase in new issuance activity across most major asset classes, including corporate debt and equity and municipal securities,” said Gerard Faulkner, Director of Operations for CGS. “As we head into the New Year, with uncertainty over interest rates and the broader economy still looming, the first few months of request volume in 2026 will provide valuable insight into how issuers are thinking about the markets.” Requests for international equity CUSIPs fell 1.3% in December and international debt CUSIP requests fell 15.8%. On an annualized basis, international equity CUSIP requests were up 12.4% and international debt CUSIP requests were up 10.6%. To view the full CUSIP Issuance Trends report for December, please click here. Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through December 2025: Asset Class 2025 YTD 2024 YTD YOY Change U.S. Corporate Debt 34,054 27,060 25.8% Long-Term Municipal Notes 761 612 24.3% Private Placement Securities 5,893 5,016 17.5% Municipal Bonds 11,599 10,189 13.8% International Equity 1,891 1,682 12.4% International Debt 7,106 6,423 10.6% Canada Corporate Debt & Equity 6,494 6,148 5.6% U.S. Corporate Equity 12,196 11,618 5.0% Syndicated Loans 3,091 3,020 2.4% Short-Term Municipal Notes 1,074 1,134 -5.3% CDs < 1-year Maturity 9,329 10,001 -6.7% CDs > 1-year Maturity 7,471 8,607 -13.2%

Miami International Holdings, Inc. (MIAX®) (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced it has completed the sale of 90% of the issued and outstanding equity in MIAX Derivatives Exchange (MIAXdx™), a wholly owned subsidiary of MIAX, to a joint venture established by Robinhood Markets, Inc. (Robinhood) (NASDAQ: HOOD) in partnership with Susquehanna International Group. MIAX has retained 10% of the issued and outstanding equity of MIAXdx. MIAXdx is a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) with regulatory approval from the Commodity Futures Trading Commission (CFTC) to list and clear fully collateralized futures, options on futures, and swaps. "Our sale of MIAXdx reaffirms our strategy of partnering with industry leaders to accelerate our growth strategies and we're pleased to gain exposure to the growing prediction market through our retained equity stake in the exchange," said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX. "MIAX is laser focused on organic growth opportunities within our core exchanges and believe the sale of 90% of MIAXdx unlocks significant value for our shareholders. We look forward to seeing what's ahead for MIAXdx and remain invested in its long-term success." "The purchase of MIAXdx accelerates our investment in the prediction markets and improves our position to deliver a better experience for customers in this growing asset class," said JB Mackenzie, VP and GM of Futures and International at Robinhood. "We're grateful to MIAX for their trust and retained investment in the venture, and we look forward to exploring future partnership opportunities with a technology driven leader in the exchange industry."