RAQUEST, a German fintech and market leader in withholding tax technology solutions for financial institutions, has appointed Dirk Loscher, CEO of Clearstream Europe AG and Head of Custody & Investor Solutions, to its Advisory Board. He joins an experienced panel that includes Peer Steinbrück, former German Minister of Finance, Karl von Rohr, former Chairman of the DWS Supervisory Board, and Lourdes Bustos, former EU Commission policymaker.  Dirk Loscher brings more than 20 years of experience in international financial services. He initiated his career in global custody at Dresdner Bank and spent over two decades at Citibank, most recently as Cluster Head of Securities Services for Germany, Austria, Switzerland, Italy, and Greece. In 2022, he joined Clearstream Europe AG as Head of Custody & Investor Solutions, becoming CEO in 2024. The RAQUEST Advisory Board is an external body of financial experts that supports the company with strategic guidance, market insight, and international expansion. “We are very proud to welcome Dirk Loscher to our Advisory Board,” said Alexander Lerch, CEO and CoFounder of RAQUEST. “His deep understanding of financial markets, combined with his extensive leadership experience in global custody and securities services, will provide valuable perspectives to RAQUEST. We are confident that his expertise will support our strategic development and will further strengthen our position as we expand internationally.” Dirk Loscher, CEO of Clearstream Europe AG and Head of Custody & Investor Solutions, added: “I am honoured to join RAQUEST’s Advisory Board, combining the much-needed innovation power in the withholding tax space with our long-standing expertise as central market infrastructure. Harmonizing and automating withholding tax processes has the potential to remove significant barriers to cross-border investment flows, ultimately fostering a more unified and efficient financial market in Europe and across the globe.”

Good morning and good to be with you all. Joe [Mecane], thank you for the introduction. It’s an honor to join you for STANY’s 90th annual conference. For ninety years, your association has contributed precious time and expertise to improve our capital markets and benefit the investing public that each of your members serve. Ninety years of market bulls and bears, interest rates high and low, profound technological advances, and shifting geopolitical considerations. Congratulations on your persistence and resilience. And thank you for your constructive engagement with the Commission throughout your rich history—continuing to the present, when your perspective is as relevant as ever. Before I proceed, I should say that I speak today in my official capacity as the Commission’s Director of the Division of Trading and Markets. My remarks do not necessarily reflect the views of the Commission, the Commissioners, or members of the Division’s staff. Nearly twenty years ago, Chairman Atkins, then a Commissioner, addressed your group. Our gracious host today was active then, as he noted: “Significant business and regulatory changes are also afoot. The NASD and NYSE Regulation are scheduled to complete their merger in June. The NYSE and Euronext have completed their merger and will presumably now seek to capitalize on the efficiencies that the combination provides.” [1] Many in STANY’s 2007 audience would likely have been surprised that the first combination, which we now know as FINRA, would prove more durable than the second. But as industry associations go, the NASD’s formative years are instructive—and worth reflection. Robert Healy was one of the five original Commissioners seated on July 2, 1934. Commissioner Healy served for more than twelve years—the longest tenure of any Commissioner in the agency’s history. William O. Douglas, third SEC Chairman, Supreme Court Justice, and friend of Senator Frank Maloney of Connecticut, described Commissioner Healy as “impeccably honest” and marked by “a quiet sense of humor and a bulldog tenacity.” [2] In April 1939, Healy spoke at the annual dinner of the New York Securities Dealers Association. Possibly, the NYSDA shared members with the newly-formed STANY; that’s a question for any industry historians in the crowd. The Maloney Act, which amended the ‘34 Act to add Section 15A, establishing registered national securities associations as “self-regulatory organizations,” had become law in 1938. Commissioner Healy encouraged the industry audience to take the self-regulatory plunge. His elevator pitch: “You have by voluntary organization of your group made its members most articulate and effective. You have given your group a feeling of solidarity consistent with strong, healthy competition. You have stood for raising the standards of your business in an attempt to protect against the temptations of the market place. You have taken steps in the direction of supervising the financial condition of your members so as better to protect the trade and the public from the risks of insolvency and unsound financial practices. In these and in other respects, you have demonstrated a capacity for constructive leadership.” [3] Commissioner Healy made the sale. Roughly four months later, the NASD became effective, and self-regulation outside the exchange context was born. Then, the Commission recognized the value of partnership with industry, both formally and informally, to solve problems and advance the interests of the investing public. Today, it is in this spirit that I ask for input from your association on two areas of current focus for the Division: tokenized securities and Reg NMS reform. Two months ago, Chairman Atkins spoke of the promise of tokenized securities – and his associated direction to the Division: “Tokenization could transform the financial system as we know it by, for example, shortening settlement cycles, facilitating the movement of collateral and dividends, facilitating proxy voting, or making it easier for people to construct and manage bespoke, diversified portfolios of investments. We stand ready to work with entrepreneurs who are building for a better future.” [4] For nearly a year, the Division has engaged in detailed discussions with interested parties on functions throughout the marketplace ecology—including issuance, execution, clearance and settlement, and custody. “Innovation without arbitrage” has been our guiding principle. In practice, this principle means that as we propose policies to the Commission, we aim to advantage neither new entrants nor legacy providers over the other. Our proper role is not to pick winners, but to create a level playing field that drives competition. Market forces must determine value, not arbitrary public sector policy choices. To this end, the Division has issued a “no action” letter to DTC related to a three-year pilot program to tokenize securities, issued a staff statement setting out a taxonomy for tokenized securities, and, earlier today, issued a staff statement regarding wallets and other user interfaces that investors may use to engage with these tokenized securities. The Division is currently working on an “innovation exemption” recommendation to the Commission to allow certain trading venues to trade tokenized securities. Your feedback – and your ideas for additional areas that warrant our attention – are more than welcome. These are necessary for the Commission to make sound, lasting policy. Turning to more traditional markets, the Commission continues to review Reg NMS, which was adopted over twenty years ago—and sorely needs modernization in the view of many. Speaking to this audience in 2007, Commissioner Atkins said the following: “Reg NMS represents a massive regulatory intrusion into our secondary trading markets that was completely unwarranted, given the lack of evidence of market failure and the availability of substantially less intrusive means to advance the enumerated goals. Reg NMS has the potential to do significant harm to our markets by unduly interfering with the operation of the competitive forces. Over the years, these forces have benefited investors immensely by reducing trading costs and increasing market efficiency. Whatever its justification, Reg NMS is a carte blanche for unsupervised meddling by the SEC staff in the marketplace for years to come.” [5] The Division began its review with two roundtables last year on Rule 611, the “trade-through rule.” We have received input on possible paths forward, which will assist us in making a recommendation to the Commission. In addition, we recently published a request for exemptive relief from Rules 610 and 612 from MEMX. We are keenly interested in comment on the questions MEMX raises, particularly the appropriate level for an access fee cap and the proper scope for quoting in half-cent increments, as well as implementation timing given potential changes to Rule 611. Lastly, we may soon recommend asking for comment on potential changes to market data revenue allocation and for ways to modernize best execution obligations. So as you can see, the Division has much on its plate, and we seek wise counsel from members of your association—on issues and assets both novel and traditional. Our Nation’s founding was driven by rugged individualists, but voluntary association built our great institutions. Throughout our 250 years, these institutions have emanated a warmth of prosperity, progress, and protection. In financial markets, associations such as yours have set and upheld high standards. These associations are not command-and-control collectives, but rather groups of colleagues and competitors that join together voluntarily to solve shared problems and protect the interests of individuals served. Here in New York City, at the Exchange, on capitalism’s hallowed ground, forgetting our past foundation could lead to a fatal fall in the future. Thank you for your time and attention. I look forward to your questions and your engagement going forward. [1] SEC Speech: Remarks Before the Security Traders Association of New York; New York, New York: April 19, 2007. [2] Douglas, William O. Go East, Young Man. New York: Random House; 1974. [3] Speech: Address Before the Annual Dinner Of The New York Security Dealers Association, March 22, 1939. [4] SEC.gov | Number Go Down and Other Schadenfreude. [5] SEC Speech: Remarks Before the Security Traders Association of New York; New York, New York: April 19, 2007.

CFTC's Weekly Swaps Report has been updated, and is now available: http://www.cftc.gov/MarketReports/SwapsReports/index.htm.Additional information on the Weekly Swaps Report. Archive Explanatory Notes Swaps Report Data Dictionary Release Schedule Released: Weekly on Mondays at 3:30 p.m.

In his letter to the G20, FSB Chair Andrew Bailey highlights the significant challenges posed by the conflict in the Middle East and stresses the need for continued vigilance as financial conditions tighten. Andrew Bailey warns of an increased likelihood that multiple vulnerabilities could crystallise at the same time, amplifying the threat to financial stability and the provision of critical financial services. The letter flags upcoming work by the FSB on private credit markets and foreign exchange and derivatives markets. The Financial Stability Board (FSB) today published a letter from its Chair, Andrew Bailey, to G20 Finance Ministers and Central Bank Governors ahead of their meeting on 16 April. The letter highlights the significant challenges posed by the ongoing conflict in the Middle East and its implications for global financial stability. In the letter, Mr Bailey warns that vulnerabilities such as stretched asset valuations, concentrated leverage in the nonbank sector, and liquidity mismatches could interact with heightened financial market volatility and tightening financial market conditions, creating a potential “double or triple whammy” threat to financial stability. While markets have so far absorbed the increased volatility, Mr Bailey stresses the need for constant vigilance to prevent systemic disruptions. He identifies three key areas that require heightened monitoring: Government bond markets: The use of high leverage by a limited number of funds pursuing similar strategies across jurisdictions has increased the risk of a disorderly unwinding of positions. This could lead to illiquidity in core government bond markets and cross-border spillovers. Global asset prices: Global asset prices remain elevated by historical standards. Certain sectors, such as those linked to artificial intelligence (AI), where valuations were already stretched before the conflict, are particularly vulnerable to sharp adjustments if economic conditions deteriorate. Private credit markets: Investor sentiment towards certain risky credit markets, notably private credit, had deteriorated before the conflict started. Mr Bailey notes that the conflict could increase debt-servicing pressures for leveraged borrowers and could reduce asset quality, thereby intensifying pressures on private credit funds. There is also a heightened risk that the opacity of these markets could trigger a broader loss of confidence even when the issues are limited to particular borrowers. The FSB will shortly publish a report looking at the vulnerabilities related to private credit in detail. The FSB will also collaborate with the International Association of Insurance Supervisors to address risks related to the growing interlinkages between private equity, private credit, and the life insurance sector. Mr Bailey also emphasises the need for close monitoring of foreign exchange and derivatives markets, which, under heightened volatility, can amplify financial shocks. The FSB is advancing analytical work on foreign exchange derivatives and other amplification channels to better understand evolving risks. The FSB is also closely monitoring repo markets, which are critical for market liquidity. The letter calls for enhanced international cooperation to address the challenges posed by an increasingly uncertain global environment and ensure the financial system continues to support sustainable economic growth. Background The FSB coordinates at the international level the work of national financial authorities and international standard-setting bodies and develops and promotes the implementation of effective regulatory, supervisory, and other financial sector policies in the interest of financial stability. It brings together national authorities responsible for financial stability in 24 countries and jurisdictions, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts. The FSB also conducts outreach with approximately 70 other jurisdictions through its six Regional Consultative Groups. The FSB is chaired by Andrew Bailey, Governor of the Bank of England. The FSB Secretariat is located in Basel, Switzerland and hosted by the Bank for International Settlements. Publication 13 April 2026 FSB Chair’s letter to G20 Finance Ministers and Central Bank Governors: April 2026 FSB Chair warns that the risk of multiple vulnerabilities crystallising simultaneously has increased, posing a heightened threat to global financial stability.

New forms of digital money are rapidly transforming the movement of funds in capital markets. This report examines the forms in use today, how and why they are being adopted and the regulatory, infrastructure, and industry governance challenges that must be addressed for them to succeed at scale. The Global Financial Markets Association (GFMA), with Arktouros and Ashurst as technical advisors, have published a report titled The Role of Digital Money in Capital Markets, a new report examining how emerging forms of digital money—including tokenized deposits, deposit tokens, wholesale central bank digital currencies (wCBDCs), and stablecoins—are being deployed across key areas of capital markets activity. Focusing on securities settlement, repurchase agreements (repo) and securities finance as well as derivatives margining, the report highlights both the rapid progress underway and the critical regulatory, infrastructure, and governance barriers holding back broader adoption. It sets out clear recommendations and calls to action for regulators, policymakers, and industry participants to enable safe, scalable implementation. Members of the three trade associations that comprise the GFMA are responsible for, and facilitate, the vast majority of global capital markets activity and the money movements that fuel them. This report reflects the practical experience of institutions at the forefront of building and deploying digital money solutions. Digital money is delivering meaningful improvements to capital markets and the promise of more as securities and real-world assets are increasingly tokenized. The 24/7 movement of funds with programmatic and atomic settlement against tokenized assets and automatization of complex transaction mechanics will enable new client services, mitigate risks, and lower costs for all market participants. At the same time, there are hurdles that require the attention of policymakers, regulators, and the industry. These include providing additional legal and regulatory clarity for tokenized commercial bank money and stablecoins; building infrastructure to unlock efficiencies for all forms of digital money; and setting industry governance standards to enable the use of new rails. Key Findings Tokenized deposits are the near-term instrument of choice. Tokenized deposits and deposit tokens benefit from the long history of commercial bank money as a settlement asset and inherit its legal and economic features. Programmability, atomic settlement, and continuous availability offer meaningful near-term upgrades for intrabank funds settlement. The path to broader interbank use requires new public and private sector infrastructure, legal frameworks, and industry governance standards. wCBDCs offer the lowest-risk settlement asset—but timelines remain uncertain. Wholesale CBDCs provide the lowest-risk asset for settlement along with programmability, atomic settlement, and extended operating hours. While institutions see significant promise in central bank wCBDC initiatives, availability timelines remain unclear. In the interim, private sector services are being built to provide interbank settlement using tokenized deposits and deposit tokens, creating networks that mirror the two-tier money system and can reach the market more quickly. Stablecoins bring unique capabilities, but face regulatory hurdles to institutional adoption. Stablecoins are native to permissionless networks and offer smart-contract functionality and access to an open developer ecosystem. Capital market participants are currently focusing on cross-border payment use cases, while also investing in near-term services using stablecoins for intrabank securities settlement, repo, securities lending, and margin. Legal and regulatory uncertainties—most pressingly around capital treatment and cross-border recognition—remain significant hurdles to institutional, at-scale adoption. As tokenized securities and real-world assets become more prevalent on blockchains, demand for digital money that can settle those assets will grow in parallel. Current capital market use cases reflect a balance: the likely primacy of tokenized deposits in the near-term, alongside the potential for stablecoins to play an important role if key challenges are addressed. “Our clients operate at the frontiers of their industries, and they expect their banks to do the same,” commented Olivier Osty, Deputy COO of BNP Paribas Group and CEO of BNP Paribas CIB. “As a global banking group, we already see several concrete use cases through our capital markets activities where new forms of digital money are enabling more efficient and better-synchronised services. The GFMA report provides valuable insight into the regulatory, infrastructure and governance conditions that will be critical for the industry to scale these solutions safely.” “Digital money has the potential to significantly improve how we serve our clients. As 2026 moves forward, global regulatory frameworks will be defined, further enabling the use of digital money in capital markets. Together with policymakers and regulators around the world, we are working to get that right. The GFMA report sets out clearly what needs to happen and why.” – Patrick George, Global Head of Markets and Securities Services, HSBC and Vice-Chair of GFMA “The institutions and jurisdictions that establish the necessary legal certainty, infrastructure, and standards first will shape the capital markets of the future. GFMA is committed to working with regulators and policymakers to build the frameworks that enable digital money to deliver its full potential safely and efficiently.” – Peter Stein, CEO of GFMA and ASIFMA The full report and key takeaways are available on the GFMA website.

The Commodity Futures Trading Commission announced the U.S. District Court for the Middle District of Florida entered a consent order against Emir Jesus Matos Camargo for futures fraud, fraud as an associated person of a commodity pool operator, and related regulatory violations. The consent order also imposes liability against Matos as a controlling person of defaulted defendant Aureus Revenue Group LLC in connection with Aureus’s related violations. The consent order finds that Matos made numerous misrepresentations to pool participants and misappropriated pool participant funds. As detailed in the order, Matos’ egregious misrepresentations included sending “prospective pool participants a fictitious license purporting to show that the CFTC licensed Aureus as an investment fund. This fictitious license contained a counterfeit CFTC seal, a forged signature of a former CFTC Commissioner, and a fictitious license number.” The court ordered Matos to pay $666,038.67 in restitution, jointly and severally with any final restitution judgment against defaulted defendant Aureus. The court also ordered civil monetary penalties of $666,038.67 against Matos, jointly and severally with any civil monetary penalty final judgment against Aureus. The court permanently enjoined Matos from further violations of the Commodity Exchange Act and CFTC regulations, as charged, and imposed permanent trading and registration bans. The consent order resolves all claims against Matos in the CFTC’s enforcement action filed September 4, 2024. The enforcement action against Aureus remains pending.  The CFTC cautions that restitution orders may not result in victims recovering any money lost because defendants may not have sufficient funds or assets. RELATED LINKS Consent Order: Emir Jesus Matos Camargo

I commend the Division of Trading and Markets for its statement on front ends and self-custodial wallets used by investors in onchain crypto asset securities transactions.[1] Specifically, the staff lays out circumstances in which it will not object to an interface provider creating, offering, and/or operating an interface without registering as a broker-dealer pursuant to Section 15(b) of the Exchange Act. While the staff expressing its view is helpful, I favor a more permanent regulatory approach that addresses the broker definition in light of current market circumstances.  The law is already clear that wallets and interfaces do not become “brokers” solely because they enable users to create or control self-custody wallets or transmit instructions to a blockchain; allow users to view onchain prices or data; or format messages for users to sign or approve from a self-custody wallet.[2] Crypto is forcing the Commission to confront its inner demons that have driven it toward ever more expansive readings of the securities laws. Recent history is littered with a patchwork of no-action letters and enforcement actions that have contorted the term “broker” beyond recognition. As I wrote in dissent to one such enforcement action: “The problem with requiring anyone whose products and services touch the financial services industry to [register or] come in for no-action relief is that it dissuades people from applying their ingenuity to serving the securities industry.”[3] People have shown great ingenuity in developing crypto wallets and front ends that serve users well. It would be a shame if investors in crypto asset securities transactions were unable to use these tools because of an overly broad reading of the term “broker.” The Commission needs public feedback to inform future rulemaking to assess terms like “broker” against the backdrop of new technologies. Please engage with us and provide us with your views and recommendations. [1] Staff Statement Regarding Broker-Dealer Registration of Certain User Interfaces Utilized to Prepare Transactions in Crypto Asset Securities (April 13, 2026), https://www.sec.gov/newsroom/speeches-statements/staff-statement-regarding-broker-dealer-registration-certain-user-interfaces-utilized-prepare-staff-statement-regarding-broker-dealer-registration-certain-user-interfaces-utilized. [2] See SEC v. Coinbase Inc., 726 F. Supp. 3d. 260, 304-07 (S.D.N.Y. 2024) (rejecting arguments that a wallet service that charged a 1% transaction fee was a securities “broker”). [3] Commissioner Hester M. Peirce, Statement Regarding Neovest, Inc. (June 29, 2021), https://www.sec.gov/newsroom/speeches-statements/peirce-statement-neovest-062921.

The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published the reporting templates and instructions for the Active Account Requirement (AAR) reporting under European Market Infrastructure Regulation (EMIR 3). The new templates set out in detail how entities subject to the AAR should report the required information to their competent authorities. Through this development, ESMA aims to ensure a harmonised and efficient approach to AAR reporting across the EU, providing standardised templates and clear instructions while facilitating consistent supervisory practices. Next steps The first AAR reporting submission is expected on 31 July 2026, covering the period from 25 June 2025, when the AAR became applicable, to 30 June 2026.  Thereafter, reporting will take place on six months basis, with submissions due on 31 January and 31 July each year, each covering a twelve‑month reference period.

LSEG announces it has purchased the following number of its ordinary shares of 679/86 pence each from Goldman Sachs International ("GSI") on the London Stock Exchange as part of its share buyback programme, as announced on 09 April 2026. Date of Purchase Number of ordinary shares purchased Highest price paid per share Lowest price paid per share Volume weighted price paid per share 2026-04-09 205,462 £91.7400 £89.1800 £90.4011 2026-04-10 176,699 £91.0800 £89.3600 £90.1883   LSEG intends to cancel the purchased shares. Following the cancellation of the repurchased shares, LSEG has 496,301,660 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 496,301,660. 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 GSI on behalf of the Company as part of the buyback programme can be found at: http://www.rns-pdf.londonstockexchange.com/rns/2381A_1-2026-4-13.pdf This announcement does not constitute, or form part of, an offer or any solicitation of an offer for securities in any jurisdiction.

The Capital Market Authority (CMA) has announced the issuance of the Virtual Assets Framework, reflecting its commitment to developing a modern and integrated regulatory regime that keeps pace with the rapid growth of the virtual assets sector, enhances market efficiency, and supports responsible innovation within a clear and effective regulatory environment. The new framework serves as a specialized regulatory umbrella governing virtual asset activities and consists of five core modules: General Requirements, Conduct of Business, Alternative Trading System, Anti-Money Laundering and Counter-Terrorist Financing, and Prudential Requirements. Together, these modules provide a comprehensive and transparent legislative and supervisory structure for entities operating in this sector. The framework also expands the scope of regulated activities from three to eight activities, namely: Dealing in Virtual Assets as Principal, Dealing in Virtual Assets as Agent, Providing Custody, Arranging Custody, Arranging Investment Deals, Providing Investment Advice, Portfolio Management, and Operating a Multilateral Trading Facility. This expansion reflects the evolution of the market and the growing range of business models and services associated with virtual assets, while enhancing the framework’s ability to accommodate a broader set of activities under clear rules and supervisory requirements proportionate to the nature of each activity. Among its core modules, the framework includes a dedicated Alternative Trading System module, which regulates trading facilities. This module is not limited to regulating a trading facility dedicated to virtual assets, but also extends to conventional multilateral trading facilities for securities and multilateral trading facilities dedicated to tokenized securities. This reflects the Authority’s approach to establishing a coherent regulatory framework that keeps pace with the evolution of market structures and responds to the convergence of traditional and digital models within a more integrated trading environment. The framework aims to establish balanced regulatory foundations that combine support for innovation, market integrity, and investor protection by setting out clear requirements for licensing, compliance, governance, risk management, and prudential standards, in line with relevant international standards and best practices, including those issued by International Organization of Securities Commissions (IOSCO) and the Financial Action Task Force (FATF), and aligned with the principle of “same activity, same risk, same regulatory outcome.” Commenting on the development, H.E. Waleed Saeed Al Awadhi, Chief Executive Officer of the Capital Market Authority, said: “Virtual assets are reshaping how financial markets operate, and regulation must evolve at the same pace. This framework establishes clear and comprehensive foundations for virtual asset activities in the UAE, enabling innovation to develop within a trusted environment that safeguards investors and upholds market integrity.” The issuance of this framework represents a significant step in the development of the legislative and regulatory environment for the financial sector, underscoring the Authority’s commitment to keeping pace with global technological and financial developments. It provides a more advanced and flexible regulatory regime for virtual assets and related markets, supporting sector growth on sound institutional foundations. Furthermore, the framework enables entities to operate within a clear, credible, and internationally aligned environment based on transparency, efficiency, and strong supervisory oversight, enhancing the jurisdiction’s competitiveness and reinforcing its position as a leading financial hub for future-ready business and financial services.

The Staff of the Division of Trading and Markets (“Staff”) of the Securities and Exchange Commission (“Commission”) is issuing the following statement[1] to provide its views on the broker-dealer registration requirements under Section 15(a) of the Securities Exchange Act of 1934 (“Exchange Act”) with respect to a person[2] that creates, offers, and/or operates certain interfaces utilized by users to, among other things, prepare transactions in crypto asset securities[3] (“Covered User Interface Providers”).[4] This statement is part of an effort to provide greater clarity on the application of the federal securities laws to activities involving crypto asset securities.  The Staff is providing its views as an interim step while the Commission continues to consider various regulatory issues relating to crypto asset securities activities and the feedback it has received.[5]  Accordingly, absent intervening action by the Commission, this statement will be considered withdrawn effective five years from April 13, 2026. For further information, please contact the Staff by emailing TradingAndMarkets@sec.gov. I. Covered User Interfaces For purposes of this statement, a “Covered User Interface” is an interface provided by a website, browser extension, or other software application (e.g., mobile application) that may be embedded in a wallet[6] or separately available for download, designed to assist users[7] engaging in user-initiated crypto asset securities transactions on blockchain protocols (or blockchain-based smart contracts) utilizing the user’s self-custodial wallet.  Covered User Interfaces typically provide functionality with respect to any type of crypto asset transaction.  This statement only addresses the use of a Covered User Interface for crypto asset securities transactions.       Specifically, it is the Staff’s understanding that Covered User Interfaces prepare code enabling users to interact with blockchain protocols (or blockchain-based smart contracts) by converting user-identified crypto asset securities transaction parameters (e.g., buy/sell, volume, crypto asset security, and price or price range) into blockchain-legible commands for signature and transmission via the user’s self-custodial wallet.[8]  Covered User Interfaces may also provide users with market data, such as potential execution routes, asset prices, and estimated transaction costs (e.g., “gas” fees) for crypto asset securities transactions.  Covered User Interface Providers generally charge users a fixed percentage per transaction.  Covered User Interfaces may present educational material to users to help users formulate and set their desired crypto asset securities transaction parameters on a transaction-by-transaction or default basis.  Covered User Interface Providers may solicit investors to use the Covered User Interface. II. The Staff’s View of Covered User Interface Activities Addressed by this Statement Section 15(a) of the Exchange Act provides that, absent an exception or exemption, it is unlawful for any broker to induce or attempt to induce the purchase or sale of any security unless such broker is registered in accordance with Section 15(b) of the Exchange Act.  Section 3(a)(4) of the Exchange Act generally defines a “broker” to mean any person engaged in the business of effecting transactions in securities for the account of others. In circumstances where a Covered User Interface Provider takes the measures discussed below relating to its creation, offering, and/or operation of a Covered User Interface, the Staff will not object to the Covered User Interface Provider creating, offering, and/or operating a Covered User Interface without registering as a broker-dealer pursuant to Section 15(b) of the Exchange Act. The Staff’s view herein is expressly limited to the application of Section 15 of the Exchange Act to Covered User Interface Providers, including persons who create, offer, and/or operate self-custodial wallets with an associated Covered User Interface,[9] in the following circumstances: the Covered User Interface permits users to customize any default crypto asset security transaction parameters[10] and the Covered User Interface provides educational material to users to help users formulate and set their desired transaction parameters; the Covered User Interface Provider does not solicit investors to engage in any specific crypto asset securities transactions; the Covered User Interface Provider selects one or more default trading venues (e.g., limit order book matching systems, request-for-quote systems) or distributed ledger trading systems (e.g., automated market maker liquidity pools and/or liquidity aggregators) with which to connect or interact; to the extent that the Covered User Interface connects or interacts with one or more  trading venues or distributed ledger trading systems that is created, offered, and/or operated, directly or indirectly, by the Covered User Interface Provider or its affiliates,[11] such affiliation is clearly disclosed to users, and the Covered User Interface connects or interacts with any such trading venue or distributed ledger trading system on the same terms and conditions as any other interface that is unaffiliated with or not provided by the Covered User Interface Provider; to the extent that the Covered User Interface displays only one potential execution route to a user, the Covered User Interface provides the user the ability to see additional routes, if applicable; to the extent that more than one potential execution route is displayed to a user, the Covered User Interface provides filtering or sorting tools that display potential routing destinations based on objective factors (such as alphabetically, lowest/highest price, or speed) and allows the user to sort based on such factors; the Covered User Interface does not provide commentary on any potential execution route(s) displayed to a user, such as indicating that an execution pathway offers the “best price” or is the “most reliable”; for purposes of preparing a user’s trading instructions and displaying market data related to potential execution routes, the Covered User Interface only uses software that operates based on pre-disclosed and objective parameters that are independently verifiable; aside from the functions described in this statement, the Covered User Interface does not exercise any control or discretion over, or engage in any decision-making regarding, the market information provided, or securities transactions; the Covered User Interface Provider limits its compensation associated with the Covered User Interface to a fixed charge to the user, which may be charged per crypto asset securities transaction (as a flat fee or percentage of the transaction) or as a flat fee, and is based on objective factors, applied consistently, and is product, execution route, execution venue, and counterparty agnostic;[12] the Covered User Interface Provider establishes policies, procedures, and controls that are reasonably designed to: (i) evaluate, onboard, and audit the trading venues and distributed ledger trading systems that the Covered User Interface will connect to or interact with for market data based on objective factors (e.g., liquidity, latency, transparency, verifiability, neutrality, auditability, and security), and (ii) evaluate, determine, and periodically reassess any default crypto asset security transaction parameters based on objective factors, and address any conflicts of interest or risks associated with any default crypto asset security transaction parameters; and the Covered User Interface Provider prominently discloses to the user, and promptly updates as necessary, all material facts related to: (1) the Covered User Interface Provider’s role relating to its creation, offering, and/or operation of a Covered User Interface, including a prominent disclaimer stating that the Covered User Interface Provider is not registered with or regulated by the Securities and Exchange Commission relating to its creation, offering, and/or operation of a Covered User Interface; (2) the Covered User Interface Provider’s fees associated with the use of the Covered User Interface, their calculation, and their structure; (3) material conflicts of interest associated with a crypto asset securities transaction and use of users’ trading information by the Covered User Interface Provider or its affiliates; (4) any limitations associated with the use of the Covered User Interface, such as limitations, permissions, or restrictions regarding specific crypto asset securities, market data, and trading venues or distributed ledger trading systems available for user transactions; (5) the parameters used in the Covered User Interface’s software for purposes of preparing a user’s trading instructions and displaying market data related to potential execution routes; (6) the Covered User Interface Provider’s current cybersecurity policies, procedures, and controls, if any, for the Covered User Interface (e.g., to minimize errors, prevent unauthorized access, and protect from internal and external threats); (7) the Covered User Interface Provider’s policies, procedures, and controls, if any, to protect user trading information, including from potential fraud or manipulation (e.g., involving maximal extractable value (“MEV”) strategies);[13] (8) the Covered User Interface’s integration with trading venues or distributed ledger trading systems, including the names of such trading venues or distributed ledger trading systems and the Covered User Interface Provider’s policies, procedures, and controls to evaluate, onboard, and audit such trading venues or distributed ledger trading systems; and (9) any default crypto asset security transaction parameters, including how they are determined, the associated risks, and conflicts of interest and the Covered User Interface Provider’s policies, procedures, and controls to address any default crypto asset security transaction parameters and any associated conflicts of interest or risks. Except as outlined above, this statement does not extend to a Covered User Interface Provider that engages in, or holds itself out as, providing any of the following services with respect to securities, including crypto asset securities: negotiating terms for any transaction; solicitating specific crypto asset securities transactions; making investment recommendations or providing advice; arranging for financing; processing trade documentation; conducting independent asset valuations; holding, having access to, handling, managing, or possessing user funds, securities, or stablecoins; executing or settling transactions; or taking or routing orders. Establishing, maintaining, and enforcing policies and procedures relating to the operation of the Covered User Interface and maintaining books and records (such as by utilizing publicly available distributed ledger technology transaction records in coordination with the maintenance of internal, non-public books and records), may be helpful to a Covered User Interface Provider in demonstrating that it is creating, offering, and/or operating a Covered User Interface as described in this statement.   The Staff welcomes input and comments on all aspects of this statement.  Members of the public who wish to provide their views on this statement may submit their comments electronically or on paper.  Please submit comments using one method only.  Information that is submitted will be posted on the SEC’s website and all comments received will be posted without change.  Persons submitting comments are cautioned that personal identifying information is not redacted or edited from comment submissions, and they should only submit information that they wish to make publicly available.  All submissions should refer to File Number 4-894, and the file number should be included on the subject line if email is used. Electronic Comments: Use the SEC’s online submission form or send an email to rule-comments@sec.gov with “File Number 4-894” included in the subject line. Paper Comments: Send paper comments to Vanessa Countryman, Secretary, Securities and Exchange Commission, 100 F Street, N.E., Washington, D.C. 20549-1090. [1]      This statement represents the views of the Staff.  It is not a rule, regulation, guidance, or statement of the Commission, and the Commission has neither approved nor disapproved its content.  This statement, like all staff statements, has no legal force or effect: it does not alter or amend applicable law, and it creates no new or additional obligations for any person. [2]      For purposes of this statement, “person” has the same meaning as that in the Exchange Act. 15 U.S.C. § 78c(a)(9). [3]      For purposes of this statement, a “crypto asset” is any digital representation of value that is recorded on a cryptographically secured distributed ledger.  Crypto asset securities include tokenized versions of an equity or debt security.  The foregoing definition of “crypto asset” is identical to the definition of “Digital Asset” in Section 2(6) of the Guiding and Establishing National Innovation for U.S. Stablecoins Act, Pub. L. No. 119-27, 139 Stat. 419 (2025).  See also Statement on Tokenized Securities (Jan. 28, 2026), https://www.sec.gov/newsroom/speeches-statements/corp-fin-statement-tokenized-securities-012826-statement-tokenized-securities.  [4]      As discussed further below, the Staff views described in this statement are limited to the broker-dealer registration requirements under Section 15(a) of the Exchange Act with respect to Covered User Interface Providers that create, offer, and/or operate certain crypto asset securities user interfaces, and do not apply to activities involving other securities. [5]      For additional information on the Commission’s efforts addressing crypto asset securities and markets, see the Commission’s Crypto Task Force website at https://www.sec.gov/about/crypto-task-force. [6]      For the purposes of this statement, a wallet is software or hardware that is used to store a crypto asset security investor’s private key, which is used to engage in crypto asset securities transactions. A wallet is self-custodial if neither the provider of the wallet nor its associated Covered User Interface has custody of, or access to, the user’s encrypted or decrypted private key.  In some instances, the provider of a self-custodial wallet may also be the provider of a Covered User Interface. [7]      For purposes of this statement, the terms crypto asset securities “investor” and Covered User Interface “user” are used interchangeably. [8]       See, e.g., Letter from DeFi Education Fund Letter to the Crypto Task Force (“DeFi Education Fund Letter”), dated August 13, 2025, available at https://d2hguprl3w2sje.cloudfront.net/uploads/2025/08/a16z-Safe-Harbor-Proposal-Applications-August-13-2025.pdf. [9]      This statement does not address the Staff’s views on persons that create, operate, and/or offer custodial wallets held on behalf of an investor with an associated Covered User Interface. [10]     These parameters could include parameters regarding price slippage, transaction costs (e.g., maximum “gas” fees, priority fees, and “tips”), and transaction time, among others.  The Staff understands that “price slippage” refers to the difference between the quoted price of a transaction and the final price of the transaction at the time of execution. [11]     For purposes of this statement, the term “affiliate” means any person or entity who directly, or indirectly through one or more intermediaries, controls or, is controlled by, or is under common control with the Covered User Interface Provider. [12]     In other words, the Covered User Interface Provider does not receive any compensation based on the size, value, or occurrence of a crypto asset securities transaction from any person other than the user.  This would preclude, among other things, receipt of payments for order flow by the Covered User Interface Provider. [13]     The Staff understands that entities with discretion over the sequencing of transactions in blocks, including blockchain validators, have an incentive to order transactions in a way that generates the highest fees for themselves (i.e., Maximum Extractable Value or Miner Extractable Value).  Because validators exercise discretion in the ordering of transactions within a block, “users can offer high fees [to the validator] to influence their preferred sequence of transactions.”  President’s Working Group on Digital Asset Markets, Strengthening American Leadership in Digital Financial Technology, at 27 (Jul. 30, 2025).  The Staff understands that altered sequencing of transactions may be abused to the detriment of other users in certain so-called MEV strategies (e.g., in front running).

The Staff of the Division of Trading and Markets (“Staff”) of the Securities and Exchange Commission (“Commission”) is issuing the following statement[1] to provide its views on the broker-dealer registration requirements under Section 15(a) of the Securities Exchange Act of 1934 (“Exchange Act”) with respect to a person[2] that creates, offers, and/or operates certain interfaces utilized by users to, among other things, prepare transactions in crypto asset securities[3] (“Covered User Interface Providers”).[4] This statement is part of an effort to provide greater clarity on the application of the federal securities laws to activities involving crypto asset securities.  The Staff is providing its views as an interim step while the Commission continues to consider various regulatory issues relating to crypto asset securities activities and the feedback it has received.[5]  Accordingly, absent intervening action by the Commission, this statement will be considered withdrawn effective five years from April 13, 2026. For further information, please contact the Staff by emailing TradingAndMarkets@sec.gov. I. Covered User Interfaces For purposes of this statement, a “Covered User Interface” is an interface provided by a website, browser extension, or other software application (e.g., mobile application) that may be embedded in a wallet[6] or separately available for download, designed to assist users[7] engaging in user-initiated crypto asset securities transactions on blockchain protocols (or blockchain-based smart contracts) utilizing the user’s self-custodial wallet.  Covered User Interfaces typically provide functionality with respect to any type of crypto asset transaction.  This statement only addresses the use of a Covered User Interface for crypto asset securities transactions.       Specifically, it is the Staff’s understanding that Covered User Interfaces prepare code enabling users to interact with blockchain protocols (or blockchain-based smart contracts) by converting user-identified crypto asset securities transaction parameters (e.g., buy/sell, volume, crypto asset security, and price or price range) into blockchain-legible commands for signature and transmission via the user’s self-custodial wallet.[8]  Covered User Interfaces may also provide users with market data, such as potential execution routes, asset prices, and estimated transaction costs (e.g., “gas” fees) for crypto asset securities transactions.  Covered User Interface Providers generally charge users a fixed percentage per transaction.  Covered User Interfaces may present educational material to users to help users formulate and set their desired crypto asset securities transaction parameters on a transaction-by-transaction or default basis.  Covered User Interface Providers may solicit investors to use the Covered User Interface. II. The Staff’s View of Covered User Interface Activities Addressed by this Statement Section 15(a) of the Exchange Act provides that, absent an exception or exemption, it is unlawful for any broker to induce or attempt to induce the purchase or sale of any security unless such broker is registered in accordance with Section 15(b) of the Exchange Act.  Section 3(a)(4) of the Exchange Act generally defines a “broker” to mean any person engaged in the business of effecting transactions in securities for the account of others. In circumstances where a Covered User Interface Provider takes the measures discussed below relating to its creation, offering, and/or operation of a Covered User Interface, the Staff will not object to the Covered User Interface Provider creating, offering, and/or operating a Covered User Interface without registering as a broker-dealer pursuant to Section 15(b) of the Exchange Act. The Staff’s view herein is expressly limited to the application of Section 15 of the Exchange Act to Covered User Interface Providers, including persons who create, offer, and/or operate self-custodial wallets with an associated Covered User Interface,[9] in the following circumstances: the Covered User Interface permits users to customize any default crypto asset security transaction parameters[10] and the Covered User Interface provides educational material to users to help users formulate and set their desired transaction parameters; the Covered User Interface Provider does not solicit investors to engage in any specific crypto asset securities transactions; the Covered User Interface Provider selects one or more default trading venues (e.g., limit order book matching systems, request-for-quote systems) or distributed ledger trading systems (e.g., automated market maker liquidity pools and/or liquidity aggregators) with which to connect or interact; to the extent that the Covered User Interface connects or interacts with one or more  trading venues or distributed ledger trading systems that is created, offered, and/or operated, directly or indirectly, by the Covered User Interface Provider or its affiliates,[11] such affiliation is clearly disclosed to users, and the Covered User Interface connects or interacts with any such trading venue or distributed ledger trading system on the same terms and conditions as any other interface that is unaffiliated with or not provided by the Covered User Interface Provider; to the extent that the Covered User Interface displays only one potential execution route to a user, the Covered User Interface provides the user the ability to see additional routes, if applicable; to the extent that more than one potential execution route is displayed to a user, the Covered User Interface provides filtering or sorting tools that display potential routing destinations based on objective factors (such as alphabetically, lowest/highest price, or speed) and allows the user to sort based on such factors; the Covered User Interface does not provide commentary on any potential execution route(s) displayed to a user, such as indicating that an execution pathway offers the “best price” or is the “most reliable”; for purposes of preparing a user’s trading instructions and displaying market data related to potential execution routes, the Covered User Interface only uses software that operates based on pre-disclosed and objective parameters that are independently verifiable; aside from the functions described in this statement, the Covered User Interface does not exercise any control or discretion over, or engage in any decision-making regarding, the market information provided, or securities transactions; the Covered User Interface Provider limits its compensation associated with the Covered User Interface to a fixed charge to the user, which may be charged per crypto asset securities transaction (as a flat fee or percentage of the transaction) or as a flat fee, and is based on objective factors, applied consistently, and is product, execution route, execution venue, and counterparty agnostic;[12] the Covered User Interface Provider establishes policies, procedures, and controls that are reasonably designed to: (i) evaluate, onboard, and audit the trading venues and distributed ledger trading systems that the Covered User Interface will connect to or interact with for market data based on objective factors (e.g., liquidity, latency, transparency, verifiability, neutrality, auditability, and security), and (ii) evaluate, determine, and periodically reassess any default crypto asset security transaction parameters based on objective factors, and address any conflicts of interest or risks associated with any default crypto asset security transaction parameters; and the Covered User Interface Provider prominently discloses to the user, and promptly updates as necessary, all material facts related to: (1) the Covered User Interface Provider’s role relating to its creation, offering, and/or operation of a Covered User Interface, including a prominent disclaimer stating that the Covered User Interface Provider is not registered with or regulated by the Securities and Exchange Commission relating to its creation, offering, and/or operation of a Covered User Interface; (2) the Covered User Interface Provider’s fees associated with the use of the Covered User Interface, their calculation, and their structure; (3) material conflicts of interest associated with a crypto asset securities transaction and use of users’ trading information by the Covered User Interface Provider or its affiliates; (4) any limitations associated with the use of the Covered User Interface, such as limitations, permissions, or restrictions regarding specific crypto asset securities, market data, and trading venues or distributed ledger trading systems available for user transactions; (5) the parameters used in the Covered User Interface’s software for purposes of preparing a user’s trading instructions and displaying market data related to potential execution routes; (6) the Covered User Interface Provider’s current cybersecurity policies, procedures, and controls, if any, for the Covered User Interface (e.g., to minimize errors, prevent unauthorized access, and protect from internal and external threats); (7) the Covered User Interface Provider’s policies, procedures, and controls, if any, to protect user trading information, including from potential fraud or manipulation (e.g., involving maximal extractable value (“MEV”) strategies);[13] (8) the Covered User Interface’s integration with trading venues or distributed ledger trading systems, including the names of such trading venues or distributed ledger trading systems and the Covered User Interface Provider’s policies, procedures, and controls to evaluate, onboard, and audit such trading venues or distributed ledger trading systems; and (9) any default crypto asset security transaction parameters, including how they are determined, the associated risks, and conflicts of interest and the Covered User Interface Provider’s policies, procedures, and controls to address any default crypto asset security transaction parameters and any associated conflicts of interest or risks. Except as outlined above, this statement does not extend to a Covered User Interface Provider that engages in, or holds itself out as, providing any of the following services with respect to securities, including crypto asset securities: negotiating terms for any transaction; solicitating specific crypto asset securities transactions; making investment recommendations or providing advice; arranging for financing; processing trade documentation; conducting independent asset valuations; holding, having access to, handling, managing, or possessing user funds, securities, or stablecoins; executing or settling transactions; or taking or routing orders. Establishing, maintaining, and enforcing policies and procedures relating to the operation of the Covered User Interface and maintaining books and records (such as by utilizing publicly available distributed ledger technology transaction records in coordination with the maintenance of internal, non-public books and records), may be helpful to a Covered User Interface Provider in demonstrating that it is creating, offering, and/or operating a Covered User Interface as described in this statement.   The Staff welcomes input and comments on all aspects of this statement.  Members of the public who wish to provide their views on this statement may submit their comments electronically or on paper.  Please submit comments using one method only.  Information that is submitted will be posted on the SEC’s website and all comments received will be posted without change.  Persons submitting comments are cautioned that personal identifying information is not redacted or edited from comment submissions, and they should only submit information that they wish to make publicly available.  All submissions should refer to File Number 4-894, and the file number should be included on the subject line if email is used. Electronic Comments: Use the SEC’s online submission form or send an email to rule-comments@sec.gov with “File Number 4-894” included in the subject line. Paper Comments: Send paper comments to Vanessa Countryman, Secretary, Securities and Exchange Commission, 100 F Street, N.E., Washington, D.C. 20549-1090. [1]      This statement represents the views of the Staff.  It is not a rule, regulation, guidance, or statement of the Commission, and the Commission has neither approved nor disapproved its content.  This statement, like all staff statements, has no legal force or effect: it does not alter or amend applicable law, and it creates no new or additional obligations for any person. [2]      For purposes of this statement, “person” has the same meaning as that in the Exchange Act. 15 U.S.C. § 78c(a)(9). [3]      For purposes of this statement, a “crypto asset” is any digital representation of value that is recorded on a cryptographically secured distributed ledger.  Crypto asset securities include tokenized versions of an equity or debt security.  The foregoing definition of “crypto asset” is identical to the definition of “Digital Asset” in Section 2(6) of the Guiding and Establishing National Innovation for U.S. Stablecoins Act, Pub. L. No. 119-27, 139 Stat. 419 (2025).  See also Statement on Tokenized Securities (Jan. 28, 2026), https://www.sec.gov/newsroom/speeches-statements/corp-fin-statement-tokenized-securities-012826-statement-tokenized-securities.  [4]      As discussed further below, the Staff views described in this statement are limited to the broker-dealer registration requirements under Section 15(a) of the Exchange Act with respect to Covered User Interface Providers that create, offer, and/or operate certain crypto asset securities user interfaces, and do not apply to activities involving other securities. [5]      For additional information on the Commission’s efforts addressing crypto asset securities and markets, see the Commission’s Crypto Task Force website at https://www.sec.gov/about/crypto-task-force. [6]      For the purposes of this statement, a wallet is software or hardware that is used to store a crypto asset security investor’s private key, which is used to engage in crypto asset securities transactions. A wallet is self-custodial if neither the provider of the wallet nor its associated Covered User Interface has custody of, or access to, the user’s encrypted or decrypted private key.  In some instances, the provider of a self-custodial wallet may also be the provider of a Covered User Interface. [7]      For purposes of this statement, the terms crypto asset securities “investor” and Covered User Interface “user” are used interchangeably. [8]       See, e.g., Letter from DeFi Education Fund Letter to the Crypto Task Force (“DeFi Education Fund Letter”), dated August 13, 2025, available at https://d2hguprl3w2sje.cloudfront.net/uploads/2025/08/a16z-Safe-Harbor-Proposal-Applications-August-13-2025.pdf. [9]      This statement does not address the Staff’s views on persons that create, operate, and/or offer custodial wallets held on behalf of an investor with an associated Covered User Interface. [10]     These parameters could include parameters regarding price slippage, transaction costs (e.g., maximum “gas” fees, priority fees, and “tips”), and transaction time, among others.  The Staff understands that “price slippage” refers to the difference between the quoted price of a transaction and the final price of the transaction at the time of execution. [11]     For purposes of this statement, the term “affiliate” means any person or entity who directly, or indirectly through one or more intermediaries, controls or, is controlled by, or is under common control with the Covered User Interface Provider. [12]     In other words, the Covered User Interface Provider does not receive any compensation based on the size, value, or occurrence of a crypto asset securities transaction from any person other than the user.  This would preclude, among other things, receipt of payments for order flow by the Covered User Interface Provider. [13]     The Staff understands that entities with discretion over the sequencing of transactions in blocks, including blockchain validators, have an incentive to order transactions in a way that generates the highest fees for themselves (i.e., Maximum Extractable Value or Miner Extractable Value).  Because validators exercise discretion in the ordering of transactions within a block, “users can offer high fees [to the validator] to influence their preferred sequence of transactions.”  President’s Working Group on Digital Asset Markets, Strengthening American Leadership in Digital Financial Technology, at 27 (Jul. 30, 2025).  The Staff understands that altered sequencing of transactions may be abused to the detriment of other users in certain so-called MEV strategies (e.g., in front running).

A summary of Deutsche Börse Group's business indicators for March 2026 is now available on the Deutsche Börse Group website: Trading Statistics There you can also find the Excel file 'Major business figures' containing historic business indicators for the respective reporting segments.

Icon Solutions – the UK fintech enabling banks globally to design and implement state-of-the-art payment systems – has appointed Anders Olofsson as Sales Director, EMEA to drive adoption of the Icon Payments Framework (IPF) across the region.Anders joins Icon with more than 30 years of experience in the global payments industry, having held senior leadership roles across major payments and technology companies. He previously served as Head of Payments at Finastra, leading global sales and strategy for the company’s payments business, and as Vice President of Real-Time Payments (CEMEA) at Visa, where he drove strategy and adoption of real-time payments across the region.IPF is the internationally proven payments development framework trusted by banks across the globe, including Citi, UBS, NatWest and BNP Paribas. It enables banks to transform their systems in an accelerated, structured and low-risk way, all on their own terms. Anders will focus on expanding adoption of IPF among Tier 1 financial institutions across Asia and EMEA, allowing them to deploy payment processing solutions much faster – while staying in total control of timelines and costs.Commenting on his appointment, Anders said: “With payments increasingly seen as a strategic differentiator, institutions need to move quickly to integrate emerging technologies such as stablecoins and central bank digital currencies (CBDCs). Yet at the same time, growing resiliency and compliance demands are placing greater emphasis on maintaining control over critical payments systems. It is clear to me that IPF is the only solution that enables banks to safely accelerate the development of new products and services at scale with zero vendor dependency.”Liam Jeffs, Global Sales Director at Icon Solutions, adds: “Anders brings proven understanding of the operational, regulatory and technology challenges faced by banks transitioning from legacy infrastructure to next-generation payment platforms. This will be invaluable as we continue to expand the reach of IPF and empower more banks to lead payments forward.”

HKEX launches the HKEX KRX Semiconductor Index and the HKEX Tech & US Tech 100 Index These mark the latest development in HKEX’s index strategy, expanding its proprietary and co‑branded benchmark offerings HKEX enters licensing agreements with 5 issuers to develop ETFs in Hong Kong tracking the two new benchmarks Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to announce today (Monday) the expansion of its index portfolio with the introduction of two technology‑focused benchmarks: the HKEX KRX Semiconductor Index and the HKEX Tech & US Tech 100 Index.As the first co‑branded index between HKEX and Korea Exchange (KRX), the HKEX KRX Semiconductor Index provides cross‑market exposure to Hong Kong‑listed semiconductor companies eligible for Southbound Stock Connect and to leading South Korean semiconductor names, represented by constituents of the KRX Semiconductor Top 15 Index.The HKEX Tech & US Tech 100 Index tracks the performance of all constituents of the HKEX Tech 100 Index and the 100 largest Nasdaq‑listed technology companies by market capitalisation, including the Magnificent Seven.With weightings of approximately 60 per cent for Stock Connect-eligible Hong Kong-listed companies and 40 per cent in overseas-listed companies, the indices are designed to support the development of exchange traded funds (ETFs) and to be eligible for inclusion under Southbound ETF Connect — enabling investors in the Chinese Mainland to access more diversified cross-market exposure.HKEX is also pleased to announce it has entered into licensing agreements with Bosera Asset Management (International), Da Cheng International Asset Management, E Fund Management (Hong Kong), GF International Investment Management, and Huatai-PCG Asset Management, for the introduction of ETFs based on the two newly-launched indices in Hong Kong, subject to regulatory approval.HKEX Chief Executive Officer, Bonnie Y Chan, said: “We are delighted to announce the launch of these exciting additions to HKEX’s index suite, part of our strategic commitment to building an exchange led index ecosystem that supports product innovation and market development. By expanding our proprietary and co branded benchmark offering, along with its strong focus on technology opportunities, we aim to create a liquidity flywheel—broadening the universe for index linked products, deepening market participation and enhancing vibrancy across both the primary and secondary markets.”“We also warmly welcome the licensing agreements with Bosera International, Da Cheng International, E Fund HK, GF International, and Huatai-PCG to launch ETFs based on these new indices, underscoring our deep collaboration with the industry and our focus on developing indices that are fit for purpose, meeting the needs of our regional and international investors,” Ms Chan added.As Hong Kong welcomes even more technology companies across different industries to list on its vibrant markets, investor demand for related products is becoming increasingly diverse. These new benchmarks are designed to reflect that evolution, offering targeted and diversified exposure to global and regional technology themes, whilst supporting the development of products tailored to different investment strategies and risk appetites.Index methodology and additional information about the HKEX KRX Semiconductor Index and the HKEX Tech & US Tech 100 Index are available on the HKEX website. HKEX Group Chief Information Officer Richard Leung (middle), HKEX Head of Markets Gregory Yu (second left), and HKEX Head of Data Business Winnie Sin (first left) met with KRX Director General of Index Business Kil Hyun Ahn (second right) and KRX Head of Index Business John Donghoon Shin (first right) at HKEX Connect Hall. 

Deutsche Börse Group has invested in MerQube, a rapidly growing US-based technology-led research and index firm specializing in the design and calculation of innovative rules-based investment strategies and passive solutions. Deutsche Börse Group is co-investing with private markets asset manager 7RIDGE. The investment in MerQube by Deutsche Börse Group amounts to US$15 million, representing a minority stake.Since its launch in 2019, MerQube has specialized in designing and calculating a broad range of strategies, from sell-side indices for complex strategies, which serve as the underlying product for index derivatives and structured products, to defined outcome and volatility management, real-time and intraday indices, supporting flexible rebalancing schedules and advanced execution methodologies.By investing in MerQube, Deutsche Börse Group is further strengthening its leadership in the index industry. MerQube’s focus on customized complex indices, its strong presence in the Americas, and its cloud-native SaaS index and self-indexing platforms make it highly complementary to Deutsche Börse Group’s established index business STOXX, part of ISS STOXX.Christian Kromann, member of the Executive Board of Deutsche Börse Group, commented: “We are thrilled to invest in and partner with MerQube. The demand for customization, flexibility, and speed-to-market in index-linked investing has been accelerating. MerQube’s cutting-edge technology and innovative approach to indexing respond to this demand. We are convinced that by combining strengths with MerQube, we will be able to further drive true innovation in the indexing industry.”Vinit Srivastava, CEO of MerQube, added: “We are thrilled to welcome our new investors, Deutsche Börse Group and 7RIDGE, as we accelerate delivery of our vision to close the fintech gap in passive investment. The partnership and trust provided by these two leading organizations will help us further our leadership in indexing for derivatives-based investing, bringing innovation and scale to complement our unique technology and deep understanding of the ecosystem.”

LSEG today announces that KEB Hana Bank, a major FX trading institution in South Korea and subsidiary of Hana Financial Group, has joined SwapAgent, a Post Trade Solutions business, and successfully executed its inaugural cross-currency swap through the service. KEB Hana Bank is the first South Korean bank to become a SwapAgent member. It was also the first South Korean client to clear FX non deliverable forwards (NDFs) at LCH ForexClear in 2021. KEB Hana Bank has also been a LCH SwapClear client for almost 10 years – underscoring its commitment to building a long-term, cross-asset relationship with LSEG. This membership enables KEB Hana Bank to leverage SwapAgent’s comprehensive solutions for enhanced risk management and margin optimisation in the non-cleared derivatives market, while gaining greater capital and operational efficiencies. Jong Ho Lee, Head of Finance Markets Trading Department and Okkyoon Park, Head of London Treasury Centre, KEB Hana Bank, said: “Becoming a SwapAgent member is an important milestone for the bank, as it enables us to deliver greater standardisation and efficiency in cross-currency swaps, while significantly reducing our operational and credit risk. We’re excited to unlock these advantages and strengthen the service we provide to our clients.” Annabel Harrison, Global Head of Agent Services, LSEG, said: “We’re delighted that KEB Hana Bank has joined SwapAgent. This builds on the strong relationships we have already established and reflects the significant progress we’ve achieved together in the derivatives space. We’re seeing growing momentum in delivering a meaningful value proposition to financial institutions — not only in South Korea but across Asia Pacific — helping them to benefit from the operational, margin and capital efficiencies that our services provide.” SwapAgent offers solutions designed to materially improve standardisation, efficiency, and simplicity in the non-cleared derivatives market. There are now 57 dealer entities from 17 countries live on SwapAgent. $40 trillion in notional volume has been registered at SwapAgent since it launched in 2017. Learn more about SwapAgent here: SwapAgent | LSEG

Avelacom, a global provider of ultra-low latency network and infrastructure solutions, has launched a new hybrid (fiber and microwave) route between Amsterdam and Tokyo, delivering less than 127 milliseconds (ms) round-trip latency. This sets a new latency benchmark for connectivity between Amsterdam and Asia’s digital asset markets. The new route extends Avelacom’s portfolio of proprietary hybrid connectivity solutions between Europe and Asia, complementing existing ultra-low latency routes from London and Frankfurt to major Asian markets, including Tokyo, Shanghai, and Hong Kong. The Amsterdam <> Tokyo route supports latency-sensitive digital asset trading, where network performance directly impacts execution and P&L. Amsterdam is becoming a key connectivity point for digital asset trading, providing access to venues such as BtcTurk, while connectivity to Tokyo enables proximity to global price discovery on Binance and other major liquidity centres. At the same time, Amsterdam is evolving into a hub for on-chain infrastructure, with a growing concentration of validator nodes supporting decentralized networks. This convergence is increasing demand for low latency connectivity between Amsterdam and Asia. The new route leverages Avelacom’s existing Points of Presence and expands its microwave network footprint, integrating additional microwave segments into its hybrid architecture to optimize latency across this long-distance path. Aleksey Larichev, CEO of Avelacom, comments: “We continue to expand our hybrid network portfolio in line with evolving trading requirements across global markets. Amsterdam is becoming a key hub for digital assets, and this route is designed to support institutional clients requiring the lowest possible latency between Europe and Asia. For latency-sensitive strategies, network performance is a core component of trading infrastructure and has a direct impact on P&L. This route is built to deliver a measurable advantage.

BNP Paribas’ Securities Services business, a leading global custodian with USD 16.7 trillion in assets under custody1, announces the extension of its multi-custodian third-party Automated FX services to continental Europe. This fully automated, multi-currency solution is designed to enhance FX execution efficiency for institutional clients. La Financière de l’Échiquier, a leading European conviction-driven asset manager with EUR 28 billion in assets under management, is the first client in France to benefit from the bank's third-party FX solution, covering all 40 of its French funds. This new mandate strengthens BNP Paribas’ 20-year partnership with La Financière de l’Échiquier, complementing the suite of services already delivered by the bank, including depositary bank, middle-office trade support, custody, transfer agency and derivatives clearing. Leveraging the advanced international FX platform of BNP Paribas’ Global Markets business line, alongside the multi-local expertise of Securities Services’ teams, the Automated FX solution covers 61 currencies and enables the bank to provide FX services to clients with assets held by multiple custodians. In addition to APAC, the UK, and the US, the solution is now extended to clients based in continental Europe whose accounts are held with other custodians. Elsa Scoury, General Secretary at La Financière de l’Échiquier, commented: “BNP Paribas’ Automated FX solution delivers on our requirements for value-creation, simplicity, speed, and risk mitigation. Its implementation, executed with expertise and precision, met all deadlines without compromise. This comprehensive solution covering all activities and instruments enables us to streamline operations while significantly reducing operational risk. A transparent and high-performance partnership supporting our growth objectives.” Pauline Bernard, Regional Head of France and Belgium, Securities Services, BNP Paribas, stated: “This mandate with our long-standing client La Financière de l’Échiquier underlines the strengths and global track record of our FX platform. We are confident that our third-party Automated FX solution, now expanded to continental Europe with its first client in France, will support La Financière de l’Échiquier in achieving optimum performance.” Jérôme Bernodat, Head of Managed FX and Overlay Solutions Business Development, Global Markets, BNP Paribas, added: “Our FX solution underscores BNP Paribas’ strategic focus on delivering advanced technology, backed by our expert teams, to support our clients’ growth. Through our integrated banking model, we provide institutional clients with a custodian-agnostic end-to-end FX solution, combining efficiency, scalability, and the full strength of our global capabilities.”     As of 31 December 2025. Source: BNP Paribas’ Securities Services website

At the request of the Commodity Futures Trading Commission, the United States District Court for the District of Arizona granted a temporary restraining order this afternoon barring Arizona from continuing to pursue criminal charges against CFTC-regulated designated contract markets. This follows last week’s filing of a complaint against Arizona by the CFTC seeking an injunction barring Arizona from attempting to preempt federal law. “The CFTC appreciates the court’s careful consideration of these important legal questions and the court’s decision to preserve the status quo,” said CFTC Chairman Michael S. Selig. “Arizona’s decision to weaponize state criminal law against companies that comply with federal law sets a dangerous precedent, and the court’s order today sends a clear message that intimidation is not an acceptable tactic to circumvent federal law.” Last week, the CFTC filed complaints against Arizona, Connecticut, and Illinois, seeking declaratory judgments that federal law grants the CFTC “exclusive authority” to regulate event contracts and requesting permanent injunctions preventing the states from enforcing preempted state laws against DCMs. Two days ago, the CFTC also filed a motion for a Temporary Restraining Order and Preliminary Injunction to prevent Arizona from enforcing preempted state laws against CFTC-regulated DCMs.