The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today published a supervisory briefing to support consistent supervision of algorithmic trading across the EU.  The briefing provides National Competent Authorities (NCAs) with practical tools and clarified expectations for supervising firms engaged in algorithmic trading under MiFID II. It focuses on key areas where supervisory practices have diverged, including pre-trade controls, governance arrangements, testing frameworks and outsourcing of algorithmic trading systems.   Given the extended use of artificial intelligence in algorithmic trading, the briefing also touches upon these emerging technological developments, outlining considerations for the use of AI. This section aims to help supervisors assess new risks and ensure that firms adopt robust and responsible approaches when deploying advanced technologies in their trading operations.   As a nonbinding convergence tool, the briefing complements the existing requirements and supports NCAs in taking a harmonised approach to oversight.  Next steps ESMA will share the supervisory briefing with NCAs to support day to day supervision. ESMA will continue to monitor market and technological developments and may update the briefing or develop further convergence tools as needed.  Related Documents DateReferenceTitleDownloadSelect 26/02/2026 ESMA74-1505669079-10311 Supervisory briefing on algorithmic trading in the EU

The Securities and Exchange Commission today announced it will hold a roundtable on March 4 to discuss private market valuations and responsible retailization. The roundtable will be hosted by the Division of Investment Management from 1 p.m. to 3 p.m. ET at the SEC’s Washington D.C. headquarters and streamed live on the SEC website. “With retail exposure to alternative investments becoming more common, we want to help everyday investors understand the different valuation approaches used in these products,” said Brian Daly, Director of the SEC’s Division of Investment Management. The two-panel roundtable will include panelists from the private market industry and will be moderated by officials from the Division of Investment Management. The roundtable includes the following panels: Panel 1: When two worlds collide Asset classes historically offered in the private markets continue to migrate into publicly offered vehicles as the lines between public and private continue to blur. What are the opportunities and challenges this presents for managers, investors, and regulators? What should the investing public consider? Moderator: Brian Daly, Director of the Division of Investment Management Panelists: Cliff Asness, Founder, Managing Principal and Chief Investment Officer of AQR Capital management Katie King, Partner, PwC John Finley, Senior Managing Director and Chief Legal Officer, Blackstone Marc Pinto, Managing Director, Global Head of Private Credit, Moody’s Ratings Panel 2: Fund Governance As managers seek innovative ways to deliver exposure to private market assets in response to retail demand, what challenges does this present from a governance perspective? What opportunities does the industry have for improving fund governance? This panel will explore the perspective of the practitioner, including compliance with 2a-5, challenges presented by the asset class, and best practices. Moderators: Blair Burnett, Branch Chief, Investment Company Regulation Office, SEC’s Division of Investment Management Michael Republicano, Assistant Chief Accountant, SEC’s Division of Investment Management Panelists: Pete Driscoll, Partner, PwC John Mahon, Partner, Cleary Gottlieb Steen & Hamilton LLP Jamila Abston Mayfield, Chief Regulatory Services Officer, Comply Bryan Morris, Partner, Deloitte Blake Nesbitt, Chief Investment Officer, Cliffwater Please register in advance for in-person attendance. Registration is not required to view the webcast online. The livestream as well as roundtable agenda and panelists will be available on the event webpage.

  As the Financial Conduct Authority (FCA) prepares to implement its new Consumer Composite Investments (CCI) disclosure framework, Broadridge Financial Solutions, Inc. (NYSE: BR) has expanded the capabilities of its regulatory disclosure platform to help fund manufacturers and distributors quickly, confidently and efficiently adapt to the new requirements.   The FCA’s move to replace the PRIIPs regime and UCITS disclosure requirements in the UK, reflects a broader regulatory shift toward simpler language, more flexible presentation and digital-first delivery of investor information. For many firms, meeting these expectations requires more than incremental document updates; it calls for changes to how disclosures are created, managed and delivered across the investment lifecycle.   “Regulatory change is constant, but firms shouldn’t have to start over every time requirements evolve,” said Stephen Johnston, Broadridge’s Head of Asset Management Regulatory Communications Solutions for Europe. “We help firms turn regulatory complexity into operational efficiency, combining proven technology with deep regulatory experience to support both compliance and better investor outcomes.”   The enhanced platform enables firms to create, manage and digitally distribute FCA-compliant Product Summary Documents (PSDs) from a single environment, supported by automated data sourcing and validation from an established network of administrators. This helps firms maintain consistency, accuracy and timeliness across all their disclosures. The platform also supports clearer, more consumer-focused disclosures through plain-language content and flexible presentation as opposed to rigid templates. These capabilities align with the FCA’s objective of improving consumer understanding while giving firms flexibility in how information is presented.   Working closely with the FCA, clients and industry stakeholders, Broadridge identified where existing disclosure processes create operational strain. The result is an evolved regulatory reporting platform to support the CCI framework, enabling firms to respond to regulatory change without having to redesign their disclosure infrastructure from scratch.   More broadly, the enhancements reflect Broadridge’s proactive approach to regulatory change: engaging early with regulators and industry groups, extending proven infrastructure rather than introducing untested solutions, and designing capabilities that can evolve as rules and market expectations continue to develop.   For a full overview of Broadridge’s regulatory disclosure platform, visit our Consumer Composite Investments information page.    

Click here to download HKEX's 2025 consolidated financial statements.

The European Banking Authority (EBA) today published its Opinion in response to the European Commission’s amendments to the draft Regulatory Technical Standards (RTS) specifying what constitutes an equivalent legal mechanism to ensure the completion of a residential property under construction within a reasonable timeframe, as laid down in the Capital Requirements Regulation (CRR). On 9 January 2026, the Commission informed the EBA of its intention to endorse, with amendments, the final draft RTS submitted by the EBA on 5 August 2025. The EBA considers that two of the Commission’s proposed amendments introduce substantive changes that are not consistent with the prudential safeguards underpinning the preferential treatment for residential property exposures. First, the Commission proposed to increase the cap on the risk weight applicable to the protection provider from 20% to 30% under the Standardised Approach. The EBA considers that maintaining the original 20% threshold is important to preserve consistency within the overall prudential framework. As a general principle, the capital treatment of an exposure should not be more favourable than what is justified by the credit quality of the counterparty providing the protection. Allowing eligibility for protection providers attracting a 30% risk weight could, in certain cases, lead to a preferential capital treatment that is not fully aligned with this principle. In the EBA’s view, retaining the 20% cap is therefore essential both to safeguard the coherence of the capital framework and to ensure that the mechanism offers a sufficiently robust level of assurance for the effective completion of the property. Second, the Commission proposed to remove the requirement that the completion guarantee be mandated by the law of the Member State where the residential property is being built. The EBA considers this requirement fundamental to ensuring that the mechanism qualifies as a legal mechanism, rather than a purely private contractual arrangement. Its removal could reduce legal certainty and dilute the robustness of the framework. With this Opinion, the EBA reaffirms its commitment to safeguarding a harmonised and prudent application of the preferential treatment for residential property exposures. Legal basis and background This Opinion is issued under Article 10(1) of Regulation (EU) No 1093/2010, which requires the EBA to submit an opinion where the European Commission intends to endorse draft regulatory technical standards (RTS) with amendments. The relevant provisions governing the prudential treatment of exposures secured by mortgages on immovable property under the Standardised Approach are laid down in Article 124 of Regulation (EU) No 575/2013 (Capital Requirements Regulation – CRR). That provision sets out the conditions and risk-weight parameters applicable to such exposures, including the circumstances under which exposures to residential property under construction may benefit from the preferential treatment (Article 124(3), point (a)(iii)(2)). On 5 August 2025, the EBA submitted its final draft RTS to the Commission. On 9 January 2026, the Commission notified the EBA of its intention to endorse the RTS with amendments and shared a revised version. This Opinion constitutes the EBA’s formal response to these amendments.  Documents Opinion on the Commission’s amendments to the final draft RTS on equivalent legal mechanism (406.62 KB - PDF) Letter to Mr Berrigan on the submission of Opinion on RTS on equivalent legal mechanism (174.3 KB - PDF) Related content Draft Regulatory Technical StandardsFinal draft RTS/ITS adopted by the EBA and submitted to the European Commission Regulatory Technical Standards on equivalent mechanism for unfinished property Topic Credit risk

London Stock Exchange Group plc (the "Company") announces today that, further to its announcement today of the Company's preliminary results for the financial year ended 31 December 2025, the Company will commence a share buyback programme to purchase ordinary shares of 679/86 pence each in the Company ("Shares") with an aggregate value of up to £750,000,000 million (the "Buyback Programme"). In connection with the Buyback Programme, the Company has entered into an agreement with Morgan Stanley & Co. International Plc ("Morgan Stanley") in relation to the purchase of Shares by Morgan Stanley, acting as riskless principal and in accordance with certain pre-set parameters, under which the Company has instructed Morgan Stanley to purchase Shares with a value of up to £750,000,000. Purchases will commence immediately and will end no later than 29 May 2026. Morgan Stanley will make trading decisions in relation to the Buyback Programme independently of, and uninfluenced by, the Company. Any purchase of Shares by Morgan Stanley contemplated by this announcement will be carried out on the London Stock Exchange and/or on Turquoise Equities Trading. Shares purchased by Morgan Stanley will be on-sold by Morgan Stanley to the Company, and any purchases of Shares by the Company from Morgan Stanley will be carried out on the London Stock Exchange, with the Shares purchased by the Company to be cancelled upon settlement. The arrangements between the Company and Morgan Stanley are subject to customary termination rights in favour of the Company and Morgan Stanley. The purpose of the Buyback Programme is to reduce the share capital of the Company.    Any purchases under the Buyback Programme shall take place in accordance with (and subject to the limits prescribed by) the Company's general authority to repurchase Shares granted by its shareholders at the annual general meeting on 1 May 2025 (the "2025 Authority") and any further authority to repurchase Shares as may be granted by its shareholders from time to time under Chapter 9 of the UK Listing Rules. The maximum number of Shares that the Company is authorised to purchase under the 2025 Authority is 28,112,224. Purchases of Shares by Morgan Stanley shall take place in accordance with the Market Abuse Regulation (EU) No 596/2014 (including the delegated and implementing acts adopted under it) and the Commission Delegated Regulation (EU) No 2016/1052 with regard to regulatory technical standards for the conditions applicable to buyback programmes and stabilisation measures (in each case as they form part of the law of the United Kingdom by virtue of 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). The Company will make further regulatory announcements to shareholders in respect of purchases of Shares under the Buyback Programme as they occur.

ETFGI reported today that assets invested in the actively managed ETFs industry globally reached a new record of US$2.04 trillion at the end of January. During January the actively managed ETFs industry globally gathered record monthly net inflows of US$76.43 billion, according to ETFGI's January 2026 Active ETF industry landscape insights report, an annual paid-for research subscription service. ETFGI is a 14 year old leading independent research and consultancy firm renowned for its expertise in subscription research, consulting services, events, and ETF TV on global ETF industry trends (All dollar values in USD unless otherwise noted.) Highlights Assets invested in actively managed ETFs globally reached a record US$2.04 trillion at the end of January, exceeding the previous record of US$1.92 trillion set at the end of December 2025. Assets rose 5.8% year‑to‑date in 2026, increasing from US$1.92 trillion to US$2.04 trillion. January net inflows totaled US$76.43 billion, the highest on record, surpassing January 2025 (US$51.71 billion) and January 2024 (US$24.71 billion). January marked the 70th consecutive month of net inflows into the actively managed ETFs industry. Actively managed equity ETFs and ETPs gathered US$42.81 billion in net inflows during January.  “The S&P 500 rose 1.45% in January. Developed markets excluding the US gained 6.15% in, with Korea (+26.73%) and Luxembourg (+18.64%) posting the strongest increases among developed markets. Emerging markets climbed 5.50% in January, led by Peru (+26.23%) and Colombia (+23.24%)”, according to Deborah Fuhr, managing partner, founder, and owner of ETFGI. Growth in assets in the actively managed ETFs industry as of end of January The actively managed ETFs industry globally has 4,747 ETFs, with 6,342 listings, assets of $2.04 Tn, from 674 providers listed on 46 exchanges in 36 countries at the end of January. Dimensional is the largest provider of actively managed ETFs globally, with US$272.31 billion in assets under management, representing a 13.4% market share. J.P. Morgan Asset Management ranks second with US$259.78 billion in assets and a 12.8% market share, followed by iShares with US$122.65 billion and a 6.0% market share. Collectively, the top three providers account for 32.1% of global actively managed ETF assets, highlighting a moderate level of industry concentration. The remaining 671 providers, out of 674 globally, each hold less than 6% market share. Net flows Investor demand for actively managed ETFs remained robust across asset classes in January Equity‑focused actively managed ETFs/ETPs listed globally attracted US$42.81 billion in net inflows during January, well above the US$26.38 billion recorded in January 2025. Fixed income‑focused actively managed ETFs/ETPs reported US$28.50 billion in net inflows, higher than the US$21.20 billion gathered in January 2025. Substantial inflows can be attributed to the top 20 active ETFs by net new assets, which collectively gathered $23.02 Bn during January. BNY Mellon Municipal Opportunities ETF (BMOP US) gathered $1.86 Bn, the largest individual net inflow. Top 20 actively managed ETFs by net new assets January   Source: ETFGI data sourced from ETF/ETP sponsors, exchanges, regulatory filings, Thomson Reuters/Lipper, Bloomberg, publicly available sources and data generated in-house. Note: This report is based on the most recent data available at the time of publication. Asset and flow data may change slightly as additional data becomes available Investors have tended to invest in Equity actively managed ETFs during January.

Financial services firms are underprepared for a surge in transaction volumes, with compliance failures, operational losses and revenue risk on the line. New research from AutoRek reveals that 85% of firms say their current operational processes already struggle, or would struggle, to keep pace as volumes grow, and with a 28% increase expected over the next two years, the pressure is only mounting. AutoRek’s 2026 Investment Capital Markets Survey, based on 250 interviews with senior finance sector managers across the UK and U.S., reveals a widening gap between growth expectations and operational readiness. Average daily transaction volumes now exceed 460,000 per firm, while digital assets, identified as the most operationally challenging asset class, add new layers of complexity. “According to our data, firms are short of operational alignment,” said Jack Niven, Vice President of North America at AutoRek. “When volumes are rising and digital assets are introducing new layers of complexity, then manual processes and spreadsheet workarounds simply cannot scale. The organizations that will lead over the next five years are those investing in AI-enabled automation built on clean, normalized data foundations. That’s what allows operations teams to move from firefighting to forward planning.” Growth ambitions collide with operational reality Despite ongoing transformation efforts, 82% of firms acknowledge that a substantial proportion of operational processes remain manual, and more than half still rely on spreadsheets to some extent for reconciliations. As transaction volumes climb and product offerings expand, legacy systems and fragmented data environments are limiting firms’ ability to scale efficiently. The consequences are tangible. Compliance risk, operational inefficiency and data integrity concerns persist across operations, particularly as regulatory expectations intensify in both the UK and U.S. markets. Manual workarounds drain budget and constrain innovation On average, firms spend nearly 16% of their operational budgets correcting issues caused by manual processes. Rather than investing in scalable automation, many organizations remain locked in cycles of remediation, allocating time and resources to fix preventable errors instead of enabling growth. With digital assets increasing operational complexity and regulatory scrutiny showing no signs of easing, firms face mounting pressure to strengthen data foundations and modernize reconciliation processes. The research indicates that automation is no longer a forward-looking ambition but an operational necessity. Firms that prioritize scalable data management and intelligent automation will be better positioned to absorb volume growth, reduce risk and support innovation, while those reliant on manual controls risk falling further behind.

First UAE bank capital transaction in 2026, the issuance attracted a robust orderbook that peaked at USD 2.1 billion. Investor demand was geographically diversified, with 67 percent from MENA, 22 percent from Europe, and 8 percent from Asia, reflecting broad international participation. Total outstanding value of Fixed Income securities currently listed on Nasdaq Dubai have reached USD 147.9 billion, underscoring the exchange’s scale and its role as a leading regional hub for fixed income and regulatory capital instruments Nasdaq Dubai welcomed the listing of USD 500 million in Additional Tier 1 (AT1) capital securities issued by Mashreq, one of the leading financial institutions in the MENA region, rated A3 by Moody’s, and A by S&P and Fitch, all with a stable outlook. The transaction attracted significant demand from regional and international investors, with the orderbook peaking at USD 2.1 billion. The issuance was priced at a coupon of 6.25 percent per annum, tightened from initial guidance. Investor demand was geographically diversified, with 67 percent of orders from the MENA region, 22 percent from Europe and 8 percent from Asia. Mashreq’s issuance reflects sustained investor confidence in the bank’s strong credit fundamentals and prudent capital management. The transaction marks Mashreq’s return to the bond markets following its Sukuk issuance in April 2025 and strengthens its Tier 1 capital position. Additional Tier 1 instruments enable banks to reinforce regulatory buffers while continuing to support lending and growth. Further, the issuance marks the first UAE bank capital transaction of 2026. Regional fixed income markets have opened the year with renewed momentum, led by strong investor appetite for bank capital instruments and disciplined balance sheet optimisation across the GCC banking sector. The listing on Nasdaq Dubai reflects this broader trend, highlighting the depth of liquidity available to high quality UAE issuers and the continued evolution of subordinated capital markets in the region. To mark the listing, Salman Hadi, Mashreq’s Group Head of Treasury and Global Markets, rang the market-opening bell at Nasdaq Dubai, alongside Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), and senior representatives from both organizations. Ahmed Abdelaal, Mashreq’s Group Chief Executive Officer, said, "We are encouraged by the exceptional investor appetite for this issuance, which reflects enduring confidence in Mashreq's financial strength, strategic vision, and growth potential. Securing substantial oversubscription in a volatile environment demonstrates disciplined execution and establishes a strong capital foundation to fuel the bank's growth ambitions.”   Salman Hadi, Mashreq’s Group Head of Treasury and Global Markets, who led the AT 1 issuance commented: “Closing this listing on Nasdaq Dubai underscores the strength of our engagement with global capital markets. The strong demand and quality of the investor base reflect confidence in our credit fundamentals, prudent capital management, and long-term strategy. This transaction reinforces our commitment to maintaining a resilient balance sheet while supporting sustainable growth and value creation for our stakeholders.” Hamed Ali, CEO of Nasdaq Dubai and DFM, said: “Mashreq’s ability to achieve tighter pricing while maintaining strong investor demand reflects both the strength of its credit profile and the continued depth of appetite for UAE bank capital. Transactions such as this demonstrate that regional financial institutions are approaching capital markets in a disciplined manner, with investors responding positively to well-positioned issuers. It also highlights the maturity of the UAE’s Fixed Income capital market, where banks are actively managing capital structures while engaging a broad international investor base.” With this issuance, the total outstanding value of Mashreq’s securities listed on Nasdaq Dubai has reached USD 1 billion, reinforcing the bank’s long-standing engagement with international debt capital markets through the exchange. Overall, the total value of outstanding debt securities listed on Nasdaq Dubai has reached USD 147.9 billion, underscoring its role as a leading regional hub for fixed income and bank capital instruments. The continued growth of AT1 and other regulatory capital instruments signals the increasing maturity and resilience of regional fixed income markets. As regional banks continue to access capital markets to reinforce balance sheets and fund growth, Nasdaq Dubai remains a key venue for disciplined capital issuance, connecting UAE institutions with a broad international investor base.

valantic FSA, a leading provider of payments and electronic trading workflow automation solutions to financial institutions, announces the appointment of Christian K. Schwarz as Managing Director, with responsibility for the firm’s Payments business. In this role, Christian will lead the continued growth and development of valantic FSA’s payments offering, working with banks and financial institutions as they modernize payments operations and scale end-to-end transaction workflows.Christian brings more than 25 years of international leadership experience across enterprise software and technology with a proven track record in building and scaling direct and partner-led businesses across EMEA. He has led organizations with P&L responsibility exceeding USD 150 million and is recognized for building high-performing, customer-focused teams.The appointment reflects increasing demand from banks for automated, transparent and resilient payment workflows, as regulatory requirements evolve - including ISO 20022 adoption - and transaction volumes continue to grow.Christian Schwarz, MD, Payments said: “Payments modernization is no longer just about processing efficiency. Banks need connected workflows that link data, decision-making and execution across the full transaction lifecycle.valantic FSA is uniquely positioned at the intersection of technology, operations and regulation, and I’m excited to work with our clients and teams to further scale our payments offering and deliver tangible operational outcomes.”Holger Wohlenberg, CEO of valantic FSA, commented: “Payments is a strategic growth area and a core pillar of our business at valantic FSA. Christian brings deep enterprise software experience, a strong execution mindset and a clear focus on customer value. His appointment supports our ambition to scale our payments business and strengthen our role as a trusted partner to financial institutions.”The appointment reflects valantic FSA’s continued investment in senior leadership as banks across Europe accelerate hybrid modernization strategies and seek partners focused on delivering compliant outcome-driven transformation.

David Schwimmer, CEO said:“We have achieved another year of very strong financial performance, driving continued top line momentum through significant investment in our product right across the business, bold strategic choices and an enduring focus on partnership with our customers. Our unmatched combination of trusted data and infrastructure is translating into deep customer engagement: in Q4 alone, major financial institutions signed long-term contracts worth £1.9 billion to access our leading data and workflow. With our LSEG Everywhere data strategy, we are positioning ourselves as the partner of choice for licensed, trusted data as the use of AI in decision-making scales – and we are seeing very positive signs of adoption. In Post Trade Solutions, we have aligned ourselves strategically with key customers through their investment in the business. “Through the transformation of our systems and the use of AI and other technologies, we continue to deliver material operating leverage, with earnings growth significantly exceeding revenue growth. Given our strong cash generation and balance sheet, we also accelerated returns to shareholders in 2025, buying back £2.1 billion of our shares as well as growing the dividend 15%. Today we’re announcing our plan to execute a further £3 billion of share buybacks over the next 12 months. “We are very excited about the opportunities ahead of us: with our leading, trusted data, ongoing investment in product innovation and the depth and breadth of our customer relationships, we are very well positioned for continued growth.”     Reported2025 £m2024 £mVariance% Constantcurrency variance% Organic constantcurrency variance% Total Income (excl. recoveries) 8,986 8,494 5.8% 7.6% 7.1% Recoveries [Note 1] 360 364 (1.1%) 1.0% 1.0% Total Income (incl. recoveries) 9,346 8,858 5.5% 7.3% 6.8% Reported2025 £m2024£mVariance%     EBITDA 4,365 3,945 10.6%    Operating profit 2,127 1,463 45.4%     Profit before tax 1,969 1,258 56.5%     Basic earnings per share (p) 238.4 128.8 85.1%     Dividends per share (p) 150.0 130.0 15.4%     Adjusted [Note 2]2025£m2024 £mVariance%Constantcurrency variance%Organic constantcurrency variance% Operating expenses before depreciation, amortisation and impairment(3,711)(3,560) 4.2% 4.2%3.5% EBITDA 4,523 4,148 9.0% 12.3% 11.8% EBITDA margin 50.3% 48.8%       Operating profit 3,506 3,165 10.8% 14.7% 14.3% Earnings per share (p) 420.6 363.5 15.7%     Financial highlights (all growth rates are expressed on an organic, constant currency basis, unless otherwise stated) Total income (excl. recoveries) +7.1%; +5.8% on a reported basis Broad-based growth: Data & Analytics +5.0%; FTSE Russell +7.3%; Risk Intelligence +11.7%; Markets +8.9% ASV [Note 3] growth at December 2025 +5.9%; adding a number of new KPIs relating to growth and retention Improving profitability: Adjusted EBITDA +11.8%, margin +150bps, constant currency margin +210bps. EBITDA +10.6% on a reported basis Strong adjusted earnings growth: Adjusted EPS +15.7% on a reported basis to 420.6p, driven by revenue growth and increased efficiency. Reported EPS +85.1% Excellent cash conversion: equity free cash flow £2.4 billion, combining good profit growth and reducing capital intensity Strategic progress LSEG Everywhere: agreed trusted, AI-ready data partnerships with leading platforms including Anthropic, Databricks, Microsoft, Open AI, Rogo and Snowflake, based on MCP [Note 4] infrastructure Significant innovation across the Group: launch of Open Directory with Microsoft; approval of Private Securities Market and first trade on Digital Markets Infrastructure; development of DigitalAssetClear; and private markets indices partnership between FTSE Russell and StepStone Strategic transformation of Post Trade Solutions with investment from 11 leading banks for a 20% stake Significant shareholder returns: £2.1 billion returned via buybacks in 2025, £415 million year-to-date and a further £3 billion planned to be completed by Feb 2027; final dividend +15.7% to 103.0p per share [Note 5], to be paid on 20 May 2026 to all shareholders on the share register at the record date of 17 April 2026, subject to shareholder approval. The ex-dividend date is 16 April 2026 2026 guidance Organic constant currency growth in total income (excl. recoveries) of 6.5-7.5% Constant currency EBITDA margin +80-100 bps Capex intensity c. 9.5% Equity free cash flow at least £2.7 billion Underlying effective tax rate 24-25% Medium-term guidance 2027-2029 We have consistently met or exceeded our medium-term guidance framework we set out in 2023. We are therefore putting in place a new framework for 2027-2029, reflecting our confidence in continued strong progress, as follows: Mid to high single digit organic constant currency growth in total income (excl. recoveries) annually, including acceleration in our subscription businesses Underlying EBITDA margin to increase by a cumulative c. 150 basis points 2027-2029, as a result of continued strong revenue growth and ongoing operational efficiencies Capex declining to c. 8% of total income (excl. recoveries) in 2029 Double-digit compound annual growth rate in Equity Free Cash Flow (‘FCF’) per share This release contains revenues, costs and earnings and key performance indicators (KPIs) for the twelve months ended 31 December 2025. FY 2025 is compared against FY 2024 on a statutory reporting basis. Constant currency variances are calculated on the basis of consistent FX rates applied across the current and prior year period (GBP:USD 1.278 GBP:EUR 1.181). Organic growth is calculated on a constant currency basis, adjusting the results to remove disposals from the entirety of the current and prior year periods, and by including acquisitions from the date of acquisition with a comparable adjustment to the prior year. Within the financial information and tables presented, certain columns and rows may not cast due to the use of rounded numbers for disclosure purposes. [1] Recoveries mainly relate to fees for third-party content, such as exchange data, that is distributed directly to customers. | Back to Note 1 [2] For definition, refer to the Alternative Performance Measures section of this report. | Back to Note 2 [3] Annualised Subscription Value (ASV) metric is based on subscription revenues in Data & Analytics, FTSE Russell, Risk Intelligence and data solutions within Markets. Organic, constant currency variance. | Back to Note 3 [4] Model Context Protocol; open-source standard for connecting AI applications to source data. | Back to Note 4  [5] ISIN: GB00B0SWJX34; TIDM: LSEG. | Back to Note 5 Preliminary results investor and analyst presentation, webcast and conference call: David Schwimmer (Chief Executive Officer) and Michel-Alain Proch (Chief Financial Officer) will host a webcast presentation on LSEG’s 2025 Preliminary Results for analysts and institutional shareholders today at 10:00am (UK time). This will be followed by the opportunity to ask questions via the conference call line. To access the webcast or telephone conference call please register in advance using the following link: https://www.lsegissuerservices.com/spark-insights/LondonStockExchangeGroup/events/c18b7e9e-cf1e-4dc9-9620-ba5e2bb1f71a/lseg-fy2025-results-presentation To ask a question live you will need to register for the telephone conference call here: https://registrations.events/direct/LON35294409 Presentation slides can be viewed at http://www.lseg.com/en/investor-relations

Bonnie Y Chan, Chief Executive Officer said: In 2025, HKEX reinforced its role as a global superconnector, regained its position as the world’s leading venue for IPOs and set new trading as well as financial performance records. It was a year of momentum, progress and transformation for the Group, as ongoing reforms to our product ecosystem and market microstructure ensured we captured global investor trends, including the diversification of global capital and the surge in Asian innovation. Even as our markets experienced very robust performance during the year, we also maintained a strong pace of strategic delivery and continued to drive major reforms in our equities market, make strategic investments to expand our multi-asset ecosystem, such as acquiring a 20 per cent stake in CMU OmniClear, facilitate the launch of the first LME-approved warehouses in Hong Kong, and expand into adjacent businesses. While we expect volatility to persist amid the prevailing macro landscape in 2026, we also see cause for optimism in capital markets as global investors adjust to the ongoing uncertainty of an increasingly multipolar world by seeking diversification and risk management opportunities in Asian, and specifically Chinese, assets. At HKEX, we believe our ongoing strategic development programme, which includes investments to modernise our critical infrastructure, will ensure our business continues to remain competitive in this global landscape and will support Hong Kong in its role as a global IFC, facilitating capital flows in Asia and between this region and the rest of the world. In 2026, we will continue to leverage our unique advantages, meet the evolving demands of global investors, and ensure our markets are accessible and competitive. Click here for full details.

Q4 Net revenue of $124.5 million (+52% YoY), GAAP diluted EPS of $0.27 Q4 Adjusted EBITDA of $62.2 million (+112% YoY), Adjusted diluted EPS of $0.52 FY 2025 Net revenue of $430.5 million (+56% YoY), GAAP diluted EPS of ($1.00) FY 2025 Adjusted EBITDA of $199.1 million (+143% YoY), Adjusted diluted EPS of $1.82 Establishes 2026 adjusted operating expense guidance Miami International Holdings, Inc. (MIAX) (NYSE: MIAX), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced results for the fourth quarter and full year 2025. "We ended a milestone year with another exceptional quarter of progress," said Thomas P. Gallagher, Chairman and Chief Executive Officer of MIAX. "Beyond our strong financial results and record volumes, 2025 was marked by a number of transformative strategic achievements including our successful IPO and secondary offering, the announcement of our strategic sale of 90% of MIAXdx, the launch of the MIAX Sapphire options trading floor in Miami, the launch of the MIAX Futures Onyx trading platform, and the completion of our acquisition of TISE." "We have built a strong foundation for capturing emerging secular growth opportunities. Looking ahead, we'll leverage our technology advantage, broad range of regulatory licenses across multiple jurisdictions, diverse and expanding product range, and most importantly, our deep relationships with our customers to drive continued growth." Fourth Quarter 2025 Highlights All figures are compared to the fourth quarter of 2024 unless otherwise stated. Net revenue, defined as revenues less cost of revenues, grew 52% to $124.5 million, compared to $81.7 million in the prior-year period. The increase was primarily driven by strong options business performance, including increased industry volumes and the full-year impact of the MIAX Sapphire® electronic options exchange. Total operating expenses were $81.8 million, compared to $74.5 million in the prior-year period. The increase was primarily due to planned investments in headcount and technology to support our growth initiatives; increased depreciation and amortization expenses related to the launch of the MIAX Sapphire electronic and floor exchange; and the launch of the MIAX Futures Onyx trading platform. Operating income of $42.7 million, compared to $7.2 million in the prior-year period. GAAP net income of $29.9 million, compared to $2.9 million in the prior-year period. Adjusted earnings increased nearly three times to $57.1 million, compared to $19.6 million in the prior-year period. Adjusted EBITDA more than doubled to $62.2 million, compared to $29.3 million in the prior-year period, driven primarily by strong growth in net revenues. Adjusted EBITDA margin expanded to 50% from 36% in the prior-year period. Business Updates Closed secondary public offering of 7.8 million shares of common stock at $41.00 per share in the fourth quarter of 2025. The offering consisted entirely of secondary shares. MIAX options exchanges reached a record average daily volume of 11.1 million contracts in the fourth quarter of 2025, a 46.5% increase year-over-year. MIAX options exchanges reached a market share record of 18.2% in the fourth quarter of 2025, a 14.5% increase year-over-year. Completed the sale of 90% of the issued and outstanding equity in MIAXdx in January 2026 to a joint venture established by Robinhood Markets, Inc. in partnership with Susquehanna International Group. MIAX retained 10% of the issued and outstanding equity of MIAXdx, now known as Rothera Exchange and Clearing LLC. Listed new Monday and Wednesday short term option expirations for qualifying stocks in the Short term Options Series Program. Summary of Selected Unaudited Condensed Consolidated Financial Results ($000, except per share amounts and percentages) Consolidated Fourth Quarter Results 4Q25 December 31, 2025 4Q24 December 31, 2024 Change Total revenues less cost of revenues $                  124,501 $                    81,705 52 % Operating income $                    42,689 $                      7,158 496 % Net income attributable to MIH stockholders $                    29,944 $                      2,891 936 % Diluted EPS $                        0.27 $                        0.04 Adjusted earnings* $                    57,066 $                    19,565 192 % Adjusted diluted EPS* $                        0.52 $                        0.26 EBITDA $                    35,041 $                    12,623 178 % Adjusted EBITDA* $                    62,163 $                    29,338 112 % Adjusted EBITDA margin %* 50 % 36 % 39 % * Reconciliation of non-GAAP results is included in the tables below. See "Non-GAAP Financial Information" below. Segment Results ($000) Total Revenues Less Cost of Revenues(Net Revenue) by Business Segment 4Q25 December 31, 2025 4Q24 December 31, 2024 Change Options $                   106,903 $                    73,147 46 % Equities 6,376 1,846 245 % Futures 4,805 5,565 (14) % International 6,039 851 610 % Corporate/Other 378 296 28 % Total $                   124,501 $                    81,705 52 % Options Net revenue grew 46% to $106.9 million, compared to $73.1 million in the prior-year period. The growth was primarily driven by higher net transaction fees that benefitted from increased industry volume, higher market share, and higher revenue per contract (RPC). Higher non-transaction fees were primarily driven by the full-year impact of the launch of the MIAX Sapphire electronic options exchange. Operating income increased 80% to $73.0 million, compared to $40.6 million in the prior-year period. The growth was primarily due to higher net revenues. Adjusted EBITDA grew 66% to $82.5 million, compared to $49.7 million in the prior-year period. Equities Net revenue grew 245% to $6.4 million, compared to $1.8 million in the prior-year period. The increase was primarily due to higher net transaction fees from improved pricing. Equities capture was net neutral for the quarter as compared to historically inverted. Approached operating breakeven in the fourth quarter, compared to an operating loss of $6.3 million in the prior-year period. Adjusted EBITDA of $1.6 million, compared to ($3.8) million in the prior-year period. Futures Net revenue was $4.8 million, compared to $5.6 million in the prior-year period. The decline was primarily due to lower listings fees, and decreased transaction fees due to lower volumes caused by timing of participant migrations to MIAX Futures Onyx and lower commodity market volatility, partially offset by the elimination of expenses related to CME Globex. Operating loss was $14.2 million, compared to an operating loss of $11.0 million in the prior-year period. The change was primarily due to lower revenue and higher operating expenses driven by increased compensation costs. Adjusted EBITDA of ($10.0) million, compared to ($6.9) million in the prior-year period. International  Net revenue was $6.0 million, compared to $0.9 million in the prior-year period. The increase was primarily due to the acquisition of The International Stock Exchange Group Limited (TISE) in June 2025. Operating income was $0.9 million, compared to an operating loss of $2.8 million in the prior-year period. The change was primarily due to the impact of the TISE acquisition. Adjusted EBITDA of $1.8 million, compared to ($2.0) million in the prior-year period. Capital and Liquidity As of December 31, 2025, MIAX had cash and cash equivalents of $433.6 million and total debt of $1.5 million. FY 2026 Guidance For full year 2026, we expect: Adjusted operating expenses, which exclude share based compensation, depreciation and amortization, and litigation expenses, in a range between $265 million and $275 million; Share based compensation expense in a range between $27 million and $30 million; Capital expenditures, including capitalization of internally developed software, in a range between $40 million and $45 million; Depreciation and amortization expense in a range between $33 million and $38 million; Adjusted effective tax rate post valuation allowance release in a range between 27% and 29%. Subject to continued improvements in U.S. operating results, the Company anticipates that within the next 12 months, sufficient positive evidence should become available to reach a conclusion that a significant portion of the deferred tax valuation allowance (VA) would no longer be required. The Adjusted ETR is based on non-GAAP adjusted earnings and excludes the discrete tax benefit of the anticipated VA release. Webcast and Conference Call MIAX will host a webcast and conference call to review its fourth quarter and full-year financial results today, February 25, 2026 at 5:00 p.m. ET. Participants can access the call at 866-652-5200 (international dial-in 412-317-6060) or access the webcast on the Investor Relations section of MIAX's website at ir.miaxglobal.com. A webcast recording and corresponding presentation will be archived under Events & Presentations at the above link following the event. Non-GAAP Financial Information Adjusted earnings, a non-GAAP financial measure, is defined as net income (loss) attributable to MIH adjusted for share-based compensation, investment gain/loss, litigation costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, loss on extinguishment of debt, one time IPO payments, settlement fee, impairment charges, warrant modifications, and unrealized gain/loss on derivative assets, net of the income tax effects of these adjustments. Adjusted EBITDA, a non-GAAP financial measure, is defined as net income (loss) attributable to MIH adjusted for interest expense and amortization of debt discount costs, interest income, income taxes and depreciation and amortization, share-based compensation, investment gain/loss, litigation costs, change in fair value of puttable warrants issued with debt, change in fair value of puttable common stock, loss on extinguishment of debt, one time IPO payments, settlement fee, impairment charges, gain/loss on intangible asset, warrant modifications, and unrealized gain/loss on derivative assets. Adjusted EBITDA margin, a non-GAAP financial measure, is defined as adjusted EBITDA divided by adjusted revenues less cost of revenues. Adjusted EPS, a non-GAAP financial measure, is defined as adjusted earnings divided by diluted weighted average shares outstanding used for adjusted diluted earnings per share (which includes the impact of anti-dilutive securities on a GAAP basis). Certain components of the guidance given in this presentation with respect to our financial performance for the full year of 2026 are provided on a non-GAAP basis only without providing the most comparable guidance on a GAAP basis or a quantitative reconciliation to guidance provided on a GAAP basis. Information is presented in this manner because the preparation of such guidance on a GAAP basis and such reconciliation could not be accomplished without unreasonable efforts. The Company does not have access to certain information that would be necessary to provide such guidance on a GAAP basis or such reconciliation, including non-recurring items that are not indicative of the Company's ongoing operations. The Company does not believe that this information is likely to be significant to an assessment of the Company's ongoing operations.  For a reconciliation of our non-GAAP results to our GAAP results, see the tables below. About MIAX Miami International Holdings, Inc. (NYSE: MIAX) is a technology-driven leader in building and operating regulated financial markets across multiple asset classes and geographies. MIAX® operates eight exchanges across options, futures, equities and international markets including MIAX® Options, MIAX Pearl®, MIAX Emerald®, MIAX Sapphire®, MIAX Pearl Equities™, MIAX Futures™, The Bermuda Stock Exchange (BSX) and The International Stock Exchange (TISE). MIAX also owns Dorman Trading, a full-service Futures Commission Merchant. To learn more about MIAX please visit www.miaxglobal.com. Disclaimer and Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expect," "anticipates," "eventually" or "projected." You are cautioned that such statements are based on management's current expectations and are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements. Additional risks and uncertainties that may cause actual results to differ materially include the risks and uncertainties listed in Miami International Holdings, Inc.'s (together with its subsidiaries, the Company) public filings with the Securities and Exchange Commission. In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise. All third-party trademarks (including logos and icons) referenced by the Company remain the property of their respective owners. Unless specifically identified as such, the Company's use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the Company. Any references by the Company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law.

At the end of the settlement date of February 13, 2026, short interest in 3,595 Nasdaq Global MarketSM securities totaled 15,834,216,597 shares compared with 15,574,683,465 shares in 3,547 Global Market issues reported for the prior settlement date of January 30, 2026. The mid-January short interest represents 2.25 days compared with 2.58 days for the prior reporting period. Short interest in 1,654 securities on The Nasdaq Capital MarketSM totaled 3,724,995,849 shares at the end of the settlement date of February 13, 2026, compared with 3,614,991,067 shares in 1,666 securities for the previous reporting period. This represents a 1.43 day average daily volume; the previous reporting period’s figure was 1.08. In summary, short interest in all 5,249 Nasdaq® securities totaled 19,559,212,446 shares at the February 13, 2026 settlement date, compared with 5,213 issues and 19,189,674,532 shares at the end of the previous reporting period. This is 2.02 days average daily volume, compared with an average of 2.05 days for the prior reporting period. The open short interest positions reported for each Nasdaq security reflect the total number of shares sold short by all broker/dealers regardless of their exchange affiliations. A short sale is generally understood to mean the sale of a security that the seller does not own or any sale that is consummated by the delivery of a security borrowed by or for the account of the seller. For more information on Nasdaq Short interest positions, including publication dates, visit https://www.nasdaq.com/market-activity/quotes/short-interest or http://www.nasdaqtrader.com/asp/short_interest.asp.  

NYSE today reported short interest as of the close of business on the settlement date of February 13, 2026. SETTLEMENT DATE EXCHANGE TOTAL CURRENTSHORT INTEREST TOTAL PREVIOUSSHORT INTEREST(Revised) NUMBER ofSECURITIES with aSHORT POSITION NUMBER of SECURITIESwith a POSITION >=5,000 SHARES 02/13/2026 NYSE 16,728,752,835 16,328,383,115 2,867 2,568 02/13/2026 NYSE ARCA 2,319,207,411 2,297,116,238 2,541 1,763 02/13/2026 NYSE AMERICAN 925,908,615 915,282,140 302 261 02/13/2026 NYSE GROUP 19,973,868,861 19,540,781,493 5,710 4,592 *NYSE Group includes NYSE, NYSE American and NYSE Arca           Reports will be archived here.

CME Group, the world's leading derivatives marketplace, today announced that Derek Sammann, Senior Managing Director, Global Head of Commodities, will present at the 47th annual Raymond James Institutional Investors Conference on Tuesday, March 3, 2026, at 9:15 a.m. (Eastern Time). The presentation will be available for livestreaming via CME Group's Investor Relations website. Please allow extra time prior to the presentation to visit the site and download the streaming media software required to listen to the online broadcast. An audio webcast will be available for replay at the same address approximately 24 hours following the conclusion of the conference.

Trading in US natural gas futures was temporarily halted on Wednesday due to technical issues, marking the second major disruption this month in one of the most active commodity markets. CME Group Inc. reported that trading of gas futures and options on its Globex electronic platform was paused for approximately 35 minutes before resuming.  The interruption coincided with the expiration of the March delivery contract, a critical date for traders managing their positions. Natural gas futures rose following the restart, closing 1.9% higher at $2.969 per million British thermal units. Metals trading, including gold and copper, was also affected, with trading halting briefly before resuming around 1:45 p.m. Central Time. CME has not yet provided additional details on the cause of the disruptions.

Lynq, the real-time, interest-bearing settlement network, today announced the addition of EDX as an exchange partner, including EDX’s spot and affiliated perpetual exchanges. EDX clients can use Lynq to collateralize and power daily trading activity directly on the platform. The integration further positions Lynq as a core collateral management and settlement layer for institutional digital asset markets and exchanges. “We are excited to announce EDX as our second Exchange partner, reflecting clear demand from clients for multiple Exchange venues and strong interest in EDX.” said Jerald David, CEO of Lynq. “Institutional participants need settlement infrastructure that can move capital efficiently across venues and products without friction. The addition of EDX addresses that need by pairing institutional trading environments with modern settlement and collateral capabilities.” EDX operates an institutional trading venue and clearinghouse, designed to minimize counterparty risk and deliver capital-efficient execution with strong regulatory and operational controls. Enabling collateral posting, and margin workflows directly through Lynq, institutions can operate 24/7/365 between Lynq’s interest-bearing settlement layer and EDX’s exchange platforms. Additionally, EDX plans to leverage Lynq for treasury management operations as can mutual clients of the firms. “EDX was built to support institutional trading through a centrally cleared, capital-efficient market structure,” said Tony Acuña-Rohter, CEO of EDX Markets. “Integrating with Lynq extends that model by giving our participants a next-generation settlement and collateral workflow that aligns with how institutions manage liquidity across spot and derivatives markets.” Lynq announced that assets on the network have grown to $90 million, with over 30 leading digital asset firms onboarded and interest distributions surpassing $200,000. Growing participation across exchanges reinforces Lynq’s position as a shared institutional settlement layer, improving capital efficiency, reducing friction, and supporting interest-generating funding across spot and derivatives venues. This milestone builds on Lynq’s initial exchange deployment with Crypto.com Exchange.

The Commodity Futures Trading Commission’s Division of Enforcement today has issued an advisory following public release of two enforcement cases involving misuse of nonpublic information and fraud with respect to certain prediction markets, also known as event contracts, traded on KalshiEX, a Designated Contract Market. These enforcement cases included the following: In May 2025, social media posts contained videos that appeared to show a political candidate trading on his own candidacy on Kalshi. Kalshi’s compliance team contacted the candidate that same day, and the trader acknowledged that he knew these trades were improper and violated Kalshi’s rules, which prohibit trading in a contract over which the trader has direct or indirect influence over the outcome. Kalshi imposed a $2,246.36 financial penalty (disgorgement of $246.36 related to the improper trading activity, plus a $2,000.00 penalty) and a 5-year suspension from direct or indirect access to the exchange. Based on this fact pattern, the trader potentially violated Section 6(c)(1) of the Commodity Exchange Act (Act), and Commission Regulation (Regulation) 180.1(a)(1) and (3) for use of a manipulative scheme or artifice to defraud, or engaging or attempting to engage in an act, practice or course of business that operates as a fraud on any other person. In August and September 2025, an individual traded a prediction market related to a YouTube channel while having an employment relationship or other formal affiliation with the subject of the contract, through which the trader likely had access to material non-public information related to his trades, in violation of exchange rules. Upon investigating the highly successful trades and the trader responsible, Kalshi discovered that the trader was an editor for a YouTube channel who likely had advanced knowledge of the contents of the channel’s videos prior to the time they were publicly posted.  Kalshi concluded there was reasonable belief that the trades were based on material non-public information misappropriated in violation of a pre-existing duty and imposed a $20,397.58 financial penalty (disgorgement of $5,397.58 in profits from the illicit trading, plus a $15,000.00 penalty) and a 2-year suspension from direct or indirect access to the exchange. Based on this fact pattern, the trader potentially violated prohibitions on misappropriation of confidential information in breach of a pre-existing duty of trust and confidence to the source of the information (commonly known as “insider trading”) pursuant to Section 6(c)(1) of the Act, and Regulation 180.1(a)(1) and (3). While Kalshi’s internal enforcement program handled these matters, under the Act, the Commission has full authority to police illegal trading practices occurring on any DCM, including those described above related to prediction markets. Without limitation, these practices include:  Misappropriation of confidential information in breach of a pre-existing duty of trust and confidence to the source of the information (commonly known as “insider trading”) pursuant to Section 6(c)(1) of the Act, and Regulation 180.1(a)(1) and (3); see, e.g., CFTC v. Clark, Civil Action No. 4:22-cv-00365 (S.D. Tex., Jan. 29, 2026 consent order); In re Webb, et al., CFTC Docket No. 21-09 (June 14, 2021 admin. order). Pre-arranged, noncompetitive trading and wash sales, under Section 4c(a)(1) and (2)(A) of the Act, and Regulation 1.38(a); see, e.g., In re Khorrami, et al., CFTC Docket No. 20-15 (May 7, 2020 admin. order); CFTC v. Singhal, et al., Civil Action No. 1:12-cv-00138 (N.D. Ill., Nov. 28, 2012 consent order). Other prohibited trading practices including disruptive trading pursuant to Section 4c(a)(5); see, e.g., In re Mirae Asset Daewoo Co. Ltd. , CFTC Docket No. 20-11 (Jan. 13, 2020 admin. order). Fraud and manipulation under various sections of the Act; see, e.g., In re Dairy Farmers of America, Inc., et al., CFTC Docket No. 09-02 (Dec. 16, 2008 admin. order).  DCMs have an independent duty to maintain audit trails, conduct surveillance, and enforce rules against prohibited practices.See Section 5(d) of the Act (Core Principles for Contract Markets). In appropriate cases, the Division will investigate and prosecute violations, as it always has with respect to conduct occurring on DCMs. The Division continues to coordinate with DCMs regarding their enforcement dockets and referral of appropriate potential violations to the Division for investigation. RELATED LINKS Kalshi Exchange Notice Of Disciplinary Action: Artem Kaptur Kalshi Exchange Notice Of Disciplinary Action: Kyle Langford

Discusses vulnerabilities in government bond-backed repo markets. Discusses progress of a targeted review of the prudential standard for banks' cryptoasset exposures. Announces date and location of the International Conference of Banking Supervisors. The Basel Committee on Banking Supervision met virtually on 24–25 February 2026 to discuss a range of initiatives. Financial stability outlook Committee members exchanged views on recent market developments and the outlook for the global banking system. As part of the discussion, the Committee discussed vulnerabilities in government bond-backed repo markets, building on a recent report by the Financial Stability Board. The Committee's recently finalised guidelines for counterparty credit risk management include a number of expectations with regard to banks' securities financing transactions and collateral management. The Committee agreed that the implementation of these guidelines by supervisors and banks will help to address some of the vulnerabilities in government bond-backed repo markets. It agreed to monitor the progress in the implementation of these guidelines. Cryptoassets As noted previously, given recent cryptoasset market developments, the Committee has expedited a review of targeted elements of its prudential standard for banks' cryptoasset exposures. The Committee took note of the progress of the review. An update will be provided later this year.  Implementation The Committee approved a technical amendment on the standardised approach to operational risk, following its previous consultation. It also approved a response to a frequently asked question about the market risk framework. They will be published in March. International Conference of Banking Supervisors The Committee announced that the next International Conference of Banking Supervisors (ICBS) will be hosted by Bank Indonesia and the Indonesian Financial Services Authority in Indonesia, on 30 September–1 October 2026. Additional information on the ICBS will be provided in due course. Other Members also expressed their appreciation of Neil Esho, who has served the Committee for 20 years and as Secretary General since 2022. His term will conclude at the end of March 2026. The Committee thanked him for his substantive contributions. Background: The Basel Committee is the primary global standard setter for the prudential regulation of banks and provides a forum for cooperation on banking supervisory matters. Its mandate is to strengthen the regulation, supervision and practices of banks worldwide with the purpose of enhancing financial stability. The Committee reports to the Group of Central Bank Governors and Heads of Supervision and seeks its endorsement for major decisions. The Committee has no formal supranational authority, and its decisions have no legal force. Rather, the Committee relies on its members' commitments to achieve its mandate. The Group of Central Bank Governors and Heads of Supervision is chaired by Tiff Macklem, Governor of the Bank of Canada. The Basel Committee is chaired by Erik Thedéen, Governor of the Sveriges Riksbank. More information about the Basel Committee is available here.