The European Banking Authority (EBA) today published its final Regulatory Technical Standards (RTS) specifying the booking arrangements that third-country branches must apply under the Capital Requirements Directive (CRD). The standards deliver clarity and harmonisation in the implementation of booking arrangements and the maintenance of a registry book, supporting consistent supervisory practices across the EU. ​The RTS establish requirements in three core areas: ​Bookkeeping methodology: the RTS define the approach for identifying and recording assets and liabilities booked or originated by the third-country branch, including off-balance sheet items. ​Minimum required content: the RTS specify the minimum information necessary to keep a comprehensive and precise track record of booked or originated assets and liabilities. ​Risk-related information: the RTS detail the risk data and associated risk management measures that must be maintained in the registry book for the activities of the branch. ​Legal basis and background ​Article 48h of Directive 2013/36/EU (Capital Requirements Directive - CRD), mandates the EBA to develop draft RTS to specify the booking arrangements that third-country branches are to apply and the methodology to identify and keep a track record of the assets and liabilities booked or originated in a Member State. ​Directive (EU) 2024/1619, amending Directive 2013/36/EU, introduces a new regime applicable to branches in the EU of third country credit institutions (third-country branches). This regime sets  a minimum harmonisation framework covering authorisation, prudential requirements – including booking arrangements, capital endowment, liquidity, internal governance, common reporting requirements - and supervisory practices.​  Documents Draft Regulatory Technical Standards on booking arrangements (458.89 KB - PDF) Related content Draft Regulatory Technical StandardsFinal draft RTS/ITS adopted by the EBA and submitted to the European Commission Regulatory Technical Standards specifying the booking arrangements that third-country branches Topic Market access

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, published today its principles for risk-based supervision. These principles support a common and effective EU-wide supervisory culture and strengthen the EU single market. The principles on risk-based supervision outline key concepts and foundational elements for use by ESMA and National Competent Authorities (NCAs), and provide a structured framework for identifying, assessing, prioritising and addressing risks. They are designed to support a supervisory framework that is consistent, proportionate, and effective across the Union. A risk-based approach is the cornerstone of EU securities markets supervision, allowing regulators to focus on and address risks that pose the greatest threats to investor protection, financial stability, and orderly markets. Risk-based supervision is also one of ESMA’s flagship projects supporting the simplification and burden reduction agenda, through its contribution to boosting supervisory efficiency and value. Next steps ESMA and NCAs will work together to advance the implementation of effective risk-based supervision and foster high quality supervisory outcomes for market participants. Related Documents DateReferenceTitleDownloadSelect 09/01/2026 ESMA42-1710566791-6326 Principles on risk-based supervision

Nasdaq (Nasdaq: NDAQ) announces that trading in the shares of Morrow Bank AB (ticker: MORROW) will commence today on the Nasdaq Stockholm Main Market. Morrow Bank is a Mid Cap company within the Financials sector. Morrow Bank is the second company to be admitted to trading on Nasdaq’s Nordic and Baltic markets* in 2026. Morrow Bank is a Nordic consumer finance bank offering consumer loans, credit cards and deposit accounts to creditworthy individuals in Sweden, Finland and Norway. The Bank has a gross loan balance of more than SEK 15.5 billion and has delivered earnings growth of more than 30% year-on-year, reflecting a highly automated operating model and disciplined risk management. “The listing reflects the transformation we have executed over the past three years. We have built a scalable platform delivering efficiency, solid credit performance and earnings growth above Nordic consumer finance peers. Redomiciling to Sweden reduces capital requirements and levels the playing field. Looking ahead, we target around 10% annualised organic loan growth and a return on target equity of approximately 20% by the end of 2028, up from 13% in Q3 2025. With increasing excess capital following the move to Sweden, we are positioned to pursue selective, accretive acquisitions, further strengthening growth and returns,” says Øyvind Oanes, CEO of Morrow Bank. “We are pleased to welcome Morrow Bank AB to the Nasdaq Stockholm Main Market as Sweden’s first listing of 2026. The bank’s decision to transfer its listing to Sweden underscores the appeal and robust standing of Nasdaq Stockholm as a leading European listing venue. We look forward to supporting Morrow’s continued success journey,” says Adam Kostyál, Head of European Listings at Nasdaq and President of Nasdaq Stockholm. *Main markets and Nasdaq First North at Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland and Nasdaq Stockholm as well as Nasdaq Baltic.

Taiwan Futures Exchange (TAIFEX) concluded 2025 with total trading volume of 381.9 million contracts, while the average daily volume (ADV) stood at 1.6 million contracts. Supported by strong stock market performance and active turnover, Single Stock Futures (SSF) remained solid, with ADV increasing 9% year-over-year to 297 thousand contracts. Night-session SSF trading also continued to expand, with retails contributing around 45% of total volume. Meanwhile, the ADV of Micro TAIEX Futures (TMF) increased by 22% to 174 thousand contracts in 2025, with retail investors demonstrating strong participation, representing 63% of the trading volume. Options trading also gained momentum. Following the launch of Friday Weekly Options (Friday TXO) in addition to Wednesday contracts on June 27, overall TXO activity strengthened, with ADV rising 21% to 768 thousand contracts. Friday TXO averaged about 245 thousand contracts per day—32% of total TXO volume—while Thursday and Friday volumes surged 41% and 92%, respectively. Retail investors accounted for 48% of Friday TXO trading, while participation by foreign institutional investors increased steadily month by month following the launch, reaching 16%. Click here for full details.

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: 08 January 2026 Aggregate number of ordinary shares purchased: 112,659 Lowest price paid per share: 8,740.00p Highest price paid per share: 8,926.00p Average price paid per share: 8,876.35p   LSEG intends to cancel all of the purchased shares. Following the cancellation of the repurchased shares, LSEG has 509,836,659 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 509,836,659. 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/2461O_1-2026-1-8.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:       112,659 (ISIN: GB00B0SWJX34) Date of purchases:      08 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 8,876.35 112,659 8,740.00 8,926.00 Turquoise        

Bursa Malaysia Securities Berhad (“Bursa Securities”) has updated the sector and sub-sector classification for CENTRAL GLOBAL BERHAD (“CGB”), which will come into effect at 9.00 a.m. on Monday, 12 January 2026. The updated sector and sub-sector classification for CGB is as follows:  Company Stock Short Name Stock Number Current Sector Current Sub-sector New Sector New          Sub-sector CENTRAL GLOBAL BERHAD CGB 8052 Industrial Products & Services Packaging Materials Construction Construction   The stock number and stock short name for CGB’s securities remain unchanged. This reclassification update, made upon the Company’s request, is based on the criteria which take into account, among others, the following factors:  Changes in the Company’s business activity.   The core business activity’s contribution to the Company’s financial results.   The update in the classification of sector and sub-sector serves to ensure that all investors and industry participants are informed on the latest developments in public listed companies across the Bursa Securities’ MAIN Market, ACE Market and LEAP Market.

SGX Group (Singapore Exchange) today reported stellar trading activity in December, capping a pivotal year that amplified the appeal and quality of the Singapore stock market. Derivatives volume rose to a record for 2025 on strong institutional demand for trusted risk-management tools. Securities market turnover value climbed 29% year-on-year (y-o-y) in December to S$25.8 billion, with securities daily average value (SDAV) up 23% y-o-y at about S$1.2 billion. SDAV for 2025 gained 21% to almost S$1.5 billion, the highest since 2010. Derivatives traded volume across equities, foreign exchange (FX) and commodities increased 22% y-o-y to 28.3 million contracts, as daily average volume (DAV) grew 17% y-o-y to 1.3 million contracts. For 2025, derivatives volume expanded 10% to 329 million contracts. Key highlights: Milestones for Singapore stock market: The bellwether Straits Times Index (STI) marked a fresh record of 4,655.38 on 30 December, underscoring momentum in a landmark year. For 2025, the STI delivered 22.7%, with reinvested dividends taking total returns to 28.8%, outpacing most ASEAN peers. Total returns for the iEdge Next 50 Indices were up 26.7% in 2025. Retail participation in cash equities grew to a four-year high, while institutions net-purchased S$415 million of small- and mid-cap stocks in 2025. Capital raising accelerates: UltraGreen.ai Limited, a global leader in the fluorescence-guided surgery space, joined SGX’s Mainboard on 3 December. On Catalist, Infinity Development Holdings Company Limited, a manufacturer of adhesive-related products for the footwear industry, also listed on 3 December, while Leong Guan Holdings Limited, a food manufacturing and distribution company, debuted on 11 December. Institutional support drive SiMSCI derivatives: Strong institutional appetite boosted trading activity in flagship SGX MSCI Singapore Index (SiMSCI) derivatives, fueled by positive sentiment on the Equities Market Review Group measures. Open interest (OI) in SiMSCI derivatives gained 7% month-on-month (m-o-m) to US$7.6 billion, while OI in Net Total Return Futures doubled m-o-m to a record US$361 million. Unrivalled gateway for China exposure: SGX Group’s China equity derivatives suite continued to shine as global investors sought trusted access. SGX FTSE China A50 Index Futures traded volume increased 7% y-o-y in December to 9.1 million contracts, lifting the tally for 2025 to 112 million contracts, an all-time high. OI expanded 16% in 2025 to US$17 billion, underscoring deep investor confidence in the contract – the world’s most liquid international futures for Chinese equities. SGX FTSE China H50 Index Futures traded volume rose to a record 1.7 million contracts for the year, highlighting the strengths of a single platform for both China A- and H-share risk management. Record FX futures activity: FX futures traded volume rose 43% y-o-y in December to 8 million contracts, the highest since April, as SGX INR/USD Futures volume jumped 90% y-o-y. For 2025, total FX futures volume climbed 34% y-o-y to 79.3 million contracts – an all-time high – as uncertainty driven by global trade tariffs left a lasting impact on portfolio hedging activity. SGX USD/CNH FX Futures volume gained 18% in 2025 to a record 41.5 million contracts, while SGX KRW/USD FX Futures DAV increased 66% to a notional US$338 million. Iron ore leads record commodities suite: Benchmark iron ore derivatives traded volume rose 51% y-o-y in December to 5.4 million contracts, bringing the tally for 2025 to 66.2 million lots – a seventh straight record year. Gains across the broader SGX Commodities suite included volume and OI records for both dairy and petrochemicals derivatives in December, while forward freight agreement (FFA) futures volume in 2025 climbed to a new high of 2.2 million lots on the back of robust demand for dry-bulk commodities.   The full market statistics report can be found here.

Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Friday) the launch of six new stock option classes effective on Monday, 19 January 2026, building on the strong momentum in the single stock options market and offering more choices to investors. Last year, HKEX’s derivatives market experienced a 7 per cent rise in average daily volume (ADV), hitting an all-time high of 1,662,751 contracts. Stock Options, including both monthly and weekly expiry contracts, stood out as one of the most actively traded products, with ADV rising 22 per cent to a record 879,831 contracts. New Option Classes to be Introduced: Zijin Gold International Co Ltd (2259) 200 ZJG 2026: January, February, March, April, June, September and December Wuxi Apptec Co Ltd (2359) 500 WXA BeOne Medicines (6160) 200 BOM Laopu Gold Co Ltd (6181) 100 LAO Horizon Robotics (9660) 3,000 HRB Akeso Inc(9926) 1,000 AKS   Details of the new options are available in the circular issued today. General stock options contract summaries are also available on the HKEX website.

The Dubai Financial Services Authority (DFSA) has published a Thematic Review report examining how Authorised Firms in the Dubai International Financial Centre (DIFC) identify, manage, and mitigate conflicts of interest risk. The Review assessed 710 Firms across various sectors and business models, providing a comprehensive view of current practices across the Centre. With the continued growth and development of financial services activities in DIFC, the DFSA considers it imperative to assess how effectively Firms are managing conflicts of interest in practice. This Review forms part of the DFSA’s broader supervisory work to uphold best practices, foster market confidence, and ensure that Firms maintain robust systems and controls to protect clients’ interests. The Review highlights several good practices observed within the industry, as well as areas requiring improvement. The DFSA expects Authorised Firms to review the findings and ensure their systems and controls on conflicts of interest are sufficiently robust, appropriately documented, and proportionate to the nature, scale, and complexity of their business. The Thematic Review report on Conflicts of Interest is available here.

Nasdaq (Nasdaq: NDAQ) today reported monthly volumes for December 2025, as well as quarterly volumes, estimated revenue capture, number of listings, and index statistics for the quarter ended December 31, 2025, on its Investor Relations website. A data sheet showing this information can be found at: https://ir.nasdaq.com/financials/volume-statistics

The Commodity Futures Trading Commission’s Division of Market Oversight and the Division of Clearing and Risk today announced they have taken a no-action position regarding swap data reporting and recordkeeping regulations for certain binary and bounded swap contracts in response to a request from Bitnomial Exchange, LLC, a designated contract market, and Bitnomial Clearinghouse, LLC, a registered derivatives clearing organization.  The divisions will not recommend the CFTC initiate an enforcement action against either entity or their participants for failure to comply with certain swap-related recordkeeping requirements and for failure to report to swap data repositories data associated with event contract transactions executed on or subject to the rules of Bitnomial Exchange, LLC and cleared through Bitnomial Clearinghouse, LLC, subject to the terms of the no-action letter.  The no-action letter applies only in narrow circumstances and is comparable to no-action letters issued for other similarly situated designated contract markets and derivatives clearing organizations RELATED LINKS CFTC Staff Letter No. 26-01

Nodal Exchange announced today that it achieved record trading volumes in 2025 in its power and environmental markets. Nodal achieved a record 3.1 billion MWh power futures volume traded in 2025, representing 4% growth over 2024. In December, Nodal Exchange traded volume was 235 million MWh, up 29% from December 2024.  Nodal continues to be the market leader in North American monthly power futures having 56% of the open interest with 1.51 billion MWh at the end of 2025. The open interest represents over $166 billion of notional value (both sides). Nodal continues to grow its environmental futures and options markets. Environmental futures and options on Nodal Exchange posted full-year volume in 2025 of 749,222 lots. Environmental market open interest ended the year at a record 391,264 lots, up 1% from a year earlier. December deliveries of 37,173 lots marked the fifth-largest delivery month for environmental products on Nodal. Renewable energy certificate futures and options posted volume of 465,189 lots in 2025, up 11% from a year earlier and ended the year with open interest of 323,591 lots, up 10%. Nodal continues to expand environmental offerings having over 68% of the North American Renewable Energy Certificate market measured in clean MWh generation. Nodal, in collaboration with IncubEx, launched several new environmental futures contracts in 2025, including Auction Clearing Price contracts for California, Washington and RGGI carbon allowances.  Nodal was the first exchange to launch PJM Emission Free Energy Certificate (EFEC) Futures, which allow for delivery of nuclear energy certificates alongside hydro. Other new launches included Virginia In-State Compliance REC Futures, New York Environmental Disclosure Program REC Futures and Alberta TIER EPC Options. Natural gas futures traded volume in 2025 reached 958 million MMBtu traded on Nodal Exchange. “Nodal plays a key role in providing price, credit and liquidity risk management solutions to the markets we serve, and we appreciate the confidence of our trading community which resulted in successes in all our markets in 2025,” said Paul Cusenza, Chairman and CEO of Nodal Exchange. “As we begin the new year, we look forward to further developing our markets and expanding our product portfolio in order to best meet the needs of the markets we serve.”

President Bola Ahmed Tinubu has commended Nigerian Exchange Group (NGX Group), corporate Nigeria, market operators, and investors for propelling NGX past the historic ₦100 trillion market capitalisation mark, describing the achievement as a powerful signal of renewed investor confidence and economic rejuvenation. In a statement celebrating the milestone, the President urged Nigerians to deepen their participation in the local capital market, expressing confidence that 2026 would deliver even stronger returns as the impact of his administration's economic reforms continues to materialise. "With Nigerian Exchange crossing the historic ₦100 trillion market capitalisation mark, the country is witnessing the birth of a new economic reality and rejuvenation," President Tinubu said. He noted that the NGX All-Share Index closed 2025 with a 51.19% return, up from 37.65% in 2024, ranking among the strongest performances globally and outperforming major indices including the S&P 500, FTSE 100, and several emerging-market peers. "Nigeria is no longer a frontier market to be overlooked, it is now a compelling investment destination where value is being created and discovered," the President declared, emphasising that robust stock market performance reflects broader economic health and rising investor confidence. President Tinubu highlighted several factors behind the market's strong performance: impressive results across listed companies, a growing pipeline of new listings spanning energy, technology, telecommunications, and infrastructure, as well as broader macroeconomic improvements including easing inflation, a stabilising naira, rising foreign reserves, and expanding exports. Responding to the President's remarks, the Director-General of the Securities and Exchange Commission (SEC), Emomotimi Agama, credited President Tinubu’s leadership for driving the market to historic heights. “The ₦100 trillion milestone is a direct result of the administration’s decisive reforms and unwavering commitment to transparency and fiscal discipline,” Agama stated. “These policies have renewed investor trust and solidified the credibility of Nigeria’s capital market.” He reaffirmed the SEC’s alignment with the President’s economic vision, pledging to strengthen oversight, protect investors, and uphold governance standards to ensure sustained growth and resilience. The Group Managing Director/CEO of Nigerian Exchange Group Plc, Temi Popoola, commended President Tinubu for providing the policy clarity and reform momentum that have bolstered investor confidence. "This milestone underscores the success of ongoing reforms and the Exchange's commitment to market depth, transparency, and inclusive growth," Popoola said. "The capital market has responded positively to improved macroeconomic coordination and clear reform direction, creating an enabling environment for sustainable investment. It validates our focus on market development, innovation, and creating an environment where both local and global investors can deploy capital with confidence." Popoola added that NGX Group would continue collaborating with regulators and stakeholders to attract quality listings, deepen liquidity, and expand retail participation, reinforcing our position as a catalyst for sustainable economic growth. President Tinubu concluded by reiterating his administration's commitment to building an inclusive, transparent, and high-growth economy, stressing that the ₦100 trillion milestone sends a powerful message to the global investment community. "Nation-building is a process, not a destination. The ₦100 trillion market capitalisation is a signal to the world that the Nigerian economy is robust, productive, and open for business," the President affirmed.

Market Notice  The Bank set out the schedule for sales in Q1 2026 of gilts held in the APF for monetary policy purposes in the 19 December 2025 Market Notice. Following the announcement by the Chancellor of the Exchequer that the Spring forecast will be held on Tuesday 3 March 2026, and the subsequent update to the gilt operations calendar by the UK Debt Management Office (DMO), the Bank has rescheduled the following auctions: The short maturity auction previously scheduled for 16 March will now be held on 23 February The medium maturity auction previously scheduled for 9 March will now be held on 16 March The schedule for Q1 is otherwise unchanged, as set out in Table 1 below.  As set out in the exchange of letters between the Governor and the Chancellor in February 2022, the Bank liaises closely with the DMO to ensure that our operations minimise interference with the DMO’s own issuance programme.   Other than as amended in this Market Notice, the detailed operational parameters and participation requirements set out previously will apply to these gilt sales. As set out in the 19 December 2025 Market Notice, the Bank will continue to monitor the impact of its gilt sales programme on market conditions, and reserves the right to amend its schedule, including the gilts to be sold and the size of its auctions, or any other aspect of its approach at its sole discretion.  The Bank expects to announce the sales schedule for Q2 2026 at 4.30pm on 20 March 2026. Table 1: APF gilt sales auction calendar – January to March 2026 Auction dateMaturity sectorAuction size Monday 12 January Short  £800mn Monday 26 January Long £675mn Monday 09 February Medium £775mn Monday 23 February Short £800mn Monday 16 March Medium £775mn   The table below indicates the number of auctions that the Bank expects to hold in each of the following quarters over the next nine months. The number and size of auctions needed to meet the MPC’s target in future quarters may change, depending on the movement in gilt prices and the realised distribution of sales throughout the year, and therefore the numbers below should be understood as strictly indicative.  Table 2: Indicative number of auctions for future quarters PeriodMaturity sector ShortMediumLong Apr-Jun 2026 2 2 1 Jul-Sep 2026 3 2 0

The European Banking Authority (EBA) today published its final draft Regulatory Technical Standards (RTS) on cooperation and colleges of supervisors for third country-branches. These standards are designed to enhance collaboration and information exchange among competent authorities supervising third-country branches in the EU. They also set out practical arrangements for organising colleges of supervisors, ensuring comprehensive supervision of all activities conducted by third-country groups within the Union. These final draft RTS build on supervisory experience in information exchange and the functioning of colleges for credit institutions. They are specifically tailored to the supervision of third-country branches, embedding the principle of proportionality. The standards focus on two key areas: Colleges of supervisors for class 1 third-country branches: the RTS detail how colleges should be established and function, including coordination of supervisory activities in both normal and emergency situations. An annex provides a mapping template to help authorities determine when a college is required under the Capital Requirements Directive (CRD). Cooperation outside the college context: for other third-country branches a college of supervisors is not needed, the RTS outline how authorities should cooperate and exchange information to facilitate their supervisory tasks in going concern and emergency situations. Legal basis and background These draft RTS have been developed in accordance with Article 48p(7) of Directive 2013/36/EU to specify the effective cooperation and exchange of information between competent authorities supervising institutions and branches of the same third-country group and the conditions for the functioning of colleges of supervisors for class 1 third country branches. Directive (EU) 2024/1619, amending Directive 2013/36/EU, introduces a new regime for branches of third-country credit institutions operating in the EU (third country branches or TCBs). This regime establishes a minimum harmonisation framework for authorisation, prudential requirements – including booking arrangements, capital endowment, liquidity, internal governance, common reporting requirements - and supervisory practices and cooperation.  The RTS are part of phase 2 of the EBA’s roadmap for implementing the EU Banking Package mandates on market access. Their objective is to strengthen cooperation and information sharing among authorities supervising third-country branches in the EU. Documents Final draft Regulatory Technical Standards on cooperation and colleges of supervisors for third-country branches (638.37 KB - PDF) Annex - Mapping template (32.25 KB - Excel Spreadsheet) Related content Draft Regulatory Technical StandardsFinal draft RTS/ITS adopted by the EBA and submitted to the European Commission Regulatory Technical Standards on cooperation and colleges of supervisors for third-country branches Topic Market access

Euronext, the leading European capital market infrastructure, today announced trading volumes for December 2025. Monthly and historical volume tables are available at this address: euronext.com/investor-relations#monthly-volumes

Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology, today announced a strategic collaboration with Microsoft to accelerate innovation by further embedding AI into Fiserv development platforms and empowering its global workforce with AI. The collaboration will boost internal productivity at Fiserv and deliver AI-driven solutions that create greater value for Fiserv clients, including financial institutions, businesses, and consumers. Fiserv will deploy Microsoft 365 Copilot across its global workforce, equipping employees with access to advanced AI tools that enhance productivity, accelerate decision-making, and elevate the quality of work. In parallel, Fiserv is working with Microsoft to expand its use of Microsoft Foundry, an Azure-powered AI platform designed to build, customize, deploy, and manage AI applications safely and securely. Deploying these innovative, AI-powered products and services throughout the organization is expected to boost employee productivity, streamline processes, and unlock new revenue opportunities. “By embedding AI inside our workforce and development platforms, we’re not simply improving how we operate; we’re transforming how Fiserv delivers the next generation of innovation for our clients,” said Guy Chiarello, Vice Chairman, Fiserv. “This collaboration with Microsoft enables us to bring intelligent capabilities to market with greater speed and scale, unlocking smarter, more differentiated solutions that help our clients grow, compete, and lead in today’s rapidly evolving fintech and payments landscape.” “Together with Fiserv, we’re bringing the power of generative AI to transform how financial technology is built and delivered,” said Karen Del Vescovo, Corporate Vice President, Financial Services, Microsoft. “By combining Microsoft 365 Copilot and Microsoft Foundry with Fiserv’s deep industry expertise, we’re enabling innovation that will help Fiserv’s workforce achieve new levels of efficiency and productivity. This collaboration shows what’s possible when industry leaders come together to redefine the future of work and customer experience.” This expanded relationship with Microsoft builds on Fiserv’s existing use of Microsoft Foundry and deployment of Microsoft’s GitHub Copilot. To date, Fiserv has processed more than 100 billion tokens in Foundry, enhancing products, client servicing experiences, and its proprietary developer gateway. GitHub Copilot has been deployed to more than 8,000 software engineers across Fiserv, driving measurable gains in developer productivity and accelerating solution delivery for clients. Deepening Investment in AI Fiserv has a long-standing commitment to deploying AI responsibly across the enterprise, using differentiated data assets and deep industry expertise to embed AI and machine learning in its platforms and operations, driving product innovation and efficiency. Across Fiserv, AI already powers fraud detection, risk management, and personalized engagement for financial institutions; enables smarter decisioning and higher authorization rates for merchants; and improves client servicing, compliance, and developer productivity. By further embedding “AI Inside” the company, including the latest generative AI capabilities, Fiserv is moving beyond intelligent automation to agentic intelligence, staying at the forefront of AI innovation, and transforming how it delivers for clients.

Pension schemes must now publish transparent data on their performance, costs, and service quality, according to new proposals from the FCA, DWP, and TPR. Pension schemes will need to publish clear data on their performance, costs and quality of service, under proposals announced today by the Financial Conduct Authority (FCA), the Department for Work and Pensions (DWP) and The Pensions Regulator (TPR). If a pension offers poor value, firms and trustees must then fix it by moving savers to better schemes or driving improvements.  The proposals aim to make it clearer how pensions perform, what they cost and the quality of service. So that people can get good value, and so that poor performing schemes are pushed to improve.   Over 16 million workers have defined contribution (DC) pensions. Value for money makes a real difference for pension savers: over 5 years, a £10,000 pot could grow to £10,400 in a poor scheme or £15,100 in a high-performing one - 46% more.  The proposals focus on long-term value and build on feedback from last year’s consultation, with new measures showing what returns and risks savers can expect over the next ten years. This latest consultation is for decision makers across the DC market, including trustees.  Value for money assessments will be shown in a colour rating, with dark green for strong performance, light green for good value, amber for improvement, and red for poor value-making comparisons clear and easy.  FCA deputy chief executive, Sarah Pritchard, said:  'Good value isn’t just about low costs – it’s about strong performance, good service, and transparency. We want to see a focus on value. By working with government and The Pensions Regulator, we will help secure better returns for pension savers.' TPR chief executive, Nausicaa Delfas, said: 'Millions of people rely on pension income to support them through later life. We have to make sure they get value for their money. This framework will empower decision-makers to either improve their scheme or consolidate out of the market. We want to hear the views of trustees to make sure we get this right and help transform pension saving for millions.' Minister for Pensions, Torsten Bell, said: 'It is simply too difficult for people to know whether their pension savings are working for them. That's not right when we're talking about something as important as people's security in retirement. 'These proposals change that. Pension schemes' performance will be public with a simple rating system. In future, savers will know if they are getting a good return or not.   'This is about being straight with people and making sure people’s savings work as hard as they did to earn them.'  The framework also sets out:  Stronger governance with clear expectations for trustees and providers. Clear steps to take when schemes are not giving members good value, including closing them to new business and moving members to better-performing schemes.  These joint proposals are open for comment until 8 March 2025. Final rules will only be confirmed once responses have been considered and are subject to the Pension Schemes Bill receiving Royal Assent.  Background Read the Consultation Paper (PDF). TPR has a landing pageLink is external  for trustees which provides an introduction to the Consultation.   See previous work from the FCA, DWP and TPR on Value for Money. The FCA regulates contract-based pensions, which involve a contract between an individual and the pension provider.   TPR regulates trust-based pension schemes, which have a board of trustees overseeing the scheme. The UK government's Pension Schemes Bill 2025 is currently progressing through Parliament and includes the legislative powers to mandate a Value for Money (VFM) framework for trust-based schemes. FCA rules will introduce the framework for contract - based schemes. Timing of the framework is therefore subject to legislative agreement. The framework is one of a number of joint initiatives to deliver better outcomes for pension savers including Targeted Support and the Pensions Dashboard. The Consultation Paper is aimed at pension providers and aligns with the wider FCA objectives, including the Consumer Duty and competition. 

In alignment with the Trump Administration’s decision to withdraw from the UN Framework Convention on Climate Change (UNFCCC), the U.S. Department of the Treasury has notified the Green Climate Fund (GCF) that the United States is withdrawing from the Fund and stepping down from its seat on the GCF Board, effective immediately. “Our nation will no longer fund radical organizations like the GCF whose goals run contrary to the fact that affordable, reliable energy is fundamental to economic growth and poverty reduction,” said U.S. Secretary of the Treasury Scott Bessent. The Trump Administration is committed to advancing all affordable and reliable sources of energy, which are fundamental to economic growth and poverty reduction. The GCF was established to supplement the objectives of the UNFCCC, and continued participation in the GCF has been determined to no longer be consistent with the Trump Administration’s priorities and goals.

Eastspring Investments (Eastspring), the USD286 billion1 asset management business of Prudential plc, and SGX FX today announced a partnership to strengthen Eastspring’s Foreign Exchange (FX) trading capabilities. This underscores Eastspring’s commitment to operational excellence through innovation and automation, while also supporting the Monetary Authority of Singapore’s (MAS) ambition to develop Singapore's FX market to better serve the region’s growing trading and hedging needs. A central pillar of this partnership is SGX FX’s advanced FX workflow solutions, which allow Eastspring to deliver best-in-class trading outcomes. These next-generation solutions streamline every step of the FX trading process – from order routing, pre- and post-trade analytics, to automated execution. By integrating SGX FX’s cutting-edge workflows through SG1, MAS’s flagship low-latency data centre, Eastspring will benefit from heightened efficiency, increased speed and gain seamless access to deep liquidity pools. This robust infrastructure ensures reliable and transparent price discovery, reduced transaction costs, and immediate trade execution – all of which are increasingly critical in today’s dynamic FX markets. Automation is transforming the trading landscape by empowering the adoption of innovative strategies and enhancing the execution of existing ones. Eastspring’s engagement with SGX FX goes beyond technological adoption: by embracing innovation and automation, the firm is also proactively shaping the digital transformation and market standards of Asia’s FX landscape. Matthew Valath, Assistant Director - Dealing, Eastspring Investments, said, “This partnership with SGX FX is a significant step in our journey to lead digital transformation in Asia's FX markets. By integrating their advanced workflow solutions with our expertise, we are not just enhancing our operational excellence; we are actively striving to deliver the best for our customers.” Caroline Quah, Head of Sales, Southeast Asia and North Asia (ex Japan), SGX FX, said, "We are pleased to support Eastspring Investments with our workflow solutions and infrastructure. This collaboration demonstrates our commitment to foster a more resilient and liquid global FX ecosystem. By delivering best-in-class technology and seamless connectivity within the SG1 data centre, we are working alongside market participants to elevate FX trading standards and support efficient cross-border trading.” As of 30 September 2025.