The Global Legal Entity Identifier Foundation (GLEIF) today announces the establishment of the vLEI Technical Advisory Board, a cross-industry body assembled to provide technical, governance, and developmental support to the growing vLEI stakeholder ecosystem. The vLEI Technical Advisory Board consists of technology experts at globally respected organizations including Accelerate GmbH, esatus AG, healthKERI, Provenant Inc. and Prosapien LLC. It is chaired by Christoph Schneider, GLEIF's Head of IT. The Board will work with GLEIF to facilitate ecosystem growth by supporting the system's scalability and technical interoperability, promoting related use cases and participating in pilot projects, building partnerships, and strengthening ties with the Open-Source community to enable seamless adoption of vLEIs on a global scale. vLEI digital organizational identity was developed in response to the urgent unmet need for tamper-resistant credentials to provide greater security, convenience, versatility, and ease of use for organizations and the persons representing them in official or functional roles. As the vLEI ecosystem approaches readiness for mass utilization by the world's legal entities, the vLEI Technical Advisory Board will engage with key technical stakeholders representing governments, businesses, and non-profit organizations to better understand their needs and promote the acceptance and adoption of vLEI services. It will also engage closely with technical public and private sector stakeholders, developers, and consultants to facilitate communication, encourage innovation and the development of novel applications, and exchange research and best practices. Alexandre Kech, GLEIF CEO, comments: "The vLEI enhances the LEI ecosystem by providing an open, reliable, and highly scalable digital cross-border entity identification solution that has been developed to integrate with new and existing applications and frameworks. In this capacity, it is unique and, therefore, presents a rare opportunity to solve the critical problem of digital organizational identity globally, once and for all. We have assembled the vLEI Technical Advisory Board to provide this new ecosystem with the best possible chance of succeeding. By connecting the experts and creating the strategic partnerships that will evolve the vLEI's supporting infrastructure, we aim to establish this system as the fundamental enabler of digital trust across the many value chains that underpin our global economy." The vLEI Technical Advisory Board will meet monthly. To learn more about GLEIF's vLEI Technical Advisory Board, visit the dedicated page on the GLEIF website here. Vasily Suvorov, CTO and Managing Partner, Accelerate GmbH, vLEI Technical Advisory Board, comments: "Strong, global and scalable governance framework of GLEIF combined with the vLEI technology finally offers once in a lifetime opportunity to establish a digital trust layer for a variety of enterprise use-cases across multiple industries. This will enable a new era of IT innovation targeting solutions that can automate any intercompany business process that requires regulatory, risk, and policy compliance certainty. We look forward to supporting this effort by contributing our decades-long expertise in enterprise IT innovation to a variety of business sectors." Dr. Andre Kudra, CIO, esatus AG, vLEI Technical Advisory Board, comments: "We are proud to be part of the vLEI Technical Advisory Board, standing alongside other pioneers of digitalization and digital identities. Our involvement underscores our commitment to leading the charge in developing cutting-edge, secure digital identity solutions for a modern economy." Philip Feairheller, CTO and Co-founder, healthKERI, vLEI Technical Advisory Board, comments: "healthKERI recognizes the crucial role of the vLEI in the global digital ecosystem. The verifiable Legal Entity Identifier (vLEI) represents the culmination of over a decade of work and collaboration across countries—coordinated through GLEIF's efforts—to establish a secure, trusted digital organizational identity. Our participation with the vLEI Technical Advisory Board reflects our commitment to supporting the further success of the vLEI on the global stage." Daniel Hardman, CTO and CISO, Provenant Inc., vLEI Technical Advisory Board, comments: "We've had X509 and other forms of organizational identity before – but we've never had rock-solid, transparent governance with recognized validity across a broad range of national legal jurisdictions. We've also never had the efficiency, flexibility, and cryptographic robustness of the vLEI. Provenant is building vLEI-based solutions for trust problems in banking, telco, and other verticals. We are excited to see trust go up in ways that satisfy regulators, decrease operational costs, eliminate risk, and make us all safer." Sam Smith, Founder, Prosapien LLC, vLEI Technical Advisory Board, comments: "The vLEI is the first truly universal automated verifiable trust anchor for assuring organizational identity. The TAB provides a beneficial interface between the underlying technology, the ecosystem governance framework, and industry applications."

SkySparc, a leading corporate and financial institutions solutions provider, has joined forces with infiniance, a treasury management consultancy for the corporate finance sector, in a move that will make the combined firm one of the leading treasury consultancies in the Nordic region.  Established in 2013 and headquartered in Copenhagen, infiniance provides independent, high-quality financial advisory and best-practice solutions within financial processes and systems. Working predominantly with corporate treasuries, the firm also maintains close partnerships with recognized software providers such as SAP, FIS, and Kyriba. infiniance has clients across the Nordics, the Netherlands, and the UK, with a subsidiary based in India. By joining forces with infiniance, SkySparc advances its strategic growth objectives. The newly formed alliance will broaden the geographical and technological reach of both companies. Together, the two companies are better equipped to serve their client base by combining their treasury management expertise with infiniance’s significant market presence in Denmark and experience dealing with robust technology platforms including SAP, FIS, and Kyriba. This synergy enhances the ability to offer comprehensive, senior-level insights and solutions to treasurers in the Nordics, the UK, and beyond, strengthening its role as a trusted partner in the financial industry. infiniance will continue to operate “business as usual” in Denmark, with increased capabilities and access to the full services portfolio of SkySparc, including the award-winning SaaS-based automation platform OmniFi, and the ability to offer 24/7 support services.  Joakim Wiener, CEO, SkySparc, said: "Combining strengths with infiniance enables SkySparc to offer our clients a broader range of expertise and a more robust partnership in today's challenging environment. With infiniance's advanced capabilities in treasury and risk management, working capital, payment solutions, and compliance, we enhance our ability to support our clients through critical transitions and technological migrations. We are excited to integrate infiniance's strengths with our own, delivering a more comprehensive and resilient service portfolio that addresses the ever-evolving needs of our clients." Henrik Juhler, Managing Partner, infiniance, said: "infiniance is pleased to enhance our service offerings in the Nordics and now be able to offer consultants in even more locations, including local offices in Stockholm and Gothenburg. This expansion enables us to utilize SkySparc's global reach and provide additional services. This partnership also allows us to integrate SkySparc’s robust technological solutions into our service offerings to Danish clients. With access to even more highly skilled Treasury consultants, the acquisition only reinforces our commitment to delivering high-quality, strategic resources to our clients.” Looking forward, the combined companies aim to expand their treasury advisory services further across Europe and beyond. The financial terms of the acquisition have not been made public. SkySparc is majority-owned by Bragnum Invest, a Swedish investor in high-growth firms, with management and staff owning minority stakes.

Please see attached NZX Limited shareholder metrics for June 2024. Downloads NZX Shareholder Metrics - June 2024

The Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko – has censured Auckland-based financial services firm deVere New Zealand Limited (deVere) for failing to comply with obligations under its Financial Advice Provider (FAP) licence. DeVere provides advice on insurance, investments, and retirement planning, including KiwiSaver and UK pension transfers. The censure relates to issues concerning deVere's conduct while advising clients on UK pension transfers. Following a complaint about deVere's conduct, which has now been resolved, the FMA conducted a review of its client files. The review found deVere: Had inadequate record keeping in relation to advice given to its clients Was unable to demonstrate that the recommendations made to clients were suitable Failed to ensure its clients understood the financial advice they received and any limitations of the advice Inappropriately limited the nature and scope of its advice and failed to clearly articulate those limitations to its clients  Failed to exercise adequate care, diligence, and skill in providing advice to its clients.    In particular, the FMA found deVere's advisers failed to adequately consider the client's investing experience and financial product knowledge, their risk profile in their advice on pension transfers, and the investments they recommended to the client. Some of the advised investment products were complex in nature and higher risk. The advisers did not consider the suitability of the recommended products, including whether the customer was fully aware and understood the risks involved in these types of investment products. In some cases, the recommended products were higher in risk than the clients' risk tolerance. DeVere accepted there was an absence of proper records, including no records that the adviser discussed the advantages, disadvantages, risks, and benefits of switching from their clients' current plan to the platform and portfolio recommended with their clients. There was no analysis or other documentation to show that deVere considered the comprehensive advice from a UK licensed adviser recommending the client not switch out of their current defined benefit pension plans, and demonstrating that the customer understood a number of disadvantages and risks in doing so, for example the loss of an income stream that a defined benefit scheme provides that the FMA would expect an adviser acting with care, diligence and skill to do so. FMA's Director Specialist Supervision and Response, Peter Taylor, said: "FAPs have a duty to comply with the standards of ethical behaviour, conduct and client care as set out in the code of conduct. When advice relates to switching one pension product to another, we would expect an appropriate analysis and comparison to be performed considering the complexity of the product. "In respect of the pension products deVere advised upon, these decisions made by customers are crucial to their retirement. Significant customer harm may occur if the advice is not suitable, and the adviser has not taken reasonable steps to ensure the customer understands the advice and the risks associated with it. DeVere's conduct falls short of the standards we expect and had the potential to cause harm to the client's long-term future as it involved irreversible decisions about their retirement savings. "The FMA acknowledges that deVere has taken significant steps to improve its compliance and to implement improved record keeping practices. Nevertheless, we consider deVere's breaches warrant a public censure. Censures hold firms to account while serving as an important reminder of their obligations to their customers. I encourage all FAPs to take note of this censure and the FMA's expectations that they meet the standards required.” DeVere must submit an action plan to the FMA outlining the steps it will take, and by when, to remedy the breaches and ensure it does not breach its obligations in future. The FMA acknowledges deVere's cooperation to date, its desire to meet in full all its obligations, and its efforts to remedy the breaches. The FMA will monitor deVere's compliance and completion of the action plan.    Notes DeVere's breaches relate to its licence obligations as follows:  Standard Condition 1 of its financial advice provider licence by failing to create and maintain adequate records in relation to its financial advice service;  Code Standard 3 of the Code of Professional Conduct for Financial Advice Services (the Code) by failing to ensure that the financial advice is suitable for the client, having regard to the nature and scope of the financial advice;  Code Standard 4 of the Code by failing to take reasonable steps to ensure that the client understands the financial advice;  Section 431J of the Financial Markets Conduct Act 2013 (FMC Act) by failing to ensure the client understand the nature and scope of advice; and Section 431L of the FMC Act by failing to exercise the care, diligence, and skill that a prudent person engaged in the occupation of giving regulated financial advice would exercise in the same circumstances. 

Supervising the integrity of Australia’s equity markets is one of ASIC’s most important functions. Our market is among the cleanest in the world, and we are constantly seeking out any misconduct. While we are targeting leaks ahead of market announcements and insider trading, listed entities have a role to play in protecting their confidential information and reporting misconduct to ASIC. A clean market that is fair, orderly, and transparent is critical to an efficient economy. It facilitates Australian businesses to raise capital and manage risk, and gives investors confidence to participate. With most Australians having a stake in our listed equity markets – if not directly through their own investments, then indirectly through the nation’s $3.8 trillion superannuation pool – the health and cleanliness of our markets have direct impacts on the financial wellbeing of Australians. Market cleanliness and insider trading Australians and listed entities should rest assured that we continue to have one of the cleanest equity markets in the world. ASIC’s latest work to measure equity market cleanliness (suspicious trading ahead of company announcements) is nearing completion and we will have more to say in the weeks ahead. As part of our efforts to keep Australia’s markets clean, ASIC has been actively targeting insider trading through our new award-winning system which automatically hunts for and detects suspected market misconduct[1]. We are also monitoring developments in innovative data science tools, such as artificial intelligence and machine learning, to consider potential applications for surveillance. These measures will enable us to enhance our capability, for example, to detect other forms of insider trading not driven by announcements, such as front running. At present, six insider trading criminal prosecutions are before the Courts, and multiple insider trading matters are under active investigation or have been referred by ASIC to the Commonwealth Director of Public Prosecutions for assessment. Our recent successful court actions include the conviction of former Tesla director Kurt Schlosser[2] and corporate adviser Cameron Waugh[3] for insider trading. Keeping information confidential To avoid insider trading and breaching disclosure obligations, entities should consider whether their controls – policies, procedures, training and monitoring – are appropriate and meet legal and regulatory requirements. They should also carefully consider the handling of confidential information and conflicts to ensure the risk of insider trading is being managed. We continue to see media reporting ahead of fundraising and merger and takeover activity. Some securities have had trading halts after media articles divulged confidential information about deals. Announcements in the transaction space are often highly material and price sensitive. Leaks of this kind undermine market integrity and may negatively impact the value of securities as well as the attractiveness of Australian markets as a place to raise capital and transact. This impacts all Australians. Listed entities should have a formal leak policy outlining steps to prevent, monitor and react to any leaks of material price sensitive information. Their advisers should also have policies and appropriate controls to limit access to confidential information to only those who require it. We have provided recommendations in the past on good practices in managing confidential information[4]. Nevertheless, management of inside information does not only apply to listed entities. It also applies to entities operating in private markets where they interact with information about listed entities and securities. These parties should also have appropriate arrangements to identify and manage confidential information they receive. ASIC is actively targeting leaks and we will take strong action to address this poor practice. Listed entities should be part of the solution and hold their personnel and advisers to account. Our response to an uptick in privatisation The global financial landscape for entities is changing. Some offshore markets (e.g., the United States) have had a long-term trend of declining public listings, with companies being taken private or consolidated into other entities. Australia has had a recent drop in listed companies, and fewer entities are lining up to come to market. A reduction in the number of large, strong performing listed entities limits opportunities for Australians to participate directly in the potential future success of Australian companies. There is also likely more concentration in large institutional investors in these companies. This dynamic may pose risk to the equitable participation in listed entities by smaller investors. Private markets do not only provide fewer investment opportunities for retail investors, they also have reduced financial reporting, disclosure, and corporate governance requirements. There is an associated risk of insider trading because there can be many contact points between listed entities, consultants and experts. In response, ASIC is expanding its focus to respond to changes in the structure of capital markets. This includes examining other products and markets, including debt markets, when we conduct our market cleanliness work and further consider how firms are managing inside information. Entities should report concerning behaviour to ASIC. Institutional investors should ensure they act in the best interests of their investors and/or members and promote equitable investor outcomes using their influence, including to enhance market cleanliness. ASIC is committed to ensuring that Australia’s markets remain among the cleanest and most transparent in the world. This requires collaborative effort on the part of ASIC, market operators, listed entities and market participants. This article was first published in ASX’s Listed@ASX magazine in June 2024.   [1] ASIC’s insider trading detection project wins data award [2] 23-071MR Former Tesla Motors Australia director sentenced for insider trading [3] 24-059MR Cameron Waugh sentenced to two years imprisonment for insider trading [4] REP 393 Handling of confidential information: Briefings and unannounced corporate transactions

Today, after a ten-day trial, a jury in the United States District Court for the Southern District of Florida found Guy Gentile, the founder, owner, and CEO of MintBroker International, Ltd., f/k/a Swiss America Securities Ltd. and d/b/a SureTrader, a Bahamas-based broker-dealer, liable as a control person of SureTrader, which operated as a broker-dealer in the United States without being registered, in violation of the federal securities laws. The jury also found Guy Gentile liable for inducing SureTrader’s registration violations. Statement of SEC Division of Enforcement Deputy Director Sanjay Wadhwa: “We are pleased with today’s swift jury verdict holding Gentile accountable for his violations. Registration requirements play a critical role in protecting investors. SureTrader’s years-long failure to register as a broker-dealer deprived investors of significant protections, including SEC inspections, financial responsibility rules, and recordkeeping requirements. This trial underscores that the Commission will continue to hold responsible those who seek to evade the registration requirements of the federal securities laws.” ### More information: The SEC filed its civil complaint on March 22, 2021: https://www.sec.gov/files/litigation/complaints/2021/comp25058.pdf

Cboe Global Markets, Inc. (Cboe: CBOE), the world's leading derivatives and securities exchange network, will announce its financial results for the second quarter of 2024 before the market opens on Friday, August 2, 2024. A conference call with remarks by the company's senior management will begin at 7:30 a.m. CT (8:30 a.m. ET). A live audio webcast for the conference call and the presentation that will be referenced during the call will be available on the Investor Relations section of Cboe's website at ir.cboe.com under Events. The presentation will be archived on the company's website for replay. A replay of the recording is expected to be available two hours after the conference call ends. To listen to the live conference call via telephone, please dial (800) 715-9871 (toll-free) or (646) 307-1963 (toll) and use the Conference ID 2619514.

Today, Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) announced that it will release its second quarter 2024 financial results on Wednesday, August 7, 2024, after market close. An earnings conference call will be held at 2:00 PM PT / 5:00 PM ET on the same day. A live webcast of the call and supporting materials will be available at investors.robinhood.com. Following the call, a replay and transcript will also be available on the same website. Robinhood shareholders can submit and upvote questions for management using the Q&A platform developed by Say Technologies ahead of Robinhood’s second quarter 2024 earnings call. Shareholders can visit app.saytechnologies.com/robinhood-markets-2024-q2 to submit questions. The Q&A platform will be open for question submission starting Wednesday, July 31, 2024, at 2:00 PM PT / 5:00 PM ET. Shareholders will be able to submit and upvote questions until Tuesday, August 6, 2024, at 2:00 PM PT / 5:00 PM ET. Management will address a selection of the most upvoted questions relating to Robinhood’s business and financial results on the earnings call. Shareholders can email hello@saytechnologies.com for any support inquiries.

Nigerian Exchange Limited (NGX) hosted over a hundred scholars from Nigerian Higher Education Foundation (NHEF) as part of its financial literacy initiative, X-Lit on Tuesday 2 July 2024. The event aimed to deepen understanding of sustainable finance and increase young investors' participation in responsible investing within the capital market. The session covered various aspects of sustainable investing and market access, providing the scholars with valuable knowledge and practical tools. Topics bordered around understanding the basics of ESG investing, the importance of diversification, how to analyze investment opportunities, and the impact of global sustainability trends on local markets. The interactive format allowed students to engage directly with experts and ask questions. Additionally, the scholars had the opportunity to tour the NGX trading floor, witnessing how trading sessions are conducted and gaining firsthand experience of the market's operations. Abimbola Babalola, Head of Secondary Market at NGX, leading the session, emphasized the benefits of securities to investors in the Nigerian capital market. "Investing in securities provides a unique opportunity for wealth creation and financial growth. Our goal is to demystify the process and equip you with the knowledge to make informed investment decisions." Babalola provided insights into the intricacies of investing and the rules guiding investments in the capital market. He highlighted the significance of due diligence, understanding market trends, and the role of regulatory bodies in ensuring market integrity. He also shared success stories of young investors who started small and gradually built substantial portfolios, inspiring the students to consider long-term investment strategies. Representatives from United Capital Securities highlighted how the students can access the market with technology to key into the opportunity provided by the ongoing banking recapitalization efforts. They also emphasized the importance of taking a longer-term view to investing in the market. Clair Jemide, Executive Director of NHEF, expressed gratitude to the facilitators from NGX, led by Mr. Babalola, for the invaluable experience provided to the students. She noted that it was an opportunity for the scholars to observe the practical application of their classroom learning and promised that the foundation would visit the exchange again in the future. Participating scholars commended NGX for organizing the session, leaving them better equipped to navigate the financial landscape. NGX's X-Lit initiative is part of its broader corporate social responsibility strategy, aiming to promote financial literacy and sustainable investing across different age groups and demographics. By targeting young scholars, NGX hopes to foster a culture of informed investing and financial prudence among the youth, laying the foundation for a more financially inclusive and sustainable society. Through initiatives like X-Lit, NGX continues to play a pivotal role in shaping the future of Nigeria's capital market and empowering the next generation of investors.

The European Banking Authority (EBA) today published its Q4 2023 quarterly dashboard on minimum requirement for own funds and eligible liabilities (MREL), which discloses aggregated statistical information for 333 EU/EEA banks earmarked for resolution. All banks are meeting their MREL requirements in line with the Bank Recovery and Resolution (BRRD) deadline of 1 January 2024, except for 3 banks that reported technical shortfalls against this deadline. 23 banks have been granted a deadline extension. The amount of instruments coming to maturity over the next year for the sample reached EUR 207bn.  As of 31 December 2024, 307 banks out of a sample of 333 were meeting their MREL target. 3 banks reported a technical shortfall of EUR 226mn or 0.6% of their combined risk weighted assets (RWA), 0.07% of the total RWA of the sample – the shortfalls are understood to be resolved since then. 23 banks have been granted a transition period beyond 1 January 2024. Their combined outstanding shortfall reached EUR8.0bn or 1.6% of their combined RWAs or 0.1% of the total RWAs in of the sample. Banks in the sample reported EUR 207bn of MREL instruments becoming ineligible by the end of 2024 for maturity reasons. Those represent around 18.1% of MREL eligible instruments other than own funds. The number of banks earmarked for resolution has increased over the past year with 352 external MREL decisions received by the EBA in force as of 1 May 2024, against 309 as of 1 May 2023. This increase is essentially driven by small banks moving from liquidation to resolution. Transfer strategies continue to be the preferred option in terms of number of decisions (55%), while bail-in is the favoured option in terms of RWAs covered (94%).   Click here for full details.

In about 18 months, the first US Treasury securities will be mandated for clearing under new Securities and Exchange Commission (SEC) rules. As demonstrated by the efforts to introduce clearing in the derivatives markets a decade ago and, more recently, the implementation of margin requirements for non-cleared derivatives, a structural change of this scale will take time and careful thought. But we also can’t consider this requirement in isolation – we should think hard about the impact of various rules in combination to ensure policymakers achieve the outcome they want: a resilient, efficient Treasury market. The SEC’s Treasury reforms – which include a requirement to clear certain cash Treasury securities from December 31 next year and repo transactions from June 30, 2026 – are part of a program of work to improve market resilience following a series of stress events, including the dash for cash in March 2020. Proponents say broader clearing of US Treasury securities will help reduce settlement risk, enhance liquidity and increase balance sheet capacity. However, certain aspects of the US prudential framework are inconsistent with those objectives. For example, the current US Basel III ‘endgame’ proposal and changes to the surcharge for global systemically important banks (G-SIBs) would constrain balance sheets and could force banks to scale back or withdraw from certain intermediation activities. Nowhere is this more evident than central clearing. According to an impact study by ISDA and SIFMA, the proposals would increase capital for clearing businesses at US G-SIBs by more than 80%. Implementing central clearing as a risk mitigant has been a key regulatory objective since the financial crisis, and we think it’s worked very well in the swaps market. So, it’s completely unclear to us why US prudential regulators suddenly think this activity is so risky that it warrants a near doubling of capital. A tax of this size will inevitably affect the ability of US banks to offer client clearing services, reducing capacity and increasing costs. The US Basel III proposal will also make it more expensive to raise funding for meeting margin requirements on cleared transactions. That’s due to the introduction of minimum haircut floors for securities financing transactions (SFTs), putting the US at odds with other major jurisdictions like the EU and UK, which have opted not to enforce this requirement. This is compounded by the US supplementary leverage ratio (SLR), which serves as a non-risk-sensitive binding constraint on banks and can impede their ability to act as intermediaries, including their capacity to clear for clients. That’s particularly the case in times of stress. At the height of the global pandemic in April 2020, this was a serious enough concern to prompt the Federal Reserve to temporarily exclude US Treasury securities from the SLR calculation. We think regulators should closely consider the impact of various rules in combination to achieve consistent policy goals. In this context, ISDA and SIFMA have proposed several calibration changes to the US Basel III and G-SIB proposals to better reflect actual levels of risk. These include changes to certain aspects of the rules for credit valuation adjustment and modifications to the complexity and interconnectedness categories of the G-SIB surcharge to reduce the impact on client clearing. We also proposed changes to certain aspects of the rules for SFTs, including removal of the minimum haircut floor. Separately, we’ve called for a permanent exclusion of US Treasury securities from total leverage exposure, which would free capacity for banks to participate in US Treasury markets and facilitate access to cleared markets, especially during periods of stress. A permanent exclusion would better promote the stability and resilience of the US Treasury market and give banks more certainty to expand balance sheet capacity than a regime introduced during market stresses that will later be reversed. We strongly believe the capital rules should be consistent, risk-sensitive and appropriate. Disproportionate increases in capital could force banks to retreat from certain trading and intermediary businesses, creating capacity constraints and raising financing and hedging costs for end users. The US Treasury market reforms represent a major transition for a market that is critical to the functioning of the global financial system. That means market participants and regulators need to work together to ensure this change is managed appropriately and the regulatory framework is calibrated and aligned to avoid potential impacts on liquidity and market capacity.

The California Public Employees’ Retirement System (CalPERS) announced today almost $10 billion in new actions aimed at investing in the global transition to a low-carbon economy, including new private market investments and a customized public equity index to enhance the pension fund's climate-aware investing. "The CalPERS Climate Action Plan is designed to take advantage of the rapid growth in climate transition investment opportunities, the kind of high-quality investments that are essential in paying the retirement benefits promised to our members and their families," said CalPERS Chief Executive Officer Marcie Frost. "As we continue to measure the portfolio risks posed by climate change, our long-term strategy must also include providing some of the capital needed to finance the decarbonization of the global economy." The announcements represent important early steps toward implementing the sweeping climate investment plan presented last November to the CalPERS Board of Administration. The plan calls for investing $100 billion in climate solutions by the end of 2030, while instituting an enhanced accountability process for companies to disclose and strengthen their plans to navigate the energy transition. The new actions, totaling more than $9.7 billion, include: A customized Climate Transition Index, committing $5 billion in public equity investments to a scalable alternative to capitalization-weighting. The index will evaluate both the risks and opportunities of the global energy transition. Nine signed commitments of more than $1.1 billion in private market investments in sectors supporting energy production and distribution as well as freight and supply chain optimization. Additional private market investments, currently under review, totaling $3.6 billion. Some of these investments are expected to be final in the coming weeks and months.   Investment officials will provide additional details on the Climate Action Plan during the CalPERS Board of Administration meeting on July 15. "The CalPERS Climate Action Plan is designed to make our pension fund the global partner of choice in climate investing," said Peter Cashion, managing investment director of the CalPERS Sustainable Investments Program. "To do that, we need a diverse set of investments and tools to generate the excess returns that are achievable during this historic transition to a low-carbon future." CalPERS also released a new video that expands on how the plan will work and its benefit to members’ retirement security. CalPERS had approximately $47 billion in climate solutions at the inception of the plan in November 2023. By the end of 2030, that number will more than double, and the carbon intensity of the pension fund's portfolio is expected to decrease by at least 50%.

The Commodity Futures Trading Commission today announced Judge Sean F. Cox of the U.S. District Court for the Eastern District of Michigan entered a supplemental consent order against Dwight A. Foster and his firm K.E.L. Enterprises, Inc., both based in the West Bloomfield, Michigan area. The supplemental consent order requires Foster and KEL to pay, jointly and severally, $4,548,390.51 in restitution to defrauded victims, $803,126.83 in disgorgement, and a $1.6 million civil monetary penalty in connection with a fraudulent foreign currency (forex) scheme. On July 18, 2023, the court entered an initial consent order of permanent injunction against Foster and KEL. The initial consent order imposed a permanent injunction against Foster and KEL and banned them from trading in any CFTC-regulated markets and registering with the CFTC. Additionally, the initial consent order found from January 1, 2017 to July 3, 2023 (the relevant period), KEL acted as a commodity pool operator (CPO) without being registered with the CFTC as a CPO as required, and Foster acted as an associated person (AP) of a CPO without being registered with the CFTC as an AP of a CPO as required. Also, KEL failed to make disclosures and maintain books and records as a CPO is required to do.The initial consent order and supplemental consent order resolve the CFTC’s enforcement action Foster and KEL. [See CFTC Press Release No. 8744-23.] Case Background The initial and supplemental consent orders stem from the CFTC's June 28, 2023 complaint. The initial consent order found, during the relevant period, Foster and KEL engaged in a multimillion-dollar fraudulent scheme through which they solicited $13,214,327.88 from 50 people to participate in a commodity pool operated by Foster and KEL for the purpose of trading in commodity interests, including forex pairs on a leveraged, margined, or financed basis with participants who were not eligible contract participants (retail forex) and forex futures contracts. Instead of trading pool participants’ funds as promised, Foster and KEL misappropriated all of the pool participants’ funds by depositing them directly into KEL’s corporate bank accounts, which Foster controlled, rather than depositing the funds directly into an account in the name of the pool at a futures commission merchant and/or a retail foreign exchange dealer. Foster and KEL misappropriated the participants’ funds to pay Foster’s personal expenses, including, but not limited to, a car loan, insurance, credit card payments, and other daily living expenses. Additionally, Foster used not less than $8,665,937.37 of later-in-time participants’ funds to pay earlier-in-time participants purported “profits” and/or “redemptions” in the manner of a Ponzi scheme. The CFTC cautions that orders requiring repayment of funds to victims may not result in the recovery of any money lost because the wrongdoers may not have sufficient funds or assets. The CFTC will continue to fight vigorously for the protection of customers and to ensure the wrongdoers are held accountable. The CFTC appreciates the assistance of the U.S. Attorney’s Office for the Eastern District of Michigan and the Federal Bureau of Investigation. The Division of Enforcement staff responsible for this case are Timothy J. Mulreany, George H. Malas, Kassra Goudarzi, and Paul G. Hayeck. * * * * * * CFTC’s Forex Fraud Advisory The CFTC has issued several customer protection Fraud Advisories and Articles that provide the warning signs of fraud, including the Foreign Currency Trading (Forex) Fraud Advisory, which alerts customers to forex fraud and lists simple ways to spot forex scams. The CFTC also strongly urges the public to verify an individual or company’s registration with the CFTC before committing funds. If unregistered, a customer should be wary of providing funds to that individual or entity. A company’s registration status can be found using NFA BASIC. Customers and other individuals can report suspicious activities or information, such as possible violations of commodity trading laws, to the Division of Enforcement via a toll-free hotline 866-FON-CFTC (866-366-2382), file a tip or complaint online, or contact the Whistleblower Office. Whistleblowers may be eligible to receive between 10 and 30 percent of the monetary sanctions collected, paid from the Customer Protection Fund which is financed through monetary sanctions paid to the CFTC by violators of the CEA. RELATED LINKS Consent order: Dwight A. Foster, et al Supplemental Consent Order: Dwight A. Foster et al

The Securities and Exchange Commission today announced enhancements to its website to improve compliance with federal statutes and standards as well as the site’s functionality. The updates will improve the website’s user experience for market participants and the public.   “I’m pleased that these updates will improve our website’s compliance with federal standards,” said SEC Chair Gary Gensler. “These changes will benefit investors, issuers, and the broader public.”    Compliance With the 21st Century IDEA, U.S. Web Design Standards, Section 508 and Other Statutory Regulations  The updates to SEC.gov include improving the site’s information architecture to better conform to the 21st Century IDEA, the General Services Administration’s U.S. Web Design Standards, and Section 508 of the Rehabilitation Act of 1973. For example, the website now features a more responsive design, an increased focus on mobile usability, enhanced search capabilities, and streamlined content organization. These updates improve SEC.gov’s accessibility for all users, including those with disabilities, and support a variety of devices and screen sizes.   Enhanced Navigation With the Public in Mind  The SEC updated the site’s information architecture to be more intuitive, which will simplify public access to the information they seek and reduce time spent searching for documents, filings, and regulatory updates. This user-centric approach organizes information clearly, logically, and topically rather than based on the agency’s internal organizational structure. New “Quick Links” Based on web traffic data and user testing and feedback, the SEC’s homepage features a new “Quick Links” section that enables users to get to the most sought-after content quickly. The site’s dynamic design will allow the agency to change “Quick Links” as needed based on web traffic changes. “Tips and Complaints” Wizard Many users visit the SEC’s website to report misconduct or to seek help addressing an issue with an investment account. The updated website includes a new “Tips and Complaints” wizard to direct users to the correct forms when contacting the agency. Those forms include Tips, Complaints, and Referrals; the Investor Complaint Form, the Ombuds Matter Management System, and the Investor Question Form. In addition to helping users access the correct form, the wizard includes resources that provide relevant information to users seeking to contact the agency. Improved Performance, Coding, and Speed  The enhancements improve SEC.gov’s speed, providing users with quicker access to information. The site also features better coding that improves search engine optimization, machine readability, and overall accessibility.  Easier Access to Past Events  In the past, it was difficult for users to find information on past events. The site improvements include a new events archive that allows users to quickly locate details about previous Commission meetings or other public events, including Sunshine Act notices and archived webcasts. 

Michael Hall, Head of Distribution at Spectrum Markets, the pan-European trading venue,  has commented on how European retail investors responded yesterday ahead of the first round of French Parliamentary Election. ‘Trading activity on Spectrum Markets, the pan-European trading venue for financial instruments, boom on the CAC 40 after the first turn of the French elections, which reignite the interest of retail investors on the main French index. After the election day, trades related to CAC 40 saw a boost on Spectrum Markets, peaking on Monday, with trades executed on July 1st almost doubling the daily average over the past weeks. The results seem to have pleased markets, which reacted positively to first verdicts of the polls. SERIX data, the pan-European sentiment index elaborated by Spectrum Markets, related to CAC 40 reached the level of 115 on July 1st, reaffirming a sense of confidence towards the French benchmark. Elections results, however, did not seem to have taken retail investors by surprise. SERIX data ahead of the election day already showed a positive outlook: the SERIX value for the CAC 40 increased from 101 at the end of May to 106 in June, while the value for the FTSE MIB, which is important since Italy is the second market particularly exposed to the volatility caused by French turmoil, went up from 98 at the end of May to 102 in June. Investors do not seem to believe that the potential changes in the French government are going to determine significant modifications to the French economic policy.’ For a detailed methodology and explanation of the SERIX calculation, please click here.

Interactive Brokers (Nasdaq: IBKR), an automated global electronic broker, has announced the launch of the Eurex/KRX Link with extended trading hours for Korean KOSPI 200 derivatives. This enhancement aligns trading opportunities across Korean, US, and European time zones, providing seamless access for investors during US and European market hours. The expanded trading hours include a variety of products such as KOSPI 200 Options, Mini-KOSPI 200 Futures, KOSPI 200 Futures, and USD/KRW currency futures. These products are fully fungible with corresponding contracts at KRX, enabling robust risk management and effective investment strategies across different markets. Milan Galik, Chief Executive Officer of Interactive Brokers, stated, “Providing access to the Eurex/KRX link exemplifies Interactive Brokers’ dedication to offering our clients an extensive range of global investment and trading opportunities. Clients can now take advantage of extended hours to trade in one of the world's most liquid derivatives markets. Our global client base, including APAC, European and American clients, benefit by having access to KOSPI derivatives during normal and extended trading hours, regardless of location.” Recent regulatory changes have simplified the process for foreign investments in South Korean equities, positioning the Eurex/KRX Link to attract more international investors. The extended trading hours cater to the growing influx of global investors seeking direct access to South Korean equities and derivatives. These changes are expected to elevate South Korea's status from an emerging to a developed market, making it more appealing to global institutional investors. Interactive Brokers offers global market access, advanced technology, and competitive pricing, benefiting both self-directed individual and institutional investors. Clients can now trade Korean derivatives alongside global stocks, options, futures, currencies, bonds, funds, and more from a single unified platform, with the ability to fund accounts and trade in multiple currencies, including the Korean Won. For more information on the Eurex/KRX Link at Interactive Brokers, please visit: US - Eurex/KRX Link (US and countries served by IB LLC)Canada - Eurex/KRX LinkUnited Kingdom - Eurex/KRX LinkEurope - Eurex/KRX LinkHong Kong - Eurex/KRX LinkSingapore - Eurex/KRX LinkAustralia - Eurex/KRX LinkJapan - Eurex/KRX Link

Contract Volume    June 2024 Contracts June 2023 Contracts % Change 2024 YTD ADV 2023 YTD ADV % Change Equity Options 518,943,735 503,285,470 3.1% 24,716,932 22,872,906 8.1% ETF Options 318,684,885 372,024,090 -14.3% 17,957,921 17,965,631 0.0% Index Options 75,389,720 83,095,125 -9.3% 4,105,184 3,671,677 11.8% Total Options 913,018,340 958,404,685 -4.7% 46,780,037 44,510,214 5.1% Futures 4,467,172 4,158,511 7.4% 237,096 214,773 10.4% Total Volume 917,485,512 962,563,196 -4.7% 47,017,133 44,724,987 5.1%   Securities Lending   June 2024 Avg. Daily Loan Value June 2023 Avg. Daily Loan Value % Change June 2024 Total Transactions June 2023 Total Transactions % Change Market Loan + Hedge Total 163,728,187,483 139,169,275,375 17.6% 215,221  206,450 4.25%   Additional Data Market share volume by exchange Open interest Historical volume statistics

Capital.com, the high-growth global trading platform and fintech group whose trading volumes surpassed USD$1trn in 2023, has announced its partnership with TradingView, the world’s leading provider of charting and analytical tools. Through this partnership, Capital.com’s clients will be able to benefit from TradingView’s comprehensive financial visualisation tools and have access to enhanced drawing tools, customisable charts and an exhaustive list of indicators to support and enhance their trading experience.   Dana Massey, Chief Product Officer, Capital.com, said: “As a platform known for its exceptional UX and responsive technology, we are always looking for ways to enhance our clients’ trading experience and decision-making. Through our partnership with TradingView, our clients will have access to the best charting tools in the market without having to navigate away from the Capital.com platform. This not only gives our clients added convenience and a seamless user experience but also helps them save precious time when they are in the middle of a trade.” Pierce Crosby, General Manager, TradingView, said:  “Capital.com continues to deliver on top-notch product deployments for their users – and ours! We have been in partnership with their team for some years now and we are continually impressed by their consistent upgrades and rollouts. The latest upgrade allows clients to access the best of what our charting libraries has to offer, with the Capital.com product ecosystem. This complements the existing trading integration we have established to bring Capital.com’s trading capabilities to the TradingView ecosystem.” Highlights: Access to popular analysis tools including Fibonacci, Gann, and Elliot analysis tools 30+ additional indicators for the most popular trading strategies 35+ drawing tools to plan trades, plus ruler and emojis The ability to monitor price action across multiple markets simultaneously A comprehensive visual upgrade enabling customised colours and layouts Improved navigational and toolbar functionality The ability to save indicator templates and layouts across web and mobile   Capital.com enables clients to trade derivatives on more than 3,000 of the world’s most popular indices, commodities, cryptocurrencies (crypto trading is not available to retail clients in the UK), shares and currency pairs. In addition to its web and mobile-based platforms, Capital.com also provides clients with access to free education and trading tools to help them hone their trading knowledge. As a global fintech company with offices in London, Dubai, Limassol, Melbourne, Warsaw and Vilnius, Capital.com is guided by a sustainability-led startup framework, prioritising smart partnerships with the public and private sector to help drive progress and sustainable growth. For information about Capital.com’s partnership with TradingView and its enhanced charting tools, visit : (Global) https://capital.com/capital-charts-upgrade or (UK)   https://capital.com/en-gb/analysis/capital-charts-upgrade

Adaptive Financial Consulting (Adaptive), the trading technology experts, today announced the availability of Aeron® Premium, Adaptive’s low-latency messaging and high availability clustering technology through the Microsoft Azure Marketplace, an online store providing applications and services for use on Azure. Aeron users can now take advantage of the productive and trusted Azure cloud platform, with streamlined deployment and management. Aeron Premium, widely used across capital markets, provides enterprise-grade software and support for always-on, highly resilient trading systems. Built on top of open-source Aeron technology, Adaptive’s Aeron Premium allows capital markets firms to accelerate their trading system build and differentiate their tech stack. Aeron Premium includes additional software components to boost performance, security and 24/7 availability, support with enterprise-level SLAs, architectural design consulting and developer resources. The new collaboration will allow customers to leverage Aeron Premium and Microsoft Azure’s powerful cloud technology to accelerate the development of low-latency, high performance and resilient trading systems in the cloud. Key benefits to developers include:    Scalability: Azure and Aeron provide businesses with the flexibility to scale based on demand and allows companies to adapt quickly to changing needs. Performance: Aeron offers low latency and high throughput. High availability and reliability: Azure's infrastructure supports Aeron Premium’s high availability and reliability, minimizing downtime and providing consistent access to services. Matt Barrett, co-founder and CEO at Adaptive, said: “As capital market firms increasingly migrate their infrastructure to the cloud, it is crucial that they have easy access to powerful technology and expert advice to accelerate the development of next-generation trading systems. Working with Microsoft achieves this – improving the availability of Aeron Premium via the Microsoft Azure Marketplace, enabling developers to leverage powerful Azure cloud technology.” Jake Zborowski, General Manager, Microsoft Azure Platform at Microsoft Corp. said, “We’re pleased to welcome Aeron to the Microsoft Azure Marketplace, which gives our partners great exposure to cloud customers around the globe. Azure Marketplace offers world-class quality experiences from global trusted partners with solutions tested to work seamlessly with Azure.” The Azure Marketplace is an online market for buying and selling cloud solutions certified to run on Azure. The Azure Marketplace helps connect companies seeking innovative, cloud-based solutions with partners who have developed solutions that are ready to use. Adaptive provides custom trading technology solutions across asset classes for capital markets firms wanting to own technology to differentiate and compete in the long term. Aeron, sponsored by Adaptive, is the global technology standard for 24/7, high-throughput, low-latency, fault-tolerant applications used by firms globally to build high-performance trading systems. It is a cloud-native, open-source suite of components for message transport and 24/7 high availability. Aeron Premium offers additional software components as well as support and is available on subscription.

Sucden Financial, the multi-asset execution, clearing and liquidity provider, has reported positive audited financial results for the year ending 31 December 2023, with profit and total net assets increasing significantly. Key highlights Profit before taxation of £23.9 million, against £18.4 million in 2022 Total net assets of £168.5 million, against £160.7 million in 2022 Net revenue of £69.7 million, against £79.8 million in 2022   "Sucden Financial achieved another strong performance in 2023, with profits up by more than 30% and delivered significant returns for shareholders following the completion of a number of strategic initiatives in the year. We are well-positioned to deliver further growth in the year ahead as we adapt to changing market conditions and further develop our products and systems to create new opportunities for clients. I am excited by Sucden Financial's prospects and our team's ability to continue delivering on our prudent long-term growth strategy." Marc Bailey - Chief Executive Officer About Sucden Financial With a history and heritage in commodity futures and options trading, Sucden Financial has evolved and diversified to become a leading global multi-asset execution, clearing and liquidity provider across FX, fixed income, and commodities. Sucden Financial has a proven track record of over 50 years in financial markets. Since its foundation in 1973, it has been supported by its parent, Sucden, one of the world's leading soft commodity trading groups, while remaining fully independent in its day-to-day trading operations. Sucden Financial Limited is authorised and regulated by the Financial Conduct Authority. twitter.com/SucdenFinanciallinkedin.com/company/sucden-financial/www.sucdenfinancial.com